iRobot, a global leader in consumer robotics, reported a 3.9% increase in revenue to $193.4 million for the three months ended September 28, 2024, compared to $186.2 million for the same period in 2023. Despite this quarterly increase, the nine-month revenue saw a decline of 12.6% to $509.8 million from $583.0 million in the previous year. The company's gross profit for the quarter improved significantly to $62.4 million, reflecting a gross margin increase to 32.2% from 25.8% year-on-year. Operating income for the quarter was $7.3 million, a substantial improvement from the $59.5 million operating loss in the prior year. The company's effective income tax rates were negative for both the three and nine-month periods, primarily due to valuation allowances against deferred tax assets. iRobot's business development saw...Show More

iRobot, a global leader in consumer robotics, reported a 3.9% increase in revenue to $193.4 million for the three months ended September 28, 2024, compared to $186.2 million for the same period in 2023. Despite this quarterly increase, the nine-month revenue saw a decline of 12.6% to $509.8 million from $583.0 million in the previous year. The company's gross profit for the quarter improved significantly to $62.4 million, reflecting a gross margin increase to 32.2% from 25.8% year-on-year. Operating income for the quarter was $7.3 million, a substantial improvement from the $59.5 million operating loss in the prior year. The company's effective income tax rates were negative for both the three and nine-month periods, primarily due to valuation allowances against deferred tax assets. iRobot's business development saw the launch of new products, including the Roomba Combo Essential and the Roomba Combo 10 Max Robot + AutoWash dock, aimed at expanding their market presence. Looking ahead, iRobot is focusing on managing cash and executing near-term robotic floorcare roadmaps, with an operational restructuring plan underway to align costs with revenue expectations and drive profitability. This plan has already reduced operating expenses by $93.5 million, excluding one-time benefits, and aims to improve gross margins and reduce headcount by approximately 31%.