SIASUN(SZ:300024) Sou Hu Cai Jing·2025-12-17 20:13Core Insights - iRobot filed for bankruptcy protection on December 14, 2025, with plans to complete delisting by February 2026, transitioning to a privately held company controlled by a Chinese firm [1] - Once a leader in the robotic vacuum market with over 80% global market share, iRobot's market position has drastically declined, with its market capitalization shrinking from over $4 billion to approximately $24.19 million [1] Company Background - Founded in 1990 by Rodney Brooks and his students, iRobot initially focused on a broad range of robotics applications, including advanced products for various sectors [3] - The company gained prominence with the launch of the Roomba vacuum in 2002, which sold 50,000 units in its first year and surpassed 2 million units by 2005 [5] Market Dynamics - iRobot's revenue peaked at over $1 billion in 2018, but faced significant competition from Chinese manufacturers that adopted advanced technologies, leading to a decline in market share [5][7] - In 2022, iRobot's revenue fell by 24% year-over-year to $1.1834 billion, resulting in a net loss of $286.3 million, with significant declines in key markets [7] Recent Developments - In March 2025, iRobot launched its largest product line update in 30 years, introducing new models with laser navigation technology, but market share continued to decline [9] - By the third quarter of 2025, iRobot's market share dropped to 7.9%, and it was pushed out of the top tier of competitors, with significant losses reported over consecutive quarters [9] Financial Status - As of September 2025, iRobot's cash reserves were down to $24.8 million, with total assets of $481 million and liabilities of $508 million, indicating insolvency [9] - Over 70% of iRobot's debt is owed to its largest Chinese manufacturing partner, Picea Robotics, which has a significant production capacity and market presence [10]