Summary by Moomoo AI
iRobot reported Q3 2024 revenue of $193.4 million, up from $186.2 million YoY, with non-GAAP gross margin expanding 590 basis points to 32.4%. The company achieved GAAP operating income of $7.3 million, while cash and cash equivalents stood at $99.4 million at quarter end. Inventory levels decreased to $149.2 million from $244.5 million YoY.The company announced key leadership changes, with Karian Wong appointed as new CFO effective December 2, 2024, replacing Julie Zeiler. Wong will receive an annual base salary of $450,000 and equity grants including 125,000 time-based and 125,000 performance-based restricted stock units. Additionally, Jules Connelly was named SVP and CHRO, succeeding Russell Campanello.For full-year 2024, iRobot revised its outlook, projecting revenue between $685-710 million and GAAP operating loss of $84-75 million. The company continues to execute its "iRobot Elevate" turnaround strategy, having reduced total headcount by 41% since year-end 2023, while focusing on improving operational efficiency and long-term profitability.
