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Mar 30, 2024
iRobot Q1 2024 Earnings Report
iRobot reported first-quarter 2024 financial results, exceeding financial expectations due to restructuring plan execution and named Gary Cohen as the new CEO.
Key Takeaways
iRobot's first-quarter revenue reached $150.0 million. GAAP net income per share was $0.30, while non-GAAP net loss per share was ($1.53). The company's positive cash flow from operations of $1.4 million was boosted by a $75 million transaction termination fee from Amazon.com. The company also launched new products and completed a workforce reduction.
Revenue was $150.0 million, compared to $160.3 million in Q1 2023.
GAAP net income per share was $0.30, compared to a net loss per share of ($2.95) in Q1 2023.
Non-GAAP net loss per share was ($1.53), compared to ($1.67) in Q1 2023.
Positive cash flow from operations of $1.4 million, benefited from one-time net proceeds of $75 million from transaction termination fee.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
iRobot is providing GAAP and non-GAAP financial expectations for the second quarter ending June 29, 2024 and updating the full-year outlook it provided on February 27, 2024.
Positive Outlook
- Q2 revenue is expected to be the weakest quarter of 2024 when compared to the prior year as the Company expects a shifting of a large order from Q2 last year to Q3 this year.
- For the second half of the year, the Company anticipates a mid-single-digit percentage improvement in revenue compared with the second half of 2023.
- iRobot anticipates that the majority of the anticipated gross margin improvement will occur in the second half of the year as the Company progresses with a number of key initiatives.
Challenges Ahead
- Q2 revenue is expected to be impacted by unfavorable currency due to continued weakness of the Japanese yen against the U.S. dollar.
- The Company revised its full-year 2024 expectations regarding revenue and gross margin due to an unfavorable currency impact of the Japanese yen and timing of new product introductions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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