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Jun 29, 2024
iRobot Q2 2024 Earnings Report
iRobot executed on “iRobot Elevate” strategy to focus on branding, innovation and operating performance and delivered on plan to lower cost structure and refresh product line.
Key Takeaways
iRobot reported second-quarter 2024 financial results, with revenue at the low end of expectations due to a challenging consumer spending environment, heightened competition, and foreign currency impact. The company made progress in lowering its cost structure through restructuring efforts, strengthening the balance sheet, narrowing the operating loss, decreasing headcount, and substantially reducing inventory.
Executing iRobot Elevate strategy focused on financial performance, customer-centricity, and innovation.
Lowered cost structure through aggressive restructuring efforts.
Strengthened balance sheet and reduced inventory.
Announced Roomba Combo 10 Max robot + AutoWash Dock.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
iRobot is providing GAAP and non-GAAP financial expectations for the third quarter ending September 28, 2024. Due to the aforementioned Manufacturing Transition Charge, persistent foreign currency headwinds, and consumer market softness, the Company also is updating the full-year 2024 outlook it provided on May 7, 2024.
Positive Outlook
- Q3 2024 Revenue: $217 - $223 million
- Q3 2024 Gross Margin: 33% to 34%
- Q3 2024 Non-GAAP Operating Income: $7 – $10 million
- Q3 2024 Non-GAAP Net Loss Per Share: ($0.11) – ($0.01)
- FY 2024 Revenue: $765 - $800 million
Challenges Ahead
- Q3 2024 GAAP Operating Loss: ($2) - $1 million
- Q3 2024 GAAP Net Loss Per Share: ($0.40) – ($0.30)
- FY 2024 Gross Margin: 27% to 28%
- FY 2024 GAAP Operating Loss: ($56) – ($42) million
- FY 2024 GAAP Net Loss Per Share: ($3.01) – ($2.55)