Financial Performance - In Q3 2024, iRobot reported revenue of $193.4 million, a 3.9% increase from $186.2 million in Q3 2023[4] - The non-GAAP gross margin improved by 590 basis points year-over-year, reaching 32.4% compared to 26.5% in Q3 2023[7] - GAAP operating expenses decreased to $55.1 million in Q3 2024 from $107.5 million in Q3 2023, reflecting a significant reduction in costs[4] - iRobot's GAAP net loss per share improved to ($0.21) in Q3 2024, compared to ($2.86) in Q3 2023[6] - Revenue for the three months ended September 28, 2024, was $193,435 thousand, a 3.4% increase from $186,176 thousand for the same period in 2023[22] - Gross profit for the three months ended September 28, 2024, was $62,377 thousand, compared to $47,996 thousand for the same period in 2023, representing a 30.2% increase[22] - Operating income for the three months ended September 28, 2024, was $7,257 thousand, a significant improvement from a loss of $59,494 thousand in the same period last year[22] - Net loss for the nine months ended September 28, 2024, was $68,410 thousand, compared to a net loss of $241,117 thousand for the same period in 2023[24] - Non-GAAP gross profit for the three months was $62.8 million, compared to $49.4 million in the same period last year, reflecting a significant improvement[31] - GAAP operating income was $7.3 million, compared to a loss of $59.5 million in the same quarter last year[31] - Non-GAAP operating income for the three months was $15.1 million, a recovery from a loss of $40.6 million in the same period last year[31] Revenue Breakdown - Revenue from mid-tier and premium robots accounted for 79% of total robot sales in Q3 2024, slightly down from 80% in the same period last year[10] - In Q3 2024, revenue increased by 23% in the U.S., while it declined by 20% in Japan and 11% in EMEA compared to the prior year[9] - Domestic revenue increased to $105.1 million, up 23% from $85.8 million year-over-year, while international revenue decreased by 12% to $88.3 million[25] - Total robot units shipped reached 732, a 17% increase compared to 627 units shipped in the same quarter last year[25] - Average gross selling prices for robot units decreased to $313 from $331 year-over-year[25] Cost Management and Restructuring - iRobot has reduced its total headcount by 41% since the end of 2023 as part of its restructuring efforts[9] - Research and development expenses for the three months ended September 28, 2024, were $19,630 thousand, a decrease from $37,336 thousand in the same period last year[22] - Selling and marketing expenses for the three months ended September 28, 2024, were $29,270 thousand, down from $41,558 thousand in the same period last year[22] - The company is focusing on strategic initiatives and cost restructuring to enhance operational efficiency and productivity[28] Cash and Assets - As of September 28, 2024, iRobot's cash and cash equivalents totaled $99.4 million, down from $108.5 million at the end of Q2 2024[7] - Cash and cash equivalents at the end of the period were $99,447 thousand, down from $189,649 thousand at the end of the same period last year[24] - Total assets as of December 30, 2023, were $733,698 thousand, with total liabilities of $537,211 thousand[23] Future Guidance - iRobot plans to achieve a revenue range of $685 million to $710 million for the full fiscal year 2024[16] - GAAP Gross Profit guidance for Q4 2024 is projected to be between $42 million and $54 million, with a full year guidance of $168 million to $179 million[34] - Non-GAAP Gross Margin for Q4 2024 is expected to be between 24% and 27%, and for FY 2024, it is projected to be between 25% and 26%[34] - GAAP Operating Loss for Q4 2024 is estimated to be between $(43) million and $(34) million, while for FY 2024, it is projected to be between $(84) million and $(75) million[34] - Non-GAAP Operating Loss for Q4 2024 is expected to be between $(31) million and $(22) million, and for FY 2024, it is projected to be between $(104) million and $(95) million[34] - GAAP Net Loss Per Share for Q4 2024 is projected to be between $(1.88) and $(1.58), while for FY 2024, it is expected to be between $(4.27) and $(3.96)[34] - Non-GAAP Net Loss Per Share for Q4 2024 is estimated to be between $(1.50) and $(1.20), and for FY 2024, it is projected to be between $(4.91) and $(4.60)[34] - The number of shares used in diluted per share calculation for Q4 2024 is approximately 30.6 million[34] Operational Metrics - Days sales outstanding increased to 48 days, compared to 36 days in the previous period[32]

BEDFORD, Mass., Nov. 6, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that Julie Zeiler, the company's chief financial officer, and Russ Campanello, the company's chief human resources officer, will retire, effective December 2, 2024. Karian Wong, iRobot's senior vice president and principal accounting officer, will succeed Ms. Zeiler as chief financial officer, and Jules Connelly, the company's former senior director of human resources, will succeed Mr. Camp ...

Continues to Make Progress on "iRobot Elevate" StrategyRevises Full-year 2024 OutlookBEDFORD, Mass., Nov. 6, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the third quarter ended September 28, 2024."We continue to make progress on our turnaround strategy," said Gary Cohen, iRobot's CEO. "In the third quarter, we expanded our non-GAAP gross margin by 590 basis points year over year and improved our use of operating cash. However, our ...

BEDFORD, Mass., Oct. 22, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that the company will host its third-quarter 2024 earnings conference call on Wednesday, November 6, 2024. Prior to the call, iRobot will issue a press release announcing its financial results, along with supplemental financial information. The earnings press release will be posted to the company's investor relations website at https://investor.irobot.com/news-releases.Conference call deta ...

Roomba Combo® 2 Essential and Roomba® Vac 2 Essential give customers 2x cleaning power1 and 60 days of hands-free 2-in-1 cleaning with AutoEmpty™ dockBEDFORD, Mass., Oct. 21, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced availability of the 2-in-1 Roomba Combo® 2 Essential robot and Roomba® Vac 2 Essential robot in North America. These robots are the first in the company's affordable Essential series that automatically empty their dust bin into an AutoEmpty™  ...

iRobot Corporation (IRBT) has failed to impress investors with its recent operational performance due to decreased demand for products. Also, given the company’s extensive international presence, foreign currency headwind is an added uncertainty.Headquartered in Bedford, MA, iRobot designs and manufactures robots for home cleaning, most notably the Roomba vacuum cleaner. It also produces devices for mopping, such as the Braava. The products are primarily sold via several distribution channels, which include ...

Robotics continues to pique investors’ interest, and even more so as we enter a new age of artificial intelligence technologies. Automation has been a significant catalyst for the space. Whether we’re talking about manufacturing, logistics, surgical procedures, or everyday household tasks, robotics has helped to drive efficiencies and make life easier.From an investor’s point of view, exposure to public companies that work in robotic automation just makes sense from an economic perspective, particularly whe ...

BEDFORD, Mass., Aug. 12, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, announced the addition of Michael J. Loparco to its board of directors. Mr. Loparco brings to the board extensive public company and global technology leadership experience in areas including consumer product and smart home innovation, manufacturing, global supply chain, mergers and acquisitions, design, enterprise IT, retail and robotics.iRobot announced the addition of Michael J. Loparco to its board of ...

BEDFORD, Mass., Aug. 12, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, will participate in the 13th Annual Needham Virtual Industrial Tech, Robotics, & Clean Tech 1x1 Conference on Monday, August 19. The company's management team, including iRobot Chief Executive Officer Gary Cohen and Chief Financial Officer Julie Zeiler, will be available for one-on-one virtual meetings with investors. For more information, please contact iRobot's investor relations team via [email protect ...

Core Viewpoint - iRobot Corporation reported a wider adjusted loss per share for Q2 2024 compared to both the consensus estimate and the previous year, indicating ongoing challenges in revenue generation and profitability [1][4]. Revenue Details - iRobot generated revenues of $166.4 million, missing the consensus estimate of $168 million, and reflecting a year-over-year decrease of 29.7% due to lower sales across all product categories [2]. - Premium and mid-tier robots accounted for 76% of total robot revenues, down from 84% in the year-ago quarter [2]. - Total product units shipped were 574 thousand, a decrease of 30.9% year-over-year, with average selling prices declining by 4.9% [2]. - Revenues from solo and other products were $90 million, down 52.1% year-over-year, with units shipped decreasing by 55.4% [2]. - Revenues from two-in-one products increased by 55.1% year-over-year to $76 million, with units shipped rising from 159 thousand to 274 thousand [2]. Regional Performance - Domestic operations contributed 50.7% of revenues, totaling $84.4 million, which is a 35.6% decline year-over-year [3]. - International revenues decreased by 22.4% year-over-year to $82 million [3]. Margin Profile - Cost of revenues decreased by 24.1% year-over-year to $138.9 million, while adjusted gross profit fell by 49.5% to $27.7 million, leading to an adjusted gross margin decrease of 650 basis points to 16.7% [4]. - Research and development expenses were $23.2 million, down 38.8% year-over-year, and selling and marketing expenses declined by 28.1% to $40 million [4]. - The adjusted operating loss was $61.1 million, an improvement from $71.1 million in the previous year, with an adjusted operating margin of (29%) compared to (21.3%) in the year-ago quarter [4]. Balance Sheet and Cash Flow - At the end of Q2, iRobot had cash and cash equivalents of $108.5 million, down from $185.1 million at the end of Q4 2023 [5]. - Total long-term liabilities decreased to $215.2 million from $250.1 million at the end of Q4 2023 [5]. - The company used net cash of $20.2 million from operating activities in the first half of 2024, compared to $58.1 million in the prior-year period [5]. - Capital expenditures for property and equipment declined by 95.3% year-over-year to $118 million [5]. Outlook - For Q3 2024, iRobot expects net sales to be between $217 million and $223 million, with the consensus estimate at $202 million [6]. - The adjusted gross margin is projected to be in the range of 33-34%, while adjusted loss per share is expected to be between 1 and 11 cents [6]. - For the full year 2024, management forecasts net sales between $765 million and $800 million, with the consensus estimate at $839.8 million [6][7]. - The adjusted gross margin for the year is anticipated to be between 28-29%, with projected adjusted loss per share between $3.31 and $3.77 [7].