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iRobot
🇺🇸 NASDAQ:IRBT
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•
Dec 30, 2023

iRobot Q4 2023 Earnings Report

iRobot's Q4 2023 financial performance was announced, featuring a revenue of $307.5 million and a GAAP net loss per share of ($2.28).

Key Takeaways

iRobot Corp. reported a revenue of $307.5 million for Q4 2023, compared to $357.9 million in the same period last year. The GAAP net loss per share was ($2.28), while the non-GAAP net loss per share was ($1.82). The company is implementing an operational restructuring plan to stabilize the business and advance growth initiatives.

Revenue was $307.5 million, a decrease from $357.9 million year-over-year.

GAAP net loss per share was ($2.28), an improvement compared to ($3.07) last year.

Non-GAAP net loss per share was ($1.82), versus ($1.54) in the prior year.

Operational restructuring plan is being implemented to simplify cost structure and focus on core value drivers.

Total Revenue
$308M
Previous year: $358M
-14.1%
EPS
-$1.82
Previous year: -$1.52
+19.7%
Gross Profit
$58.1M
Previous year: $85.2M
-31.8%
Cash and Equivalents
$185M
Previous year: $118M
+57.0%
Free Cash Flow
-$12.7M
Previous year: $119M
-110.7%
Total Assets
$734M
Previous year: $835M
-12.2%

iRobot

iRobot

iRobot Revenue by Geographic Location

Forward Guidance

iRobot anticipates full year 2024 revenue between $825 and $865 million. iRobot expects full year 2024 GAAP net loss per share between ($3.13) and ($2.70) and non-GAAP net loss per share between ($3.73) and ($3.30).

Positive Outlook

  • Full year 2024 revenue is expected to be between $825 and $865 million.
  • Gross margin is expected to be between 31% and 33% (GAAP) and 32% and 34% (non-GAAP).
  • A significant improvement in cash outflow from operations in fiscal 2024 is anticipated compared with full year 2023.
  • The majority of the gross margin improvement will occur in the second half of the year as the Company ramps its initiatives.
  • For the second half of the year, the Company anticipates a mid-single-digit percentage improvement in revenue compared to the second half of 2023.

Challenges Ahead

  • Full year 2024 GAAP net loss per share is expected to be between ($3.13) and ($2.70).
  • Full year 2024 non-GAAP net loss per share is expected to be between ($3.73) and ($3.30).
  • Revenue is expected to decline in the high teens to low 20s percentage range compared to the first half of 2023.
  • Negative cash flow from operations is expected in Q1 and Q2.
  • Q2 is expected to be the weaker quarter as the Company expects a shifting of orders into Q3.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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