Traeger updates Project Gravity with $50M savings goal

Rhea-AI Filing Summary

Traeger, Inc. updated its restructuring program, Project Gravity, and furnished a press release with results for the quarter ended September 30, 2025. The company now expects total pre-tax charges of $21.0–$27.0 million, primarily cash expenditures, tied to actions that streamline operations and optimize channels.

The charges include $16.0–$21.0 million for professional fees and related costs and $5.0–$6.0 million for severance and other personnel costs. Traeger targets annualized pre-tax cost savings of about $50 million, with Phase 1 contributing about $30 million and Phase 2 about $20 million. Phase 1 centralized operations, reduced headcount, and closed the UK office. Phase 2 actions include discontinuing the Costco roadshow, exiting direct-to-consumer by redirecting Traeger.com to retail partners, shifting to a distributor model in certain European markets, and pellet mill consolidation. The company expects Project Gravity to be substantially completed by the end of 2026, with most charges incurred by the end of 2025.

Insights

Restructuring & Retail Channels Analyst

Traeger quantifies restructuring costs and outlines $50M annual savings.

Traeger details Project Gravity with expected pre-tax charges of $21–$27M, mostly cash, to fund operational centralization and channel changes. The plan targets annualized savings of about $50M, split between Phase 1 ($30M) and Phase 2 ($20M), which could lower the ongoing cost base if executed as described.

Phase 2 emphasizes channel optimization: discontinuing the Costco roadshow, exiting direct-to-consumer by redirecting Traeger.com to retail partners, adopting a distributor model in select European markets, and pellet mill consolidation. These steps typically reduce overhead and complexity while relying more on partners.

Timing matters: most charges are expected by the end of 2025, with substantial completion by the end of 2026. Actual outcomes depend on execution and the pace of implementation; the company also notes potential additional costs as reviews continue.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 5, 2025 (May 15, 2025) 

TRAEGER, INC.

(Exact name of registrant as specified in its charter)  

Delaware

001-40694

82-2739741

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

533 South 400 West,

Salt Lake City, Utah

84101

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, include area code) (801) 701-7180

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.0001 per share			COOK			The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.    Results of Operations and Financial Condition.

On November 5, 2025, Traeger, Inc. (the “Company” or “Traeger”) issued a press release announcing financial results for the quarter ended September 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 2.05.    Costs Associated with Exit or Disposal Activities.

As previously disclosed in a Current Report on Form 8-K filed on May 15, 2025 (the “May 8-K”) and an amended Current Report on Form 8-K filed on August 6, 2025 (the “August 8-K), the Board of Directors of Traeger approved a comprehensive enterprise initiative designed to streamline the Company’s organizational structure and rebalance its cost base to improve profitability and cash flow generation. As part of this initiative, the Company is identifying opportunities to deliver cost savings and operational efficiencies. These savings are expected to be achieved through a multi-step strategic optimization plan (“Project Gravity”).

Phase 1 of Project Gravity focused on centralizing the Company’s operations, which included a reduction in force and the closure of its office in the United Kingdom, consolidating operations in Utah. The Company is now implementing Phase 2, which introduces additional strategic actions related to channel optimization initiatives. These actions include discontinuing the Costco roadshow program, redirecting Traeger.com consumers to the Company’s retail partners' websites as part of an exit from the Traeger direct-to-consumer business, transitioning to a distributor model in European markets that currently operate under a direct model, and pellet mill consolidation.

In connection with Project Gravity, the Company now expects to incur pre-tax charges related to currently known and reasonably estimable actions of Project Gravity of between approximately $21.0 million and $27.0 million (the “Total Costs”), which primarily consist of cash expenditures. Of the Total Costs, the Company expects pre-tax charges of between approximately $16.0 million and $21.0 million associated with professional fees and other related costs, and between approximately $5.0 million and $6.0 million related to severance and other personnel costs. The current expectation is that Project Gravity will result in annualized pre-tax cost savings of approximately $50 million, with Phase 1 and Phase 2 expected to contribute approximately $30 million and $20 million, respectively.

The Company expects to incur additional costs and charges due to events that may occur as a result of, or associated with, the ongoing review of its business under its multi-step plan. As of the date of the filing of this Form 8-K, the Company has not finalized the exact nature and full amount of such other costs and charges. Project Gravity, in its entirety, is expected to be substantially completed by the end of 2026, with the majority of the total charges expected to be incurred by the end of 2025. Item 2.05 in each of the May 8-K and August 8-K are hereby deemed amended and supplemented by the foregoing.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding when the Company expects the completion of the actions under Project Gravity, expected costs related to Project Gravity, anticipated cost savings from Project Gravity, risks that the Company will be unable to realize the anticipated benefits of Project Gravity. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in the Company’s periodic and current reports filed with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Any such forward-looking statements represent management's expectations and estimates as of the date of this Current Report on Form 8-K. While the Company may elect to update such forward-looking statements at some point in the future, the Company disclaims any obligation to do so, even if subsequent events cause the Company’s views to change.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release, dated November 5, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Traeger, Inc.
Date: November 5, 2025			By:			/s/ Michael J. Hord
						Michael J. Hord
						Chief Financial Officer

FAQ

What did COOK announce regarding Project Gravity?

Traeger expects total pre-tax charges of $21.0–$27.0 million and targets annualized pre-tax cost savings of about $50 million.

How are the restructuring charges for COOK broken down?

The company estimates $16.0–$21.0 million in professional and related costs and $5.0–$6.0 million in severance and personnel costs.

What actions are included in Phase 2 of COOK’s Project Gravity?

Discontinuing the Costco roadshow, exiting direct-to-consumer by redirecting Traeger.com to retail partners, moving to a distributor model in parts of Europe, and pellet mill consolidation.

When will COOK’s Project Gravity be completed?

It is expected to be substantially completed by the end of 2026, with the majority of charges incurred by the end of 2025.

Did COOK provide quarterly results with this filing?

Yes. The company furnished a press release announcing financial results for the quarter ended September 30, 2025 as an exhibit.

What savings contributions does COOK expect from each phase?

Phase 1 is expected to contribute about $30 million and Phase 2 about $20 million in annualized pre-tax savings.