iRobot, a global leader in consumer robotics, reported a significant decline in revenue for the six months ended June 29, 2024, with total revenue falling by 20.3% to $316.4 million from $396.9 million in the previous year. The company's financial performance was impacted by lower orders from retailers and distributors, attributed to a decline in consumer spending trends in the U.S. and Japan, as well as aggressive competition. Despite these challenges, iRobot launched new products, including the Roomba Combo Essential and the Roomba Combo 10 Max Robot + AutoWash dock, aiming to make the 2-in-1 cleaning experience more accessible and to capitalize on growth opportunities in Europe. The company also continued to manage its inventory efficiently, reducing it by $51.1 million from the end of fiscal...Show More

iRobot, a global leader in consumer robotics, reported a significant decline in revenue for the six months ended June 29, 2024, with total revenue falling by 20.3% to $316.4 million from $396.9 million in the previous year. The company's financial performance was impacted by lower orders from retailers and distributors, attributed to a decline in consumer spending trends in the U.S. and Japan, as well as aggressive competition. Despite these challenges, iRobot launched new products, including the Roomba Combo Essential and the Roomba Combo 10 Max Robot + AutoWash dock, aiming to make the 2-in-1 cleaning experience more accessible and to capitalize on growth opportunities in Europe. The company also continued to manage its inventory efficiently, reducing it by $51.1 million from the end of fiscal 2023. iRobot's future plans include a focus on gross margin improvements, operational restructuring to align costs with revenue expectations, and strategic subleasing of its corporate headquarters. The company's operational restructuring plan, initiated after the termination of a merger agreement with Amazon, includes a headcount reduction of approximately 350 employees and a shift towards greater reliance on contract manufacturers. iRobot's liquidity remains stable with $108.5 million in cash and cash equivalents and $41.9 million in restricted cash as of June 29, 2024.