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Dec 31, 2022
Traeger Q4 2022 Earnings Report
Traeger's Q4 2022 financial results were announced, revealing a decrease in total revenues but exceeding annual guidance for sales and Adjusted EBITDA.
Key Takeaways
Traeger reported a 21.0% decrease in total revenues for Q4 2022, amounting to $138.1 million. Despite the revenue decline, the company exceeded its annual guidance for both sales and Adjusted EBITDA. Gross margin was 34.5%, and the adjusted EBITDA was $7.1 million.
Total revenues decreased by 21.0% to $138.1 million.
Gross margin was 34.5%, or 34.9% excluding restructuring costs.
Net loss was $28.9 million, with a net loss per share of $0.24.
Adjusted EBITDA reached $7.1 million.
Traeger
Traeger
Traeger Revenue by Segment
Revenue by Segment
Grills Revenue
CapyFin.comConsumables Revenue
CapyFin.comAccessories Revenue
CapyFin.com Forward Guidance
Traeger anticipates total revenue between $560 million and $590 million, gross margin between 36% and 37%, and adjusted EBITDA between $45 million and $55 million for the full year fiscal 2023. For the first quarter of 2023, the company expects total revenue between $145 million and $155 million and adjusted EBITDA between $16 million and $20 million.
Positive Outlook
- Improved gross margins are expected.
- Ongoing expense control is anticipated.
- The company expects to return to topline growth in the second half of the year.
- Channel inventories are expected to normalize more fully.
- Traeger moves into 2023 as a more efficient and agile business.
Challenges Ahead
- Macroeconomic uncertainty persists.
- Continued normalization of grill channel inventory is expected to negatively impact the first half of 2023.
- Grills revenues decreased 52.0% to $48.3 million
- Consumables revenues decreased 6.5% to $24.4 million
- North America revenues decreased 21.9% compared to the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income