Traeger restates Q1 2023 financials; material weakness in controls; Q2 FY2023 net loss $30.2M

Traeger, Inc.

Audit committee concludes Q1 2023 financials should no longer be relied upon; restatement due to incorrect derivative accounting under ASC 815.
Material weakness identified in internal controls over financial reporting related to complex derivatives; remediation to be detailed in 10-Q/A.
Corrected Q2 FY2023: revenue $171.5M (down 14.4% YoY), net loss $30.2M ($0.25 loss per share), adjusted EBITDA $21.5M (up from $17.0M).
FY2023 revenue and adjusted EBITDA guidance reiterated; corrections are non-cash with no impact on revenues or adjusted EBITDA.
G&A expenses surged to $52.4M due to $32.1M equity-based compensation from CEO and IPO performance-based RSU cancellation.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Traeger, Inc. reported second quarter ended June 30, 2023 results: revenue $171.5 million, net income $30.2 million, EPS $0.25 per diluted share. Guidance reaffirmed.

Period: second quarter ended June 30, 2023
Revenue: $171.5 million
Net income: $30.2 million
EPS: $0.25 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

in net loss to $41.1 million for the six months ended June 30, 2023. The corrected press release reads: Second Quarter FY 2 3 Results • Total revenues decreased 14.4% to $171.5 million • Gross profit margin of 36.9%, up 25 basis points compared to prior year • Net loss of $30.2 million compared to net loss of $133.1 million compared to the prior year • Adjusted

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Source: SEC EDGAR

accession 0001857853-23-000087

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