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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.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com 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.