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Dec 31, 2023
Traeger Q4 2023 Earnings Report
Traeger's Q4 2023 results showed revenue growth and improved gross margin, exceeding expectations and prior guidance.
Key Takeaways
Traeger reported an 18.3% increase in total revenues for Q4 2023, reaching $163.5 million. Gross margin improved to 36.8%, and adjusted EBITDA rose by 82% to $13.0 million. The company exceeded its prior full-year revenue guidance.
Total revenues increased by 18.3% to $163.5 million.
Gross margin improved by 230 basis points to 36.8%.
Adjusted EBITDA increased by 82% to $13.0 million.
The company exceeded prior guidance for Fiscal Year 2023.
Traeger
Traeger
Traeger Revenue by Segment
Revenue by Segment
Grills Revenue
CapyFin.comConsumables Revenue
CapyFin.comAccessories Revenue
CapyFin.com Forward Guidance
Traeger anticipates continued softness in grill industry demand in 2024 but expects significant improvement in gross margin.
Positive Outlook
- Total revenue is expected to be between $580 million and $605 million for full year fiscal 2024.
- Gross margin is expected to be between 39% and 40% for full year fiscal 2024.
- Adjusted EBITDA is expected to be between $62 million and $71 million for full year fiscal 2024.
- Total revenue is expected to be between $140 million and $145 million for first quarter 2024.
- Adjusted EBITDA is expected to be between $21 million and $24 million for first quarter 2024.
Challenges Ahead
- The company's outlook reflects its expectation for continued softness in grill industry demand in 2024.
- Cannot provide a reconciliation of Adjusted EBITDA guidance to Net Loss on a forward-looking basis without unreasonable efforts.
- Consumer demand for grills will remain soft in 2024.
- Focus will be on strategic growth pillars and executing against plan to drive household penetration.
- No other specific negative guidance was provided.
Revenue & Expenses
Visualization of income flow from segment revenue to net income