iRobot Corp

Latest Results (20.08.2024):

Revenue Decline

In the second quarter of 2024, iRobot Corp reported a significant decline in revenue across various regions. Revenue in the U.S. fell by 35.6%, in Japan by 34.7%, and in EMEA by 21.6% compared to the same period in the previous year. This decline was partly attributed to unfavorable foreign currency impacts and market conditions.

Gross Margin Impact

iRobot Corp's GAAP and Non-GAAP gross margins for Q2 2024 were negatively impacted by an $18.4 million non-recurring charge. This charge was related to the write-off of excess component inventory and losses on non-cancelable purchase commitments, reducing the gross margin by 11.1 percentage points.

Net Loss Per Share

For the second quarter of 2024, iRobot Corp reported a GAAP net loss per share of $2.41 and a Non-GAAP net loss per share of $1.96. These figures were negatively impacted by the aforementioned Manufacturing Transition Charge, which reduced the net loss per share by $0.63.

Cash and Inventory

As of June 29, 2024, iRobot Corp's cash and cash equivalents totaled $108.5 million, down from $118.4 million in the first quarter of 2024. The company's inventory also saw a significant reduction, totaling $101.4 million, which represents a 41% decrease from the second quarter of 2023.

Third Quarter and Full Year Outlook

iRobot Corp has provided its financial expectations for the third quarter and full year of 2024. For Q3 2024, the company expects revenue between $217 million and $223 million, with a gross margin of 33% to 34%. For the full year, revenue is projected to be between $765 million and $800 million, with a gross margin of 27% to 28% on a GAAP basis.