Traeger Q2 revenue $200.3M (-6% YoY); net loss $132.3M with $111.5M goodwill impairment; outlook cut

Traeger, Inc.

2022-Q2 EPS reported -$1.19 revenue$423,980,000

Q2 revenue down 6.0% YoY to $200.3M; net loss $132.3M vs. $4.9M loss last year.
Non-cash goodwill impairment of $111.5M recorded; adjusted net income $4.8M ($0.04/share) vs. $16.7M ($0.15/share).
Grills revenue fell 24.6% to $117.7M; consumables up 2.2%, accessories up 157.2% (MEATER).
Credit agreement amended: net leverage ratio increased to 8.50:1, minimum liquidity covenant $35M added.
Cost reduction plan targeting $20M annualized savings; expects challenging H2 2022.

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