Traeger(COOK) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues decreased by 1.1% to $143.3 million compared to $144.9 million in the first quarter last year[4] - Net loss was $0.8 million, or $0.01 per diluted share, compared to a net loss of $4.7 million, or $0.04 per diluted share in the same period last year[8] - Adjusted EBITDA was $22.5 million, down from $24.4 million in the first quarter last year[8] - North America revenue increased by 5.6%, while Rest of World revenue declined by 46.5% compared to the prior year[5] - Gross profit decreased to $59.5 million, with a gross margin of 41.5%, down from 43.2% in the same period last year[6] - Revenue for Q1 2025 was $143,283,000, slightly down from $144,914,000 in Q1 2024, indicating a decrease of about 1.1%[29] - Adjusted EBITDA for Q1 2025 was $22,530,000, compared to $24,414,000 in Q1 2024, reflecting a decline of approximately 7.7%[29] - Adjusted net income for Q1 2025 was $6,567,000, up from $4,684,000 in Q1 2024, marking an increase of about 40.3%[29] - Adjusted net income margin improved to 4.6% in Q1 2025 from 3.2% in Q1 2024[29] - The company reported a net loss margin of (0.5)% in Q1 2025, an improvement from (3.2)% in Q1 2024[29] Cash Flow and Liquidity - Cash and cash equivalents at the end of the first quarter totaled $12.0 million, down from $15.0 million at December 31, 2024[10] - Cash used in operating activities for Q1 2025 was $20,837,000, compared to $12,598,000 in Q1 2024, indicating an increase of approximately 65.5%[22] - Net cash provided by financing activities in Q1 2025 was $19,792,000, up from $12,049,000 in Q1 2024, representing an increase of about 64.5%[22] - Cash and cash equivalents at the end of Q1 2025 were $12,034,000, down from $23,620,000 at the end of Q1 2024, a decrease of approximately 49.1%[22] Inventory and Costs - Inventory at the end of the first quarter was $127.2 million, up from $107.4 million at December 31, 2024[10] - Stock-based compensation expense decreased to $5,176,000 in Q1 2025 from $10,098,000 in Q1 2024, a reduction of about 48.8%[29] Strategic Actions and Guidance - The company is withdrawing its financial guidance for Fiscal 2025 due to macroeconomic uncertainty and evolving trade policies[11] - Strategic actions include cost reductions, supply chain savings, and pricing increases to mitigate tariff impacts[14]