STOCK TITAN
  1. Home
  2. News
  3. IRBT

iRobot Corporation - IRBT STOCK NEWS

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.

News

iRobot Announces Operational Restructuring Plan to Position Company for the Future

Rhea-AI Summary
iRobot Corporation announces leadership transition and preliminary fourth-quarter results. The company is implementing an operational restructuring plan to focus on profitability and extend its market share in the mid-tier and premium segments. The plan includes achieving margin improvements, reducing R&D expenses, centralizing marketing activities, and focusing on core product drivers. The company anticipates a reduction of approximately 350 employees and expects to record restructuring charges totaling between $12 million and $13 million. The company also provided preliminary fourth-quarter results, reporting a 25% reduction in revenue compared to the same period last year, a GAAP operating loss of between $265 and $285 million, and a non-GAAP operating loss of approximately $200 million.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.77%
Tags
none
-
News

Amazon and iRobot Agree to Terminate Pending Acquisition

Rhea-AI Summary
Amazon's proposed acquisition of iRobot has been terminated due to lack of regulatory approval in the European Union, resulting in a loss for consumers, competition, and innovation. The acquisition agreement, originally signed on August 4, 2022, would have allowed Amazon to invest in iRobot's innovation and support price reductions on iRobot products. However, the termination of the agreement has prevented both companies from moving forward together.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.34%
Tags
acquisition
-
News

Amazon and iRobot agree to terminate pending acquisition

Rhea-AI Summary
Amazon and iRobot have mutually agreed to terminate their acquisition agreement due to the lack of regulatory approval in the European Union. The deal, originally signed on August 4, 2022, would have allowed Amazon to acquire iRobot for cash consideration, enabling Amazon to invest in iRobot's innovation and lower prices on their products. This termination is a loss for consumers, competition, and innovation.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.34%
Tags
acquisition
News

iRobot Reports Third-Quarter 2023 Financial Results

Rhea-AI Summary
iRobot Corp. (NASDAQ: IRBT) announces Q3 2023 financial results, reporting a 42% revenue decline in the U.S. and 35% in Japan. Revenue from e-commerce decreased by 27%, with direct-to-consumer revenue down 8%. Operating expenses decreased, but operating loss increased. GAAP net loss per share was ($2.86), and non-GAAP net loss per share was ($2.82). The Company received $188.2 million from a new term loan and had $189.6 million in cash and cash equivalents as of September 30, 2023. iRobot introduced new products and digital technologies, and its proposed merger with Amazon was approved by stockholders.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.28%
Tags
earnings
-
News

Staining Rugs, Getting Stuck and Can't Learn: iRobot Solves Rival Robot Pitfalls with New Roomba Models Featuring iRobot OS Intelligence

Rhea-AI Summary
iRobot introduces new Roomba Combo j9+ robot vacuum and mop with advanced features and intelligence
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.49%
Tags
none
-
News

Vacuum? Vacuum & Mop? It's Your Choice with iRobot's Expanded Roomba 2-in-1 Lineup

Rhea-AI Summary
iRobot Corp. expands its 2-in-1 lineup with the Roomba Combo j5+ and Roomba Combo i5+ robot vacuum and mops, giving customers more choice. The Roomba Combo j5+ is a wet and dry floor cleaner that automatically empties itself into the Clean Base. The Roomba Combo i5+ is designed for smaller spaces and cleans in neat rows. Pricing starts at $799 for the Roomba Combo j5+ and $549 for the Roomba Combo i5+.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.82%
Tags
none
News

iRobot Reports Second-Quarter 2023 Financial Results

Rhea-AI Summary
iRobot Corp. (NASDAQ: IRBT) announced Q2 2023 financial results, reporting $236.6M in revenue, with growth in Japan and declines in EMEA and the U.S. Revenue from mid-tier and premium robots represented 84% of total robot sales, with e-commerce revenue increasing 6%. GAAP operating expenses decreased to $124.6M, and non-GAAP operating expenses were $105.4M. The Company's cash and cash equivalents were $58.0M as of July 1, 2023, and its inventory balance was $170.6M as of July 2, 2023. The Company's Roomba products received positive media coverage and awards, and iRobot entered into a $200M financing facility and amended the terms of its merger agreement with Amazon.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.54%
Tags
earnings
-
News

Amazon and iRobot Modify Merger Price

Rhea-AI Summary
iRobot (NASDAQ: IRBT) to be acquired by Amazon (NASDAQ: AMZN) for $51.75 per share in cash. iRobot secures a new $200 million financing facility to support ongoing operations.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.26%
Tags
acquisition
-
News

Amazon and iRobot Modify Merger Price

Rhea-AI Summary
Amazon and iRobot have amended their merger agreement, with Amazon now set to acquire iRobot for $51.75 per share in cash. iRobot has also secured a $200 million financing facility. The change in share price is expected to be offset by an increase in iRobot's net debt.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.26%
Tags
acquisition
News

iRobot Reports First-Quarter 2023 Financial Results

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.37%
Tags
earnings

FAQ

What is the current stock price of iRobot Corporation (IRBT)?

The current stock price of iRobot Corporation (IRBT) is $6.21 as of November 15, 2024.

What is the market cap of iRobot Corporation (IRBT)?

The market cap of iRobot Corporation (IRBT) is approximately 192.9M.

What does iRobot Corporation specialize in?

iRobot Corporation specializes in designing and building consumer robots, including the popular Roomba® robot vacuums, which enhance home cleaning with advanced technologies.

Who founded iRobot Corporation?

iRobot Corporation was founded in 1990 by roboticists from the Massachusetts Institute of Technology.

What are the recent leadership changes at iRobot?

Recently, Gary Cohen was appointed as the new CEO, replacing interim CEO Glen Weinstein. Andrew Miller became the Chairman of the Board.

What is the operational restructuring plan announced by iRobot?

The operational restructuring plan includes aligning the cost structure with market conditions, focusing on profitability, reducing the workforce by 31%, and implementing strategic growth initiatives.

How did iRobot perform financially in 2023?

iRobot reported a 25% decline in revenue year-over-year in 2023, mainly due to supply chain challenges and global conflicts.

What is the Roomba Combo Essential?

The Roomba Combo Essential is an affordable 2-in-1 robot vacuum and mop, designed to offer a comprehensive cleaning solution with advanced features at a competitive price.

How many robots has iRobot sold globally?

iRobot has sold over 50 million robots worldwide.

What are the key financial priorities for iRobot in 2024?

iRobot's key financial priorities for 2024 include liquidity, careful cash management, and achieving a sustainable business model through its restructuring plan.

What strategic initiatives is iRobot focusing on?

iRobot is focusing on enhancing brand recognition, driving product innovation, and redesigning its go-to-market strategy to support profitability and market expansion.

What impact did the termination of the Amazon merger have on iRobot?

The termination of the Amazon merger resulted in a $94 million termination fee paid by Amazon, which iRobot is using to manage debt and support its restructuring efforts.

Stock IRBT logo
iRobot Corporation

Nasdaq:IRBT

IRBT Rankings

#3879 Ranked by Market Cap
N/A Ranked by Dividends

IRBT Stock Data

192.88M
30.23M
4.25%
67.98%
15.77%
Furnishings, Fixtures & Appliances
Household Appliances
Link
United States of America
BEDFORD