On May 7, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the first quarter ended March 30, 2024. The company announced a revenue of $150.0 million, a decrease from $160.3 million in the same quarter of the previous year. However, iRobot saw a significant improvement in its net income, reporting a GAAP net income per share of $0.30, compared to a GAAP net loss per share of ($2.95) in Q1 of 2023. The non-GAAP net loss per share was ($1.53), an improvement from ($1.67) in Q1 of 2023. A notable one-time net proceeds of $75 million from a transaction termination fee paid by Amazon.com contributed to a positive cash flow from operations of $1.4 million. The company also announced the appointment of Gary Cohen as the new CEO...Show More

On May 7, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the first quarter ended March 30, 2024. The company announced a revenue of $150.0 million, a decrease from $160.3 million in the same quarter of the previous year. However, iRobot saw a significant improvement in its net income, reporting a GAAP net income per share of $0.30, compared to a GAAP net loss per share of ($2.95) in Q1 of 2023. The non-GAAP net loss per share was ($1.53), an improvement from ($1.67) in Q1 of 2023. A notable one-time net proceeds of $75 million from a transaction termination fee paid by Amazon.com contributed to a positive cash flow from operations of $1.4 million. The company also announced the appointment of Gary Cohen as the new CEO, following a substantial completion of a reduction-in-force initiative that decreased the company's total workforce by 30%. iRobot launched two new products, the Roomba Combo Essential robot and Roomba Vac Essential robot, as part of a new product development paradigm with its contract manufacturers. For the second quarter of 2024, iRobot expects revenue between $167 - $172 million and a GAAP net loss per share of ($2.30) - ($2.23). The full-year outlook for 2024 has been updated, with revenue now expected to be between $815 - $860 million and a GAAP net loss per share of ($2.65) - ($2.23). The company will host a conference call on May 8, 2024, to discuss these results and its outlook.