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iRobot Reports Fourth-Quarter and Full-Year 2023 Financial Results

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3 years ago

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 Provides Annual Guidance for 2024

BEDFORD, Mass., Feb. 26, 2024  /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the fourth quarter and full year ended December 30, 2023.  

Fourth Quarter 2023 Financial Performance Highlights

Revenue was $307.5 million compared to $357.9 million last yearGAAP net loss per share was ($2.28) compared to GAAP net loss per share of ($3.07) last yearNon-GAAP net loss per share was ($1.82) compared to non-GAAP net loss per share of ($1.54) last year

Fiscal 2023 Financial Performance Highlights

Revenue declined to $890.6 million from $1,183.4 million in 2022GAAP net loss per share was ($11.01) compared to GAAP net loss of ($10.52) in 2022Non-GAAP net loss per share was ($7.73) compared to non-GAAP net loss per share of ($4.50) in 2022

“As we shared last month, we are actively implementing an operational restructuring plan designed to both stabilize the business in the current environment and advance our growth initiatives,” said Glen Weinstein, Interim CEO of iRobot. “The plan will simplify our cost structure, create a more sustainable business model, and enable us to focus on our core value drivers. As we move forward with urgency and focus, our management team and Board are confident in iRobot’s ability to build on our innovation and to navigate this period successfully as a standalone company.”

“We are managing through a challenging period and making critical strategic progress that we believe will help expand and better position our business for the future,” added Weinstein. “We are confident that the actions we are taking today will drive improved performance going forward.”

iRobot anticipates full year 2024 revenue between $825 and $865 million. iRobot expects full year 2024 GAAP net loss per share between ($3.13) and ($2.70) and non-GAAP net loss per share between ($3.73) and ($3.30).

iRobot’s top financial priorities are liquidity and careful cash management. With the operational restructuring plan announced last month, iRobot anticipates a significant improvement in cash outflow from operations in fiscal 2024 compared with the reported cash outflow from operations of ($114.8) million for full year 2023. Excluding the net proceeds from the $94 million break-up fee from Amazon, iRobot expects negative cash flow from operations in Q1 and Q2 and anticipates generating modest positive cash flow from operations in both Q3 and Q4 during fiscal 2024.

Operational Restructuring Plan

As announced on January 29, 2024, the Company has initiated an operational restructuring plan designed to more closely align its cost structure with near-term revenue expectations and drive bottom-line improvement. These measures include:

Achieving margin improvements through a focus on design-to-value and more attractive terms with manufacturing partners with an anticipated GAAP gross margin of between 31% and 33% and non-GAAP gross margin of between 32% and 34% in 2024;Reducing research and development expense by approximately $25 million through relocating certain non-core engineering functions and pausing work unrelated to iRobot’s core floorcare business to focus on innovation and development efforts on the Company’s key revenue generators;Centralizing global marketing activities to be more efficient in iRobot’s demand generation efforts, which we anticipate will result in a decrease in overall selling and marketing expenses by $40 million including working marketing reduction of $20 million;Streamlining the Company’s legal entity and real estate footprint to fit its current business needs and near-term revenue expectations; andImplementing workforce reductions of approximately 350 employees, which represents 31 percent of the Company’s workforce as of December 30, 2023, with the majority of notifications taking place by March 30, 2024. As part of this workforce reduction, iRobot expects to record restructuring charges totaling between $12 million and $13 million, primarily for severance and related costs.

Fourth-Quarter Operational and Recent Highlights

Geographically, fourth quarter 2023 revenue declined 20% in the U.S., 19% in Japan and 5% in EMEA over the prior period last year. Full year 2023 revenue declined 30% in the U.S., 21% in Japan and 11% in EMEA.Revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 83% of total robot sales in the fourth quarter of 2023 versus 84% from the same period last year.iRobot’s product lineup received positive reviews across regions in media outlets including Reviewed, TechRadar, Homes & Gardens, CNN Underscored, Lifehacker, TechHive, ZDNET, Xataka, T3, Tom’s Guide and Gear Patrol.The iRobot Roomba Combo j9+ was named ‘Best Robot Vacuum’ by U.S. News & World Report. The Company’s products received other notable accolades from media outlets including GQ, Popular Mechanics, Gear Patrol and GoodsPress.iRobot products were featured as recommended deals and gifts in Black Friday/Cyber Monday and holiday gift guide-related coverage in TODAY, Good Morning America, Esquire and many other top media outlets.

2024 Financial Outlook
iRobot is providing GAAP and non-GAAP financial expectations for the fiscal year ending December 28, 2024. A detailed reconciliation between the Company’s GAAP and non-GAAP expectations is included in the attached financial tables.

Fiscal Year 2024:

Metric

GAAP

Adjustments

Non-GAAP

Revenue

$825 – $865 million

—

$825 – $865 million

Gross Margin

31% to 33%

~1%

32% to 34%

Operating Loss

($41) – ($29) million

~($17) million

($58) – ($46) million

Net Loss Per Share

($3.13) – ($2.70)

~($0.60)

($3.73) – ($3.30)

For the first half of 2024, revenue is expected to decline in the high teens to low 20s percentage range compared to the first half of 2023, with Q2 expected to be the weaker quarter as the Company expects a shifting of orders into Q3.For the second half of the year, the Company anticipates a mid-single-digit percentage improvement in revenue compared to the second half of 2023.iRobot anticipates that the majority of the gross margin improvement will occur in the second half of the year as the Company ramps its initiatives.

Fourth-Quarter 2023 Results Conference Call
iRobot will host a live webcast and conference call tomorrow at 8:30 a.m. ET to discuss its fourth-quarter 2023 financial results and its outlook for fiscal year 2024. Pertinent conference call details include:

Date:                           February 27, 2024
Time:                           8:30 a.m. ET
Call-In Number:          203-518-9783
Conference ID:           IRBTQ423

A live webcast of the conference call will be accessible on the event section of the Company’s website at https://investor.irobot.com/events/event-details/q4-2023-irobot-corp-earnings-conference-call. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through March 5, and can be accessed by dialing 402-220-7330.

About iRobot Corp.
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 50 million robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com. 

Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which relate to, among other things: the Company’s expectations regarding future financial performance, including with respect to 2024 revenue, gross margin, operating loss and loss per share; and the Company’s implementation of its operational restructuring plan, the expected business and financial impacts thereof, and related restructuring charges. These forward-looking statements are based on the Company’s current expectations, estimates and projections about its business and industry, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the Company’s ability to obtain capital when desired on favorable terms, if at all; (ii) our restructuring efforts may not be successful;  (iii) the impact of the COVID-19 pandemic and various global conflicts on the Company’s business and general economic conditions; (iv) the Company’s ability to implement its business strategy; (v) the risk that disruptions from the proposed restructuring will harm the Company’s business, including current plans and operations; (vi) the ability of the Company to retain and hire key personnel, including successfully navigating its leadership transition; (vii) legislative, regulatory and economic developments affecting the Company’s business; (viii) general economic and market developments and conditions; (ix) the evolving legal, regulatory and tax regimes under which the Company operates; (x) potential business uncertainty, including changes to existing business relationships that could affect the Company’s financial performance; (xi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, (xii) current supply chain challenges including current constraints in the availability of certain semiconductor components used in the Company’s products; (xiii) the financial strength of the Company’s customers and retailers; (xiv) the impact of tariffs on goods imported into the United States; and (xv) competition, as well as the Company’s response to any of the aforementioned factors. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in the Company’s most recent annual and quarterly reports filed with the SEC and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time and available at www.sec.gov. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability and similar risks, any of which could have a material adverse effect on the Company’s financial condition, results of operations, or liquidity. The forward-looking statements included herein are made only as of the date hereof. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

iRobot Corporation

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

For the three months ended

For the twelve months ended

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

Revenue

$                307,544

$              357,872

$                890,580

$             1,183,383

Cost of revenue:

Cost of product revenue

249,112

272,367

693,217

830,478

Amortization of acquired intangible assets

301

280

1,166

2,812

Total cost of revenue

249,413

272,647

694,383

833,290

Gross profit

58,131

85,225

196,197

350,093

Operating expenses:

Research and development

26,951

40,615

144,087

166,508

Selling and marketing

59,673

95,952

201,676

293,307

General and administrative

18,903

33,527

109,148

118,112

Amortization of acquired intangible assets

4,837

(54)

5,366

12,549

Total operating expenses

110,364

170,040

460,277

590,476

Operating loss

(52,233)

(84,815)

(264,080)

(240,383)

Other expense, net

(4,758)

(1,393)

(28,975)

(21,300)

Loss before income taxes

(56,991)

(86,208)

(293,055)

(261,683)

Income tax expense (benefit)

6,603

(2,107)

11,655

24,612

Net loss

$                (63,594)

$                (84,101)

$              (304,710)

$              (286,295)

Net loss per share:

Basic

$                    (2.28)

$                    (3.07)

$                  (11.01)

$                  (10.52)

Diluted

$                    (2.28)

$                    (3.07)

$                  (11.01)

$                  (10.52)

Number of shares used in per share calculations:

Basic

27,880

27,379

27,676

27,214

Diluted

27,880

27,379

27,676

27,214

Stock-based compensation included in above figures:

Cost of revenue

$                       935

$                       620

$                    3,160

$                    2,194

Research and development

3,653

2,816

12,391

10,473

Selling and marketing

1,622

1,558

5,843

6,358

General and administrative

3,966

3,402

14,662

12,880

Total

$                  10,176

$                    8,396

$                  36,056

$                  31,905

 

 iRobot Corporation

 Condensed Consolidated Balance Sheets

 (unaudited, in thousands)

December 30, 2023

December 31, 2022

 Assets

 Cash and cash equivalents

$                      185,121

$                    117,949

 Accounts receivable, net

79,387

66,025

 Inventory

152,469

285,250

 Other current assets

48,513

59,076

Total current assets

465,490

528,300

 Property and equipment, net

40,395

60,909

 Operating lease right-of-use assets

19,642

26,084

 Deferred tax assets

8,512

16,248

 Goodwill

175,105

167,724

 Intangible assets, net

5,044

11,260

 Other assets

19,510

24,918

Total assets

$                      733,698

$                    835,443

 Liabilities and stockholders’ equity

 Accounts payable

$                      178,318

$                    184,016

 Accrued expenses

97,999

98,959

 Deferred revenue and customer advances

10,830

13,208

Total current liabilities

287,147

296,183

 Term loan

201,501

–

 Operating lease liabilities

27,609

33,247

 Other long-term liabilities

20,954

30,297

Total long-term liabilities

250,064

63,544

Total liabilities

537,211

359,727

 Stockholders’ equity

196,487

475,716

Total liabilities and stockholders’ equity

$                      733,698

$                    835,443

 

 iRobot Corporation

Consolidated Statements of Cash Flows

 (unaudited, in thousands)

For the twelve months ended

December 30, 2023

December 31, 2022

Cash flows from operating activities:

Net loss

$              (304,710)

$              (286,295)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

32,791

47,869

Loss on equity investment

3,910

19,718

Stock-based compensation

36,056

31,905

Change in fair value of term loan

5,904

–

Debt issuance costs expensed under fair value option

11,837

–

Deferred income taxes, net

6,563

18,799

Other

(17,694)

(1,003)

Changes in operating assets and liabilities — (use) source

Accounts receivable

(11,748)

94,750

Inventory

125,710

49,399

Other assets

13,941

52,029

Accounts payable 

(4,604)

(73,598)

Accrued expenses and other liabilities

(12,749)

(43,594)

Net cash used in operating activities

(114,793)

(90,021)

Cash flows from investing activities:

Additions of property and equipment

(2,862)

(12,325)

Purchase of investments

(233)

(3,150)

Sales and maturities of investments

–

17,723

Net cash (used in) provided by investing activities

(3,095)

2,248

Cash flows from financing activities:

Proceeds from employee stock plans

9

4,719

Income tax withholding payment associated with restricted stock vesting

(2,802)

(1,775)

Proceeds from term loan

200,000

–

Payment of debt issuance costs

(11,837)

–

Net cash provided by financing activities

185,370

2,944

Effect of exchange rate changes on cash, cash equivalents and restricted cash

2,456

1,321

Net increase (decrease) in cash, cash equivalents and restricted cash

69,938

(83,508)

Cash, cash equivalents and restricted cash, at beginning of period

117,949

201,457

Cash, cash equivalents and restricted cash, at end of period

$                187,887

$                117,949

Cash, cash equivalents and restricted cash, at end of period:

Cash and cash equivalents

$                185,121

$                117,949

Restricted cash, current (included in other current assets)

1,000

–

Restricted cash, non-current (included in other assets)

1,766

–

Cash, cash equivalents and restricted cash, at end of period

$                187,887

$                117,949

 

 iRobot Corporation

Supplemental Information

(unaudited)

For the three months ended

For the twelve months ended

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

Revenue by Geography: *

    Domestic

$                139,806

$                175,481

$                428,531

$                615,107

    International

167,738

182,391

462,049

568,276

Total

$                307,544

$                357,872

$                890,580

$             1,183,383

Robot Units Shipped *

      Vacuum

1,075

1,213

2,834

3,772

      Mopping

64

122

200

410

Total

1,139

1,335

3,034

4,182

Revenue by Product Category **

      Vacuum***

$                       291

$                       331

$                       831

$                    1,066

      Mopping and other****

17

27

60

117

Total

$                       308

$                       358

$                       891

$                    1,183

Average gross selling prices for robot units

$                       370

$                       362

$                       360

$                       337

Headcount

1,113

1,254

* in thousands

** in millions

*** Includes Roomba robot vacuum-related accessory revenue

**** Includes Braava robot mop-related accessory revenue and air purifier, handheld vacuum and Root 

Certain numbers may not total due to rounding

iRobot Corporation
Explanation of Non-GAAP Measures

In addition to disclosing financial results in accordance with U.S. GAAP, this earnings release contains references to the non-GAAP financial measures described below. We use non-GAAP measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Amortization of acquired intangible assets: Amortization of acquired intangible assets consists of amortization of intangible assets including completed technology, customer relationships, and reacquired distribution rights acquired in connection with business combinations as well as any non-cash impairment charges associated with intangible assets in connection with our past acquisitions. Amortization charges for our acquisition-related intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Net Merger, Acquisition and Divestiture (Income) Expense: Net merger, acquisition and divestiture (income) expense primarily consists of transaction fees, professional fees, and transition and integration costs directly associated with mergers, acquisitions and divestitures, including with respect to the iRobot-Amazon Merger which was terminated on January 28, 2024. It also includes business combination adjustments including adjustments after the measurement period has ended. The occurrence and amount of these costs will vary depending on the timing and size of these transactions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Stock-Based Compensation: Stock-based compensation is a non-cash charge relating to stock-based awards. We exclude this expense as it is a non-cash expense, and we assess our internal operations excluding this expense and believe it facilitates comparisons to the performance of other companies.

Tariff Refunds: Our exclusion from Section 301 List 3 tariffs was reinstated in March 2022, which temporarily eliminates tariffs on our Roomba products imported from China beginning on October 12, 2021 until December 31, 2022. This temporary exclusion, which was subsequently extended until December 31, 2023, and then further extended until May 31, 2024, entitles us to a refund of all related tariffs previously paid since October 12, 2021. We exclude the refunds for tariff costs expensed during fiscal 2021 from our 2022 non-GAAP measures because those tariff refunds associated with tariff costs incurred in the past have no impact to our current period earnings.

Restructuring and Other: Restructuring charges are related to one-time actions associated with realigning resources, enhancing operational productivity and efficiency, or improving our cost structure in support of our strategy. Such actions are not reflective of ongoing operations and include costs primarily associated with severance costs, certain professional fees, costs associated with consolidation of facilities, warehouses and any other leased properties, and other non-recurring costs directly associated with resource realignments tied to strategic initiatives or changes in business conditions. We exclude this item from our non-GAAP measures when evaluating our recent and prospective business performance as such items vary significantly based on the magnitude of the action and do not reflect anticipated future operating costs. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

Gain/Loss on Strategic Investments: Gain/loss on strategic investments includes fair value adjustments, realized gains and losses on the sales of these investments and losses on the impairment of these investments. We exclude these items from our non-GAAP measures because we do not believe they correlate to the performance of our core business and may vary in size based on market conditions and events. We believe that the exclusion of these gains or losses provides investors with a supplemental view of our operational performance.

Debt issuance costs: Debt issuance costs include various incremental fees and commissions paid to third parties in connection with the issuance of debt.

Income tax adjustments: Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate statutory tax rate for each adjustment. We regularly assess the need to record valuation allowances based on non-GAAP profitability and other factors. We also exclude certain tax items, including the impact from stock-based compensation windfalls/shortfalls, that are not reflective of income tax expense incurred as a result of current period earnings. During fiscal 2023, we concluded that, based on the introduction of negative evidence associated with increased expenses expected from the Term Loan issued during 2023, it is no longer more likely than not that the net deferred tax assets are recoverable on a non-GAAP basis. Accordingly, we recorded a valuation allowance as a non-GAAP adjustment during fiscal 2023. We believe disclosure of the income tax provision before the effect of such tax items is important to permit investors’ consistent earnings comparison between periods.

iRobot Corporation

Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals

(in thousands, except per share amounts)

(unaudited)

For the three months ended

For the twelve months ended

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

 GAAP Revenue

$                307,544

$                357,872

$                890,580

$             1,183,383

 GAAP Gross Profit

$                  58,131

$                  85,225

$                196,197

$                350,093

Amortization of acquired intangible assets

301

280

1,166

2,812

Stock-based compensation

935

620

3,160

2,194

Tariff refunds

–

–

–

(11,727)

Net merger, acquisition and divestiture expense

(1,159)

462

(262)

462

Restructuring and other

–

–

174

4,551

 Non-GAAP Gross Profit

$                  58,208

$                  86,587

$                200,435

$                348,385

 GAAP Gross Margin

18.9 %

23.8 %

22.0 %

29.6 %

 Non-GAAP Gross Margin

18.9 %

24.2 %

22.5 %

29.4 %

 GAAP Operating Expenses

$                110,364

$                170,040

$                460,277

$                590,476

Amortization of acquired intangible assets

(4,837)

54

(5,366)

(12,549)

Stock-based compensation 

(9,241)

(7,776)

(32,896)

(29,711)

Net merger, acquisition and divestiture expense

7,167

(10,079)

(14,824)

(18,195)

Restructuring and other

81

(3,628)

(7,981)

(9,042)

 Non-GAAP Operating Expenses*

$                103,534

$                148,611

$                399,210

$                520,979

 GAAP Operating Expenses as a % of GAAP Revenue

35.9 %

47.5 %

51.7 %

49.9 %

 Non-GAAP Operating Expenses as a % of Non-GAAP Revenue*

33.7 %

41.5 %

44.8 %

44.0 %

 GAAP Operating Loss

$                (52,233)

$                (84,815)

$              (264,080)

$              (240,383)

Amortization of acquired intangible assets

5,138

226

6,532

15,361

Stock-based compensation

10,176

8,396

36,056

31,905

Tariff refunds

–

–

–

(11,727)

Net merger, acquisition and divestiture expense

(8,326)

10,541

14,562

18,657

Restructuring and other

(81)

3,628

8,155

13,593

 Non-GAAP Operating Loss*

$                (45,326)

$                (62,024)

$              (198,775)

$              (172,594)

 GAAP Operating Margin

(17.0) %

(23.7) %

(29.7) %

(20.3) %

 Non-GAAP Operating Margin*

(14.7) %

(17.3) %

(22.3) %

(14.6) %

 

iRobot Corporation

Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals continued

(in thousands, except per share amounts)

(unaudited)

For the three months ended

For the twelve months ended

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

 GAAP Income Tax Expense (Benefit)

$                    6,603

$                  (2,107)

$                  11,655

$                  24,612

Tax effect of non-GAAP adjustments

155

(22,986)

720

(50,635)

Other tax adjustments

(6,182)

4,690

(10,331)

(25,789)

 Non-GAAP Income Tax Expense (Benefit)

$                       576

$                (20,403)

$                    2,044

$                (51,812)

 GAAP Net Loss

$                (63,594)

$                (84,101)

$              (304,710)

$              (286,295)

Amortization of acquired intangible assets

5,138

226

6,532

15,361

Stock-based compensation

10,176

8,396

36,056

31,905

Tariff refunds

–

–

–

(11,727)

Net merger, acquisition and divestiture expense

(8,326)

10,541

14,562

18,657

Restructuring and other

(81)

3,628

8,155

13,593

Loss on strategic investments

–

890

3,910

19,718

Debt issuance costs

–

–

11,837

–

Income tax effect

6,027

18,296

9,611

76,424

 Non-GAAP Net Loss*

$                (50,660)

$                (42,124)

$              (214,047)

$              (122,364)

 GAAP Net Loss Per Diluted Share

$                    (2.28)

$                    (3.07)

$                  (11.01)

$                  (10.52)

Amortization of acquired intangible assets

0.18

0.01

0.24

0.56

Stock-based compensation

0.36

0.31

1.30

1.17

Tariff refunds

–

–

–

(0.43)

Net merger, acquisition and divestiture expense

(0.30)

0.38

0.53

0.69

Restructuring and other

–

0.13

0.29

0.50

Loss on strategic investments

–

0.03

0.14

0.72

Debt issuance costs

–

–

0.43

–

Income tax effect

0.22

0.67

0.35

2.81

 Non-GAAP Net Loss Per Diluted Share*

$                    (1.82)

$                    (1.54)

$                    (7.73)

$                    (4.50)

Number of shares used in diluted per share calculation

27,880

27,379

27,676

27,214

Supplemental Information

Days sales outstanding

24

17

GAAP Days in inventory

56

95

Non-GAAP Days in inventory(1)

56

96

* Beginning in the fourth quarter of 2023, we updated our calculation of non-GAAP financial measures to no longer exclude “IP litigation expense, net.” The metrics for each period are presented in accordance with this updated methodology; as a result, the 2022 fiscal year measures differ from those previously presented by the amount of IP litigation expense, net recorded in such period.

(1) Non-GAAP Days in inventory is calculated as inventory divided by (Revenue minus Non-GAAP Gross Profit), multiplied by 91 days.

 

 iRobot Corporation

Supplemental Data – Impact of Section 301 Tariffs 

(in thousands, except per share amounts)

(unaudited)

For the three months ended

For the twelve months ended

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

Section 301 Tariff Costs

$                       467

$                       497

$                    1,560

$                    2,968

Impact of Section 301 tariff costs to gross and operating margin (GAAP & non-GAAP)

(0.2) %

(0.1) %

(0.2) %

(0.3) %

Tax effected impact of Section 301 tariff costs to net income per diluted share (GAAP)

$                    (0.02)

$                    (0.02)

$                    (0.06)

$                    (0.11)

Tax effected impact of Section 301 tariff costs to net income per diluted share (non-GAAP)

$                    (0.02)

$                    (0.01)

$                    (0.06)

$                    (0.08)

Certain numbers may not total due to rounding

 

 iRobot Corporation

Supplemental Reconciliation of Fiscal Year 2024 GAAP to Non-GAAP Guidance

(unaudited)

FY-24

GAAP Gross Profit

$258 – $288 million

Stock-based compensation

~$4 million

Restructuring and other

~$2 million

Total adjustments

~$6 million

Non-GAAP Gross Profit

$264 – $294 million

FY-24

GAAP Gross Margin

31% – 33%

Stock-based compensation

~1%

Restructuring and other

~0%

Total adjustments

~1%

Non-GAAP Gross Margin

32% – 34%

FY-24

GAAP Operating Loss 

($41) – ($29) million

Amortization of acquired intangible assets

~$1 million

Stock-based compensation

~$41 million

Net merger, acquisition and divestiture expense (income)

~($74) million

Restructuring and other

~$15 million

Total adjustments

~($17) million

Non-GAAP Operating Loss

($58) – ($46) million

FY-24

GAAP Net Loss Per Diluted Share

($3.13) – ($2.70)

Amortization of acquired intangible assets

~$0.03

Stock-based compensation

~$1.45

Net merger, acquisition and divestiture expense (income)

~($2.61)

Restructuring and other

~$0.53

Income tax effect

~$0

Total adjustments

~($0.60)

Non-GAAP Net Loss Per Diluted Share

($3.73) – ($3.30)

Number of shares used in diluted per share calculations

~28.3 million

 

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Automotive ECU Market worth $160.59 billion by 2033 | MarketsandMarkets™

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September 7, 2026

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DELRAY BEACH, Fla., Sept. 7, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Automotive ECU Market is projected to grow from USD 113.27 billion in 2026 to USD 160.59 billion by 2033, at a CAGR of 5.1%.

Browse 300 market data Tables and 80 Figures spread through 350 Pages and in-depth TOC on “Automotive ECU Market”

Automotive ECU Market Size & Forecast:

Market Size Available for Years: 2022–20332026 Market Size: USD 113.27 Billion2033 Projected Market Size: USD 160.59 BillionCAGR (2026–2033): 5.1%

Automotive ECU Market Trends & Insights:

32-bit capacity ECU to hold the largest market share in the automotive ECU market during the forecast period.Infotainment and communication system to hold the largest share in the automotive ECU market during the forecast periodNorth America is estimated to hold a significant share of the automotive ECU market during the forecast period

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The automotive ECU market is being driven by the shift toward zonal and centralized E/E architectures, which require higher-performance controllers to manage multiple vehicle functions. Growing ADAS integration and sensor-fusion requirements are increasing demand for ECUs with greater processing capability, functional safety, and low-latency control. The transition toward software-defined vehicles is also raising ECU content through OTA updates, service-oriented software, and reusable computing platforms. At the same time, increasing vehicle electrification is expanding demand for dedicated powertrain, battery management, thermal management, and charging-control ECUs. The adoption of Automotive Ethernet and high-speed in-vehicle networks is further increasing the technical value of gateway and zonal controllers. AI-enabled vehicle functions and generative-AI-based cockpit and ADAS applications are expected to further increase demand for high-performance edge computing and AI-capable automotive processors. Growing cybersecurity, functional-safety, and regulatory requirements are also driving the integration of secure processing, hardware security modules, redundancy, and fail-operational capabilities into ECUs. 

32-bit capacity ECU to hold the largest market share in the automotive ECU market during the forecast period.

ECUs with 32-bit capacity are expected to hold the largest share as they provide the processing capability required across a broad mix of control functions, including body control, braking, steering, powertrain, BMS, motor control, transmission, telematics, infotainment, and digital cockpit applications, while retaining the cost and real-time characteristics required for high-volume vehicle platforms. Demand is increasing as OEMs consolidate functions into integrated controllers, requiring higher CPU performance, larger memory, faster networking, and stronger functional-safety and cybersecurity capabilities without moving every control function to expensive high-performance SoCs. For instance, in March 2026, Renesas introduced the 28 nm 32-bit RH850/U2C, targeting chassis and safety systems, BMS, body control, lighting, motor control, and other ASIL-D applications, with improved connectivity, security, and lower power consumption. Infineon also expanded its 32-bit AURIX TC3x family in March 2026 with a 400 MHz option, allowing powertrain, chassis, zone, and domain ECUs to accommodate higher software complexity without changing the underlying ECU platform. This combination of wider application coverage, platform reuse, real-time control, and increasing compute and networking requirements is strengthening the role of 32-bit ECUs as the core processing layer between conventional low-end controllers and high-performance centralized vehicle computers.

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Infotainment and communication system to hold the largest share in the automotive ECU market during the forecast period.

Infotainment and communication systems are expected to hold the largest share in the automotive ECU market during the forecast period as OEMs shift cockpit electronics from dedicated infotainment controllers to high-performance, software-defined platforms integrating AI, connectivity, navigation, applications, and vehicle functions. The rising use of AI-enabled voice interfaces, app ecosystems, continuous OTA updates, and cloud-connected services is increasing the compute and software content of infotainment ECUs, while the need to process high-bandwidth data from cellular, Wi-Fi, Bluetooth, UWB, GNSS, and vehicle networks is pushing OEMs toward more integrated communication architectures. For instance, in April 2026, Hyundai Motor Group introduced Pleos Connect, combining AI-based Gleo, navigation, an open app ecosystem, and continuous OTA updates, with a target deployment of approximately 20 million vehicles by 2030. Further, in May 2026, GM introduced its integrated Connectivity Hub Module (CHM), consolidating cellular, Wi-Fi, Bluetooth, BLE, UWB, and GNSS connectivity while supporting high-bandwidth infotainment and OTA functions, indicating a move away from conventional TCU architectures. These developments are driving the segment toward centralized cockpit compute, integrated connectivity modules, AI acceleration, and software-upgradable architectures, increasing the value of infotainment and communication ECUs relative to conventional function-specific controllers.

North America is estimated to hold a significant share of the automotive ECU market during the forecast period.

North America is estimated to hold a significant share of the automotive ECU market during the forecast period. The region is seeing a structural shift toward centralized and zonal E/E architectures, with major OEMs redesigning ECU configurations to support higher computing loads, faster networking, and software-defined functions. For instance, in April 2026, Ford Motor Company (US) highlighted its Universal EV platform’s fully zonal architecture, which consolidates vehicle functions into fewer modules and uses higher-speed Ethernet for distributed edge computing. In May 2026, General Motors (US) also introduced its integrated Connectivity Hub Module (CHM), which combines multiple wireless interfaces and connectivity electronics to support its next-generation software-defined architecture and reduce wiring complexity. GM is also developing a centralized computing platform scheduled for 2028 that consolidates dozens of ECUs and connects propulsion, steering, braking, safety, and infotainment through a high-speed Ethernet backbone across both ICE and electric vehicles. Similarly, increasing deployment of ADAS and automated-driving functions is raising demand for high-performance ECUs capable of real-time sensor processing, vehicle control, and OTA software updates. The US regulatory push for mandatory advanced safety functions is expected to further support ECU demand, with NHTSA’s FMVSS 127 requiring automatic emergency braking and pedestrian AEB on new light vehicles from September 2029, encouraging wider deployment of sensor-based electronic control systems. These developments are shifting regional ECU demand from conventional function-specific controllers toward higher-value central compute, zonal controllers, gateways, and integrated connectivity platforms.

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Top Companies in Automotive ECU Market:

The Top Companies in Automotive ECU Market are Robert Bosch GmbH (Germany), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Aptiv (Ireland), and Aumovio SE (Germany).

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Related Reports:

Occupant Classification System (OCS) Market

Self-driving Cars Market

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

MarketsandMarkets™ SalesPlay is an AI-driven Revenue Intelligence Co-Pilot designed to help revenue teams prioritize the right accounts, identify critical changes early, and surface opportunities ahead of demand, so pipeline builds naturally and deals close with greater consistency.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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SunTec India Introduces AI-Accelerated Digital Engineering, Integrating AI Across the Software Development Lifecycle

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September 7, 2026

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Embedding AI across every stage—ideation, coding, testing, and deployment to help enterprises build and scale software faster while maintaining human rigor.

NEW DELHI, Sept. 7, 2026 /PRNewswire/ — SunTec India today announced the expansion of its Digital Engineering capabilities with AI-accelerated software development workflows. By embedding AI into every phase of the development cycle, from architecture to automated QA and deployment, the company expedites time-to-market without compromising code quality, security, or domain-specific logic.

Software Built to Last: Engineering at AI Speed, Quality at Human Standards.

While modern AI coding agents accelerate syntax writing, enterprise software engineering still demands strategic design, contextual understanding, and strict governance. Many agencies, hence, end up creating code that is standards-blind and compromises long-term architectural integrity.

But SunTec India’s AI-accelerated approach is fundamentally different. It is designed to utilize AI as a multiplier across the entire SDLC while keeping engineers firmly at the wheel. By automating repetitive engineering tasks, predictive bug analysis, refactoring, and test-case generation, their developers free up the bandwidth to focus on software integrity, security compliance, and user experience.

What their AI-Accelerated SDLC Delivers:

Intelligent Development: AI-first development with real-time code generation, refactoring, and security vulnerability scanning.Automated QA & Testing: Dynamic QA and testing with creation and execution of edge cases, minimizing post-deployment bugs.Optimized DevOps Pipeline: Automated build validation, predictive infrastructure monitoring, and seamless CI/CD integration.Human-in-the-Loop Governance: Enterprise-grade security protocols, architectural oversight, and subject-matter-expert code reviews before production deployment.

“We are not using AI to replace our software engineers; we’re using it to amplify them. By combining 25 years of engineering discipline with modern AI tooling, we give clients the best of both worlds; pairing the speed of AI with the security, precision, and contextual accuracy enterprises demand.” — Murli Pawar, VP of Technology, SunTec India 

Availability & Engagement

SunTec India’s AI-accelerated digital engineering services are available globally. Organizations looking to build a new product or modernize an old one can schedule a strategy session at info@suntecindia.com.

About SunTec India

SunTec India is an AI-enabled IT and Digital Services provider founded in 1999 and headquartered in New Delhi. Its 1,500+ professionals serve 8,500+ clients across 50 countries, spanning data services, eCommerce, digital engineering, ePublishing, and media handling. Gartner-recognized. CMMI Level 3 and ISO certified.

Contact: Rohit, rohit@suntecindia.com 

 

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Thermoplastic Polyimide Market worth $0.86 billion in 2032 – Exclusive Report by MarketsandMarkets™

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60 minutes ago

on

September 7, 2026

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DELRAY BEACH, Fla., Sept. 7, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Thermoplastic Polyimide Market projected to grow from USD 0.56 billion in 2026 to USD 0.86 billion by 2032, at a CAGR of 7.4% during the forecast period.

Browse 303 market data tables and 70 figures spread through 346 pages and an in-depth TOC on the “Thermoplastic Polyimide Market – Global Forecast to 2032”

Thermoplastic Polyimide Market Size & Forecast:

Market Size Available for Years: 2022-20322026 Market Size: 0.56 billion2032 Projected Market Size: 0.86 billionCAGR (2026-2032): 7.4%

Thermoplastic Polyimide Market Trends & Insights:

The industry is driven by the increasing growth of data creation and cloud computing. With more businesses being set up on cloud services and newer technologies like AI and big data, the processing load and heat generation of data centers increase, and they need proper cooling to operate at their best.Asia Pacific accounted for the largest share of the global thermoplastic polyimide market in 2025, at 35%, and is projected to register a CAGR of 8.3% between 2026 and 2032.By product type, the unfilled thermoplastic polyimide segment is projected to grow at a CAGR of 6.8% during the forecast period.By form, the resin segment is projected to reach the largest market size by 2032, registering a CAGR of 7.4% during the forecast period.By end-use industry, the electrical and electronics segment is projected to grow at a CAGR of 8.3% through 2032.By processing technique, the injection molding segment is projected to have the largest market share.Mitsui Chemicals, SABIC, and Mitsubishi Gas Chemical Company, Inc. were identified as some of the star players in the thermoplastic polyimide market (global), given their strong market share and product footprint.

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The industry is driven by the increasing demand for lightweight, high-temperature materials in aerospace and defense applications. As demand grows for lightweight, high-temperature materials in aerospace and defense applications, thermoplastic polyimide is gaining adoption in components exposed to demanding thermal and mechanical conditions. Growing automotive and industrial applications are also increasing the need for materials that provide high-temperature performance, dimensional stability, chemical resistance, and wear resistance while enabling efficient processing.

The electrical & electronics segment, by end-use industry, is projected to hold the largest share in the thermoplastic polyimide market.

The electrical & electronics segment is projected to hold the largest share of the thermoplastic polyimide industry. Demand is supported by the increasing need for high-temperature, dimensionally stable, and electrically reliable materials. Thermoplastic polyimide is used in applications such as connectors, sockets, wire and cable components, optical components, semiconductor manufacturing equipment, and other precision electronic components. The growing complexity and performance requirements of electronic and electrical components are further driving the adoption of thermoplastic polyimide in applications exposed to demanding thermal and mechanical conditions. As the electrical and electronics industry continues to expand, demand for high-performance thermoplastic polyimide materials is expected to remain strong.

Resin, by form, is expected to account for the largest market share.

The resin segment, by form, is projected to account for the largest share of the thermoplastic polyimide market. This dominance is supported by the broad use of thermoplastic polyimide resin in injection molding and extrusion to produce complex and high-precision components. The material’s high-temperature performance, dimensional stability, mechanical strength, chemical resistance, and wear properties support applications across automotive, industrial machinery, aerospace and defense, and electrical and electronics industries. Thermoplastic polyimide resin is used in components such as bearings, seal rings, thrust washers, oil seals, impellers, wire coatings, films, and precision electronic components. Its ability to maintain performance under elevated temperatures while enabling efficient thermoplastic processing is expected to support continued demand for resin-form thermoplastic polyimide during the forecast period.

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Asia Pacific is the fastest-growing region in the thermoplastic polyimide market.

Asia Pacific is projected to be the fastest-growing region in the thermoplastic polyimide market, supported by expanding electrical and electronics, automotive, and advanced manufacturing activities across the region. Increasing investments in electronics and semiconductor manufacturing, automotive production, and high-value industrial applications are strengthening demand for high-performance materials. The region also has an established presence of thermoplastic polyimide suppliers and expanding manufacturing capabilities, particularly across China, Japan, and South Korea. These factors, together with increasing adoption of lightweight and high-temperature materials, are expected to support rapid growth of the thermoplastic polyimide market in Asia Pacific.

Key Players

Leading players in the thermoplastic polyimide companies are including Mitsui Chemicals (Japan), Sabic (Saudi Arabia), Solver Polyimide (China), Huntsman (US), Mitsubishi Gas Chemical Company, Inc. (Japan), Jiangsu Junhua Hpp Co., Ltd. (China), Changzhou Sunchem New Material Co., Ltd. (China), Wanhua Chemical (China), Arakawa Chemical Industries, Ltd. (Japan), Arkema (France), Evonik (Germany), Allstar Material (China), Jiangsu Qingquan Chemical Co., Ltd. (China), and Kingfa Sci. & Tech. Co., Ltd. (China).

Investment Funding

The thermoplastic polyimide market is seeing increasing investment and financing activity among companies in the market and the broader high-performance materials ecosystem. In 2025, Arkema completed EUR 400 million (approximately USD 464.9 million) undated hybrid bond issuance to diversify its financing resources and mainly refinance an existing hybrid bond. The financing activity reflects continued capital access among major specialty materials companies and supports their broader financial capacity for business development and technology investments. Leading thermoplastic polyimide producers are also expanding their product portfolios and application capabilities to address demand for high-performance materials.

Revenue Shift

The thermoplastic polyimide market is witnessing a gradual shift toward higher value and more specialized applications. Mitsui Chemicals states that the application range of AURUM thermoplastic polyimide is expanding across electrical and electronic components, semiconductor manufacturing equipment, automotive and transportation parts, industrial machinery, films, and aerospace applications. SABIC has also introduced new EXTEM thermoplastic polyimide grades for emerging optical interconnect applications. Wanhua Chemical has developed thermoplastic polyimide products and production capabilities as part of its specialty engineering materials portfolio, indicating increasing participation from Chinese manufacturers in the thermoplastic polyimide market. These developments indicate growing use of thermoplastic polyimide in applications that require high-temperature performance, dimensional stability, electrical properties, and precision processing.

Company Revenue Share Details

The combined market share of the top five players is estimated at approximately 60–70%, indicating a consolidated market. This level of concentration suggests that although leading vendors maintain strong market positions through diversified product portfolios and technological innovation, no single company has established dominant control, leaving ample opportunities for competition and future consolidation. The top five companies include Mitsui Chemicals, Inc., SABIC, Mitsubishi Gas Chemical Company Inc, Wanhua Chemical, and Kingfa Sci. & Tech. The presence of established specialty chemical manufacturers alongside engineering plastics producers reflects the evolving competitive landscape. As demand increases across electrical and electronics, automotive, aerospace & defense, industrial machinery, and other applications, companies are expected to strengthen their positions through product innovation, strategic partnerships, geographic expansion, and acquisitions.

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Browse Adjacent Market: Resins & Polymers Market Research Reports &Consulting

See More Latest Resins & Polymers Industry Reports:

Medical Plastics Market Medical Plastics Market by Type (Standard Plastics, Engineering Plastics, High-performance Plastics), Application (Medical Disposables, Medical Instruments & Devices, Prosthetics & Implants, Drug Delivery, Medical Packaging) – Global Forecast to 2031

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PTFE Market by Form, Application, End-use Industry (Chemical & Industrial Processing, Automotive & Aerospace, Electrical & Electronics, Building & Construction, Consumer Goods), and Region – Global Forecast to 2031

Acrylic Emulsion Market by Type (Pure Acrylic Emulsion, Polymer & Copolymer Acrylic Emulsion), Application (Paints & Coatings, Adhesives & Sealants, Construction Additives, Paper Coatings) and Region – Global Forecast to 2031

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About MarketsandMarkets™  

MarketsandMarkets™ has been recognized as one of America’s Best Management Consulting Firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

MarketsandMarkets™ SalesPlay is an AI-driven Revenue Intelligence Co-Pilot designed to help revenue teams prioritize the right accounts, identify critical changes early, and surface opportunities ahead of demand, so pipeline builds naturally and deals close with greater consistency.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
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Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
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