iRobot Corporation (IRBT) Q3 2024 Earnings Report

Previous: Q2 2024

iRobot Corporation

IRBT

$3.69 21.98%

Exchange: NASDAQ | Sector: Consumer Cyclical | Industry: Furnishings Fixtures Appliances

Q3 2024

Published: Nov 6, 2024

Earnings Highlights

Revenue of $193.44M up 3.9% year-over-year
EPS of $-0.21 increased by 92.7% from previous year
Gross margin of 32.2%
Net income of -6.37M
""We continue to be the leader in several segments and we remain confident that as we aggressively introduce new robots with more features and enhanced capabilities, our share and sales volume will rebound."" - Gary Cohen

IRBT

iRobot Corporation

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

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

Increasing

193.44M

QoQ: 16.27% | YoY: 3.90%

Gross Profit

Increasing

62.38M

32.20% margin

QoQ: 127.11% | YoY: 29.92%

Operating Income

Increasing

7.26M

QoQ: 111.88% | YoY: 112.20%

Net Income

Increasing

-6.37M

QoQ: 90.98% | YoY: 91.96%

EPS

Increasing

-0.21

QoQ: 91.29% | YoY: 92.66%

Revenue Trend

Margin Analysis

Financial Highlights

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 Period: $141.88 million, with $40 million allocated for future loan repayments.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	193.44M	3.90%	16.27%
Gross Profit	62.38M	29.92%	127.11%
Operating Income	7.26M	112.20%	111.88%
Net Income	-6.37M	91.96%	90.98%
EPS	-0.21	92.66%	91.29%

Key Financial Ratios

Gross Profit Margin

Fair

32.20%

Gross profit margin is moderate, room for improvement in cost management

Operating Profit Margin

Weak

3.75%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-0.03%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.01%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.04%

Return on equity suggests inefficient capital allocation

Current Ratio

Adequate

1.45

Current ratio meets minimum requirements but limited cushion

Debt to Equity

High Risk

1.43

Debt-to-equity indicates high leverage and elevated financial risk

P/E Ratio

Negative

-10.19x

Negative earnings make P/E ratio not meaningful

Price to Book

Fair Value

1.73x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q3 2024	193.44	-0.21	+3.9%	View
Q2 2024	166.36	-2.41	-29.7%	View
Q1 2024	150.01	0.30	-6.4%	View
Q4 2023	297.42	-2.28	-16.9%	View
Q3 2023	186.18	-2.86	-33.1%	View

iRobot Corporation (IRBT) Q3 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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