Welcome to our dedicated page for iRobot Corporation news (Ticker: IRBT), a resource for investors and traders seeking the latest updates and insights on iRobot Corporation stock.
iRobot Corporation (NASDAQ: IRBT), founded in 1990 by roboticists from the Massachusetts Institute of Technology, is a leading provider of consumer robots. The company is renowned for its innovative home robots that transform the way people clean. iRobot’s flagship product, the Roomba® robot vacuum, has sold over 50 million units globally and is celebrated for its advanced cleaning, mapping, and navigation capabilities.
iRobot's product portfolio extends beyond the Roomba, including the iRobot Braava® family of mopping robots and the Roomba Combo® series that combines vacuuming and mopping functions. The company’s solutions leverage state-of-the-art technologies to create thoughtful and intelligent home innovations aimed at making life easier for consumers.
Recently, iRobot has been undergoing significant structural and leadership changes. In early 2024, the company announced a major operational restructuring plan to align its cost structure with market conditions, focusing on profitability and strategic growth. This restructuring includes a workforce reduction of 31%, cost-saving measures, and a renewed emphasis on iRobot's most profitable segments.
Concurrently, iRobot has experienced a leadership transition. Colin Angle, the long-standing Chairman and CEO, has stepped down. Glen Weinstein, the Executive Vice President and Chief Legal Officer, was appointed as the interim CEO, and Andrew Miller became the Chairman of the Board. In May 2024, Gary Cohen, an executive with a robust background in corporate turnarounds, was named the new CEO.
Financially, iRobot reported a challenging 2023 with a 25% revenue decline year-over-year, primarily due to supply chain issues and global conflicts. However, the company remains optimistic, expecting a more stable financial outlook in 2024. Innovations like the new Roomba Combo Essential, an affordable robot vacuum and mop, aim to boost sales and brand loyalty.
iRobot's commitment to innovation continues as it focuses on enhancing product performance and expanding its market presence. The company’s strategic initiatives and new leadership are expected to pave the way for sustainable value creation and profitability.
iRobot Corp (NASDAQ: IRBT) announced key executive transitions, with CFO Julie Zeiler and CHRO Russ Campanello set to retire effective December 2, 2024. Karian Wong, current SVP and principal accounting officer, will succeed as CFO, while Jules Connelly will become the new CHRO. Both retiring executives will remain in advisory roles through March 28, 2025. Wong brings over 25 years of auditing and accounting experience, including seven years at iRobot, while Connelly, who joined in 2017, has extensive experience in HR processes and employee engagement. The transitions align with the company's Elevate turnaround strategy aimed at reclaiming iRobot's position as a global innovation leader in consumer robots.
iRobot (NASDAQ: IRBT) reported Q3 2024 financial results with revenue of $193.4 million, up from $186.2 million in Q3 2023. The company achieved GAAP gross margin of 32.2% and non-GAAP gross margin of 32.4%, representing a 590-basis-point improvement year-over-year. Despite progress in margin expansion and operating expense reduction, including a 41% headcount reduction since 2023, the company faced persistent market and competitive challenges. U.S. revenue increased 23%, while Japan and EMEA declined 20% and 11% respectively. The company revised its full-year 2024 outlook, projecting revenue between $685-$710 million and expects to improve profitability in 2025.
iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, has announced its upcoming third-quarter 2024 earnings conference call scheduled for Wednesday, November 6, 2024, at 8:30 a.m. ET. The company will release its financial results and supplemental financial information prior to the call.
Investors and interested parties can access the conference call via phone at 1-800-274-8461 (alternate: 1-203-518-9814) using the Conference ID: IRBTQ324. Additionally, a live webcast of the call will be available on the company's investor relations website.
The earnings press release will be posted on iRobot's investor relations website at https://investor.irobot.com/news-releases. An archived version of the broadcast will be made available shortly after the live event concludes.
iRobot Corp. (NASDAQ: IRBT) has launched the Roomba Combo® 2 Essential and Roomba® Vac 2 Essential robots in North America. These new models, priced at $424.99 and $399.99 respectively, offer 2x cleaning power compared to the original Essential series and feature an AutoEmpty™ dock for hands-free cleaning for up to 60 days.
The Roomba Combo 2 Essential includes a 4-Stage Cleaning System with stronger suction, multiple brushes, and a microfiber mop pad. It offers four suction levels and three mopping water levels. Both models have enhanced navigation, can recharge and resume cleaning, and are compatible with the iRobot Home App and voice assistants.
The robots are powered by iRobot OS, offering features like Clean While I'm Away and Clean Map® Reports. The AutoEmpty dock uses sealed bags that can capture particles as small as 0.7 microns.
iRobot Corp. (NASDAQ: IRBT) has announced the granting of equity awards to its newly-hired President and Chief Operating Officer, Jeff Engel, as a material inducement to his employment. The awards, approved by iRobot's Board of Directors on September 6, 2024, consist of:
188,955 time-based restricted stock units (RSUs) vesting over a three-year period, subject to continuous employment.
181,545 performance-based restricted stock units (PSUs) vesting in three tranches over a four-year performance period, based on continuous employment and achievement of iRobot's common stock price milestones.
These inducement awards were granted outside iRobot's equity incentive plan, in accordance with Nasdaq Listing Rule 5635(c)(4).
iRobot Corp. (NASDAQ: IRBT) has appointed Michael J. Loparco to its board of directors. Loparco brings over 25 years of experience in consumer product innovation, manufacturing, global supply chain, and robotics. He recently served as CEO of Symbotic, leading its successful IPO, and previously held key positions at Jabil Inc., including CEO of the Electronics Manufacturing Services segment. Loparco's expertise spans smart home appliances, consumer electronics, and complex supply chain management across 25 countries. His familiarity with iRobot's product portfolio and extensive leadership experience in technology and manufacturing are expected to be valuable assets as the company pursues its transformation and strategic initiatives.
iRobot Corp. (NASDAQ: IRBT), a leading consumer robotics company, has announced its participation in the 13th Annual Needham Virtual Industrial Tech, Robotics, & Clean Tech 1x1 Conference on Monday, August 19, 2024. The event provides an opportunity for investors to engage directly with iRobot's top management through one-on-one virtual meetings.
Key participants from iRobot include CEO Gary Cohen and CFO Julie Zeiler. This conference participation underscores iRobot's commitment to investor relations and transparency. Interested investors can contact iRobot's investor relations team at investorrelations@irobot.com for more information or to schedule a meeting.
iRobot Corp. (NASDAQ: IRBT) has appointed Jeffrey Engel as its new President & Chief Operating Officer (COO). Engel, who previously served as the company's Chief Restructuring Officer, brings over 30 years of executive and advisory experience to the role. He will oversee daily operations, ongoing restructuring, R&D, operations and supply chain, and product management, reporting directly to CEO Gary Cohen.
Engel's appointment is seen as important for iRobot's strategic initiatives and return to profitable growth. His extensive background includes leading successful turnarounds across multiple industries and geographies. Prior to joining iRobot, Engel founded Pacific Partners Capital and held senior positions at AlixPartners, Kearney, and Ford Motor Company.
iRobot Corp. (NASDAQ: IRBT) reported Q2 2024 financial results, highlighting progress in its 'iRobot Elevate' strategy. The company faced challenges with revenue declining to $166.4 million, down from $236.6 million in Q2 2023. GAAP gross margin decreased to 16.5% from 22.6% year-over-year. The company reported a GAAP operating loss of $61.1 million and a GAAP net loss per share of $2.41.
Key achievements include reducing inventory by 41% year-over-year and cutting headcount by 35% since the end of 2023. iRobot introduced new products, including the Roomba Combo 10 Max robot + AutoWash Dock. For Q3 2024, the company expects revenue between $217-$223 million. The full-year 2024 outlook was revised, with revenue projected at $765-$800 million.
iRobot Corp. (NASDAQ: IRBT) has unveiled its most advanced robot vacuum and mop, the Roomba Combo® 10 Max Robot + AutoWash™ Dock. This 2-in-1 device brings independent cleaning to a new level with iRobot's first multifunction AutoWash Dock and enhanced intelligence. Key features include:
- AutoWash Dock: Automatically empties debris, refills mopping solution, washes and dries the mop pad, and self-cleans
- Enhanced Dirt Detect™ Technology: Recognizes large concentrations of dirt up to 8x more frequently
- 4-Stage Cleaning System with 100% stronger Power-Lifting Suction
- Auto-Retract Mopping System for seamless transitions between surfaces
- Matter-enabled (Q4 2024) and Apple Home compatible
- Pricing starts at $1399, available for pre-sale in the U.S. and Canada
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