SIASUN(SZ:300024) Mei Ri Jing Ji Xin Wen·2025-12-15 16:18Core Viewpoint - iRobot has filed for Chapter 11 bankruptcy protection, aiming for a restructuring that will lead to its acquisition by Chinese manufacturer Picea, allowing it to optimize its balance sheet and maintain operations while exiting the public market [1][2][3]. Group 1: Bankruptcy and Restructuring - iRobot submitted a Chapter 11 bankruptcy protection application on December 14, 2023, with plans to complete the process by February 2026 [1]. - The company has reached a Restructuring Support Agreement (RSA) with its secured creditors and major manufacturing partner Picea, which will acquire 100% of iRobot's shares [1]. - Following the transaction, iRobot will become a privately held company and its common stock will no longer be listed on any stock exchange [2]. Group 2: Financial Performance - iRobot's revenue for 2022 decreased by 24% to $1.1834 billion (approximately 8.118 billion RMB), with a net loss of $286.3 million [6]. - The company reported a significant decline in regional revenues, with a 43% drop in Europe, the Middle East, and Africa, an 18% decrease in the U.S., and a 6% decline in Japan [6]. - As of September 27, 2025, iRobot had cash and equivalents of only $24.8 million (approximately 175 million RMB) and total liabilities of $508 million (approximately 3.58 billion RMB) [13]. Group 3: Market Position and Competition - iRobot, founded in 1990, was a pioneer in consumer robotics, launching the Roomba in 2002 and achieving a peak market share of over 80% [5]. - The company has faced increasing competition from Chinese brands like Roborock and Ecovacs, which have adopted advanced technologies faster than iRobot [6][7]. - iRobot's market share has fallen to 7.9%, with the company being pushed out of the top five global players in the robotic vacuum market [13]. Group 4: Strategic Changes and Future Outlook - iRobot's CEO Gary Cohen stated that the restructuring marks a critical step for the company's long-term future, aiming to combine iRobot's innovation with Picea's manufacturing expertise [3]. - The company plans to refocus on floor care innovation and has suspended unrelated projects, including air purification and lawn mowing robots [8]. - iRobot's previous acquisition attempts by Amazon, valued at approximately $17 billion (about 120 billion RMB), were blocked by regulatory scrutiny, further complicating its financial situation [7][8].