Traeger Q2 revenue $213M (+39% YoY) but swings to $4.9M net loss; margins shrink

Traeger, Inc.

Total revenue rose 39.1% to $213.0M; gross margin fell to 39.1% from 43.5% on shipping costs and Renminbi strength.
Net loss of $4.9M ($0.05 per share) vs net income of $18.9M ($0.17 per share) in Q2 2020.
Adjusted EBITDA declined to $26.9M from $39.3M; adjusted net income was $16.5M vs $27.8M.
Grills revenue $156.1M (+40.1%); consumables $41.2M (+27.8%); accessories $15.7M (+64.8%).
Post-quarter closed Apption Labs (MEATER) acquisition and refinanced debt, lowering cost of capital.

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