iRobot(US:IRBT)2025-05-06 20:27Financial Performance - Q1 2025 revenue decreased to $101.6 million, down 39.9% in the U.S., 26.9% in EMEA, and 20.8% in Japan compared to Q1 2024[5][10] - GAAP net loss for Q1 2025 was $87.3 million, resulting in a net loss per share of $2.84, compared to a net income of $8.6 million and $0.30 per share in Q1 2024[5][19] - Total revenue for the three months ended March 29, 2025, was $101.569 million, a decrease of 32.2% compared to $150.014 million for the same period in 2024[25] - Net loss for the same period was $87.273 million, compared to a net income of $8.607 million in the prior year[23] - Non-GAAP Net Loss for the same period was $59,950, an increase from a loss of $43,039 year-over-year[39] - GAAP Net Loss for the three months ended March 29, 2025, was $87,273, compared to a net income of $8,607 for the same period in 2024[39] - GAAP Net Loss Per Diluted Share was $(2.84), a significant decline from $0.30 in the prior year[39] - Non-GAAP Net Loss Per Diluted Share was $(1.95), compared to $(1.53) in the same quarter last year[39] Operating Expenses and Cost Structure - The company achieved a significant reduction in operating expenses, with GAAP operating expenses rising to $66.1 million from $24.2 million in the prior year[5][19] - The company expects improved profitability driven by new products and a lower overall cost structure, with gross-margin expansion anticipated[3][10] - Non-GAAP operating loss was $31.519 million, an improvement from a loss of $39.951 million in the same quarter last year[37] - Stock-based compensation expense was $5,314, down from $7,948 in the prior year[39] - Debt issuance costs rose significantly to $13,009 from $239 in the same quarter last year[39] Inventory and Assets - The company reduced inventory to $69.0 million as of March 29, 2025, down from $76.0 million at the end of Q4 2024[10] - Total assets decreased to $461.509 million from $516.137 million, reflecting a decline of 10.6%[21] - Cash and cash equivalents decreased to $69.922 million from $134.303 million year-over-year[21] - iRobot's cash and cash equivalents totaled $112.3 million as of March 29, 2025, compared to $138.0 million at the end of Q4 2024[10] - Total current liabilities increased significantly to $427.937 million from $218.244 million[21] Sales and Market Performance - Revenue from mid-tier and premium robots represented 76% of total robot sales in Q1 2025, down from 81% in the same period last year[11] - Robot units shipped totaled 410, down from 456 units in the same quarter last year, representing a decline of 10.1%[25] - Average gross selling prices for robot units decreased to $296 from $346, a decline of 14.5%[25] - GAAP gross margin for the quarter was 20.0%, down from 24.1% in the previous year[37] Strategic Initiatives - The ongoing strategic review includes exploring potential sales or refinancing options, with no set timetable for conclusion[12][13] - The company is focused on executing its "iRobot Elevate" turnaround strategy while addressing competitive challenges with new product launches[2][3] Workforce and Operational Metrics - The company reported a headcount of 530, a reduction from 1,058 employees year-over-year[25] - Days Sales Outstanding increased to 28 days from 24 days year-over-year[39] - GAAP Days in Inventory decreased to 77 days from 107 days in the previous year[39] - Non-GAAP Days in Inventory improved slightly to 79 days from 108 days year-over-year[39] - The number of shares used in diluted per share calculation increased to 30,725 from 28,171 year-over-year[39]