What Traeger, Inc. told the SEC could break it.

Traeger depends on a limited number of major retailers for a majority of revenue — its three largest were 29%, 14% and 8% of 2025 revenue — so losing or reduced orders from a top retailer would materially affect results.

“we depend on a limited number of major retailers for a majority of our revenue. For example, in the year ended December 31, 2025, our three largest retailers accounted for 29%, 14%, and 8% of our revenue, respectively, with no other customer accounting for greater than 10% of our revenue for the year.”

Approximately 80% of Traeger's grills are manufactured in China (with MEATER thermometers made in Taiwan and other production in Vietnam), concentrating its supply chain in geopolitically sensitive Asian manufacturing exposed to trade, transportation and disruption risk.

“A significant proportion of our products, including our grills, are manufactured in China, Vietnam, Taiwan, and other regions outside of the United States. Approximately 80% of our grills are manufactured in China.”

With ~80% of grills made in China (~50% of sales from China-imported goods), Traeger is heavily exposed to escalating, volatile U.S. tariffs — IEEPA reciprocal tariffs up to 125%, Section 232 steel/aluminum at 50%, and a new Section 122 global tariff — directly hitting cost and gross margin.

“In early 2025, the U.S. imposed tariffs on certain Chinese goods and "reciprocal" tariffs under the International Emergency Economic Powers Act (IEEPA) that escalated to as high as 125%. The U.S. also increased Section 232 tariffs on steel and aluminum to 50% in June 2025 and significantly expanded coverage to derivative products in August 2025.”

Traeger relies on a limited number of contract manufacturers for grills/accessories and on several third-party suppliers for components (integrated circuits, processors, SoCs), some single-sourced; a disruption at these manufacturers or in transportation would halt production for a substantial period.

“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”