Traeger, Inc. (NYSE: COOK)

Traeger is the creator and category leader of the wood pellet grill. The grill is an outdoor cooking system that ignites all natural hardwoods to grill smoke bake roast braise and barbecue. Traeger grills are versatile and easy to use empowering cooks of all skill sets to create delicious meals with a wood fired flavor that cannot be replicated with gas charcoal or electric grills. At the heart of the brand is a passionate and engaged community called the Traegerhood which includes everyone from casual grillers to competition pitmasters and professional chefs. The flagship wood pellet grills are internet of things devices that allow owners to program monitor and control their grill through the Traeger app which engaged 2.8 million active users for the fiscal year ended December 31 2025. Traeger complements its innovative cooking technologies with an extensive digital library of original recipes and Traeger cooking classes. The company also offers consumable products such as wood pellets rubs and sauces that drive recurring revenue. Leveraging its authentic brand and the Traegerhood Traeger has established an omnichannel distribution strategy led by retailers ranging from Ace Hardware and The Home Depot to Amazon and Best Buy. This retail channel is complemented by direct to consumer sales through the company's website and Traeger app.

Traeger generates revenue primarily from the sale of its wood pellet grills gas griddles digital content the Traeger app consumables and grilling accessories. For the fiscal year ended December 31 2025 grills represented 53.3 percent of revenue consumables represented 22.8 percent and accessories represented 24.0 percent. Digital content and the Traeger app are provided free to users and serve to increase engagement and drive purchases of consumables and accessories. The company sells its products through two main channels retail and direct to consumer. The retail channel includes brick and mortar stores online platforms and multichannel retailers. As part of the Project Gravity initiative Traeger is moving away from its direct to consumer business by redirecting traffic to retail partners and adopting a distributor model in certain European markets. These changes aim to streamline the channel structure and reduce overhead while maintaining consumer access to the products.

Traeger holds a leading position in the outdoor cooking market as the originator of the wood pellet grill category. The company competes with established grill brands such as Weber and Pit Boss as well as newer entrants that offer gas charcoal and electric grills. Competition also comes from manufacturers of griddles such as Blackstone and pizza ovens such as Ooni. Traeger's competitive advantages stem from its strong brand recognition its loyal community known as the Traegerhood and its proprietary technology suite including WiFIRE D2 Direct Drive Super Smoke Mode and Pellet Sensor. The company's intellectual property portfolio includes numerous trademarks patents and copyrights that protect its innovations and help maintain its market position. Traeger also benefits from a vertically integrated wood pellet production network that gives it control over fuel quality and supply. These factors allow Traeger to differentiate its products on the basis of flavor convenience and user experience.

Traeger serves a broad base of consumers who enjoy outdoor cooking ranging from backyard hobbyists to professional chefs. The company's products are sold through major retailers including Ace Hardware The Home Depot Amazon and Best Buy. In addition Traeger reaches customers directly through its website and mobile app although it is shifting this traffic to retail partners as part of its strategic realignment. The Traeger community often referred to as the Traegerhood includes individuals who participate in online recipe sharing attend virtual and in person cooking classes and engage with the brand on social media. According to the company's estimates approximately 78 million households in the United States own a grill and Traeger has sold about 2.7 million grills in the United States from 2020 to 2025 giving it a household penetration of roughly 3.4 percent.