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 the launch of the iRobot H1 handheld vacuum, designed for hard-to-reach spaces like couches and stairs. This product is part of the company's strategy to enhance direct-to-consumer sales, which doubled in Q4 2020, contributing 11% of total revenue. The company has also introduced extended warranties through iRobot Protect and Protect+, attracting positive customer feedback. Approximately 9.7 million customers are connected to iRobot, reflecting an 80% growth in its customer base during 2020.
iRobot Corp. (NASDAQ: IRBT) launched new coding resources via iRobot Education on April 5, 2021, to enhance STEM education access. This initiative coincides with National Robotics Week and introduces social-emotional learning (SEL) lessons, coding in Python, and multi-language support for the iRobot Coding App. New features include a 3D Root coding robot simulator to facilitate remote learning. CEO Colin Angle emphasized these tools aim to foster inclusivity and support students in developing coding skills for future STEM careers.
iRobot Corp. (NASDAQ: IRBT) announced participation in the Raymond James 42nd Annual Institutional Investors Conference on March 2, 2021, at 10:00 a.m. ET. Executives Colin Angle (CEO) and Andrew Kramer (VP, Investor Relations) will represent the company. iRobot, recognized as a leader in consumer robots, has sold over 30 million robots globally, including the Roomba and Braava models, which are at the forefront of advanced cleaning technology. This event indicates the company's ongoing engagement with investors and commitment to transparency.
iRobot Corp. (NASDAQ: IRBT) reported strong financial results for Q4 and the full year ended January 2, 2021, with Q4 revenue up 28% to $544.8 million and full-year revenue at $1.43 billion, an 18% increase. The company saw significant growth in premium robots, with Q4 premium revenue up 55%. Direct-to-consumer sales surged 117% in Q4. iRobot expects continued growth into 2021, projecting revenue between $1.635 and $1.675 billion. Cash reserves reached $483.7 million. The company also announced a new patent infringement action against SharkNinja and launched several new products.
iRobot Corp. (NASDAQ: IRBT) has filed a patent infringement lawsuit against SharkNinja at the International Trade Commission (ITC) seeking to bar several SharkNinja robotic cleaning products, including the Shark IQ Robot and Shark AI Robot VACMOP, from entering the U.S. market. Citing infringement of five patents related to core technology, this case adds to an existing lawsuit from 2019. iRobot aims to protect its 1,500 patents and claims that SharkNinja has misappropriated its intellectual property. The ITC is expected to initiate an investigation within 30 days.
iRobot Corp. (NASDAQ: IRBT) announced it will release its fourth-quarter and full-year 2020 financial results after market close on February 10, 2021. The earnings press release will be available on their investor relations website. A conference call to discuss the results and 2021 outlook is scheduled for February 11 at 8:30 a.m. ET, accessible via a call and online webcast. The company, known for products like Roomba and Braava, aims to empower households with innovative cleaning technologies.
iRobot Corp (NASDAQ: IRBT) has announced participation in the Needham & Company 23rd Annual Virtual Growth Conference on January 12, 2021. The event will feature presentations by key executives, including Julie Zeiler, CFO, and Andrew Kramer, VP of Investor Relations. The presentation is scheduled for 12:30 p.m. ET. iRobot, known for its leading consumer robots like the Roomba and Braava, continues to innovate in home cleaning technology. For further details, visit their website.
iRobot Corp. (NASDAQ: IRBT) is set to participate in two virtual investor conferences this December. The first conference is the Northland Capital Markets AI, IoT and Safety Conference on December 7, 2020, at 10:00 a.m. ET, featuring executives Keith Hartsfield and Andrew Kramer. The second is the Raymond James Technology Investors Conference on December 9, 2020, at 3:20 p.m. ET, with Colin Angle, Julie Zeiler, and Andrew Kramer representing the company. More details can be found on iRobot's investor page.
iRobot Corporation (NASDAQ: IRBT) has announced its participation in two upcoming virtual investor conferences this November. The first is the Baird 2020 Global Industrial Conference on November 11, 2020, at 3:45 p.m. ET, featuring Julie Zeiler, EVP and CFO, and Andrew Kramer, VP of Investor Relations. The second event is the Southwest IDEAS Investor Conference on November 18, 2020, with the same executives presenting. Note that no webcasting will be available for either event.
iRobot Corp. (NASDAQ: IRBT) reported a 43% increase in revenue for Q3 2020, totaling $413.1 million, driven by a strong demand for premium robots and direct-to-consumer sales. The company achieved notable growth across all geographies, particularly in the U.S. with a 75% growth. Operating income soared to $81 million from $42.6 million year-over-year, and EPS rose to $3.27 from $1.24. The firm anticipates exceeding its fiscal year targets, boosted by favorable sell-through trends and a tariff exclusion extension.
FAQ
What is the current stock price of iRobot Corporation (IRBT)?
What is the market cap of iRobot Corporation (IRBT)?
What does iRobot Corporation specialize in?
Who founded iRobot Corporation?
What are the recent leadership changes at iRobot?
What is the operational restructuring plan announced by iRobot?
How did iRobot perform financially in 2023?
What is the Roomba Combo Essential?
How many robots has iRobot sold globally?
What are the key financial priorities for iRobot in 2024?
What strategic initiatives is iRobot focusing on?
What impact did the termination of the Amazon merger have on iRobot?
