share_log

iRobot | 8-K: iRobot Reports Third-Quarter 2024 Financial Results

SEC ·  Nov 6, 2024 11:22

Summary by Futu 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.
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.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Comment Comment · Views 280

Recommended