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Get filing alertsTraeger announces Lowe's partnership, cuts revenue guidance 6% on MEATER weakness
Filed August 5, 2026 · Period ending August 5, 2026 · ~1 min read
Key Changes
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high
Traeger announced retail partnership with Lowe's, described as one of the most significant distribution expansions in recent company history, expected to broaden brand access and strengthen position in underpenetrated markets.
Exhibit 99.1 view on EDGAR → -
high
Full-year revenue guidance lowered to $435-$465M from prior $465-$485M (6% midpoint cut) due to MEATER thermometer business softness and near-term channel impacts from distribution strategy changes.
Exhibit 99.1 view on EDGAR → -
high
Q2 revenue fell 17.4% to $120.2M with grill sales down 17.0% to $61.6M and accessories down 26.2%, but Adjusted EBITDA rose 21.0% to $17.3M on cost reductions under Project Gravity restructuring.
Exhibit 99.1 view on EDGAR → -
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Cash increased to $59.7M from $19.6M at year-end 2025 while inventory decreased to $76.3M from $98.8M, reflecting improved working capital management and $26.5M in Q2 free cash flow.
Exhibit 99.1 view on EDGAR → -
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Company maintained Adjusted EBITDA guidance of $57-up to $67M and raised gross margin outlook to 40.0%-41.0% from 39.5%-40.5% on favorable tariff assumptions despite revenue cut.
Exhibit 99.1 view on EDGAR →
Summary
Traeger reported mixed Q2 results alongside a major strategic announcement and revised guidance. The company secured a retail partnership with Lowe's that management characterizes as one of its most significant distribution expansions, positioning the wood pellet grill maker to reach new customers in underpenetrated markets.
This channel expansion comes as the company navigates near-term headwinds in its MEATER thermometer business and distribution strategy transitions, prompting a 6% cut to the midpoint of full-year revenue guidance to $435-$465 million. Despite the revenue pressure—Q2 sales fell 17.4% to $120.2 million with both grills and accessories declining—Traeger's Project Gravity cost-reduction initiative is delivering results.
Adjusted EBITDA rose 21.0% to $17.3 million in Q2, and the company maintained its full-year Adjusted EBITDA guidance of $57-up to $67 million while raising gross margin expectations. The balance sheet strengthened materially with cash more than tripling to $59.7 million and inventory down 23% from year-end, generating $26.5 million in Q2 free cash flow. The Lowe's partnership represents a potential inflection point for household acquisition and long-term growth, though execution will be critical as the company works through current channel dynamics and MEATER softness.
Section-by-Section Diff
Event · Exhibit 99.1
Traeger reported Q2 FY26 results with 17% revenue decline, announced Lowe's partnership, lowered revenue guidance, and maintained Adjusted EBITDA outlook.
Added in current filing · view on EDGAR →
Total revenues decreased 17.4% to $120.2 million •Grill revenues decreased 17.0% to $61.6 million •Net loss of $8.6 million, up 16.0% from $7.4 million in the prior year •Adjusted EBITDA of $17.3 million, up 21.0% from $14.3 million in the prior year •Operating cash flow of $27.1 million and free cash flow of $26.5 million
Traeger's Q2 revenue fell 17.4% to $120.2 million, driven by lower grill sales ($61.6 million, down 17.0%) and a 26.2% drop in accessories (primarily MEATER thermometers). Despite the revenue decline, Adjusted EBITDA rose 21.0% to $17.3 million due to cost reductions under Project Gravity. The company generated $27.1 million in operating cash flow and $26.5 million in free cash flow, reflecting improved working capital management.
Added in current filing · view on EDGAR →
Today, we're also announcing one of the most meaningful distribution expansions in Traeger's recent history through a new partnership with Lowe's. Combined with the encouraging early performance of Westwood and Irontop, we believe this expansion broadens access to the brand, strengthens our position in underpenetrated markets and creates a powerful platform for long-term household acquisition and growth
Traeger announced a new retail partnership with Lowe's, described by management as one of the most significant distribution expansions in recent company history. The partnership is expected to broaden brand access and strengthen market position, complementing existing product launches (Westwood and Irontop grills). This represents a major channel expansion for the wood pellet grill maker.
Added in current filing · view on EDGAR →
•Total revenue is expected to be between $435 million and $465 million •Gross Margin is expected to be between 40.0% and 41.0% •Adjusted EBITDA is expected to be between $57 million and $67 million •Free Cash Flow is expected to be at least $30 million
Traeger lowered its full-year revenue guidance to $435-$465 million from the prior $465-$485 million range, citing softness in the MEATER business and near-term channel impacts from distribution strategy changes. However, the company maintained its Adjusted EBITDA guidance of $57-$67 million and raised gross margin guidance to 40.0%-41.0% from 39.5%-40.5%, reflecting favorable tariff assumptions. Free cash flow is expected to be at least $30 million.
Added in current filing · view on EDGAR →
Employee retention tax credit (5) | — | (5,067) | (11,603) (5,067) ... (5)Represents the total benefit recorded associated with the refund from the Internal Revenue Service in connection with the Employee Retention Tax Credit.
Traeger recorded an $11.6 million benefit in the first half of 2026 from an IRS refund related to the Employee Retention Tax Credit, a COVID-era program. This one-time benefit is excluded from the company's Adjusted EBITDA and Adjusted Net Income calculations but contributed to reported results.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 6, 2026 · How we verify