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iRobot Corporation (IRBT-35.58%) has submitted its 10-K filing for the fiscal year ended December 28, 2024.
The filing details a decrease in total revenue to $681.8 million, down from $890.6 million in the previous year. This decline is attributed to reduced orders from retailers and distributors, influenced by a drop in consumer sentiment and increased market competition.
Cost of product revenue was reported at $534.3 million, a reduction from $693.0 million in the prior year. The decrease is linked to lower sales volume and improved cost profiles of new product launches, although offset by inventory adjustments.
Gross profit for the year was $142.4 million, representing a gross margin of 20.9%, down from 22.0% in the previous year. The decline in gross margin is due to increased promotional activities and inventory-related charges.
Operating expenses were $245.3 million, a significant decrease from $460.5 million in the previous year. This reduction is largely due to restructuring efforts and cost-saving measures, including a workforce reduction and scaled-back marketing activities.
The company reported a net loss of $145.5 million, an improvement from a net loss of $304.7 million in the previous year. This improvement was aided by a one-time termination fee received from Amazon following the mutual termination of their merger agreement.
iRobot's cash and cash equivalents at the end of the fiscal year were $134.3 million, compared to $185.1 million at the end of the previous year. The company continues to manage its inventory levels carefully to align with current market conditions.
The filing also discusses the company's strategic review process initiated by the board of directors to evaluate potential sales or strategic transactions and refinancing options.
iRobot launched a significant product lineup in March 2025, expected to support revenue growth and improve profitability due to lower product costs. The company remains focused on its core floorcare business and innovation in robotic technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iRobot Corporation annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.