Massachusetts-based iRobot mentioned in its fourth-quarter and full-year 2024 monetary outcomes on Wednesday that there’s “substantial doubt” regarding the firm’s “means to proceed” after earnings fell 44% within the fourth quarter in comparison with a yr earlier.
“iRobot has outlined the robotic floorcare class for greater than 30 years, and we stay dedicated to rising and evolving our enterprise throughout sensible house classes amidst a dynamic working panorama, mentioned Gary Cohen, iRobot CEO in a launch. “As we transfer forward, we are going to proceed to take decisive motion to reclaim our place because the business chief and construct on iRobot’s sturdy basis centered round our globally acknowledged, iconic model, Roomba.”
The maker of the favored Roomba robotic vacuum mentioned that the board is contemplating a “strategic evaluate of alternate options for the enterprise” because of the firm’s failed deliberate merger with Amazon final yr.
That acquisition, which was set to value $1.7 billion, fell by way of because of a menace from European Union regulators to dam the deal.
Nonetheless, iRobot revealed the most important product launch within the firm’s 30-year historical past Tuesday with eight new Roombas, although, within the word, the corporate mentioned it is not relying on success because of a number of “elements” together with, “client demand, competitors, macroeconomic circumstances, and tariff insurance policies.”
The corporate’s CEO, nonetheless, stays extra constructive.
“Yesterday, we introduced the most important product launch in iRobot’s historical past, higher positioning iRobot because the chief within the class that we created,” Cohen mentioned. “Importantly, this sturdy pipeline of breakthrough new merchandise is anticipated to be margin-accretive in comparison with our legacy merchandise and may start to help year-over-year income development in 2025.”
Within the final yr, iRobot has diminished its headcount by 50%.
