TRAEGER, INC., 10-K filed on 3/6/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 03, 2026
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40694    
Entity Registrant Name Traeger, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 82-2739741    
Entity Address, Address Line One 533 South 400 West    
Entity Address, City or Town Salt Lake City    
Entity Address, State or Province UT    
Entity Address, Postal Zip Code 84101    
City Area Code 801    
Local Phone Number 701-7180    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Trading Symbol COOK    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Entity Shell Company false    
Entity Public Float     $ 64.9
Entity Common Stock, Shares Outstanding   137,251,532  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025 are incorporated herein by reference in Part III.
    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Central Index Key 0001857853    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Salt Lake City, Utah
Auditor Firm ID 42
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 19,624 $ 14,981
Accounts receivable, net 82,122 85,331
Inventories 98,831 107,367
Prepaid expenses and other current assets 14,272 35,444
Total current assets 214,849 243,123
Property, plant, and equipment, net 33,703 36,949
Operating lease right-of-use assets 38,201 44,370
Goodwill 0 74,725
Intangible assets, net 387,050 428,536
Other long-term assets 2,173 2,974
Total assets 675,976 830,677
Current Liabilities    
Accounts payable 14,135 27,701
Accrued expenses 62,668 82,143
Line of credit 0 5,000
Current portion of notes payable 250 250
Current portion of operating lease liabilities 2,650 3,790
Other current liabilities 382 3,357
Total current liabilities 80,085 122,241
Notes payable, net of current portion 399,590 398,445
Operating lease liabilities, net of current portion 23,040 26,646
Deferred tax liability 1,861 6,376
Other non-current liabilities 552 539
Total liabilities 505,128 554,247
Commitments and contingencies (see Note 14)
Stockholders’ equity    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of December 31, 2025 and 2024 0 0
Common stock value 14 13
Additional paid-in capital 974,372 960,966
Accumulated deficit (804,066) (688,885)
Accumulated other comprehensive income 528 4,336
Total stockholders’ equity 170,848 276,430
Total liabilities and stockholders’ equity $ 675,976 $ 830,677
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock authorized (in shares) 25,000,000 25,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common stock par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock authorized (in shares) 1,000,000,000 1,000,000,000
Common stock issued (in shares) 137,068,259 130,648,819
Common stock outstanding (in shares) 137,068,259 130,648,819
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 559,520,000 $ 604,072,000 $ 605,882,000
Cost of revenue 340,174,000 348,603,000 382,325,000
Gross profit 219,346,000 255,469,000 223,557,000
Operating expense:      
Sales and marketing 90,217,000 109,656,000 108,727,000
General and administrative 95,031,000 113,483,000 129,800,000
Amortization of intangible assets 35,260,000 35,274,000 35,554,000
Restructuring and other costs 21,840,000 0 225,000
Goodwill impairment 74,725,000 0 0
Change in contingent consideration 0 0 4,698,000
Total operating expense 317,073,000 258,413,000 279,004,000
Loss from operations (97,727,000) (2,944,000) (55,447,000)
Other income (expense):      
Interest expense (31,350,000) (33,500,000) (31,275,000)
Other income, net 9,755,000 480,000 4,305,000
Total other expense (21,595,000) (33,020,000) (26,970,000)
Loss before provision (benefit) for income taxes (119,322,000) (35,964,000) (82,417,000)
Provision (benefit) for income taxes (4,141,000) (1,956,000) 1,985,000
Net loss $ (115,181,000) $ (34,008,000) $ (84,402,000)
Net income (loss) per share - basic (in dollars per share) $ (0.87) $ (0.27) $ (0.68)
Net income (loss) per share - diluted (in dollars per share) $ (0.87) $ (0.27) $ (0.68)
Weighted average common shares outstanding - basic (in shares) 133,095,964 127,443,657 123,726,252
Weighted average common shares outstanding - diluted (in shares) 133,095,964 127,443,657 123,726,252
Other comprehensive income (loss):      
Foreign currency translation adjustments $ (68,000) $ 62,000 $ 129,000
Change in cash flow hedge 0 0 (2,088,000)
Amortization of dedesignated cash flow hedge (3,740,000) (6,666,000) (10,364,000)
Total other comprehensive loss (3,808,000) (6,604,000) (12,323,000)
Comprehensive loss $ (118,989,000) $ (40,612,000) $ (96,725,000)
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER’S AND SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Accumulated Foreign Currency Adjustment Attributable to Parent
Beginning balance (in shares) at Dec. 31, 2022   122,624,414        
Beginning balance at Dec. 31, 2022 $ 334,869 $ 12 $ 882,069 $ (570,475) $ 23,263  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under stock plan (in shares)   3,240,889        
Issuance of common stock under stock plan 1 $ 1        
Stock-based compensation 53,203   53,203      
Net loss (84,402)     (84,402)    
Foreign currency translation adjustments 129         $ 129
Change in cash flow hedge (2,088)         (2,088)
Amortization of dedesignated cash flow hedge (10,364)         (10,364)
Ending balance (in shares) at Dec. 31, 2023   125,865,303        
Ending balance at Dec. 31, 2023 291,348 $ 13 935,272 (654,877) 10,940  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under stock plan (in shares)   5,449,476        
Stock-based compensation 27,901   27,901      
Shares withheld related to net share settlement (in shares)   (665,960)        
Shares withheld related to net share settlement (2,207)   (2,207)      
Net loss (34,008)     (34,008)    
Foreign currency translation adjustments 62         62
Change in cash flow hedge 0          
Amortization of dedesignated cash flow hedge (6,666)         (6,666)
Ending balance (in shares) at Dec. 31, 2024   130,648,819        
Ending balance at Dec. 31, 2024 276,430 $ 13 960,966 (688,885) 4,336  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under stock plan (in shares)   7,783,492        
Issuance of common stock under stock plan 1 $ 1        
Stock-based compensation 15,254   15,254      
Shares withheld related to net share settlement (in shares)   (1,364,052)        
Shares withheld related to net share settlement (1,848)   (1,848)      
Net loss (115,181)     (115,181)    
Foreign currency translation adjustments (68)         (68)
Change in cash flow hedge 0          
Amortization of dedesignated cash flow hedge (3,740)         $ (3,740)
Ending balance (in shares) at Dec. 31, 2025   137,068,259        
Ending balance at Dec. 31, 2025 $ 170,848 $ 14 $ 974,372 $ (804,066) $ 528  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (115,181,000) $ (34,008,000) $ (84,402,000)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation of property, plant, and equipment 12,143,000 13,870,000 15,011,000
Amortization of intangible assets 41,992,000 42,458,000 42,770,000
Amortization of deferred financing costs 2,028,000 1,977,000 2,016,000
Loss (gain) on disposal of property, plant, and equipment (83,000) 649,000 2,188,000
Stock-based compensation expense 15,254,000 27,901,000 53,203,000
Unrealized loss on derivative contracts 5,095,000 9,971,000 3,997,000
Amortization of dedesignated cash flow hedge (3,740,000) (6,666,000) (10,364,000)
Change in contingent consideration 0 (15,000,000) 4,478,000
Goodwill impairment 74,725,000 0 0
Other non-cash adjustments (2,690,000) (233,000) (2,022,000)
Change in operating assets and liabilities:      
Accounts receivable 3,150,000 (25,396,000) (17,735,000)
Inventories 8,536,000 (11,192,000) 57,295,000
Prepaid expenses and other current assets 14,355,000 (7,573,000) (4,199,000)
Other non-current assets 114,000 148,000 (568,000)
Accounts payable and accrued expenses (35,178,000) 26,982,000 2,374,000
Net cash provided by operating activities 20,520,000 23,888,000 64,042,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property, plant, and equipment (6,934,000) (11,996,000) (19,946,000)
Capitalization of patent costs (506,000) (448,000) (460,000)
Proceeds from sale of property, plant, and equipment 108,000 113,000 3,028,000
Net cash used in investing activities (7,332,000) (12,331,000) (17,378,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from line of credit 59,000,000 63,000,000 115,900,000
Repayments on line of credit (64,000,000) (86,400,000) (171,209,000)
Repayments of long-term debt (250,000) (250,000) (250,000)
Payment of deferred financing costs (904,000) (119,000) 0
Principal payments on finance lease liabilities (543,000) (521,000) (514,000)
Payments of acquisition related contingent consideration 0 0 (12,225,000)
Taxes paid related to net share settlement of equity awards (1,848,000) (2,207,000) 0
Net cash used in financing activities (8,545,000) (26,497,000) (68,298,000)
Net increase (decrease) in cash and cash equivalents 4,643,000 (14,940,000) (21,634,000)
Cash and cash equivalents at beginning of period 14,981,000 29,921,000 51,555,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 19,624,000 14,981,000 29,921,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 33,220,000 38,512,000 40,060,000
NON-CASH FINANCING AND INVESTING ACTIVITIES      
Equipment purchased under finance leases 450,000 292,000 460,000
Property, plant, and equipment included in accounts payable and accrued expenses $ 2,748,000 $ 678,000 $ 3,975,000
v3.25.4
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Nature of Operations – Traeger, Inc. and its wholly owned Subsidiaries (collectively “Traeger” or the “Company”) design, source, sell, and support wood pellet fueled barbecue grills and Flatrock flat top grills sold to retailers, distributors, and direct to consumers. The Company produces and sells the pellets used to fire the wood pellet barbecue grills and also sells Traeger-branded rubs, spices, and sauces, as well as grill accessories (including MEATER smart thermometers, P.A.L. Pop-And-Lock accessory rails, grill covers, liners, tools, apparel, and other ancillary items). A significant portion of the Company’s sales are generated from customers throughout the United States (“U.S.”), and the Company continues to develop distribution in Canada and Europe. The Company’s headquarters are in Salt Lake City, Utah.
Basis of Presentation and Principles of Consolidation – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates – The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates and assumptions made by management that present the greatest amount of estimation uncertainty include customer credits and returns, obsolete reserves, valuation and impairment of intangible assets including goodwill, and reserves for warranty. Actual results could differ from these estimates.
Cash and Cash Equivalents – The Company considers cash on deposit and short-term investments with remaining maturities at acquisition of three months or less to be cash and cash equivalents.
Concentrations – Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash in banks, trade accounts receivable, and foreign currency contracts. Credit is extended to customers based on an evaluation of the customer’s financial condition and collateral is not generally required in the Company’s sales transactions. Three customers that accounted for a significant portion of revenue are as follows for the fiscal periods indicated:
 December 31,
 202520242023
Customer A29 %24 %18 %
Customer B14 %18 %16 %
Customer C8 %8 %10 %
Concentrations of credit risk exist to the extent credit terms are extended with four large customers that account for a significant portion of our trade accounts receivables. As of December 31, 2025, there were four large customers A, B, C, and D that accounted for 38%, 15%, 4%, and 16% of the Company’s trade accounts receivable as compared to 31%, 28%, 4%, and 13% as of December 31, 2024. A disruption to a business that would impact its ability to meet its financial obligations on the part of any one of these four customers could result in a material amount of exposure to the Company. No other single customer accounted for greater than 10% of the Company’s trade accounts receivable as of December 31, 2025 and 2024. Additionally, no other single customer accounted for greater than 10% of the Company’s revenue for the years ended December 31, 2025, 2024, and 2023.
The Company’s international sales to dealers and distributors located in the European Union, the United Kingdom, and Canada are denominated in Euros, British Pounds, and Canadian Dollars, respectively.
The Company relies on a limited number of suppliers for its contract manufacturing of grills and accessories. A significant disruption in the operations of certain of these manufacturers, or in the transportation of parts and accessories would impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on the Company’s business, financial condition, and results of operations.
Accounts Receivable, Net – The Company reports its accounts receivable based on the amount that is expected to be collected from its sales to customers. The accounts receivable balance is comprised of the amounts invoiced to customers and reduced by an estimated credit loss and a reserve for estimated returns, discounts, and allowances. The Company estimates its credit losses over the contractual term of the receivable and establishes an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. The Company mitigates credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. The Company estimates the reserve for returns, discounts, and allowances based on historical experience, contractual terms, and agreed upon arrangements.
Inventories – Inventories consist of finished goods, work-in-process, and raw materials. Inventories are stated at the lower of cost or net realizable value, with cost for raw materials and finished goods stated as an approximate cost determined on the first-in first-out basis. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Assessments to value the inventory at the lower of the cost to purchase the inventory, or the net realizable value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels, and market conditions. As a result of the Company’s assessments, when the net realizable value of inventory is less than the carrying value, the inventory cost is written down to the net realizable value and the write down is recorded as a charge to cost of revenue. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products.
Derivative Instruments – The Company is exposed to the impact of changes in foreign currency exchange rates and benchmark interest rates. The Company uses foreign exchange option contracts for the purpose of economically hedging exposure to changes in currency fluctuations between the U.S. Dollar and the Chinese Renminbi, as well as a floating-to-fixed interest rate swap agreement to hedge a portion of the Company’s variable rate debt. The Company accounts for these contracts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, which requires that all derivatives be recognized at fair value in the accompanying consolidated balance sheets, and that corresponding gains and losses are recognized within other income, net in the accompanying consolidated statements of operations and comprehensive loss. The Company applies hedge accounting to the interest rate swap agreement and does not apply hedge accounting to the foreign exchange option contracts. For details associated with the Company’s dedesignated interest rate swap hedging relationship, see Note 8 – Derivatives.
Property, Plant, and Equipment – Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Additions and betterments to property, plant, and equipment that improve economic performance, extend the useful life, or improve the quality of units or services produced of the component asset are capitalized.
The Company does not depreciate amounts recorded for land. Depreciation and amortization on individual components of property is computed using the straight-line method over the estimated useful lives of the assets as follows:
 Years
Buildings15
Machinery and equipment
3-20
Leasehold improvementsShorter of useful lives or lease term
Office equipment and fixtures
2-10
Vehicles
2-10
Computer hardware and software
3
When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are derecognized from the respective accounts. The remaining carrying value along with any proceeds are considered and recognized as a gain or loss within general and administrative expense or selling and marketing expense in the accompanying consolidated statements of operations and comprehensive loss. The cost of maintenance and repairs are expensed as incurred.
The Company capitalizes costs for internal-use software incurred during the application development stage. Software costs related to preliminary project activities and post implementation activities are expensed as incurred. The Company capitalizes costs incurred for software purchases and certain costs related to website development. Capitalized costs related to internal-use
software, software purchases, and website development are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within property, plant, and equipment, net on the accompanying consolidated balance sheets.
Leases – The Company primarily leases office space, vehicles, and equipment from third parties. The Company determines if a contract is a lease at inception. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term begins on the commencement date, which is the date the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Certain of the Company’s leases contain renewal options for varying periods, which can be exercised both by mutual agreement and at the Company’s sole discretion. Leases are classified as operating or finance leases based on factors such as the lease term, lease payments, and the economic life, fair value, and estimated residual value of the asset. Where leases include options to purchase the leased asset at the end of the lease term, this is assessed as a part of the Company’s lease classification determination. As of December 31, 2025, the Company’s leases have remaining lease terms ranging from 1 month to 12 years.
Under ASC 842, the Company recognizes a right-of-use (“ROU”) asset and lease liability to account for its leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized on the commencement date based on the present value of lease payments over the noncancellable lease term. ROU assets are based on the lease liability and are increased by prepaid lease payments and decreased by lease incentives received. Lease incentives are amortized through the lease asset as reductions of expense over the lease term. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s ROU assets and lease liabilities.
When lease agreements provide allowances for leasehold improvements, the Company assesses whether it is the owner of the leasehold improvements for accounting purposes. When the Company concludes that it is the owner, it capitalizes the leasehold improvement assets and recognizes the related depreciation expense on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. Additionally, the Company recognizes the amounts of allowances to be received from the lessor as a reduction of the lease liability and the associated right of use asset. When the Company concludes that it is not the owner, the payments that the Company makes towards the leasehold improvements are capitalized and ultimately recognized within the ROU asset upon lease commencement. Amounts recorded within ROU asset are recognized as a component of straight-line rent expense over the term of the lease.
Leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Some of the leases include rent escalations based on inflation indexes. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement. Subsequent escalations in the index or rate and contingent rental payments are recognized as variable lease expenses. Certain leases require the Company to pay taxes, insurance, maintenance and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the ROU assets and lease liabilities to the extent they are variable in nature. These variable lease costs are recognized as a variable lease expense when incurred.
The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As a practical expedient, lease agreements with lease and non-lease components are accounted for as a single lease component for all asset classes. The Company elected the short-term lease recognition exemption for all leases that qualify. Therefore, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; instead, lease payments are recognized as lease expense on a straight-line basis over the lease term. The depreciable life of the ROU assets and leasehold improvements are limited by the expected lease term unless the Company is reasonably certain of a transfer of title or purchase option.
The Company uses the rate implicit in the lease, when known, to discount future lease payments based on the information available on the commencement date for each lease. If the rate implicit in the lease is not known, the Company uses its incremental borrowing rate as the discount rate. The determination of the incremental borrowing rate requires judgment and is determined using the Company’s current secured borrowing rate, considering various factors aligned with the lease including total lease payments and lease term.
The Company subleases portions of its previous headquarters in three separate phases until the lease expires in 2026. Income from the subleased property is recognized on a straight-line basis and presented as a reduction of costs, allocated against general
and administrative expenses in the Company’s accompanying consolidated statements of operations and comprehensive loss. Sublease income for the years ended December 31, 2025, 2024, and 2023 was immaterial.
Deferred Financing Costs – Costs incurred in connection with long-term debt financing are deferred and reflected net of notes payable and are amortized to interest expense utilizing the effective-interest method over the term of the related financing. Costs incurred in connection with the refinancing to the revolving credit facility, and amendments to the Receivables Financing Agreement are capitalized and recorded as other long-term assets on the accompanying consolidated balance sheets. These costs are being amortized to interest expense on a straight-line basis over the term of each respective credit facility.
Intangible Assets – Finite-lived intangible assets are initially recorded at fair value and presented net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company is currently amortizing acquired intangible assets, including customer relationships, distributor relationships, business trademarks, and technology over periods ranging between 5.0 years and 25 years. Amortization related to acquired patent technology and to capitalized patent costs are recorded as a component of cost of revenue, and amortization related to acquired business trademarks, customer relationships, and distributor relationships are recorded in amortization of intangible assets in the accompanying consolidated statements of operations and comprehensive loss.
Goodwill – Goodwill represents the excess of consideration transferred over the fair value of tangible and identifiable intangible net assets acquired and the liabilities assumed in a business combination. Substantially all of the Company’s goodwill was recognized in the purchase price allocations when the Company was acquired in 2017 and when Apption Labs Limited (together with its subsidiaries, “Apption Labs”) was acquired in July 2021, with smaller incremental amounts recognized in subsequent business combinations. Goodwill is not amortized, but is tested for impairment at the reporting unit level annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. In conducting the impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company currently operates as a single reporting unit under the guidance in Topic 350, Intangibles - Goodwill and Other.
When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that carrying value exceeds its fair value, the Company performs a quantitative goodwill impairment test. Under the quantitative goodwill impairment test, if the Company’s reporting unit’s carrying amount exceeds its fair value, it will record an impairment charge based on that difference.
The Company conducts annual goodwill impairment tests in the fourth quarter of each fiscal year or whenever an indicator of impairment exists. For the annual impairment tests conducted in the fourth quarter of 2024, the Company performed a qualitative assessment of goodwill and determined that it was more likely than not that the fair value of goodwill was greater than its carrying value. Therefore the quantitative impairment test was not performed and no impairment of goodwill was recorded in connection with the annual impairment test.
However, as part of the June 30, 2025 and September 30, 2025 interim goodwill impairment test, the Company identified a potential indicator of impairment due to the sustained decrease of the Company’s stock price which led to the conclusion that a triggering event had occurred and therefore the Company performed a quantitative test for the single reporting unit in each respective period.
To estimate the reporting unit fair value as part of the quantitative impairment test, the Company applied a weighted valuation analysis using both an income approach and a market-based approach. The income approach utilizes a discounted cash flow analysis, and the market-based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable. The significant assumptions used in these approaches include revenue growth rates, profit margins, and discount rates under the income approach as well as valuation multiples derived from comparable public companies under the market approach.
Based on the June 30, 2025 interim impairment test of goodwill, the Company determined there was no goodwill impairment. Based on the September 30, 2025 interim impairment test of goodwill, the Company determined the carrying value of the reporting unit was in excess of its fair value after consideration of a control premium and recorded a non-cash impairment charge of $74.7 million, which fully impaired the Company’s goodwill balance. For details associated with the Company’s interim goodwill impairment, see Note 11 – Goodwill and Intangibles.
Impairment of Assets – Long-lived assets, including property, plant, and equipment, operating right-of-use assets, and finite-lived intangible assets subject to amortization, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset or asset group. If impairment exists, the impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of cash flows from other asset groups. The Company concluded there were no indicators of impairment identified at December 31, 2024. As part of the June 30, 2025 and September 30, 2025 interim goodwill impairment testing, the Company conducted additional analysis related to its long-lived assets. As a result of these analysis as well as additional qualitative analysis as of December 31, 2025, the Company concluded there were no events or changes in circumstances which indicated that the carrying value of the long-lived assets may not be recoverable and no impairment was recorded.
Fair Value of Financial Instruments – For financial assets and liabilities recorded at fair value on a recurring or a non-recurring basis. Fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. These two types of inputs create the following fair value hierarchy:
•Level 1: Quoted prices for identical instruments in active markets.
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
•Level 3: Significant inputs to the valuation model are unobservable.
The carrying amounts reported in the Company’s accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses, and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these instruments. The carrying amounts reported in the Company’s accompanying consolidated balance sheets for the variable rate Revolving Credit Facility and Receivables Financing Agreement (defined below) also approximate their fair value. The fair value of the fixed rate First Lien Term Loan Facility (defined below) is considered a Level 2 instrument in the fair value hierarchy due to the unobservable nature of the inputs. For details associated with the Company’s fair value measurement of financial instruments, see Note 9 – Fair Value Measurements.
Contingent Consideration – The purchase consideration associated with the acquisition of Apption Labs included contingent cash consideration payable to the sellers based on achievement of certain revenue, earnings, and successful product launch thresholds for fiscal years 2021, 2022 and 2023. The fair value of contingent consideration obligation was estimated based on the probability assessments with respect to the likelihood of achieving the performance targets and discount rates consistent with the level of risk of achievement. The Company included the fair value of this contingent obligation in current and non-current contingent consideration in the accompanying consolidated balance sheets.
At each reporting period, the Company revalued the contingent consideration obligation to its fair value and recorded increases and decreases in fair value within the change in fair value of contingent consideration in the accompanying consolidated statements of operations and comprehensive loss. Changes in the fair value of the contingent consideration obligation resulted from changes in discount periods and rates and changes in probability assumptions with respect to the likelihood of achieving the performance targets. In April 2024, the Company paid the remaining $15.0 million of contingent consideration based on the achievement of certain earnings and product launch thresholds for fiscal year 2023.
Revenue Recognition and Sales Reserves and Allowances – The Company recognizes revenue at the amount to which it expects to be entitled when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied. The performance obligation for most of the Company’s sales transactions is considered complete when control transfers, which is determined when products are shipped or delivered to the customer depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery of point-of-sale transactions.
Shipping charges billed to customers are included in net sales and related shipping costs are included in cost of sales. The company has elected to account for shipping and handling activities performed after control has been transferred to the customer as a fulfillment cost.
The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have long-term contracts that are satisfied over time. Due to the nature of the contracts, no significant judgment exists in relation to the identification of the customer contract or satisfaction of the performance obligation. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts.
The Company has certain contractual programs and practices with customers that can give rise to elements of variable consideration such as customer cooperative advertising and volume incentive rebates. The Company estimates the variable consideration using the most likely amount method based on sales and contractual rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales.
The Company has entered into contracts with some customers that allow for credits to be claimed for certain matters of operational compliance, promotional discounts or for returns to the retail customer from end consumers. Credits that will be issued associated with these items are estimated using the expected value method and are based on actual historical experience and are recorded as a reduction of revenue at the time of recognition or when circumstances change resulting in a change in estimated returns. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.
The Company also offers assurance-type warranties relating to its products sold to end customers that are accounted for under ASC Topic 460, Guarantees. See Warranty Costs below.
Cost of Revenue – Cost of revenue consists of product costs, including costs of products from third-party contract manufacturers of grills, consumables, and accessories, costs of components, direct and indirect manufacturing costs of wood pellet production, packaging, inbound freight and duties, warehousing and fulfillment, warranty costs, product quality testing and inspection costs, excess and obsolete inventory write-downs, cloud-hosting costs for connected devices, depreciation of tooling and manufacturing equipment, amortization of internal use software and patented technology, and certain employee-related expenses.
Warranty Costs – The Company generally provides its customers with a three-year limited warranty on residential model pellet grills and a one-year warranty on accessories for defects in material and workmanship under normal use and maintenance. Warranty liabilities are recorded on the basis of grills and accessories sold and reflect management’s estimate of warranty-related costs expected to be incurred during the respective unexpired warranty periods. Management’s estimates of warranty costs are based on historical as well as current product replacement and related delivery costs incurred and warranty policies. Warranty claims expense is included in cost of revenue on the accompanying consolidated statements of operations and comprehensive loss.
On December 14, 2023, the Company announced a voluntary recall of its Flatrock flat top grill. Consequently, the impact on operating results was $0.3 million and $2.6 million for years ended December 31, 2024 and 2023, respectively. These costs were primarily due to product returns, recall charges, inventory-write offs, and expenses related to logistics, rework, and legal fees. There were no such amounts recorded for the fiscal year ended 2025.
Sales and Marketing – Sales and marketing expenses consist primarily of the advertising and marketing of the Company’s products and personnel-related expenses, including salaries, benefits, and stock-based compensation expense, as well as sales incentives and professional services. These costs are included in sales and marketing expenses within total operating expenses in the accompanying consolidated statements of operations and comprehensive loss.
Advertising Costs – The Company incurs non-direct response advertising costs which are expensed as incurred. Advertising expense was $15.7 million, $20.1 million, and $39.8 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included within sales and marketing expense in the accompanying consolidated statements of operations and comprehensive loss.
General and Administrative – General and administrative expense consist primarily of personnel-related expenses, including salaries, benefits, and stock-based compensation and facilities for executive, finance, accounting, legal, human resources, and information technology functions. General and administrative expense also includes fees for professional services principally comprised of legal, audit, tax and accounting services, and insurance. These costs are included in general and administrative expenses within total operating expenses in the accompanying consolidated statements of operations and comprehensive loss.
Research and Development – Research and development expenses consist primarily of personnel-related expenses, including salaries, benefits, and stock-based compensation expense, as well as professional services, prototype materials, and software
platform costs. Research and development expense was $12.4 million, $15.2 million, and $11.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included within general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.
Income Taxes – The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established on deferred tax assets if it is determined by management that it is more-likely-than-not that such deferred tax assets will not be realized.
Income and loss for tax purposes may differ from the financial statement amounts and may be allocated to the members on a different basis for tax purposes than for financial statement purposes.
The preparation of consolidated financial statements in conformity with ASC 740, Income Taxes, requires the Company to report information regarding its exposure to various tax positions taken by the Company. The Company has determined whether any tax positions have met the recognition threshold and has measured the Company’s exposure to those tax positions. Management believes that the Company has adequately addressed all relevant tax positions and that there are no uncertain tax positions that would require adjustment to the consolidated financial statements to comply with the provisions of the guidance. The Company has elected to record any interest and penalties related to uncertain tax positions within interest expense on the accompanying consolidated statements of operations and comprehensive loss. No interest and penalties related to uncertain tax positions were recorded for either the year-ended December 31, 2025, 2024, or 2023, respectively.
The Company has recorded research and development tax credits that are available for developing new or improved or innovative products, processes, software, or inventions.
CARES Act – On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide certain relief as a result of the coronavirus pandemic (“COVID-19”). The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Tax Credit (“ERTC”). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERTC by analogy to International Accounting Standard (“IAS”) 20, Accounting for Government Grants and Disclosure of Government Assistance.
In 2023, the Company submitted claims to the Internal Revenue Service (“IRS”) for the ERTC. In accordance with IAS 20, the Company will recognize the claimed amounts once it has obtained reasonable assurance of receipt, defined as the point at which the claims have been accepted by the IRS and the corresponding cash payments have been received. For the year ended December 31, 2025, the Company received $6.0 million from the IRS in connection with these tax credits, of which $1.3 million represented interest. These amounts were recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss. There were no such amounts recorded for the fiscal years ended 2024 and 2023.
In January 2026, the Company received the final benefit associated with the remaining ERTC claims submitted to the IRS, totaling $11.6 million, of which $2.8 million represented interest. The full amount will be recorded within other income, net in the consolidated statements of operations and comprehensive loss for fiscal year 2026.
Stock-Based Compensation – The Company awards stock-based compensation to employees and directors under the Traeger, Inc. 2021 Incentive Award Plan (the “2021 Plan”), which is described in Note 15 – Stock-Based Compensation.
The Company recognizes compensation expense for time-based restricted stock units (“RSUs”) and time-based restricted shares (“RSAs”) on a straight-line basis over the requisite service period. For the performance-based restricted stock units (“PSUs”) and performance-based restricted shares (“Performance Shares”), the compensation expense is recognized on an accelerated basis over the requisite service period. The compensation expense related to the PSUs and Performance Shares with a performance condition could increase or decrease depending on the estimated probability of achieving the applicable adjusted EBITDA goals over the requisite service period. For PSUs and Performance Shares with a market condition, the Company uses a Monte Carlo pricing model to estimate the fair value of the awards as of the grant date, using various simulations of future stock prices through a stochastic model to estimate the fair value over the remaining term of the performance period. In addition, when an award is forfeited prior to the vesting date, the Company will recognize an adjustment for the previously
recognized expense in the period of the forfeiture, with the exception of awards with market conditions for which the requisite service period has been satisfied.
Comprehensive Loss – The Company’s comprehensive loss is determined based on net loss adjusted for gains and losses on foreign currency translation adjustments and the interest rate swap, as well as amortized gains and losses associated with the dedesignated interest rate swap.
Foreign Currency – The Company has foreign subsidiaries for which the net sales generated, as well as most of the related expenses directly incurred from those operations, are denominated in local currencies. The functional currency of these foreign subsidiaries that either operate or support these operations are generally the same as the Company’s functional currency. Results of operations for the Company’s consolidated foreign subsidiaries are remeasured from the local currency to the U.S. dollar using average exchange rates during the period, while monetary assets and liabilities are remeasured at the exchange rate in effect at the reporting date. Non-monetary assets and liabilities and equity accounts of consolidated foreign subsidiaries are carried at historical values. Resulting gains or losses from remeasuring foreign currency financial statements are recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss.
Foreign currency transaction gains and losses resulting from exchange rate fluctuations on transactions denominated in a currency other than the U.S. Dollar are included within other income, net in the accompanying consolidated statements of operations and comprehensive loss. The Company recorded a net foreign exchange gain of $1.1 million and losses of $1.0 million, and $0.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Retirement Plan – The Company maintains a defined contribution retirement plan (“401(k) plan”) for all full-time employees in the United States. This 401(k) plan allows employees to contribute a portion of their eligible compensation up to the certain maximum dollar limits set by the Internal Revenue Service. The Company made matching contributions to the 401(k) plan of $1.9 million, $2.1 million, and $2.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. The expenses are recorded consistent with the payroll expense associated to each individual employee to whom the matching contributions pertains.
Recently Issued Accounting Standards
As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.
New Accounting Pronouncements Recently Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company elected to early adopt ASU 2023-09 effective January 1, 2025, and applied the new disclosure requirements prospectively in this Annual Report for the fiscal year ended December 31, 2025. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. For further information, refer to Note 16 – Income Taxes.
New Accounting Pronouncements Issued but Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) which modifies the accounting guidance for costs incurred in connection with internal-use software. The amendments in this update are intended to improve the operability of the guidance by removing references to software development project stages, thereby making the guidance neutral to different software development methodologies. Under the revised standard, entities will apply a single model for capitalizing and expensing costs related to internal-use software, regardless of the development approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim
periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06.
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following table disaggregates revenue by product category, geography, and sales channel for the fiscal periods indicated (in thousands):
 Year-ended December 31,
Revenue by product category202520242023
Grills$298,026 $324,702 $299,346 
Consumables127,474 119,299 114,901 
Accessories134,020 160,071 191,635 
Total revenue$559,520 $604,072 $605,882 
 Year-ended December 31,
Revenue by geography202520242023
North America$514,686 $542,381 $536,496 
Rest of world44,834 61,691 69,386 
Total revenue$559,520 $604,072 $605,882 
 Year-ended December 31,
Revenue by sales channel202520242023
Retail$468,452 $482,812 $451,759 
Direct to consumer91,068 121,260 154,123 
Total revenue$559,520 $604,072 $605,882 
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company has various lease agreements related to office space, warehouses, vehicles, and office equipment. The leases expire at various dates through 2037, which are primarily accounted for as operating leases.
The following table presents the components of lease costs (in thousands):
Year-ended December 31,
202520242023
Operating lease costs$7,428 $7,476 $6,293 
Variable lease costs1,566 1,379 1,311 
The following table presents lease terms and discount rates:
Year-ended December 31,
202520242023
Weighted average remaining lease term10.2810.1410.67
Weighted average discount rate8.32 %8.04 %7.83 %
At December 31, 2025, future lease payments (receipts) under operating leases were as follows (in thousands):
Operating Lease LiabilitiesOperating Sublease
2026$4,627 $(1,035)
20273,510 — 
20283,279 — 
20293,358 — 
20303,018 — 
Thereafter21,529 — 
Total lease payments (receipts)39,321 (1,035)
Less: Effect of discounting to net present value(13,631)
Present value of lease liabilities$25,690 
The following table presents supplemental cash flow information (in thousands):
Year-ended December 31,
202520242023
Cash payments used in operating cash flows from lease arrangements$5,984 $5,806 $6,112 
Right-of-use assets obtained in exchange for new operating lease liabilities$9 $376 $40,589 
Derecognition of right-of-use assets due to reassessment of lease term$(32)$(276)$(33)
LEASES LEASES
The Company has various lease agreements related to office space, warehouses, vehicles, and office equipment. The leases expire at various dates through 2037, which are primarily accounted for as operating leases.
The following table presents the components of lease costs (in thousands):
Year-ended December 31,
202520242023
Operating lease costs$7,428 $7,476 $6,293 
Variable lease costs1,566 1,379 1,311 
The following table presents lease terms and discount rates:
Year-ended December 31,
202520242023
Weighted average remaining lease term10.2810.1410.67
Weighted average discount rate8.32 %8.04 %7.83 %
At December 31, 2025, future lease payments (receipts) under operating leases were as follows (in thousands):
Operating Lease LiabilitiesOperating Sublease
2026$4,627 $(1,035)
20273,510 — 
20283,279 — 
20293,358 — 
20303,018 — 
Thereafter21,529 — 
Total lease payments (receipts)39,321 (1,035)
Less: Effect of discounting to net present value(13,631)
Present value of lease liabilities$25,690 
The following table presents supplemental cash flow information (in thousands):
Year-ended December 31,
202520242023
Cash payments used in operating cash flows from lease arrangements$5,984 $5,806 $6,112 
Right-of-use assets obtained in exchange for new operating lease liabilities$9 $376 $40,589 
Derecognition of right-of-use assets due to reassessment of lease term$(32)$(276)$(33)
v3.25.4
ACCOUNTS RECEIVABLES, NET
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ACCOUNTS RECEIVABLES, NET ACCOUNTS RECEIVABLES, NET
Accounts receivables, net consists of the following (in thousands):
 December 31,
 20252024
Trade accounts receivable$98,096 $104,138 
Allowance for expected credit losses
(434)(449)
Sales reserves, discounts and allowances
(15,540)(18,358)
Total accounts receivable, net$82,122 $85,331 
v3.25.4
INVENTORIES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consisted of the following (in thousands):
December 31,
20252024
Raw materials$2,393 $4,975 
Work in process4,395 6,526 
Finished goods92,043 95,866 
Inventories$98,831 $107,367 
Included within inventories are adjustments of $3.6 million and $1.0 million for the years ended December 31, 2025 and 2024, respectively, to record inventory to net realizable value.
v3.25.4
ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES ACCRUED EXPENSES
Accrued expenses consisted of the following (in thousands):
 December 31,
 20252024
Accrual for inventories in-transit$4,292 $13,013 
Warranty accrual5,975 6,239 
Accrued compensation and bonus12,854 8,483 
Accrual for legal matter
— 15,000 
Other39,547 39,408 
Accrued expenses$62,668 $82,143 
The changes in the Company’s warranty accrual, included within accrued expenses in the accompanying consolidated balance sheets, were as follows for the fiscal periods indicated (in thousands):
 December 31,
 202520242023
Warranty accrual, beginning of period$6,239 $7,240 $7,368 
Warranty claims(4,895)(4,694)(6,262)
Warranty costs accrued4,631 3,693 6,134 
Warranty accrual, end of period$5,975 $6,239 $7,240 
v3.25.4
DERIVATIVES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
Interest Rate Swap
On February 25, 2022, the Company entered into a floating-to-fixed interest rate swap agreement to hedge or otherwise protect against fluctuations on a portion of the Company’s variable rate debt. The agreement provides for a notional amount of $379.2 million, fixed rate of 2.08% and a maturity date of February 28, 2026. This agreement was designated as a cash flow hedge on the exposure of the variability of future cash flows subject to the variable monthly interest rates on $379.2 million of the term loan portion under the First Lien Term Loan Facility (as defined below). The Company assessed hedge effectiveness at the time of entering into the agreement, utilizing a regression analysis, and determined the hedge is expected to be highly effective.
In January 2023, the Company changed the interest reset period from one month to three months on the term loan portion under the First Lien Term Loan Facility (as defined below). As a result, the Company dedesignated its hedging relationship. At the time of dedesignation, the total amount recorded within accumulated other comprehensive income (“AOCI”) was $21.3 million and will be amortized into earnings as a reduction of interest expense over the term of the previously hedged interest payments. As of December 31, 2025 the Company had $0.6 million remaining within AOCI to be amortized into earnings as a reduction of interest expense.
For periods where the net position is in an asset balance, the balance is recorded within prepaid expenses and other current assets in the accompanying consolidated balance sheets. The gross and net balances from the interest rate swap contract position were as follows (in thousands):
December 31,
20252024
Gross asset fair value
$1,047 $9,223 
Gross liability fair value
— — 
Net asset fair value
$1,047 $9,223 
Foreign Currency Contracts
The Company is exposed to foreign currency exchange rate risk related to its purchases and international operations. The Company utilizes foreign currency contracts to manage foreign currency risk in purchasing inventory and capital equipment, and future settlement of foreign-denominated assets and liabilities. The volume of the Company’s foreign currency contract activity is limited by the amount of transaction exposure in each foreign currency and the Company’s election as to whether to hedge the transactions. There are no derivative instruments entered into for speculative purposes.
The Company had outstanding foreign currency contracts as of December 31, 2025 and 2024. The Company did not elect hedge accounting for any of these contracts. All outstanding contracts are with the same counterparty and thus the fair market value of the contracts in an asset position are offset by the fair market value of the contracts in a liability position to reach a net position. For periods where the net position is an asset balance, the balance is recorded within prepaid expenses and other current assets in the accompanying consolidated balance sheets, and for periods where the net position is a liability balance, the balance is recorded within other non-current liabilities in the accompanying consolidated balance sheets. Changes in the net fair value of contracts are recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss.
The gross and net balances from foreign currency contract positions were as follows (in thousands):
 December 31,
 20252024
Gross asset fair value
$210 $— 
Gross liability fair value
— 2,871 
Net fair value
$210 $2,871 
Gains (losses) from foreign currency contracts were recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss as follows for the fiscal periods indicated (in thousands):
 December 31,
 202520242023
Realized loss
$(2,419)$(1,020)$(3,080)
Unrealized gain (loss)
3,081 (2,947)1,033 
Total gain (loss)
$662 $(3,967)$(2,047)
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following table presents information about the fair value measurement of the Company’s financial instruments (in thousands):
  
As of December 31,
Financial Instruments Recorded at Fair Value on a Recurring Basis:Fair Value Measurement Level20252024
Assets:
Derivative assets—foreign currency contracts (1)
2$210 $— 
Derivative assets—interest rate swap contract (2)
21,047 9,223 
Total assets$1,257 $9,223 
Liabilities:
Derivative liabilities—foreign currency contracts (3)
2$— $2,871 
Total liabilities$— $2,871 
(1)Included within prepaid expenses and other current assets in the accompanying consolidated balance sheets.
(2)Included within prepaid expenses and other current assets in the accompanying consolidated balance sheets.
(3)Included within other current liabilities in the accompanying consolidated balance sheets.
Transfers of assets and liabilities among Level 1, Level 2, and Level 3 are recorded as of the actual date of the events or change in circumstances that caused the transfer. For the years ended December 31, 2025 and 2024, there were no transfers between levels of the fair value hierarchy of the Company’s assets or liabilities measured at fair value.
The fair value of the Company’s derivative assets and liabilities through its foreign currency contracts is based upon observable market-based inputs that reflect the present values of the differences between estimated future foreign currency rates versus fixed future settlement prices per the contracts and therefore are classified within Level 2. The fair value of the Company’s interest rate swap contract held with a financial institution is classified as a Level 2 financial instrument, which is valued using observable underlying interest rates and market-determined risk premiums at the reporting date.
Certain assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments under certain circumstances. These assets include goodwill, which is evaluated using Level 3 inputs when written down to fair value and thus impaired. Once impaired, such assets are not subsequently adjusted to fair value unless further impairment occurs. During an interim goodwill impairment test, the Company determined that the carrying value of goodwill was in excess of its fair value after consideration of a control premium and recorded a non-cash impairment charge of $74.7 million. For further details, see Note 2 – Summary of Significant Accounting Policies.
The following financial instruments are recorded at their carrying amount (in thousands):
 
As of December 31, 2025
As of December 31, 2024
Financial Instruments Recorded at Carrying Amount:Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Liabilities:
Debt—Credit Facilities (1)
$403,325 $377,613 $403,575 $395,421 
Total liabilities$403,325 $377,613 $403,575 $395,421 
(1)Included within the current portion of notes payable and notes payable, net of current portion in the accompanying consolidated balance sheets. Due to the unobservable nature of the inputs these financial instruments are considered to be Level 2 instruments in the fair value hierarchy.
Due to the short-term nature of the borrowings under the Receivables Financing Agreement (as defined below), the carrying amounts approximate their fair values.
v3.25.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment consisted of the following (in thousands):
 December 31,
 20252024
Land and buildings$2,062 $2,062 
Machinery and equipment29,642 28,563 
Leasehold improvements12,398 12,396 
Office equipment and fixtures23,455 21,921 
Vehicles2,617 2,832 
Computer software and hardware28,568 27,183 
Property, plant, and equipment, gross
98,742 94,957 
Plus: construction in progress
9,220 5,877 
Less: accumulated depreciation
(74,259)(63,885)
Property, plant, and equipment, net$33,703 $36,949 
Depreciation expense related to property, plant, and equipment recorded within cost of revenue was $6.4 million, $7.2 million, and $7.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. Depreciation expense related to property, plant, and equipment recorded within general and administrative expense was $5.8 million, $6.6 million, and $7.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
GOODWILL AND INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES
Goodwill is primarily attributable to the allocations of the purchase price from the acquisition of Traeger Pellet Grills Holdings LLC on September 25, 2017 (the “Transaction”) and the acquisition of Apption Labs on July 1, 2021.
The changes in the carrying amount of goodwill were as follows (in thousands):
December 31,
20252024
Goodwill, beginning of period
$74,725 $74,725 
Goodwill impairment
(74,725)— 
Goodwill, end of period
$— $74,725 
The Company’s intangible assets consisted of the following at the dates indicated below (dollars in thousands):
 December 31, 2025
 Weighted
Average Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships17$378,394 $(184,665)$193,728 
Trademark24281,700 (95,261)186,439 
Technology536,300 (33,070)3,230 
Distributor relationships82,400 (1,350)1,050 
Favorable lease position851 (50)1 
Other intangible assets103,623 (1,021)2,602 
Total$702,467 $(315,417)$387,050 
 December 31, 2024
 Weighted
Average Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships17$378,394 $(162,070)$216,324 
Trademark24281,700 (82,931)198,769 
Technology536,300 (26,610)9,690 
Distributor relationships82,400 (1,050)1,350 
Favorable lease position851 (48)3 
Other intangible assets103,250 (850)2,400 
Total$702,094 $(273,558)$428,536 
The preponderance of the customer relationships and trademark were pushed down from the purchase accounting in the Transaction (as defined above) in 2017.
Estimated annual amortization expense for the next five years and thereafter for the years ending December 31, (in thousands): 
2026$38,719 
202735,470 
202835,445 
202934,643 
203034,468 
Thereafter207,311 
Total$386,056 
Amortization expense related to intangible assets recorded within cost of revenue was $6.7 million for the year ended December 31, 2025 and $7.2 million for the years ended December 31, 2024 and 2023. Amortization expense related to intangible assets recorded within amortization of intangible assets was $35.3 million, $35.3 million, and $35.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
NOTES PAYABLE
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
Notes payable refers to the corporate level debt facilities. The Company’s corporate debt is incurred and guaranteed by certain of its operating subsidiaries, but it is not guaranteed by the Company or any parent entities above the borrower and guarantors in the ownership structure.
The Company’s corporate level consolidated outstanding debt is as follows (dollars in thousands):
 December 31,
Interest rate as of December 31, 2025
 20252024
First lien credit agreement:
First lien term loan facility, matures June 2028
$403,325 $403,575 7.3 %
Revolving credit facility, matures June 2026 and December 2027 (as defined below)
— — n/a
Total notes payable403,325 403,575 
Less: unamortized deferred financing costs(3,485)(4,880)
Less: current maturities(250)(250)
Notes payable, net of current portion$399,590 $398,445 
On June 29, 2021, the Company refinanced its existing credit facilities and entered into a First Lien Credit Agreement, as borrower, with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and other lenders party thereto as joint lead arrangers and joint bookrunners (the “First Lien Credit Agreement”). The First Lien Credit Agreement originally provided for (i) a $560.0 million senior secured term loan facility (the “First Lien Term Loan Facility”), which includes a $50.0 million delayed draw term loan and (ii) a $125.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the First Lien Term Loan Facility, the “Credit Facilities”). The Company entered into an agency transfer agreement on April 30, 2024, pursuant to which Morgan Stanley Senior Funding, Inc. succeeded Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for the Credit Facilities. The Company’s obligations under the First Lien Credit Agreement were substantively unchanged.
On August 5, 2025, the Company entered into an amendment to the First Lien Credit Agreement (the “Amendment”) to, among other things, extend the maturity date of a portion of the Revolving Credit Facility, reduce the size of the Revolving Credit Facility by 10% and modify other provisions of the Revolving Credit Facility, as described below.
The First Lien Term Loan Facility accrues interest at a rate per annum that considers both fixed and floating components. The fixed component ranges from 3.00% to 3.25% per annum based on the Company’s Public Debt Rating (as defined in the First Lien Credit Agreement). The floating component is based on the Term SOFR (as defined in the First Lien Credit Agreement) for the relevant interest period. The First Lien Term Loan Facility requires quarterly principal payments from December 2021 through June 2028, with any remaining unpaid principal and any accrued and unpaid interest due on the maturity date of June 29, 2028.
Loans under the Revolving Credit Facility accrue interest at a rate per annum that considers both fixed and floating components. The fixed component ranges from 2.75% to 3.25% per annum based on the Company’s most recently determined First Lien Net Leverage Ratio (as defined in the First Lien Credit Agreement). The floating component is based on the Term SOFR for the relevant interest period. The Revolving Credit Facility also has a variable commitment fee, which is based on the Company’s most recently determined First Lien Net Leverage Ratio and ranges from 0.25% to 0.50% per annum on undrawn amounts. Letters of credit may be issued under the Revolving Credit Facility in an amount not to exceed $15.0 million which, when issued, lower the overall borrowing capacity of the facility.
The Amendment made several material modifications to the Revolving Credit Facility. The overall size of the Revolving Credit Facility has been reduced by 10% to $112.5 million, and has been split into two tranches: a $30.0 million tranche expiring on June 29, 2026 and a $82.5 million tranche expiring on December 29, 2027 (the “Extended Revolving Facility”). No payment of outstanding principal amounts under either tranche is due prior to the respective expiration date of each tranche.
Except as noted below, the Credit Facilities are collateralized by substantially all of the assets of TGP Holdings III LLC, TGPX Holdings II LLC, Traeger Pellet Grills Holdings LLC, and certain subsidiaries of Traeger Pellet Grills Holdings LLC, including intellectual property, mortgages, and the equity interest of each of these respective entities. Upon event of default, the assets of Traeger SPE LLC, substantially consisting of the Company’s accounts receivable, collateralize the receivables financing agreement discussed below and do not collateralize the Credit Facilities. There are no guarantees from any entities above TGPX Holdings II LLC, including Traeger, Inc.
The First Lien Credit Agreement contains certain affirmative and negative covenants that limit the Company’s ability to, among other things, incur additional indebtedness or liens (with certain exceptions), make certain investments, engage in fundamental changes or transactions including changes of control, transfer or dispose of certain assets, make restricted payments (including dividends), engage in new lines of business, make certain prepayments, and engage in certain affiliate transactions. Pursuant to
the Amendment, the Company has agreed to certain additional negative covenant restrictions for the benefit of the lenders under the Extended Revolving Facility. All lenders under the Revolving Credit Facility are the beneficiaries of a First Lien Net Leverage Ratio (as defined in the First Lien Credit Agreement) test of 6.20 to 1.00, which is only applicable if the Company’s utilization of the Revolving Credit Facility in excess of a threshold set forth in the First Lien Credit Agreement. The lenders under the Extended Revolving Facility are the beneficiaries of a 6.20 to 1.00 First Lien Net Leverage Ratio covenant with a lower trigger threshold for testing, as set forth in the Amendment, and a minimum liquidity covenant requiring the maintenance of liquidity of at least $15.0 million, which is tested monthly. As of December 31, 2025, the Company was in compliance with the covenants under the Credit Facilities.
Future maturities of the notes payable are as follows as of December 31, (in thousands):
2026$250 
2027250 
2028402,825 
2029
— 
2030
— 
Thereafter— 
Total$403,325 
v3.25.4
RECEIVABLES FINANCING AGREEMENT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
RECEIVABLES FINANCING AGREEMENT RECEIVABLES FINANCING AGREEMENT
On November 2, 2020, the Company entered into a receivables financing agreement (the “Receivables Financing Agreement”). Through the Receivables Financing Agreement, the Company participates in a trade receivables securitization program administered on its behalf by MUFG Bank Ltd. (“MUFG”). Through this arrangement, the Company has secured short-term capital requirements financing using outstanding accounts receivable balances as collateral, which have been contributed by the Company to a wholly owned subsidiary, Traeger SPE LLC. As a special purpose entity (the “SPE”), Traeger SPE LLC has been structured so that its assets (substantively the accounts receivable contributed by the Company to the SPE) are outside the reach of other creditors, including the lenders under the Company's New First Lien Credit Agreement. While the Company provides services to the SPE through continuing involvement in the aspects of collection and cash application of the receivables, the receivables are owned by the SPE once contributed to it by the Company. The Company is the primary beneficiary and holds all equity interests of the SPE, thus the Company consolidates the SPE without any significant judgments.
The maximum borrowing capacity under the Receivables Financing Agreement is between $30.0 million and $75.0 million. The Receivables Financing Agreement allows for seasonal adjustments to the maximum borrowing capacity and further adjustments can be made up to two times annually at the discretion of the Company (with consent of the lenders under the Receivables Financing Agreement). The Company is required to pay fixed interest on outstanding cash advances of 2.5%, a floating interest based on the CP Rate or Adjusted Term SOFR (each as defined in the Receivables Financing Agreement), and an unused capacity charge that ranges from 0.25% to 0.5%. The Receivables Financing Agreement also includes a liquidity threshold of $42.5 million and if the Company’s liquidity falls below this threshold, it may result in an increase in the required level of reserves, which would result in a reduction of the borrowing base under the Receivables Financing Agreement during such a liquidity shortfall.
On August 6, 2024, the Company entered into Amendment No. 10 to the Receivables Financing Agreement in order to extend the expiration of the facility to August 6, 2027. As part of the amendment, the Company is required to pay an upfront fee for the facility, along with a fixed interest rate on outstanding cash advances of approximately 2.6% and a floating interest rate based on the CP Rate or Adjusted Term SOFR (each as defined in the Receivables Financing Agreement). The Company was in compliance with the covenants under the Receivables Financing Agreement as of December 31, 2025.
As of December 31, 2025, the Company had no outstanding borrowings under this facility. As of December 31, 2024, the Company had $5.0 million of borrowings outstanding, which were used for general corporate and working capital purposes.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Unconditional purchase commitments
The Company has unconditional purchase commitments for cloud-hosting costs, distribution contracts, software licenses, and other professional fees. Future minimum payments under these unconditional purchase commitments are as follows as of December 31, (in thousands):
2026$2,755 
20272,066 
2028144 
2029— 
2030— 
Thereafter— 
Total$4,965 
Legal Matters
In the normal course of business, the Company is involved in legal proceedings and other potential loss contingencies, some of which are covered by insurance. In accordance with ASC Topic 450, Contingencies (“Topic 450”), the Company establishes accruals for contingencies when it is probable that a loss will be incurred and the amount, or range of amounts, can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range. When no amount within the range is a better estimate than any other amount, the Company will accrue the minimum amount in the range. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by Topic 450.
In August 2024, the Company received an offer of compromise to reach an out-of-court settlement for a product liability matter. A formal settlement agreement was finalized in February 2025 and the matter was paid in March 2025 through the Company's insurance policies in the amount of $15.0 million.
v3.25.4
EQUITY-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION STOCK-BASED COMPENSATION
The Traeger, Inc. 2021 Incentive Award Plan (the "2021 Plan") became effective as of July 28, 2021, the day prior to the first public trading date of the Company's common stock. The 2021 Plan provides for the grant of stock options, including incentive stock options, and nonqualified stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash awards to the Company’s employees and consultants and directors of the Company and its subsidiaries. Subject to the adjustment described in the following sentence, the initial number of shares of common stock available for issuance under awards granted pursuant to the 2021 Plan was equal to 14,105,750 shares, which shares may be authorized but unissued shares, treasury shares, or shares purchased in the open market. On January 1, 2026 and January 1, 2025, an additional 6,853,413 shares and 6,532,441 shares of common stock became available for issuance under awards granted pursuant to the 2021 Plan, respectively, as a result of the operation of an automatic annual increase provision in the 2021 Plan.
The Company grants time-based restricted stock units (“RSUs”) and time-based restricted shares (“RSAs”) to employees which generally vest over a three-year vesting period, with one-third of the RSUs or RSAs vesting on the first, second and third anniversaries of the grant date subject to continued employment or service with the Company and its affiliates. In 2024, the Company granted performance-based restricted stock units (“PSUs”) and performance-based restricted shares (“Performance Shares”) which cliff vested based on the achievement of certain annual adjusted EBITDA goals over an annual performance period subject to continued employment. In 2025, the Company granted PSUs and Performance Shares which will cliff vest based on the achievement of certain relative total shareholder return (“Relative TSR”) goals at the end of a three-year performance period subject to continued employment or, solely with respect to the Performance Shares, service.
For RSUs and RSAs, the compensation expense is recognized on a straight-line basis over the requisite service period. For the PSUs and Performance Shares, the compensation expense is recognized on an accelerated basis over the requisite service period. The compensation expense related to the PSUs and Performance Shares with a performance condition could increase or decrease depending on the estimated probability of achieving the applicable adjusted EBITDA goals over the requisite service period. For PSUs and Performance Shares with a market condition, the Company uses a Monte Carlo pricing model to estimate the fair value of the awards as of the grant date, using various simulations of future stock prices through a stochastic model to estimate the fair value over the remaining term of the performance period. In addition, when an award is forfeited prior to the vesting date, the Company will recognize an adjustment for the previously recognized expense in the period of the forfeiture, with the exception of awards with market conditions for which the requisite service period has been satisfied.
A summary of the RSU and RSA activity during the year ended December 31, 2025 was as follows:
Number of Units and Shares
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024
9,000,295 $3.23 
Modified (1)
(570,619)3.40 
Granted6,928,741 1.50
Vested(3,946,897)3.32 
Forfeited(2,577,048)2.44
Outstanding at December 31, 2025
8,834,472 $2.06 
(1)On March 6, 2025, as part of the Separation Agreement between the Company and Dominic Blosil, the Company’s former Chief Financial Officer, the Board of Directors of the Company approved the modification of Mr. Blosil’s then-outstanding and unvested RSUs, such that the RSUs continued to vest pursuant to their terms, with any then-remaining unvested RSUs vesting in full on December 31, 2025, subject to Mr. Blosil continuing to provide advisory services to the Company through such date. The modification has a negligible impact on the accompanying condensed consolidated statements of operations and comprehensive loss for all periods presented.
As of December 31, 2025, the Company had $8.6 million of unrecognized stock-based compensation expense related to unvested RSUs and RSAs that is expected to be recognized over a weighted-average period of 1.85 years.
A summary of the PSU and Performance Share activity during the year ended December 31, 2025 was as follows:
Number of Units and Shares
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024
3,152,807 $2.21 
Modified (1)
(492,908)2.17 
Granted (2)
5,465,174 1.07 
Vested(3,068,721)2.21 
Forfeited or cancelled
(761,627)0.98 
Outstanding at December 31, 2025
4,294,725 $0.97 
(1)In March 2025 the Board of Directors of the Company, acting upon the unanimous recommendation of its compensation committee, approved a modification to the then outstanding Performance Shares and PSUs to provide for certain adjustments to the applicable adjusted EBITDA goals. As a result of the modification, the Company recorded $1.1 million of incremental expense during the year ended December 31, 2025.
(2)Represents the target number of Performance Shares and PSUs granted in 2025, and the corresponding grant-date fair value of those awards.
As of December 31, 2025, the Company had $2.7 million of unrecognized stock-based compensation expense related to unvested PSUs and Performance Shares that are expected to be recognized over a weighted-average period of 2.31 years.
Summary of Stock-Based Compensation
The Company's stock-based compensation was classified as follows in the accompanying consolidated statements of operations and comprehensive loss for the fiscal periods indicated (in thousands):
Year-ended December 31,
202520242023
Cost of revenue$50 $72 $74 
Sales and marketing1,667 3,087 4,115 
General and administrative13,537 24,742 49,014 
Total stock-based compensation
$15,254 $27,901 $53,203 
During the years ended December 31, 2025, 2024, and 2023 the Company paid $1.8 million, $2.2 million, and $0, respectively, for the net settlement of income tax obligations related to employee equity awards that vested during the period.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
The components of loss before income taxes were as follows for the fiscal periods indicated (in thousands):
Year-ended
December 31,
202520242023
Domestic$(65,971)$(35,546)$(96,517)
Foreign(53,351)(418)14,100 
Loss before provision (benefit) for income taxes
$(119,322)$(35,964)$(82,417)
Provision (benefit) for income taxes consisted of the following components for the fiscal periods indicated (in thousands):
 Year-ended
December 31,
 202520242023
Current:
Federal$46 $6 $12 
State(53)36 95 
Foreign712 (114)4,018 
Total current tax expense$705 $(72)$4,125 
Deferred expense:
Federal$— $— $(26)
State— — 26 
Foreign(4,846)(1,884)(2,140)
Total deferred tax benefit$(4,846)$(1,884)$(2,140)
Provision (benefit) for income taxes
$(4,141)$(1,956)$1,985 
A reconciliation of the differences between the effective and statutory income tax rates after the adoption of ASU 2023-09 are as follows for the fiscal period indicated (dollars in thousands):
Year-ended
December 31,
2025
Federal statutory rate$(25,058)21.0 %
State income taxes, net of federal benefit (1)
89 (0.1)%
Foreign tax effects
United Kingdom
Rate differential
(557)0.5 %
Goodwill impairment
8,444 (7.1)%
Other
(1,319)1.1 %
Other foreign jurisdictions
380 (0.3)%
Effect of cross-border tax laws
Global intangible low-taxed income
192 (0.2)%
Tax Credits
Research and development credits
(547)0.5 %
Change in valuation allowance
12,478 (10.5)%
Nontaxable and nondeductible items
Stock-based compensation
1,545 (1.3)%
Other
907 (0.8)%
Changes in unrecognized tax benefits
247 (0.2)%
Change in partnership investment
(1,089)0.9 %
Other147 (0.1)%
$(4,141)3.4 %
(1)The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Georgia, Illinois, New Jersey, and Texas.
A reconciliation of the differences between the effective and statutory income tax rates prior to the adoption of ASU 2023-09 are as follows for the fiscal periods indicated:
 Year-ended
December 31,
 20242023
Federal statutory rate21.0 %21.0 %
State income taxes, net of federal benefit3.8 0.3 
Foreign rate differential(0.1)(0.5)
Stock-based compensation
(5.5)(15.3)
Global intangible low-taxed income(4.9)(5.3)
Non-deductible items(2.9)(2.3)
Research and development credits3.0 1.0 
Change in partnership investment3.1 15.7 
Changes in valuation allowance(22.5)(25.6)
Changes in tax rates0.3 0.5 
Return to provision
7.6 3.2 
Other2.6 4.9 
5.5 %(2.4)%
The differences between the U.S. statutory rate and the Company’s effective tax rate for the years ended December 31, 2025, 2024, and 2023 are primarily due to the changes in valuation allowance, nondeductible goodwill impairment, state taxes, and stock-based compensation.
Cash paid for income taxes, net of refunds received, by jurisdiction after the adoption of ASU 2023-09 are as follows for the fiscal period indicated (in thousands):
Year-ended
December 31,
2025
Federal
$— 
State
108 
Foreign
United Kingdom
2,605 
Canada
570 
Other foreign jurisdictions
119 
Income taxes paid, net of refunds
$3,401 
Cash paid for income taxes, net of refunds received, during the years ended December 31, 2024 and 2023 was $2.0 million and $3.1 million, respectively.
The amounts that comprised deferred income tax assets, net are as follows for the fiscal periods indicated (in thousands):
 Year-ended
December 31,
 20252024
Deferred tax assets:
Net operating loss carryforwards$44,616 $34,280 
Sec. 163(j) interest21,922 18,719 
Tax credits3,753 2,882 
Stock-based compensation
— 17 
Property and equipment252 101 
Operating lease liabilities29 35 
Investments72,575 71,382 
Other231 197 
Less: valuation allowance(141,360)(127,347)
Total deferred tax assets$2,018 $266 
Deferred tax liabilities:
Property and equipment$— $(971)
Intangible assets(3,504)(5,636)
Operating right-of-use assets(25)(35)
Total deferred tax liabilities$(3,529)$(6,642)
Net deferred tax liability
$(1,511)$(6,376)
As of December 31, 2025, the Company has net operating loss carryforwards of approximately $162.3 million for federal income tax purposes, which will be available to offset future taxable income. Due to recent tax legislation, approximately $159.0 million of these net operating losses are eligible for indefinite carryforward, limited by certain taxable income limitations. The federal net operating losses will begin to expire in 2037 if not utilized. The Company is not aware of any restrictions or limitations on use of the net operating losses under Internal Revenue Code Section 382. The Company has net operating loss carryforwards of approximately $133.8 million for state income tax purposes, which will be available to offset future taxable income. The state net operating losses will begin to expire in 2026 if not utilized. Due to cumulative losses, the Company has recorded a valuation allowance against its net deferred tax assets as of December 31, 2025, 2024, and 2023, respectively.
The Company also has federal research and development tax credit carryforwards of $4.4 million and state research and development tax credit carryforwards of $1.1 million, which begin to expire in 2038 and 2032, respectively, if not utilized.
The Company annually conducts an analysis of its tax positions and does not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. A tax benefit is recognized only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. For such positions, the largest benefit that has a greater than 50% likelihood of being realized upon settlement is recognized in the financial statements.
The following summarizes activity related to unrecognized tax benefits for the fiscal periods indicated (in thousands):
Year-ended
December 31,
202520242023
Unrecognized benefit—beginning of the year$1,734 $1,419 $1,056 
Gross increases—current period positions209 262 184 
Gross increases—prior period positions
153 53 179 
Gross decreases—prior period positions— — — 
Unrecognized benefit—end of the year$2,096 $1,734 $1,419 
The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months. At December 31, 2025, the Company had $2.1 million of total unrecognized tax benefits recorded against research and development tax credit carryforwards, none of which would impact the effective tax rate if recognized.
The Company has elected to recognize interest and penalties related to uncertain tax positions as a component of interest expense from continuing operations in the accompanying consolidated statements of operations and comprehensive loss. No interest or penalties have been recorded through the year ended December 31, 2025.
The Company files tax returns in the United States and in various foreign and state jurisdictions. The Company is not currently under examination by any taxing jurisdiction as of December 31, 2025. With exception for years generating net operating loss carryforwards, the Company is no longer subject to U.S. federal, state, or local income tax examinations by tax authorities for years before 2021.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company outsources a portion of its customer service and support through a third party who is an affiliate of the Company through common ownership. The total amount of expenses the Company recorded associated with such services totaled $3.6 million, $5.3 million, and $5.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Amounts payable to the third party at December 31, 2025 and 2024 was $0.7 million and $0.8 million, respectively.
v3.25.4
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
The Company computes basic earnings (loss) per share (“EPS”) attributable to common stockholders by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, restricted stock units, restricted stock awards, performance stock units and performance shares are considered to be potential common shares.
The following table sets forth the computation of the Company’s basic and diluted EPS attributable to common stockholders for the fiscal periods indicated (in thousands, except share and per share amounts):
Year-ended December 31,
202520242023
Net loss
$(115,181)$(34,008)$(84,402)
Weighted-average common shares outstanding—basic
133,095,964 127,443,657 123,726,252 
Effect of dilutive securities:
Restricted stock units, restricted stock awards, performance stock units and performance shares
— — — 
Weighted-average common shares outstanding—diluted
133,095,964 127,443,657 123,726,252 
Loss per share
Basic and diluted
$(0.87)$(0.27)$(0.68)
The following table includes the number of units and shares that may be dilutive common shares in the future, and were not included in the computation of diluted loss per share because the effect was anti-dilutive for the fiscal periods indicated:
Year-ended December 31,
202520242023
Restricted stock units, restricted stock awards, performance stock units and performance shares
13,129,197 12,153,102 8,098,660 
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates as one operating and reportable segment. The Company’s one operating segment derives revenues from customers through the design, sourcing, sales, and support of wood pellet fueled barbecue grills, the pellets used to fire the grills as well as rubs, spices, sauces, and grill accessories. The operational structure, including sales, research, product design, operations, marketing, and administrative functions, is focused on the entire product suite rather than individual product categories, channels, and geographies. The accounting policies of the Company’s one operating segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”), the CEO, regularly reviews segment assets and liabilities on the consolidated balance sheets as total consolidated assets. The CODM assesses performance for the Company’s one operating segment and decides how to allocate resources based on consolidated revenue, gross margin, demand creation costs, and net loss, by comparing actual results to historical results and previously forecasted financial information. As there is a single operating segment, the Company does not have intra-entity sales or transfers that impact the consolidated financials.
The following table presents segment information for revenue, segment profit (loss), and significant expenses with respect to the Company’s single reportable segment (in thousands):
Year-ended December 31,
202520242023
Revenue$559,520 $604,072 $605,882 
Cost of revenue340,174 348,603 382,325 
Gross profit219,346 255,469 223,557 
Demand creation (1)
30,687 43,233 44,120 
Other operating expenses (2)
189,821 215,180 234,884 
Other segment items (3)
114,019 31,064 28,955 
Net loss$(115,181)$(34,008)$(84,402)
(1)Represents expenses directly associated with building brand awareness and driving consumer demand for the Company’s products, which primarily include advertising, promotional campaigns, sponsorships, digital and social media initiatives, and other marketing activities designed to enhance consumer engagement, expand market reach, and strengthen the brand’s market presence. Demand creation costs are recorded within sales and marketing in the accompanying consolidated statements of operations and comprehensive loss.
(2)Represents total operating expenses, excluding demand creation, goodwill impairment and restructuring and other costs, as presented in the accompanying consolidated statements of operations and comprehensive loss. These expenses primarily include employee-related costs such as salaries, wages, benefits and stock-based compensation, as well as amortization of intangible assets, research and development costs, external professional service fees, depreciation expense.
(3)Represents consolidated goodwill impairment, restructuring and other costs, interest expense, other income, net, and provision (benefit) for income taxes as presented in the accompanying consolidated statement of operations and comprehensive loss.
v3.25.4
RESTRUCTURING PLAN
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING PLAN RESTRUCTURING PLAN
On May 15, 2025, the Board of Directors of the Company approved a comprehensive enterprise initiative designed to streamline the Company’s organizational structure and rebalance its cost base to achieve profitability and cash flow generation. As part of this initiative, the Company plans to identify opportunities to deliver cost savings and operational efficiencies. These savings are expected to be achieved through a multi-step strategic optimization plan (“Project Gravity”).
Project Gravity, in its entirety, is expected to be substantially completed by the end of fiscal year 2026, with the majority of the total charges incurred in fiscal year 2025. All restructuring charges recognized to date have been substantially settled in cash and the Company does not currently anticipate significant non-cash charges associated with Project Gravity.
The following table summarizes the Project Gravity costs recorded in the accompanying consolidated statements of operations and comprehensive loss for the fiscal period indicated (in thousands):
Year-ended December 31, 2025
Costs recorded in cost of revenue:
Supplier settlement costs
$3,102 
Total costs recorded in cost of revenue3,102 
Costs recorded in restructuring and other costs:
Consulting fees
13,899 
Severance and other personnel costs
7,178 
Other restructuring related costs763 
Total costs recorded in restructuring and other costs
21,840 
Total restructuring and other costs
$24,942 
The following table presents a roll-forward of restructuring-related liabilities recorded within accrued expenses in the accompanying consolidated balance sheets (in thousands):
Consulting Fees
Severance and Other Personnel Costs
Other Restructuring Related Costs
Supplier Settlement Costs
Total
Balance at December 31, 2024
$— $— $— $— $— 
Charges incurred
13,899 7,178 218 629 21,924 
Cash payments
(11,714)(3,554)(218)— (15,486)
Balance at December 31, 2025
$2,185 $3,624 $— $629 $6,438 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall risk management program and shares common methodologies, reporting channels, and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Key elements of our cybersecurity risk management program include but not limited to the following:
•risk assessments designed to help identify material risks from cybersecurity t to our critical systems and information;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security processes;
•cybersecurity awareness training of our employees, including incident response personnel, and senior management;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for key service providers, suppliers, and vendors based on our assessments of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity including oversight of management’s implementation of our cybersecurity risk management program.
The Audit Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Head of Technology, internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Head of Technology, internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including the Head of Technology and Director of IT Security and Compliance Technology, are responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team’s experience includes knowledge related to information technology, cybersecurity and incidence response, risk management, control analysis, and corporate governance. Our Head of Technology and Director of IT Security and Compliance Technology have extensive experience in the management of cybersecurity risk management programs, having each served in various leadership roles in information technology and information security for over 10 years. We also have experienced data security, risk, and compliance professionals reporting to our Head of Technology and Director of IT Security and Compliance Technology. In addition to our in-house cybersecurity capabilities, we also engage with external assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.
Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including the Head of Technology and Director of IT Security and Compliance Technology, are responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team’s experience includes knowledge related to information technology, cybersecurity and incidence response, risk management, control analysis, and corporate governance. Our Head of Technology and Director of IT Security and Compliance Technology have extensive experience in the management of cybersecurity risk management programs, having each served in various leadership roles in information technology and information security for over 10 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] We also have experienced data security, risk, and compliance professionals reporting to our Head of Technology and Director of IT Security and Compliance Technology. In addition to our in-house cybersecurity capabilities, we also engage with external assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.
Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates and assumptions made by management that present the greatest amount of estimation uncertainty include customer credits and returns, obsolete reserves, valuation and impairment of intangible assets including goodwill, and reserves for warranty. Actual results could differ from these estimates.
Cash and Cash Equivalents The Company considers cash on deposit and short-term investments with remaining maturities at acquisition of three months or less to be cash and cash equivalents.
Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash in banks, trade accounts receivable, and foreign currency contracts. Credit is extended to customers based on an evaluation of the customer’s financial condition and collateral is not generally required in the Company’s sales transactions.
Accounts Receivable, Net The Company reports its accounts receivable based on the amount that is expected to be collected from its sales to customers. The accounts receivable balance is comprised of the amounts invoiced to customers and reduced by an estimated credit loss and a reserve for estimated returns, discounts, and allowances. The Company estimates its credit losses over the contractual term of the receivable and establishes an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. The Company mitigates credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. The Company estimates the reserve for returns, discounts, and allowances based on historical experience, contractual terms, and agreed upon arrangements.
Inventories Inventories consist of finished goods, work-in-process, and raw materials. Inventories are stated at the lower of cost or net realizable value, with cost for raw materials and finished goods stated as an approximate cost determined on the first-in first-out basis. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Assessments to value the inventory at the lower of the cost to purchase the inventory, or the net realizable value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels, and market conditions. As a result of the Company’s assessments, when the net realizable value of inventory is less than the carrying value, the inventory cost is written down to the net realizable value and the write down is recorded as a charge to cost of revenue. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products.
Derivative Instruments The Company is exposed to the impact of changes in foreign currency exchange rates and benchmark interest rates. The Company uses foreign exchange option contracts for the purpose of economically hedging exposure to changes in currency fluctuations between the U.S. Dollar and the Chinese Renminbi, as well as a floating-to-fixed interest rate swap agreement to hedge a portion of the Company’s variable rate debt. The Company accounts for these contracts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, which requires that all derivatives be recognized at fair value in the accompanying consolidated balance sheets, and that corresponding gains and losses are recognized within other income, net in the accompanying consolidated statements of operations and comprehensive loss. The Company applies hedge accounting to the interest rate swap agreement and does not apply hedge accounting to the foreign exchange option contracts. For details associated with the Company’s dedesignated interest rate swap hedging relationship, see Note 8 – Derivatives.
Property, Plant, and Equipment Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Additions and betterments to property, plant, and equipment that improve economic performance, extend the useful life, or improve the quality of units or services produced of the component asset are capitalized.
The Company does not depreciate amounts recorded for land. Depreciation and amortization on individual components of property is computed using the straight-line method over the estimated useful lives of the assets as follows:
 Years
Buildings15
Machinery and equipment
3-20
Leasehold improvementsShorter of useful lives or lease term
Office equipment and fixtures
2-10
Vehicles
2-10
Computer hardware and software
3
When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are derecognized from the respective accounts. The remaining carrying value along with any proceeds are considered and recognized as a gain or loss within general and administrative expense or selling and marketing expense in the accompanying consolidated statements of operations and comprehensive loss. The cost of maintenance and repairs are expensed as incurred.
The Company capitalizes costs for internal-use software incurred during the application development stage. Software costs related to preliminary project activities and post implementation activities are expensed as incurred. The Company capitalizes costs incurred for software purchases and certain costs related to website development. Capitalized costs related to internal-use
software, software purchases, and website development are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within property, plant, and equipment, net on the accompanying consolidated balance sheets.
Deferred Financing Costs Costs incurred in connection with long-term debt financing are deferred and reflected net of notes payable and are amortized to interest expense utilizing the effective-interest method over the term of the related financing. Costs incurred in connection with the refinancing to the revolving credit facility, and amendments to the Receivables Financing Agreement are capitalized and recorded as other long-term assets on the accompanying consolidated balance sheets. These costs are being amortized to interest expense on a straight-line basis over the term of each respective credit facility.
Intangible Assets Finite-lived intangible assets are initially recorded at fair value and presented net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company is currently amortizing acquired intangible assets, including customer relationships, distributor relationships, business trademarks, and technology over periods ranging between 5.0 years and 25 years. Amortization related to acquired patent technology and to capitalized patent costs are recorded as a component of cost of revenue, and amortization related to acquired business trademarks, customer relationships, and distributor relationships are recorded in amortization of intangible assets in the accompanying consolidated statements of operations and comprehensive loss.
Goodwill Goodwill represents the excess of consideration transferred over the fair value of tangible and identifiable intangible net assets acquired and the liabilities assumed in a business combination. Substantially all of the Company’s goodwill was recognized in the purchase price allocations when the Company was acquired in 2017 and when Apption Labs Limited (together with its subsidiaries, “Apption Labs”) was acquired in July 2021, with smaller incremental amounts recognized in subsequent business combinations. Goodwill is not amortized, but is tested for impairment at the reporting unit level annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. In conducting the impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company currently operates as a single reporting unit under the guidance in Topic 350, Intangibles - Goodwill and Other.
When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that carrying value exceeds its fair value, the Company performs a quantitative goodwill impairment test. Under the quantitative goodwill impairment test, if the Company’s reporting unit’s carrying amount exceeds its fair value, it will record an impairment charge based on that difference.
The Company conducts annual goodwill impairment tests in the fourth quarter of each fiscal year or whenever an indicator of impairment exists. For the annual impairment tests conducted in the fourth quarter of 2024, the Company performed a qualitative assessment of goodwill and determined that it was more likely than not that the fair value of goodwill was greater than its carrying value. Therefore the quantitative impairment test was not performed and no impairment of goodwill was recorded in connection with the annual impairment test.
However, as part of the June 30, 2025 and September 30, 2025 interim goodwill impairment test, the Company identified a potential indicator of impairment due to the sustained decrease of the Company’s stock price which led to the conclusion that a triggering event had occurred and therefore the Company performed a quantitative test for the single reporting unit in each respective period.
To estimate the reporting unit fair value as part of the quantitative impairment test, the Company applied a weighted valuation analysis using both an income approach and a market-based approach. The income approach utilizes a discounted cash flow analysis, and the market-based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable. The significant assumptions used in these approaches include revenue growth rates, profit margins, and discount rates under the income approach as well as valuation multiples derived from comparable public companies under the market approach.
Based on the June 30, 2025 interim impairment test of goodwill, the Company determined there was no goodwill impairment. Based on the September 30, 2025 interim impairment test of goodwill, the Company determined the carrying value of the reporting unit was in excess of its fair value after consideration of a control premium and recorded a non-cash impairment charge of $74.7 million, which fully impaired the Company’s goodwill balance. For details associated with the Company’s interim goodwill impairment, see Note 11 – Goodwill and Intangibles.
Impairment of Assets Long-lived assets, including property, plant, and equipment, operating right-of-use assets, and finite-lived intangible assets subject to amortization, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset or asset group. If impairment exists, the impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of cash flows from other asset groups.
Fair Value of Financial Instruments For financial assets and liabilities recorded at fair value on a recurring or a non-recurring basis. Fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. These two types of inputs create the following fair value hierarchy:
•Level 1: Quoted prices for identical instruments in active markets.
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
•Level 3: Significant inputs to the valuation model are unobservable.
The carrying amounts reported in the Company’s accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses, and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these instruments. The carrying amounts reported in the Company’s accompanying consolidated balance sheets for the variable rate Revolving Credit Facility and Receivables Financing Agreement (defined below) also approximate their fair value. The fair value of the fixed rate First Lien Term Loan Facility (defined below) is considered a Level 2 instrument in the fair value hierarchy due to the unobservable nature of the inputs.
Contingent Consideration The purchase consideration associated with the acquisition of Apption Labs included contingent cash consideration payable to the sellers based on achievement of certain revenue, earnings, and successful product launch thresholds for fiscal years 2021, 2022 and 2023. The fair value of contingent consideration obligation was estimated based on the probability assessments with respect to the likelihood of achieving the performance targets and discount rates consistent with the level of risk of achievement. The Company included the fair value of this contingent obligation in current and non-current contingent consideration in the accompanying consolidated balance sheets.At each reporting period, the Company revalued the contingent consideration obligation to its fair value and recorded increases and decreases in fair value within the change in fair value of contingent consideration in the accompanying consolidated statements of operations and comprehensive loss. Changes in the fair value of the contingent consideration obligation resulted from changes in discount periods and rates and changes in probability assumptions with respect to the likelihood of achieving the performance targets. In April 2024, the Company paid the remaining $15.0 million of contingent consideration based on the achievement of certain earnings and product launch thresholds for fiscal year 2023.
Revenue Recognition and Sales Returns and Allowances The Company recognizes revenue at the amount to which it expects to be entitled when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied. The performance obligation for most of the Company’s sales transactions is considered complete when control transfers, which is determined when products are shipped or delivered to the customer depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery of point-of-sale transactions.
Shipping charges billed to customers are included in net sales and related shipping costs are included in cost of sales. The company has elected to account for shipping and handling activities performed after control has been transferred to the customer as a fulfillment cost.
The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have long-term contracts that are satisfied over time. Due to the nature of the contracts, no significant judgment exists in relation to the identification of the customer contract or satisfaction of the performance obligation. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts.
The Company has certain contractual programs and practices with customers that can give rise to elements of variable consideration such as customer cooperative advertising and volume incentive rebates. The Company estimates the variable consideration using the most likely amount method based on sales and contractual rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales.
The Company has entered into contracts with some customers that allow for credits to be claimed for certain matters of operational compliance, promotional discounts or for returns to the retail customer from end consumers. Credits that will be issued associated with these items are estimated using the expected value method and are based on actual historical experience and are recorded as a reduction of revenue at the time of recognition or when circumstances change resulting in a change in estimated returns. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.
The Company also offers assurance-type warranties relating to its products sold to end customers that are accounted for under ASC Topic 460, Guarantees. See Warranty Costs below.
Cost of Revenue – Cost of revenue consists of product costs, including costs of products from third-party contract manufacturers of grills, consumables, and accessories, costs of components, direct and indirect manufacturing costs of wood pellet production, packaging, inbound freight and duties, warehousing and fulfillment, warranty costs, product quality testing and inspection costs, excess and obsolete inventory write-downs, cloud-hosting costs for connected devices, depreciation of tooling and manufacturing equipment, amortization of internal use software and patented technology, and certain employee-related expenses.
Warranty Costs – The Company generally provides its customers with a three-year limited warranty on residential model pellet grills and a one-year warranty on accessories for defects in material and workmanship under normal use and maintenance. Warranty liabilities are recorded on the basis of grills and accessories sold and reflect management’s estimate of warranty-related costs expected to be incurred during the respective unexpired warranty periods. Management’s estimates of warranty costs are based on historical as well as current product replacement and related delivery costs incurred and warranty policies. Warranty claims expense is included in cost of revenue on the accompanying consolidated statements of operations and comprehensive loss.
Sales and Marketing and General and Administrative Sales and marketing expenses consist primarily of the advertising and marketing of the Company’s products and personnel-related expenses, including salaries, benefits, and stock-based compensation expense, as well as sales incentives and professional services. These costs are included in sales and marketing expenses within total operating expenses in the accompanying consolidated statements of operations and comprehensive loss.General and administrative expense consist primarily of personnel-related expenses, including salaries, benefits, and stock-based compensation and facilities for executive, finance, accounting, legal, human resources, and information technology functions. General and administrative expense also includes fees for professional services principally comprised of legal, audit, tax and accounting services, and insurance. These costs are included in general and administrative expenses within total operating expenses in the accompanying consolidated statements of operations and comprehensive loss.
Advertising Costs The Company incurs non-direct response advertising costs which are expensed as incurred. Advertising expense was $15.7 million, $20.1 million, and $39.8 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included within sales and marketing expense in the accompanying consolidated statements of operations and comprehensive loss.
Research and Development Research and development expenses consist primarily of personnel-related expenses, including salaries, benefits, and stock-based compensation expense, as well as professional services, prototype materials, and software
platform costs. Research and development expense was $12.4 million, $15.2 million, and $11.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included within general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.
Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established on deferred tax assets if it is determined by management that it is more-likely-than-not that such deferred tax assets will not be realized.
Income and loss for tax purposes may differ from the financial statement amounts and may be allocated to the members on a different basis for tax purposes than for financial statement purposes.
The preparation of consolidated financial statements in conformity with ASC 740, Income Taxes, requires the Company to report information regarding its exposure to various tax positions taken by the Company. The Company has determined whether any tax positions have met the recognition threshold and has measured the Company’s exposure to those tax positions. Management believes that the Company has adequately addressed all relevant tax positions and that there are no uncertain tax positions that would require adjustment to the consolidated financial statements to comply with the provisions of the guidance. The Company has elected to record any interest and penalties related to uncertain tax positions within interest expense on the accompanying consolidated statements of operations and comprehensive loss. No interest and penalties related to uncertain tax positions were recorded for either the year-ended December 31, 2025, 2024, or 2023, respectively.
The Company has recorded research and development tax credits that are available for developing new or improved or innovative products, processes, software, or inventions.
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide certain relief as a result of the coronavirus pandemic (“COVID-19”). The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Tax Credit (“ERTC”). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERTC by analogy to International Accounting Standard (“IAS”) 20, Accounting for Government Grants and Disclosure of Government Assistance.
In 2023, the Company submitted claims to the Internal Revenue Service (“IRS”) for the ERTC. In accordance with IAS 20, the Company will recognize the claimed amounts once it has obtained reasonable assurance of receipt, defined as the point at which the claims have been accepted by the IRS and the corresponding cash payments have been received. For the year ended December 31, 2025, the Company received $6.0 million from the IRS in connection with these tax credits, of which $1.3 million represented interest. These amounts were recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss. There were no such amounts recorded for the fiscal years ended 2024 and 2023.
In January 2026, the Company received the final benefit associated with the remaining ERTC claims submitted to the IRS, totaling $11.6 million, of which $2.8 million represented interest. The full amount will be recorded within other income, net in the consolidated statements of operations and comprehensive loss for fiscal year 2026.
Equity-Based Compensation The Company awards stock-based compensation to employees and directors under the Traeger, Inc. 2021 Incentive Award Plan (the “2021 Plan”), which is described in Note 15 – Stock-Based Compensation.
The Company recognizes compensation expense for time-based restricted stock units (“RSUs”) and time-based restricted shares (“RSAs”) on a straight-line basis over the requisite service period. For the performance-based restricted stock units (“PSUs”) and performance-based restricted shares (“Performance Shares”), the compensation expense is recognized on an accelerated basis over the requisite service period. The compensation expense related to the PSUs and Performance Shares with a performance condition could increase or decrease depending on the estimated probability of achieving the applicable adjusted EBITDA goals over the requisite service period. For PSUs and Performance Shares with a market condition, the Company uses a Monte Carlo pricing model to estimate the fair value of the awards as of the grant date, using various simulations of future stock prices through a stochastic model to estimate the fair value over the remaining term of the performance period. In addition, when an award is forfeited prior to the vesting date, the Company will recognize an adjustment for the previously
recognized expense in the period of the forfeiture, with the exception of awards with market conditions for which the requisite service period has been satisfied.
Comprehensive Income (Loss) The Company’s comprehensive loss is determined based on net loss adjusted for gains and losses on foreign currency translation adjustments and the interest rate swap, as well as amortized gains and losses associated with the dedesignated interest rate swap.
Foreign Currency The Company has foreign subsidiaries for which the net sales generated, as well as most of the related expenses directly incurred from those operations, are denominated in local currencies. The functional currency of these foreign subsidiaries that either operate or support these operations are generally the same as the Company’s functional currency. Results of operations for the Company’s consolidated foreign subsidiaries are remeasured from the local currency to the U.S. dollar using average exchange rates during the period, while monetary assets and liabilities are remeasured at the exchange rate in effect at the reporting date. Non-monetary assets and liabilities and equity accounts of consolidated foreign subsidiaries are carried at historical values. Resulting gains or losses from remeasuring foreign currency financial statements are recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss.Foreign currency transaction gains and losses resulting from exchange rate fluctuations on transactions denominated in a currency other than the U.S. Dollar are included within other income, net in the accompanying consolidated statements of operations and comprehensive loss.
Retirement Plan The Company maintains a defined contribution retirement plan (“401(k) plan”) for all full-time employees in the United States. This 401(k) plan allows employees to contribute a portion of their eligible compensation up to the certain maximum dollar limits set by the Internal Revenue Service.
Recently Issued Accounting Standards
As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.
New Accounting Pronouncements Recently Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company elected to early adopt ASU 2023-09 effective January 1, 2025, and applied the new disclosure requirements prospectively in this Annual Report for the fiscal year ended December 31, 2025. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. For further information, refer to Note 16 – Income Taxes.
New Accounting Pronouncements Issued but Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) which modifies the accounting guidance for costs incurred in connection with internal-use software. The amendments in this update are intended to improve the operability of the guidance by removing references to software development project stages, thereby making the guidance neutral to different software development methodologies. Under the revised standard, entities will apply a single model for capitalizing and expensing costs related to internal-use software, regardless of the development approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim
periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06.
Lessee, Leases The Company primarily leases office space, vehicles, and equipment from third parties. The Company determines if a contract is a lease at inception. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term begins on the commencement date, which is the date the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Certain of the Company’s leases contain renewal options for varying periods, which can be exercised both by mutual agreement and at the Company’s sole discretion. Leases are classified as operating or finance leases based on factors such as the lease term, lease payments, and the economic life, fair value, and estimated residual value of the asset. Where leases include options to purchase the leased asset at the end of the lease term, this is assessed as a part of the Company’s lease classification determination. As of December 31, 2025, the Company’s leases have remaining lease terms ranging from 1 month to 12 years.
Under ASC 842, the Company recognizes a right-of-use (“ROU”) asset and lease liability to account for its leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized on the commencement date based on the present value of lease payments over the noncancellable lease term. ROU assets are based on the lease liability and are increased by prepaid lease payments and decreased by lease incentives received. Lease incentives are amortized through the lease asset as reductions of expense over the lease term. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s ROU assets and lease liabilities.
When lease agreements provide allowances for leasehold improvements, the Company assesses whether it is the owner of the leasehold improvements for accounting purposes. When the Company concludes that it is the owner, it capitalizes the leasehold improvement assets and recognizes the related depreciation expense on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. Additionally, the Company recognizes the amounts of allowances to be received from the lessor as a reduction of the lease liability and the associated right of use asset. When the Company concludes that it is not the owner, the payments that the Company makes towards the leasehold improvements are capitalized and ultimately recognized within the ROU asset upon lease commencement. Amounts recorded within ROU asset are recognized as a component of straight-line rent expense over the term of the lease.
Leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Some of the leases include rent escalations based on inflation indexes. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement. Subsequent escalations in the index or rate and contingent rental payments are recognized as variable lease expenses. Certain leases require the Company to pay taxes, insurance, maintenance and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the ROU assets and lease liabilities to the extent they are variable in nature. These variable lease costs are recognized as a variable lease expense when incurred.
The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As a practical expedient, lease agreements with lease and non-lease components are accounted for as a single lease component for all asset classes. The Company elected the short-term lease recognition exemption for all leases that qualify. Therefore, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; instead, lease payments are recognized as lease expense on a straight-line basis over the lease term. The depreciable life of the ROU assets and leasehold improvements are limited by the expected lease term unless the Company is reasonably certain of a transfer of title or purchase option.
The Company uses the rate implicit in the lease, when known, to discount future lease payments based on the information available on the commencement date for each lease. If the rate implicit in the lease is not known, the Company uses its incremental borrowing rate as the discount rate. The determination of the incremental borrowing rate requires judgment and is determined using the Company’s current secured borrowing rate, considering various factors aligned with the lease including total lease payments and lease term.
The Company subleases portions of its previous headquarters in three separate phases until the lease expires in 2026. Income from the subleased property is recognized on a straight-line basis and presented as a reduction of costs, allocated against general
and administrative expenses in the Company’s accompanying consolidated statements of operations and comprehensive loss.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Significant Portion of Net Sales Three customers that accounted for a significant portion of revenue are as follows for the fiscal periods indicated:
 December 31,
 202520242023
Customer A29 %24 %18 %
Customer B14 %18 %16 %
Customer C8 %8 %10 %
Schedule of Estimated Useful Lives of Property Plant and Equipment Depreciation and amortization on individual components of property is computed using the straight-line method over the estimated useful lives of the assets as follows:
 Years
Buildings15
Machinery and equipment
3-20
Leasehold improvementsShorter of useful lives or lease term
Office equipment and fixtures
2-10
Vehicles
2-10
Computer hardware and software
3
Property, plant, and equipment consisted of the following (in thousands):
 December 31,
 20252024
Land and buildings$2,062 $2,062 
Machinery and equipment29,642 28,563 
Leasehold improvements12,398 12,396 
Office equipment and fixtures23,455 21,921 
Vehicles2,617 2,832 
Computer software and hardware28,568 27,183 
Property, plant, and equipment, gross
98,742 94,957 
Plus: construction in progress
9,220 5,877 
Less: accumulated depreciation
(74,259)(63,885)
Property, plant, and equipment, net$33,703 $36,949 
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates revenue by product category, geography, and sales channel for the fiscal periods indicated (in thousands):
 Year-ended December 31,
Revenue by product category202520242023
Grills$298,026 $324,702 $299,346 
Consumables127,474 119,299 114,901 
Accessories134,020 160,071 191,635 
Total revenue$559,520 $604,072 $605,882 
 Year-ended December 31,
Revenue by geography202520242023
North America$514,686 $542,381 $536,496 
Rest of world44,834 61,691 69,386 
Total revenue$559,520 $604,072 $605,882 
 Year-ended December 31,
Revenue by sales channel202520242023
Retail$468,452 $482,812 $451,759 
Direct to consumer91,068 121,260 154,123 
Total revenue$559,520 $604,072 $605,882 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease, Cost
The following table presents the components of lease costs (in thousands):
Year-ended December 31,
202520242023
Operating lease costs$7,428 $7,476 $6,293 
Variable lease costs1,566 1,379 1,311 
The following table presents lease terms and discount rates:
Year-ended December 31,
202520242023
Weighted average remaining lease term10.2810.1410.67
Weighted average discount rate8.32 %8.04 %7.83 %
The following table presents supplemental cash flow information (in thousands):
Year-ended December 31,
202520242023
Cash payments used in operating cash flows from lease arrangements$5,984 $5,806 $6,112 
Right-of-use assets obtained in exchange for new operating lease liabilities$9 $376 $40,589 
Derecognition of right-of-use assets due to reassessment of lease term$(32)$(276)$(33)
Lessee, Operating Lease, Liability, Maturity
At December 31, 2025, future lease payments (receipts) under operating leases were as follows (in thousands):
Operating Lease LiabilitiesOperating Sublease
2026$4,627 $(1,035)
20273,510 — 
20283,279 — 
20293,358 — 
20303,018 — 
Thereafter21,529 — 
Total lease payments (receipts)39,321 (1,035)
Less: Effect of discounting to net present value(13,631)
Present value of lease liabilities$25,690 
v3.25.4
ACCOUNTS RECEIVABLES, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable
Accounts receivables, net consists of the following (in thousands):
 December 31,
 20252024
Trade accounts receivable$98,096 $104,138 
Allowance for expected credit losses
(434)(449)
Sales reserves, discounts and allowances
(15,540)(18,358)
Total accounts receivable, net$82,122 $85,331 
v3.25.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
December 31,
20252024
Raw materials$2,393 $4,975 
Work in process4,395 6,526 
Finished goods92,043 95,866 
Inventories$98,831 $107,367 
v3.25.4
ACCRUED EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consisted of the following (in thousands):
 December 31,
 20252024
Accrual for inventories in-transit$4,292 $13,013 
Warranty accrual5,975 6,239 
Accrued compensation and bonus12,854 8,483 
Accrual for legal matter
— 15,000 
Other39,547 39,408 
Accrued expenses$62,668 $82,143 
Schedule of Changes in Warranty Liability
The changes in the Company’s warranty accrual, included within accrued expenses in the accompanying consolidated balance sheets, were as follows for the fiscal periods indicated (in thousands):
 December 31,
 202520242023
Warranty accrual, beginning of period$6,239 $7,240 $7,368 
Warranty claims(4,895)(4,694)(6,262)
Warranty costs accrued4,631 3,693 6,134 
Warranty accrual, end of period$5,975 $6,239 $7,240 
v3.25.4
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
December 31,
20252024
Gross asset fair value
$1,047 $9,223 
Gross liability fair value
— — 
Net asset fair value
$1,047 $9,223 
Schedule of Foreign Exchange Contracts
The gross and net balances from foreign currency contract positions were as follows (in thousands):
 December 31,
 20252024
Gross asset fair value
$210 $— 
Gross liability fair value
— 2,871 
Net fair value
$210 $2,871 
Schedule of Gain (Loss) from Foreign Currency Contracts
Gains (losses) from foreign currency contracts were recorded within other income, net in the accompanying consolidated statements of operations and comprehensive loss as follows for the fiscal periods indicated (in thousands):
 December 31,
 202520242023
Realized loss
$(2,419)$(1,020)$(3,080)
Unrealized gain (loss)
3,081 (2,947)1,033 
Total gain (loss)
$662 $(3,967)$(2,047)
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents information about the fair value measurement of the Company’s financial instruments (in thousands):
  
As of December 31,
Financial Instruments Recorded at Fair Value on a Recurring Basis:Fair Value Measurement Level20252024
Assets:
Derivative assets—foreign currency contracts (1)
2$210 $— 
Derivative assets—interest rate swap contract (2)
21,047 9,223 
Total assets$1,257 $9,223 
Liabilities:
Derivative liabilities—foreign currency contracts (3)
2$— $2,871 
Total liabilities$— $2,871 
(1)Included within prepaid expenses and other current assets in the accompanying consolidated balance sheets.
(2)Included within prepaid expenses and other current assets in the accompanying consolidated balance sheets.
(3)Included within other current liabilities in the accompanying consolidated balance sheets.
Schedule of Financial Instruments Recorded at Carrying Amount
The following financial instruments are recorded at their carrying amount (in thousands):
 
As of December 31, 2025
As of December 31, 2024
Financial Instruments Recorded at Carrying Amount:Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Liabilities:
Debt—Credit Facilities (1)
$403,325 $377,613 $403,575 $395,421 
Total liabilities$403,325 $377,613 $403,575 $395,421 
(1)Included within the current portion of notes payable and notes payable, net of current portion in the accompanying consolidated balance sheets. Due to the unobservable nature of the inputs these financial instruments are considered to be Level 2 instruments in the fair value hierarchy.
v3.25.4
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment Depreciation and amortization on individual components of property is computed using the straight-line method over the estimated useful lives of the assets as follows:
 Years
Buildings15
Machinery and equipment
3-20
Leasehold improvementsShorter of useful lives or lease term
Office equipment and fixtures
2-10
Vehicles
2-10
Computer hardware and software
3
Property, plant, and equipment consisted of the following (in thousands):
 December 31,
 20252024
Land and buildings$2,062 $2,062 
Machinery and equipment29,642 28,563 
Leasehold improvements12,398 12,396 
Office equipment and fixtures23,455 21,921 
Vehicles2,617 2,832 
Computer software and hardware28,568 27,183 
Property, plant, and equipment, gross
98,742 94,957 
Plus: construction in progress
9,220 5,877 
Less: accumulated depreciation
(74,259)(63,885)
Property, plant, and equipment, net$33,703 $36,949 
v3.25.4
GOODWILL AND INTANGIBLES (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill were as follows (in thousands):
December 31,
20252024
Goodwill, beginning of period
$74,725 $74,725 
Goodwill impairment
(74,725)— 
Goodwill, end of period
$— $74,725 
Schedule of Finite-Lived Intangible Assets
The Company’s intangible assets consisted of the following at the dates indicated below (dollars in thousands):
 December 31, 2025
 Weighted
Average Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships17$378,394 $(184,665)$193,728 
Trademark24281,700 (95,261)186,439 
Technology536,300 (33,070)3,230 
Distributor relationships82,400 (1,350)1,050 
Favorable lease position851 (50)1 
Other intangible assets103,623 (1,021)2,602 
Total$702,467 $(315,417)$387,050 
 December 31, 2024
 Weighted
Average Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships17$378,394 $(162,070)$216,324 
Trademark24281,700 (82,931)198,769 
Technology536,300 (26,610)9,690 
Distributor relationships82,400 (1,050)1,350 
Favorable lease position851 (48)3 
Other intangible assets103,250 (850)2,400 
Total$702,094 $(273,558)$428,536 
Schedule of Estimated Annual Amortization Expense
Estimated annual amortization expense for the next five years and thereafter for the years ending December 31, (in thousands): 
2026$38,719 
202735,470 
202835,445 
202934,643 
203034,468 
Thereafter207,311 
Total$386,056 
v3.25.4
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Consolidated Outstanding Debt
The Company’s corporate level consolidated outstanding debt is as follows (dollars in thousands):
 December 31,
Interest rate as of December 31, 2025
 20252024
First lien credit agreement:
First lien term loan facility, matures June 2028
$403,325 $403,575 7.3 %
Revolving credit facility, matures June 2026 and December 2027 (as defined below)
— — n/a
Total notes payable403,325 403,575 
Less: unamortized deferred financing costs(3,485)(4,880)
Less: current maturities(250)(250)
Notes payable, net of current portion$399,590 $398,445 
Schedule of Future Maturities of Notes Payable
Future maturities of the notes payable are as follows as of December 31, (in thousands):
2026$250 
2027250 
2028402,825 
2029
— 
2030
— 
Thereafter— 
Total$403,325 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Recorded Unconditional Purchase Obligations
The Company has unconditional purchase commitments for cloud-hosting costs, distribution contracts, software licenses, and other professional fees. Future minimum payments under these unconditional purchase commitments are as follows as of December 31, (in thousands):
2026$2,755 
20272,066 
2028144 
2029— 
2030— 
Thereafter— 
Total$4,965 
v3.25.4
EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Outstanding Award, Activity
A summary of the RSU and RSA activity during the year ended December 31, 2025 was as follows:
Number of Units and Shares
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024
9,000,295 $3.23 
Modified (1)
(570,619)3.40 
Granted6,928,741 1.50
Vested(3,946,897)3.32 
Forfeited(2,577,048)2.44
Outstanding at December 31, 2025
8,834,472 $2.06 
(1)On March 6, 2025, as part of the Separation Agreement between the Company and Dominic Blosil, the Company’s former Chief Financial Officer, the Board of Directors of the Company approved the modification of Mr. Blosil’s then-outstanding and unvested RSUs, such that the RSUs continued to vest pursuant to their terms, with any then-remaining unvested RSUs vesting in full on December 31, 2025, subject to Mr. Blosil continuing to provide advisory services to the Company through such date. The modification has a negligible impact on the accompanying condensed consolidated statements of operations and comprehensive loss for all periods presented.
A summary of the PSU and Performance Share activity during the year ended December 31, 2025 was as follows:
Number of Units and Shares
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024
3,152,807 $2.21 
Modified (1)
(492,908)2.17 
Granted (2)
5,465,174 1.07 
Vested(3,068,721)2.21 
Forfeited or cancelled
(761,627)0.98 
Outstanding at December 31, 2025
4,294,725 $0.97 
(1)In March 2025 the Board of Directors of the Company, acting upon the unanimous recommendation of its compensation committee, approved a modification to the then outstanding Performance Shares and PSUs to provide for certain adjustments to the applicable adjusted EBITDA goals. As a result of the modification, the Company recorded $1.1 million of incremental expense during the year ended December 31, 2025.
(2)Represents the target number of Performance Shares and PSUs granted in 2025, and the corresponding grant-date fair value of those awards.
Schedule of Equity-Based Compensation, Expensed and Capitalized Amount
The Company's stock-based compensation was classified as follows in the accompanying consolidated statements of operations and comprehensive loss for the fiscal periods indicated (in thousands):
Year-ended December 31,
202520242023
Cost of revenue$50 $72 $74 
Sales and marketing1,667 3,087 4,115 
General and administrative13,537 24,742 49,014 
Total stock-based compensation
$15,254 $27,901 $53,203 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (loss) before Income Taxes
The components of loss before income taxes were as follows for the fiscal periods indicated (in thousands):
Year-ended
December 31,
202520242023
Domestic$(65,971)$(35,546)$(96,517)
Foreign(53,351)(418)14,100 
Loss before provision (benefit) for income taxes
$(119,322)$(35,964)$(82,417)
Schedule of Provision for Income Taxes
Provision (benefit) for income taxes consisted of the following components for the fiscal periods indicated (in thousands):
 Year-ended
December 31,
 202520242023
Current:
Federal$46 $6 $12 
State(53)36 95 
Foreign712 (114)4,018 
Total current tax expense$705 $(72)$4,125 
Deferred expense:
Federal$— $— $(26)
State— — 26 
Foreign(4,846)(1,884)(2,140)
Total deferred tax benefit$(4,846)$(1,884)$(2,140)
Provision (benefit) for income taxes
$(4,141)$(1,956)$1,985 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the differences between the effective and statutory income tax rates after the adoption of ASU 2023-09 are as follows for the fiscal period indicated (dollars in thousands):
Year-ended
December 31,
2025
Federal statutory rate$(25,058)21.0 %
State income taxes, net of federal benefit (1)
89 (0.1)%
Foreign tax effects
United Kingdom
Rate differential
(557)0.5 %
Goodwill impairment
8,444 (7.1)%
Other
(1,319)1.1 %
Other foreign jurisdictions
380 (0.3)%
Effect of cross-border tax laws
Global intangible low-taxed income
192 (0.2)%
Tax Credits
Research and development credits
(547)0.5 %
Change in valuation allowance
12,478 (10.5)%
Nontaxable and nondeductible items
Stock-based compensation
1,545 (1.3)%
Other
907 (0.8)%
Changes in unrecognized tax benefits
247 (0.2)%
Change in partnership investment
(1,089)0.9 %
Other147 (0.1)%
$(4,141)3.4 %
(1)The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Georgia, Illinois, New Jersey, and Texas.
A reconciliation of the differences between the effective and statutory income tax rates prior to the adoption of ASU 2023-09 are as follows for the fiscal periods indicated:
 Year-ended
December 31,
 20242023
Federal statutory rate21.0 %21.0 %
State income taxes, net of federal benefit3.8 0.3 
Foreign rate differential(0.1)(0.5)
Stock-based compensation
(5.5)(15.3)
Global intangible low-taxed income(4.9)(5.3)
Non-deductible items(2.9)(2.3)
Research and development credits3.0 1.0 
Change in partnership investment3.1 15.7 
Changes in valuation allowance(22.5)(25.6)
Changes in tax rates0.3 0.5 
Return to provision
7.6 3.2 
Other2.6 4.9 
5.5 %(2.4)%
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes, net of refunds received, by jurisdiction after the adoption of ASU 2023-09 are as follows for the fiscal period indicated (in thousands):
Year-ended
December 31,
2025
Federal
$— 
State
108 
Foreign
United Kingdom
2,605 
Canada
570 
Other foreign jurisdictions
119 
Income taxes paid, net of refunds
$3,401 
Schedule of Amount of Comprised Deferred Tax Assets, Net
The amounts that comprised deferred income tax assets, net are as follows for the fiscal periods indicated (in thousands):
 Year-ended
December 31,
 20252024
Deferred tax assets:
Net operating loss carryforwards$44,616 $34,280 
Sec. 163(j) interest21,922 18,719 
Tax credits3,753 2,882 
Stock-based compensation
— 17 
Property and equipment252 101 
Operating lease liabilities29 35 
Investments72,575 71,382 
Other231 197 
Less: valuation allowance(141,360)(127,347)
Total deferred tax assets$2,018 $266 
Deferred tax liabilities:
Property and equipment$— $(971)
Intangible assets(3,504)(5,636)
Operating right-of-use assets(25)(35)
Total deferred tax liabilities$(3,529)$(6,642)
Net deferred tax liability
$(1,511)$(6,376)
Schedule of Unrecognized Tax Benefits Roll Forward
The following summarizes activity related to unrecognized tax benefits for the fiscal periods indicated (in thousands):
Year-ended
December 31,
202520242023
Unrecognized benefit—beginning of the year$1,734 $1,419 $1,056 
Gross increases—current period positions209 262 184 
Gross increases—prior period positions
153 53 179 
Gross decreases—prior period positions— — — 
Unrecognized benefit—end of the year$2,096 $1,734 $1,419 
v3.25.4
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS Attributable for Common Stockholders
The following table sets forth the computation of the Company’s basic and diluted EPS attributable to common stockholders for the fiscal periods indicated (in thousands, except share and per share amounts):
Year-ended December 31,
202520242023
Net loss
$(115,181)$(34,008)$(84,402)
Weighted-average common shares outstanding—basic
133,095,964 127,443,657 123,726,252 
Effect of dilutive securities:
Restricted stock units, restricted stock awards, performance stock units and performance shares
— — — 
Weighted-average common shares outstanding—diluted
133,095,964 127,443,657 123,726,252 
Loss per share
Basic and diluted
$(0.87)$(0.27)$(0.68)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings (Loss) Per Share
The following table includes the number of units and shares that may be dilutive common shares in the future, and were not included in the computation of diluted loss per share because the effect was anti-dilutive for the fiscal periods indicated:
Year-ended December 31,
202520242023
Restricted stock units, restricted stock awards, performance stock units and performance shares
13,129,197 12,153,102 8,098,660 
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents segment information for revenue, segment profit (loss), and significant expenses with respect to the Company’s single reportable segment (in thousands):
Year-ended December 31,
202520242023
Revenue$559,520 $604,072 $605,882 
Cost of revenue340,174 348,603 382,325 
Gross profit219,346 255,469 223,557 
Demand creation (1)
30,687 43,233 44,120 
Other operating expenses (2)
189,821 215,180 234,884 
Other segment items (3)
114,019 31,064 28,955 
Net loss$(115,181)$(34,008)$(84,402)
(1)Represents expenses directly associated with building brand awareness and driving consumer demand for the Company’s products, which primarily include advertising, promotional campaigns, sponsorships, digital and social media initiatives, and other marketing activities designed to enhance consumer engagement, expand market reach, and strengthen the brand’s market presence. Demand creation costs are recorded within sales and marketing in the accompanying consolidated statements of operations and comprehensive loss.
(2)Represents total operating expenses, excluding demand creation, goodwill impairment and restructuring and other costs, as presented in the accompanying consolidated statements of operations and comprehensive loss. These expenses primarily include employee-related costs such as salaries, wages, benefits and stock-based compensation, as well as amortization of intangible assets, research and development costs, external professional service fees, depreciation expense.
(3)Represents consolidated goodwill impairment, restructuring and other costs, interest expense, other income, net, and provision (benefit) for income taxes as presented in the accompanying consolidated statement of operations and comprehensive loss.
v3.25.4
RESTRUCTURING PLAN (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following table summarizes the Project Gravity costs recorded in the accompanying consolidated statements of operations and comprehensive loss for the fiscal period indicated (in thousands):
Year-ended December 31, 2025
Costs recorded in cost of revenue:
Supplier settlement costs
$3,102 
Total costs recorded in cost of revenue3,102 
Costs recorded in restructuring and other costs:
Consulting fees
13,899 
Severance and other personnel costs
7,178 
Other restructuring related costs763 
Total costs recorded in restructuring and other costs
21,840 
Total restructuring and other costs
$24,942 
The following table presents a roll-forward of restructuring-related liabilities recorded within accrued expenses in the accompanying consolidated balance sheets (in thousands):
Consulting Fees
Severance and Other Personnel Costs
Other Restructuring Related Costs
Supplier Settlement Costs
Total
Balance at December 31, 2024
$— $— $— $— $— 
Charges incurred
13,899 7,178 218 629 21,924 
Cash payments
(11,714)(3,554)(218)— (15,486)
Balance at December 31, 2025
$2,185 $3,624 $— $629 $6,438 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risks (Details) - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer, Product and Service Benchmark | Customer A      
Concentration Risk [Line Items]      
Concentration risk percentage 29.00% 24.00% 18.00%
Revenue from Contract with Customer, Product and Service Benchmark | Customer B      
Concentration Risk [Line Items]      
Concentration risk percentage 14.00% 18.00% 16.00%
Revenue from Contract with Customer, Product and Service Benchmark | Customer C      
Concentration Risk [Line Items]      
Concentration risk percentage 8.00% 8.00% 10.00%
Accounts Receivable | Customer A      
Concentration Risk [Line Items]      
Concentration risk percentage 38.00% 31.00%  
Accounts Receivable | Customer B      
Concentration Risk [Line Items]      
Concentration risk percentage 15.00% 28.00%  
Accounts Receivable | Customer C      
Concentration Risk [Line Items]      
Concentration risk percentage 4.00% 4.00%  
Accounts Receivable | Customer D      
Concentration Risk [Line Items]      
Concentration risk percentage 16.00% 13.00%  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Property Plant and Equipment (Details)
Dec. 31, 2025
Building  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 15 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 3 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 20 years
Office equipment and fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 2 years
Office equipment and fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 10 years
Vehicles | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 2 years
Vehicles | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 10 years
Computer software and hardware | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 3 years
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2024
Concentration Risk [Line Items]            
Goodwill impairment   $ 0 $ 74,725,000 $ 0 $ 0  
Asset impairment charges     0      
Product warranty costs     0 300,000 2,600,000  
Advertising expense     15,700,000 20,100,000 39,800,000  
Research and development expense     12,400,000 15,200,000 11,500,000  
Unrecognized tax benefits, income tax penalties and interest expense     0 0 0  
Income tax credits and adjustments     6,000,000.0 0 0  
Income tax credits, interest     1,300,000      
Net foreign exchange gain (loss)     1,100,000 (1,000,000.0) (100,000)  
Compensation expense recognized for 401(k)     1,900,000 2,100,000 $ 2,000,000.0  
Operating lease right-of-use assets   38,201,000 38,201,000 $ 44,370,000    
Operating lease, liability   $ 25,690,000 $ 25,690,000      
Apption Labs Limited            
Concentration Risk [Line Items]            
Business combination, contingent consideration, undiscounted liability           $ 15,000,000.0
Subsequent Event            
Concentration Risk [Line Items]            
Income tax credits and adjustments $ 11,600,000          
Income tax credits, interest $ 2,800,000          
Residential Model Pellet Grills            
Concentration Risk [Line Items]            
Standard product warranty     3 years      
Accessories For Defects In Material And Workmanship            
Concentration Risk [Line Items]            
Standard product warranty     1 year      
Software and Software Development Costs            
Concentration Risk [Line Items]            
Estimated useful lives (in years)   3 years 3 years      
Minimum            
Concentration Risk [Line Items]            
Lessee, operating lease, remaining lease term   1 month 1 month      
Finite-lived intangibles, weighted average useful life (in years)   5 years 5 years      
Maximum            
Concentration Risk [Line Items]            
Lessee, operating lease, remaining lease term   12 years 12 years      
Finite-lived intangibles, weighted average useful life (in years)   25 years 25 years      
Customer Concentration Risk | Customer A | Accounts Receivable            
Concentration Risk [Line Items]            
Concentration risk percentage     38.00% 31.00%    
Customer Concentration Risk | Customer B | Accounts Receivable            
Concentration Risk [Line Items]            
Concentration risk percentage     15.00% 28.00%    
Customer Concentration Risk | Customer C | Accounts Receivable            
Concentration Risk [Line Items]            
Concentration risk percentage     4.00% 4.00%    
v3.25.4
REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 559,520 $ 604,072 $ 605,882
Retail      
Disaggregation of Revenue [Line Items]      
Total revenue 468,452 482,812 451,759
Direct to consumer      
Disaggregation of Revenue [Line Items]      
Total revenue 91,068 121,260 154,123
North America      
Disaggregation of Revenue [Line Items]      
Total revenue 514,686 542,381 536,496
Rest of world      
Disaggregation of Revenue [Line Items]      
Total revenue 44,834 61,691 69,386
Grills      
Disaggregation of Revenue [Line Items]      
Total revenue 298,026 324,702 299,346
Consumables      
Disaggregation of Revenue [Line Items]      
Total revenue 127,474 119,299 114,901
Accessories      
Disaggregation of Revenue [Line Items]      
Total revenue $ 134,020 $ 160,071 $ 191,635
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Right-of-use assets obtained in exchange for new operating lease liabilities $ 9 $ 376 $ 40,589
v3.25.4
LEASES - Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease costs $ 7,428 $ 7,476 $ 6,293
Variable lease costs $ 1,566 $ 1,379 $ 1,311
Weighted average remaining lease term 10 years 3 months 10 days 10 years 1 month 20 days 10 years 8 months 1 day
Weighted average discount rate 8.32% 8.04% 7.83%
v3.25.4
LEASES - Lessee, Operating Lease, Liability, Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Lease Liabilities  
2026 $ 4,627
2027 3,510
2028 3,279
2029 3,358
2030 3,018
Thereafter 21,529
Total lease payments (receipts) 39,321
Less: Effect of discounting to net present value (13,631)
Present value of lease liabilities 25,690
Operating Sublease  
2026 (1,035)
2027 0
2028 0
2029 0
2030 0
Thereafter 0
Total lease payments (receipts) $ (1,035)
v3.25.4
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating Lease, Payments $ 5,984 $ 5,806 $ 6,112
Right-of-use assets obtained in exchange for new operating lease liabilities 9 376 40,589
Derecognition of right-of-use assets due to reassessment of lease term $ (32) $ (276) $ (33)
v3.25.4
ACCOUNTS RECEIVABLES, NET - (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Trade accounts receivable $ 98,096 $ 104,138
Allowance for expected credit losses (434) (449)
Sales reserves, discounts and allowances (15,540) (18,358)
Total accounts receivable, net $ 82,122 $ 85,331
v3.25.4
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 2,393 $ 4,975
Work in process 4,395 6,526
Finished goods 92,043 95,866
Inventories 98,831 107,367
Inventory adjustments $ 3,600 $ 1,000
v3.25.4
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Accrual for inventories in-transit $ 4,292 $ 13,013    
Warranty accrual 5,975 6,239 $ 7,240 $ 7,368
Accrued compensation and bonus 12,854 8,483    
Accrual for legal matter 0 15,000    
Other 39,547 39,408    
Accrued expenses $ 62,668 $ 82,143    
v3.25.4
ACCRUED EXPENSES - Change in Warranty Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]      
Warranty accrual, beginning of period $ 6,239 $ 7,240 $ 7,368
Warranty claims (4,895) (4,694) (6,262)
Warranty costs accrued 4,631 3,693 6,134
Warranty accrual, end of period $ 5,975 $ 6,239 $ 7,240
v3.25.4
DERIVATIVES - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 08, 2023
Feb. 25, 2022
Derivative [Line Items]      
Long-term debt $ 403,325,000    
First Lien Term Loan Facility | Secured Debt      
Derivative [Line Items]      
Long-term debt     $ 379,200,000
Interest Rate Swap | Cash Flow Hedging      
Derivative [Line Items]      
Notional amount $ 600,000 $ 21,300,000  
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument      
Derivative [Line Items]      
Notional amount     $ 379,200,000
Fixed interest rate     2.08%
v3.25.4
DERIVATIVES - Summary of Realized Losses and Unrealized Gains On Interest Rate Swaps (Details) - Interest Rate Contract - Level 2 - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative liability $ 0 $ 0
Net asset fair value 1,047 9,223
Fair Value, Recurring    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative asset $ 1,047 $ 9,223
v3.25.4
DERIVATIVES - Summary of Gross and Net Fair Value of Foreign Currency Contracts (Details) - Foreign Currency Contracts - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Gross asset fair value   $ 0
Gross liability fair value $ 0 2,871
Net fair value $ 210 $ 2,871
v3.25.4
DERIVATIVES - Summary of Gains (Losses) from Foreign Currency Contracts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Total gain (loss) $ 1,100 $ (1,000) $ (100)
Foreign Currency Contracts      
Derivative [Line Items]      
Realized loss (2,419) (1,020) (3,080)
Unrealized gain (loss) 3,081 (2,947) 1,033
Total gain (loss) $ 662 $ (3,967) $ (2,047)
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Level 2 | Interest Rate Contract    
Liabilities:    
Derivative liability $ 0 $ 0
Fair Value, Recurring    
Assets:    
Total assets 1,257 9,223
Liabilities:    
Total liabilities 0 2,871
Fair Value, Recurring | Level 2 | Interest Rate Contract    
Assets:    
Derivative asset 1,047 9,223
Fair Value, Recurring | Level 2 | Foreign Currency Contracts    
Assets:    
Derivative asset $ 210 0
Liabilities:    
Derivative liability   $ 2,871
v3.25.4
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]        
Goodwill impairment $ 0 $ 74,725,000 $ 0 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Reported at Carrying Amount (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total liabilities $ 403,325 $ 403,575
Carrying Amount | First Lien Term Loan Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt 403,325 403,575
Carrying Amount | First Lien and Second Lien Agreement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt   403,575
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total liabilities 377,613 395,421
Estimated Fair Value | Level 3 | First Lien Term Loan Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt $ 377,613 395,421
Estimated Fair Value | Level 3 | First Lien and Second Lien Agreement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt   $ 395,421
v3.25.4
PROPERTY, PLANT AND EQUIPMENT- Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (74,259) $ (63,885)
Property, plant, and equipment, net 33,703 36,949
Depreciable Property, Plant and Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 98,742 94,957
Land and buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,062 2,062
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 29,642 28,563
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 12,398 12,396
Office equipment and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 23,455 21,921
Vehicles    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,617 2,832
Computer software and hardware    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 28,568 27,183
Plus: construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 9,220 $ 5,877
v3.25.4
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation of property, plant, and equipment in cost of sales $ 6.4 $ 7.2 $ 7.1
Depreciation of property, plant, and equipment in general and administrative expense $ 5.8 $ 6.6 $ 7.9
v3.25.4
GOODWILL AND INTANGIBLES - Carrying Amount of Goodwill (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]        
Goodwill, beginning of period   $ 74,725,000 $ 74,725,000  
Goodwill impairment $ 0 (74,725,000) 0 $ 0
Goodwill, end of period $ 0 $ 0 $ 74,725,000 $ 74,725,000
v3.25.4
GOODWILL AND INTANGIBLES - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Goodwill $ 0 $ 0 $ 74,725,000 $ 74,725,000
Goodwill impairment $ 0 74,725,000 0 0
Cost, amortization   6,700,000 7,200,000 7,200,000
Amortization of intangible assets   $ 35,300,000 $ 35,300,000 $ 35,600,000
v3.25.4
GOODWILL AND INTANGIBLES - Finite and Indefinite Lived Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, gross carrying amount $ 702,467 $ 702,094
Finite-lived intangibles, accumulated amortization (315,417) (273,558)
Finite-lived intangibles, net book value $ 387,050 $ 428,536
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 17 years 17 years
Finite-lived intangibles, gross carrying amount $ 378,394 $ 378,394
Finite-lived intangibles, accumulated amortization (184,665) (162,070)
Finite-lived intangibles, net book value $ 193,728 $ 216,324
Trademark    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 24 years 24 years
Finite-lived intangibles, gross carrying amount $ 281,700 $ 281,700
Finite-lived intangibles, accumulated amortization (95,261) (82,931)
Finite-lived intangibles, net book value $ 186,439 $ 198,769
Technology    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 5 years 5 years
Finite-lived intangibles, gross carrying amount $ 36,300 $ 36,300
Finite-lived intangibles, accumulated amortization (33,070) (26,610)
Finite-lived intangibles, net book value $ 3,230 $ 9,690
Distributor relationships    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 8 years 8 years
Finite-lived intangibles, gross carrying amount $ 2,400 $ 2,400
Finite-lived intangibles, accumulated amortization (1,350) (1,050)
Finite-lived intangibles, net book value $ 1,050 $ 1,350
Favorable lease position    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 8 years 8 years
Finite-lived intangibles, gross carrying amount $ 51 $ 51
Finite-lived intangibles, accumulated amortization (50) (48)
Finite-lived intangibles, net book value $ 1 $ 3
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, weighted average useful life (in years) 10 years 10 years
Finite-lived intangibles, gross carrying amount $ 3,623 $ 3,250
Finite-lived intangibles, accumulated amortization (1,021) (850)
Finite-lived intangibles, net book value $ 2,602 $ 2,400
v3.25.4
GOODWILL AND INTANGIBLES - Estimated Annual Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangibles, net book value $ 387,050 $ 428,536
Excluding Patents Pending Not Yet Amortized    
Finite-Lived Intangible Assets [Line Items]    
2026 38,719  
2027 35,470  
2028 35,445  
2029 34,643  
2030 34,468  
Thereafter 207,311  
Finite-lived intangibles, net book value $ 386,056  
v3.25.4
NOTES PAYABLE - Consolidated Outstanding Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Less: unamortized deferred financing costs $ (3,485) $ (4,880)
Less: current maturities (250) (250)
Notes payable, net of current portion 399,590 398,445
First Lien Term Loan Facility | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Total notes payable 0 0
First Lien Term Loan Facility, Term Loan Maturing June 2028 | Line of Credit | Secured Debt    
Debt Instrument [Line Items]    
Total notes payable $ 403,325 403,575
Interest rate 7.30%  
Second Lien Term Loan Facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Total notes payable $ 403,325 $ 403,575
v3.25.4
NOTES PAYABLE - Narrative (Details) - USD ($)
Jun. 29, 2021
Aug. 05, 2025
Jul. 31, 2021
First Lien Term Loan Facility | Secured Debt      
Debt Instrument [Line Items]      
Face amount   $ 112,500,000  
Debt instrument, covenant, minimum net leverage ratio   620.00%  
First Lien Term Loan Credit Agreement, Tranche Expiring June 29, 2026 | Secured Debt      
Debt Instrument [Line Items]      
Face amount   $ 30,000,000.0  
First Lien Term Loan Credit Agreement, Tranche Expiring December 29, 2027 | Secured Debt      
Debt Instrument [Line Items]      
Face amount   82,500,000  
Secured Debt | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Face amount $ 560,000,000.0    
Delayed Draw Term Loan | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Face amount 50,000,000.0    
Revolving Credit Facility | First Lien Term Loan Facility | Line of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity 125,000,000.0    
Letter of Credit | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity $ 15,000,000.0    
Letter of Credit | First Lien Term Loan Facility | Line of Credit      
Debt Instrument [Line Items]      
Debt Instrument, Covenant, Liquidity, Minimum   $ 15,000,000.0  
Minimum | Secured Debt | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Fixed interest rate     3.00%
Minimum | Revolving Credit Facility | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Fixed interest rate     2.75%
Unused capacity percentage 0.25%    
Maximum | Secured Debt | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Fixed interest rate     3.25%
Maximum | Revolving Credit Facility | First Lien Term Loan Facility, Term Loan Maturing June 2026 | Line of Credit      
Debt Instrument [Line Items]      
Fixed interest rate     3.25%
Unused capacity percentage 0.50%    
v3.25.4
NOTES PAYABLE - Future Maturities of Notes Payable (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Maturities of Long-term Debt [Abstract]  
2026 $ 250
2027 250
2028 402,825
2029 0
2030 0
Thereafter 0
Long-term debt $ 403,325
v3.25.4
RECEIVABLES FINANCING AGREEMENT (Details) - USD ($)
Nov. 08, 2023
Dec. 31, 2025
Dec. 31, 2024
Aug. 06, 2024
Debt Instrument [Line Items]        
Fixed interest rate on outstanding cash advances       2.60%
Accounts Receivable Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Fixed interest rate on outstanding cash advances 2.50%      
Outstanding principal balance   $ 0 $ 5,000,000.0  
Accounts Receivable Credit Facility | Minimum | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 30,000,000.0      
Unused capacity percentage 0.25%      
Accounts Receivable Credit Facility | Maximum | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 75,000,000.0      
Unused capacity percentage 0.50%      
Restrictive covenant, liquidity threshold $ 42,500,000      
v3.25.4
COMMITMENTS AND CONTINGENCIES - Recorded Unconditional Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract]  
2026 $ 2,755
2027 2,066
2028 144
2029 0
2030 0
Thereafter 0
Total $ 4,965
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]      
Accrual for legal matter   $ 0 $ 15,000
Settlement amount $ 15,000    
v3.25.4
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2024
Jan. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based arrangement, compensation expense $ 15,254,000 $ 27,901,000 $ 53,203,000    
Taxes paid related to net share settlement equity awards $ 1,848,000 $ 2,207,000 $ 0    
2021 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares available for grant (in shares) 14,105,750        
Number of additional shares available for grant (in shares)       6,853,413 6,532,441
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized stock based compensation expense $ 2,700,000        
Share-based payment arrangement, unrecognized compensation, weighted average period (in years) 2 years 3 months 21 days        
Performance-Based Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 5,465,174        
Time-Based Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Granted (in shares) 6,928,741        
Unrecognized stock based compensation expense $ 8,600,000        
Share-based payment arrangement, unrecognized compensation, weighted average period (in years) 1 year 10 months 6 days        
Performance-Based Restricted Stock Unit And Performance-Based Restricted Share          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
v3.25.4
EQUITY-BASED COMPENSATION - Outstanding Award, Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Time-Based Restricted Stock Units  
Number of Units and Shares  
Outstanding at beginning period (in shares) | shares 9,000,295
Modified (in shares) | shares (570,619)
Granted (in shares) | shares 6,928,741
Vested (in shares) | shares (3,946,897)
Forfeited (in shares) | shares (2,577,048)
Outstanding at ending period (in shares) | shares 8,834,472
Weighted Average Grant Date Fair Value  
Outstanding, Weighted average grant date fair value at beginning period (in dollars per share) | $ / shares $ 3.23
Modified (in dollars per share) | $ / shares 3.40
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares 1.50
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares 3.32
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares 2.44
Outstanding, Weighted average grant date fair value at ending period (in dollars per share) | $ / shares $ 2.06
Performance-Based Restricted Stock Units  
Number of Units and Shares  
Outstanding at beginning period (in shares) | shares 3,152,807
Modified (in shares) | shares (492,908)
Granted (in shares) | shares 5,465,174
Vested (in shares) | shares (3,068,721)
Forfeited (in shares) | shares (761,627)
Outstanding at ending period (in shares) | shares 4,294,725
Weighted Average Grant Date Fair Value  
Outstanding, Weighted average grant date fair value at beginning period (in dollars per share) | $ / shares $ 2.21
Modified (in dollars per share) | $ / shares 2.17
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares 1.07
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares 2.21
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares 0.98
Outstanding, Weighted average grant date fair value at ending period (in dollars per share) | $ / shares $ 0.97
v3.25.4
EQUITY-BASED COMPENSATION - Schedule of Equity-based Compensation, Expensed and Capitalized Amount (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based arrangement, compensation expense $ 15,254 $ 27,901 $ 53,203
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based arrangement, compensation expense 50 72 74
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based arrangement, compensation expense 1,667 3,087 4,115
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based arrangement, compensation expense $ 13,537 $ 24,742 $ 49,014
v3.25.4
INCOME TAXES - Components of Income (loss) before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (65,971) $ (35,546) $ (96,517)
Foreign (53,351) (418) 14,100
Loss before provision (benefit) for income taxes $ (119,322) $ (35,964) $ (82,417)
v3.25.4
INCOME TAXES - Current and Deferred Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 46 $ 6 $ 12
State (53) 36 95
Foreign 712 (114) 4,018
Total current tax expense 705 (72) 4,125
Deferred expense:      
Federal 0 0 (26)
State 0 0 26
Foreign (4,846) (1,884) (2,140)
Total deferred tax benefit (4,846) (1,884) (2,140)
Provision (benefit) for income taxes $ (4,141) $ (1,956) $ 1,985
v3.25.4
INCOME TAXES - Effective Income Tax Rate Reconciliation Current Period (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal statutory rate $ (25,058)    
State income taxes, net of federal benefit 89    
Goodwill impairment 8,444    
Other 147    
Global intangible low-taxed income 192    
Research and development credits (547)    
Change in valuation allowance 12,478    
Stock-based compensation 1,545    
Other 907    
Changes in unrecognized tax benefits 247    
Change in partnership investment (1,089)    
Provision (benefit) for income taxes $ (4,141) $ (1,956) $ 1,985
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit (0.10%) 3.80% 0.30%
Foreign rate differential   (0.10%) (0.50%)
Goodwill impairment (7.10%)    
Other (0.10%) 2.60% 4.90%
Global intangible low-taxed income (0.20%) (4.90%) (5.30%)
Research and development credits 0.50% 3.00% 1.00%
Changes in valuation allowance (10.50%) (22.50%) (25.60%)
Stock-based compensation (1.30%) (5.50%) (15.30%)
Non-deductible items (0.80%) (2.90%) (2.30%)
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent (0.20%)    
Change in partnership investment 0.90% 3.10% 15.70%
Effective income tax rate reconciliation, percent 3.40% 5.50% (2.40%)
United Kingdom      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Rate differential $ (557)    
Other $ (1,319)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign rate differential 0.50%    
Other 1.10%    
Other foreign jurisdictions      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Rate differential $ 380    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign rate differential (0.30%)    
v3.25.4
INCOME TAXES - Effective Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit (0.10%) 3.80% 0.30%
Foreign rate differential   (0.10%) (0.50%)
Stock-based compensation (1.30%) (5.50%) (15.30%)
Global intangible low-taxed income (0.20%) (4.90%) (5.30%)
Non-deductible items (0.80%) (2.90%) (2.30%)
Research and development credits 0.50% 3.00% 1.00%
Change in partnership investment 0.90% 3.10% 15.70%
Changes in valuation allowance (10.50%) (22.50%) (25.60%)
Changes in tax rates   0.30% 0.50%
Return to provision   7.60% 3.20%
Other (0.10%) 2.60% 4.90%
Effective income tax rate reconciliation, percent 3.40% 5.50% (2.40%)
v3.25.4
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 44,616 $ 34,280
Sec. 163(j) interest 21,922 18,719
Tax credits 3,753 2,882
Stock-based compensation 0 17
Property and equipment 252 101
Operating lease liabilities 29 35
Investments 72,575 71,382
Other 231 197
Less: valuation allowance (141,360) (127,347)
Total deferred tax assets 2,018 266
Deferred tax liabilities:    
Property and equipment 0 (971)
Intangible assets (3,504) (5,636)
Operating right-of-use assets (25) (35)
Total deferred tax liabilities (3,529) (6,642)
Net deferred tax liability $ (1,511) $ (6,376)
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Unrecognized tax benefits $ 2,096,000 $ 1,734,000 $ 1,419,000 $ 1,056,000
Unrecognized tax benefits that would impact effective tax rate if recognized 0      
Unrecognized tax benefits, income tax penalties and interest expense 0 $ 0 $ 0  
Federal        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 162,300,000      
Net operating loss for indefinite carryforwards 159,000,000.0      
Federal | Research Tax Credit Carryforward        
Income Tax Contingency [Line Items]        
Tax credit carryforward amount 4,400,000      
State and Local Jurisdiction        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 133,800,000      
State and Local Jurisdiction | Research Tax Credit Carryforward        
Income Tax Contingency [Line Items]        
Tax credit carryforward amount $ 1,100,000      
v3.25.4
INCOME TAXES - Unrecognized Tax Benfits (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized benefit—beginning of the year $ 1,734,000 $ 1,419,000 $ 1,056,000
Gross increases—current period positions 209,000 262,000 184,000
Gross increases—prior period positions 153,000 53,000 179,000
Gross decreases—prior period positions 0 0 0
Unrecognized benefit—end of the year $ 2,096,000 $ 1,734,000 $ 1,419,000
v3.25.4
INCOME TAXES - Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 0    
State 108    
Income taxes paid, net of refunds 3,401 $ 2,000 $ 3,100
United Kingdom      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 2,605    
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 570    
Other foreign jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 119    
v3.25.4
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Accounts payable $ 14,135 $ 27,701  
Affiliated Entity | Customer Service and Support      
Related Party Transaction [Line Items]      
Related party transaction expenses 3,600 5,300 $ 5,800
Accounts payable $ 700 $ 800  
v3.25.4
EARNINGS (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted EPS Attributable for Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net loss $ (115,181) $ (34,008) $ (84,402)
Weighted average common shares outstanding - basic (in shares) 133,095,964 127,443,657 123,726,252
Effect of dilutive securities:      
Restricted stock (in shares) 0 0 0
Weighted average common shares outstanding - diluted (in shares)) 133,095,964 127,443,657 123,726,252
Loss per share      
Earnings (loss) per share - Basic (in dollars per share) $ (0.87) $ (0.27) $ (0.68)
Earnings (loss) per share - Diluted (in dollars per share) $ (0.87) $ (0.27) $ (0.68)
v3.25.4
EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units, restricted stock awards, performance stock units and performance shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive securities (in shares) 13,129,197 12,153,102 8,098,660
v3.25.4
SEGMENT INFORMATION (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
Segment Reporting Information [Line Items]      
Revenue $ 559,520 $ 604,072 $ 605,882
Cost of revenue 340,174 348,603 382,325
Gross profit 219,346 255,469 223,557
Net loss (115,181) (34,008) (84,402)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue 559,520 604,072 605,882
Cost of revenue 340,174 348,603 382,325
Gross profit 219,346 255,469 223,557
Demand creation 30,687 43,233 44,120
Other operating expenses 189,821 215,180 234,884
Other segment items 114,019 31,064 28,955
Net loss $ (115,181) $ (34,008) $ (84,402)
v3.25.4
RESTRUCTURING PLAN - Restructuring Costs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs $ 24,942
Cost of revenue  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs 3,102
Restructuring Charges  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs 21,840
Supplier Settlement Costs  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs 3,102
Consulting Fees  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs 13,899
Employee Severance  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs 7,178
Other Restructuring  
Restructuring Cost and Reserve [Line Items]  
Total restructuring and other costs $ 763
v3.25.4
RESTRUCTURING PLAN - Summary of Activity in the Restructuring Reserve (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 0
Restructuring and other costs 21,924
Cash payments (15,486)
Ending balance 6,438
Consulting Fees  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Restructuring and other costs 13,899
Cash payments (11,714)
Ending balance 2,185
Employee Severance  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Restructuring and other costs 7,178
Cash payments (3,554)
Ending balance 3,624
Other Restructuring  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Restructuring and other costs 218
Cash payments (218)
Ending balance 0
Supplier Settlement Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Restructuring and other costs 629
Cash payments 0
Ending balance $ 629