On August 6, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the second quarter ended June 29, 2024. The company announced significant progress in its 'iRobot Elevate' strategy, which focuses on financial performance, customer-centricity, innovative products, operational improvements, and talent development. Despite a challenging consumer spending environment, heightened competition, and foreign currency impacts, iRobot managed to lower its cost structure and narrow its operating loss. The company also introduced the Roomba Combo 10 Max robot + AutoWash Dock, marking a milestone in product innovation. For Q2 2024, iRobot reported a revenue of $166.4 million, a decrease from $236.6 million in Q2 2023. The GAAP gross margin was 16.5%, down from 22.6% the previous year, and the non-GAAP gross margin was 16.7%, down from 23.2%. The GAAP operating loss was...Show More

On August 6, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the second quarter ended June 29, 2024. The company announced significant progress in its 'iRobot Elevate' strategy, which focuses on financial performance, customer-centricity, innovative products, operational improvements, and talent development. Despite a challenging consumer spending environment, heightened competition, and foreign currency impacts, iRobot managed to lower its cost structure and narrow its operating loss. The company also introduced the Roomba Combo 10 Max robot + AutoWash Dock, marking a milestone in product innovation. For Q2 2024, iRobot reported a revenue of $166.4 million, a decrease from $236.6 million in Q2 2023. The GAAP gross margin was 16.5%, down from 22.6% the previous year, and the non-GAAP gross margin was 16.7%, down from 23.2%. The GAAP operating loss was $61.1 million, an improvement from a $71.1 million loss in Q2 2023, and the non-GAAP operating loss was $48.2 million, down from $50.5 million. The GAAP net loss per share was $2.41, compared to $2.93 in Q2 2023, and the non-GAAP net loss per share was $1.96, compared to $1.42. The company's cash and cash equivalents stood at $108.5 million, with a 41% reduction in inventory compared to Q2 2023. iRobot also revised its full-year 2024 outlook, reflecting the impact of the Manufacturing Transition Charge and market challenges. The company will host a conference call on August 7, 2024, to discuss these results and its outlook.