iRobot Corp. announced its financial results for the third quarter ended September 28, 2024, reporting revenue of $193.4 million, an increase of 3.9% compared to $186.2 million in Q3 2023. The company achieved a GAAP net loss per share of ($0.21) and a non-GAAP net income per share of $0.03, showing improvement from losses of ($2.86) and ($2.82) respectively in the prior year.
Gross margins expanded significantly, with GAAP gross margin reaching 32.2% from 25.8% and non-GAAP gross margin improving to 32.4% from 26.5% year-over-year. Operating expenses were aggressively reduced, with GAAP operating expenses decreasing to $55.1 million from $107.5 million in Q3 2023.
Despite these improvements, CEO Gary Cohen noted that overall results did not meet expectations due to persistent market segment and competitive headwinds. The company revised its full-year 2024 outlook, now expecting revenue between $685 million and $710 million, and a non-GAAP operating loss between ($104) million and ($95) million.
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