IRBT
iRobot Corporation
Q2 2024 Report
iRobot Corporation (IRBT) Q2 2024 Financial Results: Navigating a Challenging Turnaround...
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Executive Summary
In the third quarter of 2024, iRobot Corporation (NASDAQ: IRBT) recorded revenues of $193.4 million, marking a 3.9% year-over-year increase and a significant 16.3% improvement from the previous quarter. The company navigated a challenging macroeconomic environment while implementing a robust restructuring plan. Notably, gross margins expanded to 32.4% from 26.5% year-over-year, reflecting the operational efficiencies achieved through the ongoing iRobot Elevate strategy. The company's management expressed cautious optimism regarding future growth, particularly with product launches lined up for 2025, despite revising full-year revenue guidance down due to persistent market pressures.
Key Performance Indicators
Revenue
193.44M
QoQ: 16.27% | YoY:3.90%
Gross Profit
62.38M
32.20% margin
QoQ: 127.11% | YoY:29.92%
Operating Income
7.26M
QoQ: 111.88% | YoY:112.20%
Net Income
-6.37M
QoQ: 90.98% | YoY:91.96%
EPS
-0.21
QoQ: 91.29% | YoY:92.66%
Revenue Trend
Margin Analysis
Key Insights
1. Revenue: $193.4 million (YoY: +3.9%, QoQ: +16.3%) 2. Gross Profit: $62.4 million; Gross Margin: 32.4% (YoY: +590 bps) 3. Operating Income: $15.1 million (compared to an operating loss of $40.6 million in Q3 2023) 4. Net Income: -$6.4 million; EPS: -$0.21 5. Cash and Cash Equivalents: $99.4 million, down from $108.5 million QoQ 6. Operating Cash Flow: -$10.2 million, improved from -$21.7 million in Q2 2024 7. Total Assets: $669.9 million, Total Liabilities: $519.8 million 8. Cash at End of Per...