Traeger, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. The company generated revenue of $122.1 million for the third quarter of 2024, marking a 3.7% increase from $117.7 million in the same quarter of 2023. However, for the nine months ended September 30, 2024, total revenue decreased by 1.6% to $435.4 million from $442.4 million in the prior year.

The gross profit for the third quarter rose to $51.7 million, a 15.7% increase from $44.7 million in Q3 2023, while gross profit for the nine-month period increased by 14.2% to $186.6 million. The gross margin improved to 42.3% for Q3 2024, up from 37.9% in the same quarter of the previous year, and 42.8% for the nine months, compared to 36.9% in 2023.

Despite the revenue growth in Q3, Traeger reported a net loss of $19.8 million for the quarter, slightly higher than the $19.3 million loss in Q3 2023. For the nine-month period, the net loss significantly improved to $27.1 million from $60.4 million in the prior year. The loss per share for Q3 2024 was $(0.15), compared to $(0.16) in Q3 2023, and $(0.21) for the nine months, down from $(0.49) in the same period last year.

The company’s cash and cash equivalents decreased to $16.9 million as of September 30, 2024, from $29.9 million at the end of 2023. Accounts receivable increased to $70.8 million, up from $59.9 million at the end of 2023. Total current assets slightly increased to $217.1 million, while total assets decreased to $818.1 million from $860.8 million.

In terms of operational expenses, Traeger reported a total operating expense of $59.1 million for Q3 2024, a 2.7% increase from $57.6 million in Q3 2023. General and administrative expenses decreased by 2.8% to $24.1 million, reflecting a reduction in stock-based compensation.

Strategically, Traeger continues to focus on its omnichannel distribution strategy, with significant sales generated from retail partners and direct-to-consumer channels. The company also reported ongoing investments in research and development, with expenses rising to $3.3 million for Q3 2024, compared to $2.8 million in the same quarter of 2023.

Overall, while Traeger experienced revenue growth in the third quarter, the nine-month results reflect challenges in maintaining sales momentum, particularly in consumables and accessories, which saw declines. The company remains focused on improving profitability and managing operational costs effectively.