iRobot reported its financial results for the second quarter ending June 29, 2024. CEO Gary Cohen stated that the company is implementing the iRobot Elevate strategy, which focuses on financial performance, customer-centricity, innovative product introduction, operational and organizational improvements, and talent development.
During the quarter, iRobot made progress in reducing costs by restructuring. The company strengthened its balance sheet, narrowed its operating loss, decreased headcount, and reduced inventory. Excluding a non-recurring charge related to excess component inventory and losses on non-cancelable purchase commitments, iRobot would have met its targets for gross margin, operating loss, and net loss per share in Q2.
This is good news for iRobot, some of the first good news since their acquisition plans by Amazon fell through. We are pleased to see that iRobot is getting back on their feet.
In July, iRobot introduced the Roomba Combo 10 Max robot + AutoWash Dock, marking a significant milestone in its product innovation roadmap. The company plans to launch new technological enhancements and products across various price points in 2025.
The Roomba Essential has reached full distribution coverage, launching in 14,000 stores across all regions. It was the top-selling robot vacuum cleaner in Japan for May and June. iRobot’s Roomba Combo 10 Max received favorable media coverage in the US and EMEA. The Roomba j9 and Roomba Essential series also received positive reviews and awards.
iRobot has updated its financial expectations for the third quarter ending September 28, 2024, and the full year 2024, due to manufacturing transition charges, foreign currency headwinds, and consumer market softness.
For more information, you can view iRobot’s quarterly results here.
