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iRobot | 8-K: iRobot Reports Fourth-Quarter and Full-Year 2023 Financial Results Provides Annual Guidance for 2024

SEC announcement ·  Feb 26 16:57
Summary by Moomoo AI
On February 26, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the fourth quarter and full year ended December 30, 2023. The company experienced a decline in revenue to $307.5 million in Q4 2023 from $357.9 million in the previous year, and a full-year revenue drop to $890.6 million from $1,183.4 million in 2022. The GAAP net loss per share improved slightly to ($2.28) from ($3.07) in the same quarter last year, while the non-GAAP net loss per share worsened to ($1.82) from ($1.54). For the full year, the GAAP net loss per share was ($11.01), compared to ($10.52) in 2022, and the non-GAAP net loss per share increased to ($7.73) from ($4.50). iRobot's Interim CEO, Glen Weinstein, announced an operational restructuring plan aimed at stabilizing the business and advancing growth...Show More
On February 26, 2024, iRobot Corporation, a leader in consumer robots, reported its financial results for the fourth quarter and full year ended December 30, 2023. The company experienced a decline in revenue to $307.5 million in Q4 2023 from $357.9 million in the previous year, and a full-year revenue drop to $890.6 million from $1,183.4 million in 2022. The GAAP net loss per share improved slightly to ($2.28) from ($3.07) in the same quarter last year, while the non-GAAP net loss per share worsened to ($1.82) from ($1.54). For the full year, the GAAP net loss per share was ($11.01), compared to ($10.52) in 2022, and the non-GAAP net loss per share increased to ($7.73) from ($4.50). iRobot's Interim CEO, Glen Weinstein, announced an operational restructuring plan aimed at stabilizing the business and advancing growth initiatives. The plan includes a focus on core value drivers, margin improvements, and a reduction in research and development expenses by approximately $25 million. Additionally, the company plans to centralize global marketing activities and streamline its legal entity and real estate footprint, resulting in a workforce reduction of approximately 350 employees. iRobot anticipates full-year 2024 revenue between $825 and $865 million, with a GAAP net loss per share between ($3.13) and ($2.70) and a non-GAAP net loss per share between ($3.73) and ($3.30). The company expects to improve cash outflow from operations in fiscal 2024 compared to the reported cash outflow from operations of ($114.8) million for the full year 2023.

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