iRobot Corp. announced its fourth-quarter and full-year financial results for 2024 on March 12, 2025, revealing a significant decline in performance. Fourth-quarter revenue was $172.0 million, a 44% decrease year-over-year, with a GAAP net loss per share of ($2.52) and a non-GAAP net loss per share of ($2.06).
For the full year 2024, revenue totaled $681.8 million, down from $890.6 million in 2023, and the company reported a full-year GAAP net loss per share of ($4.92) and a non-GAAP net loss per share of ($5.49). Gross margins were negatively impacted by non-recurring charges totaling $26.6 million for the full year related to inventory write-offs and purchase commitments.
Crucially, iRobot's management expressed 'substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months' in its 2024 annual report. In response to its financial challenges, the Board of Directors initiated a formal strategic review to explore alternatives, including debt refinancing and a potential sale, engaging Canaccord Genuity and BofA Securities as financial advisors.
The company also highlighted progress in its operational restructuring, including a reduction of over 50% in its global workforce since January 2024, and significant cuts in sales, marketing, and product costs. However, iRobot canceled its scheduled earnings conference call and did not provide a 2025 outlook, underscoring the severity of its financial situation.
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