Summary by Futu AI
iRobot Corporation reported Q3 2024 revenue of $193.4 million, up 3.9% year-over-year, driven by a 22.6% increase in domestic revenue to $105.1 million despite a 12% decline in international sales. The company achieved operating income of $7.3 million compared to a loss of $59.5 million in Q3 2023, benefiting from improved gross margins of 32.2% and reduced operating expenses.The company continued executing its operational restructuring plan announced in January 2024, reducing operating expenses by 26.7% year-over-year through headcount reductions and operational efficiencies. Total robot units shipped increased 16.7% to 732,000 units, though average selling prices decreased 5.4% due to competitive market conditions and promotional activities.Looking ahead, iRobot faces ongoing challenges from reduced consumer demand and pricing competition but has made progress on cost controls and inventory management, with days in inventory improving from 161 to 104 days year-over-year. The company maintains $99.4 million in cash and $42.4 million in restricted cash while continuing to implement strategic initiatives focused on its core robot vacuum business.
