Financial Data and Key Metrics Changes - In Q1 2024, the company generated revenue of $150 million, a decline of 6% year-over-year, with a gross margin of 24.6%, an improvement from 23.7% in Q1 2023 [9][20][22] - The operating loss for Q1 was $40 million, compared to an operating loss of $62 million in the same period last year [22] - The net loss per share was $1.53, reflecting ongoing restructuring efforts and market challenges [23] Business Line Data and Key Metrics Changes - 2-in-1 products accounted for 45% of total robot sales in Q1 2024, while accessory revenue grew 8% year-over-year, representing approximately 12% of total revenue [21] - Revenue from mid-tier and premium robots represented 81% of total robot sales, down from 88% in the prior year, indicating a shift towards more competitively priced products [21] Market Data and Key Metrics Changes - Geographically, revenue declined by 3% in EMEA, 4% in the U.S., and 16% in Japan, with the latter impacted by a 34-year low in the yen against the dollar [20] - Direct-to-consumer (D2C) sales grew 3% year-over-year, with North America and EMEA showing 12% growth, while Japan experienced a 13% decline [21] Company Strategy and Development Direction - The company is focused on a restructuring plan aimed at stabilizing operations while pursuing long-term growth initiatives, including simplifying the cost structure and enhancing product offerings [10][18] - A new CEO has been appointed to lead the transformational strategy, emphasizing innovation and operational excellence [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted a highly competitive environment with sluggish consumer durable goods markets, but expressed confidence in the company's ability to stabilize and grow [35][36] - The company anticipates a revenue decline in the first half of 2024, with expectations for modest positive cash flow in Q3 and Q4 [26][39] Other Important Information - The company reduced its workforce by approximately 330 employees, representing 30% of total staff, as part of its restructuring efforts [23] - Cash and cash equivalents at the end of Q1 were $118 million, a decline of $67 million from the previous quarter [24] Q&A Session Summary Question: Can you elaborate on the competitive dynamics in the marketplace? - Management acknowledged a very aggressive and competitive environment, with variations across regions, and noted ongoing efforts to reengage retail partners [35][36] Question: Should we anticipate any cash infusion or is current cash sufficient for working capital needs? - Management emphasized a focus on liquidity and cash management, aiming for modest positive cash flow in the latter half of the year [39]

| --- | --- | |------------------------------|-------------------| | Contacts: | | | Karian Wong | Charlie Vaida | | Investor Relations | Media Relations | | iRobot Corp. | iRobot Corp. | | (781) 430-3003 | (781) 430-3182 | | investorrelations@irobot.com | cvaida@irobot.com | iRobot Reports First-Quarter 2024 Financial Results Gary Cohen, Former Gillette, Timex and Energizer Executive, Named as Company's New CEO Company Updates Outlook for Full Year 2024 BEDFORD, Mass. - iRobot Corp. (NASDAQ: IRBT), a leade ...

Former Gillette, Timex and Energizer executive brings wealth of global consumer product experience, turnaround leadership, and proven track record of driving profitable growthBEDFORD, Mass., May 7, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that Gary Cohen will serve as the company's new chief executive officer, effective immediately. Mr. Cohen has more than 25 years of executive leadership and turnaround experience. As iRobot CEO, he will lead the company ...

BEDFORD, Mass., April 25, 2024  /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that it will issue its first-quarter 2024 financial results after market close on Tuesday, May 7, 2024. The earnings press release will be posted at https://investor.irobot.com/news-releases. On May 8, the company will host a live conference call and webcast to review its financial results and discuss its outlook. Conference call details: Date: Wednesday, May 8, 2024Time: 8:30 a.m. ETCal ...

There's an investment tactic on Wall Street called merger arbitrage. It isn't meant to produce eye-catching home runs, instead focusing on getting a lot of reliable singles. On the surface, merger arbitrage seems like it would be easy, but iRobot (IRBT -2.60%) and Spirit Airlines (SAVE 8.54%) show it can be harder than it seems.Here's why you need to be careful buying into mergers and acquisitions, noting that United States Steel (X -0.15%) looks like it could be the next pain point for investors.There's no ...

If you’re paying attention, there’s a robotics stocks revolution quietly underway. While headlines holler about imminent worker replacement by hordes of AI-enabled robots, the truth is much more optimistic. As our collective quality of life and the dollar value of our labor increase, many otherwise admirable and desirable endeavors become too pricy – think scaled architecture of ages past or bespoke metalworks for your front garden. Meanwhile, a handful of robotics innovators are toiling behind the scenes t ...

Over a year after Amazon (NASDAQ: AMZN) announced its intention to acquire iRobot (IRBT 6.96%), the deal fell through following a mutual agreement to terminate the deal. Now, the company best known for its Roomba line of robot vacuum cleaners is trading near an all-time low, and will need to stand on its own wheels.Let's examine why Amazon's acquisition of iRobot fell through, how iRobot is pivoting, and whether it's worth investing in the consumer robot company.Why did the acquisition fall through?In late ...

iRobot (IRBT -4.60%) is back to bumping along a path all by itself. The proposed Amazon acquisition failed its regulatory review, so investors again find themselves evaluating the robotic device specialist's prospects for finding its own growth opportunities.Those prospects don't seem great. In late February, iRobot reported significant 2023 losses and projected another difficult year ahead for sales and earnings. But with the stock currently at an all-time low valuation, is it time to consider starting a p ...

A short squeeze is a financial phenomenon where rapidly increasing prices force short sellers to buy back stocks, pushing prices even higher. This situation often arises from a large number of investors betting against a stock, anticipating its decline.However, when the price unexpectedly jumps, short sellers rush to cover their positions to minimize losses, inadvertently driving the price up further. This cycle can intensify as more short sellers buy to close their positions, adding to the upward momentum ...

iRobot Corporation (IRBT) is benefiting from solid product offerings and customer base. Innovation capabilities, expansionary vision, operational initiatives and manufacturing in China and Malaysia should drive the company’s growth. Also, iRobot continues to invest in higher-value robotics, computer vision, machine learning and complex mechanical design to improve the core functionality of the robots, which is expected to be beneficial in the quarters ahead.The company’s diversified product portfolio has be ...