SIASUN(SZ:300024) Xin Lang Cai Jing·2025-12-18 06:39Core Insights - iRobot, a pioneer in the robotic vacuum industry, has filed for bankruptcy protection and will be restructured as a subsidiary of Shenzhen Picea Group after failing to secure a merger with Amazon due to EU antitrust regulations [1][15][20]. Company Background - iRobot was founded in 1990 by Rodney Brooks, Colin Angle, and Helen Greiner, with the revolutionary Roomba vacuum launched in 2002, selling over 50 million units globally [4][18]. - The company raised $38 million from investors, went public in 2005, and achieved revenues exceeding $400 million by 2010 [5][19]. Market Challenges - iRobot has faced declining sales in recent years, with increasing competition from Chinese brands and innovative companies like Dyson, leading to a loss of its technological edge [6][19]. - Supply chain issues have compounded these challenges since 2021, with criticisms regarding the declining quality of iRobot products [6][19]. Acquisition Attempt - Amazon announced a $1.7 billion acquisition of iRobot in 2022, which would have been its fourth-largest acquisition, aimed at enhancing its smart home product line [8][20]. - The acquisition was blocked by EU regulators due to antitrust concerns, which argued it could unfairly limit competition on Amazon's platform [9][21]. Financial Status - iRobot reported a loss of over $145 million last year, with its valuation dropping from over $3 billion in 2021 to $137 million [10][22]. - The company is in significant debt, owing $161 million to Picea, and has exhausted its funding sources, necessitating the acquisition by Picea to avoid total collapse [10][22][24]. Strategic Shift - Following the acquisition, iRobot will operate as a wholly-owned subsidiary of Picea, with its stock being delisted from U.S. markets [12][24]. - The deal is seen as a last-ditch effort to maintain some operational continuity after a series of failures and losses in the competitive landscape [12][24].