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iRobot Reports Third-Quarter 2024 Financial Results

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Continues to Make Progress on “iRobot Elevate” Strategy

Revises Full-year 2024 Outlook

BEDFORD, Mass., Nov. 6, 2024 /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the third quarter ended September 28, 2024.

“We continue to make progress on our turnaround strategy,” said Gary Cohen, iRobot’s CEO. “In the third quarter, we expanded our non-GAAP gross margin by 590 basis points year over year and improved our use of operating cash. However, our overall results did not meet the expectations we set in August, as persistent market segment and competitive headwinds impacted our sell-through performance. Although we now expect it will take more time to stabilize our revenue trend, we are on track to exceed our operating expense targets for the year, while at the same time continuing to invest in areas that are expected to drive growth.

“Our ongoing restructuring has fundamentally changed the way we innovate, develop and build our robots, which is central to improving our performance and generating long-term shareholder value. With the benefit of lower operating costs, we expect to enhance margins and improve profitability in 2025.

“As we move forward in this new chapter in iRobot’s history, one thing is abundantly clear: we have a powerful brand that will serve as the foundation for the turnaround of this Company. That brand power is at the heart of our turnaround strategy, iRobot Elevate. In executing that strategy, we are focused on providing our iconic brand with an improved platform to drive long-term profitable growth.”

Third-Quarter 2024 Financial Results (in millions, except per share amounts and percentages)

Q3 2024

Q3 2023

Revenue

$193.4

$186.2

GAAP Gross Margin

32.2 %

25.8 %

Non-GAAP Gross Margin

32.4 %

26.5 %

GAAP Operating Expenses

$55.1

$107.5

Non-GAAP Operating Expenses

$47.7

$90.1

GAAP Operating Income (Loss)

$7.3

($59.5)

Non-GAAP Operating Income (Loss)

$15.1

($40.6)

GAAP Net Loss Per Share

($0.21)

($2.86)

Non-GAAP Net Income (Loss) Per Share*

$0.03

($2.82)

*Beginning in the fourth quarter of fiscal 2023, the Company updated its calculation of non-GAAP financial measures to no longer exclude “IP litigation expense, net.” The metrics are presented in accordance with this updated methodology. As a result, the third quarter ended September 30, 2023 differs from those previously presented by the amount of IP litigation expense, net recorded in such period.

Additional Financial Highlights 

The Company increased non-GAAP gross margin in the third quarter by 590 basis points year over year as a result of its restructuring and iRobot Elevate initiatives.As of September 28, 2024, the Company’s cash and cash equivalents totaled $99.4 million, compared with $108.5 million as of the end of the second quarter of 2024. The Company also had an additional $41.1 million restricted cash set aside for future repayment of its term loan, subject to limited rights for inventory purchases, of which $40.0 million was drawn down at the close of the third quarter and received in the fourth quarter.As of September 28, 2024, the Company’s inventory totaled $149.2 million, compared with $244.5 million as of the end of the third quarter of 2023.During the third quarter, the Company sold 0.2 million shares under its at-the-market (ATM) offering program for total net proceeds of $1.4 million. At quarter end, the Company had $79.6 million remaining under its $100 million ATM offering program.As of September 28, 2024, iRobot had reduced its total headcount by 41% since year-end 2023.In the third quarter of 2024, revenue increased 23% in the U.S., declined 20% in Japan, and declined 11% in EMEA over the prior-year period. Excluding the unfavorable foreign currency impact, Japan revenue decreased 15% over the prior-year period.Revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 79% of total robot sales in the third quarter of 2024, compared with 80% in the same period last year.

Marketing Highlights 

iRobot introduced the 2-in-1 Roomba Combo 2 Essential robot globally and Roomba Vac 2 Essential robot in North America. These robots are the first in the Company’s affordable Essential series that automatically empty their dustbins into the AutoEmpty dock after cleaning. The robots also provide twice the cleaning power of the original Essential series, include an enhanced bumper design to more seamlessly navigate floor space, and have the ability to recharge and resume during cleaning missions.In August, iRobot launched the Roomba Combo 10 Max in Japan, earning positive coverage in media outlets including Nikkei, NHK and Gizmodo.iRobot Roomba Combo Essential received the PCMag Editor’s Choice designation.iRobot products received favorable media coverage across the globe, including from CBS News, Engadget, The Verge, Tom’s Guide, ZDNet, The Ambient, and Europa Press.Roomba was a featured product in Amazon’s Prime Big Deal Days event in October. iRobot’s products received Prime Big Deal Day related media coverage in outlets including Good Morning America, NBC Select, The Sun, Frandroid and El Confidencial.

Fourth-Quarter and Full-Year 2024 Outlook

iRobot is providing GAAP and non-GAAP financial expectations for the fourth quarter ending December 28, 2024 and updating the full-year 2024 outlook it provided on August 7, 2024. A detailed reconciliation between the Company’s GAAP and non-GAAP expectations is included in the financial tables that appear at the end of this press release.

Fourth Quarter 2024:

Metric

GAAP

Adjustments

Non-GAAP

Revenue

$175 – $200 million

$175 – $200 million

Gross Margin

24% – 27%

~0%

24% – 27%

Operating Loss

($43) – ($34) million

~$12 million

($31) – ($22) million

Net Loss Per Share

($1.88) – ($1.58)

~$0.38

($1.50) – ($1.20)

Fiscal Year 2024:

Metric

GAAP

Adjustments

Non-GAAP

Revenue

$685 – $710 million

$685 – $710 million

Gross Margin

25% – 26%

~0%

25% – 26%

Operating Loss

($84) – ($75) million

~($20) million

($104) – ($95) million

Net Loss Per Share

($4.27) – ($3.96)

~($0.64)

($4.91) – ($4.60)

Third-Quarter 2024 Results Conference Call

On November 6, the Company will host a live conference call and webcast to review its financial results and discuss its outlook. The conference call details are as follows:

Date: Wednesday, November 6, 2024
Time: 8:30 a.m. ET
Call-In Number: 800-274-8461 (Alternate: 203-518-9814)
Conference ID: IRBTQ324

A live webcast of the conference call will be accessible on the event section of the Company’s website at https://investor.irobot.com/financial-information/quarterly-results. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event.

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 fourth quarter and fiscal year 2024 revenue, gross margin, operating (loss) income and net (loss) income per share, as well as fiscal year 2025 operating costs, margins and profitability; executing on the Company’s iRobot Elevate strategy; stabilization of revenue trends; and the Company’s business plans and strategies and the anticipated impact thereof. 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) the Company’s ability to realize the benefits of its operational restructuring; (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 operational 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 the Red Sea conflict; (xiii) the financial strength of our 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 nine months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Revenue

$               193,435

$               186,176

$               509,811

$               583,036

Cost of revenue:

Cost of product revenue

131,058

137,888

383,865

443,932

Amortization of acquired intangible assets

292

864

Total cost of revenue

131,058

138,180

383,865

444,796

Gross profit

62,377

47,996

125,946

138,240

Operating expenses:

Research and development

19,630

37,336

76,739

116,576

Selling and marketing

29,270

41,558

98,966

139,630

General and administrative

3,232

28,270

(33,552)

85,116

Restructuring and other

1,922

152

24,298

8,236

Amortization of acquired intangible assets

1,066

174

1,405

529

Total operating expenses

55,120

107,490

167,856

350,087

Operating income (loss)

7,257

(59,494)

(41,910)

(211,847)

Other expense, net

(12,548)

(19,113)

(24,583)

(24,217)

Loss before income taxes

(5,291)

(78,607)

(66,493)

(236,064)

Income tax expense

1,080

598

1,917

5,053

Net loss

$                  (6,371)

$                (79,205)

$                (68,410)

$              (241,117)

Net loss per share:

Basic

$                    (0.21)

$                    (2.86)

$                    (2.34)

$                    (8.73)

Diluted

$                    (0.21)

$                    (2.86)

$                    (2.34)

$                    (8.73)

Number of shares used in per share calculations:

Basic

30,348

27,738

29,276

27,608

Diluted

30,348

27,738

29,276

27,608

Stock-based compensation included in above figures:

Cost of revenue

$                      387

$                      838

$                   1,486

$                   2,226

Research and development

1,296

3,355

4,994

8,737

Selling and marketing

903

1,384

3,403

4,221

General and administrative

2,894

3,798

8,054

10,696

Total

$                   5,480

$                   9,375

$                 17,937

$                 25,880

 

 iRobot Corporation

 Condensed Consolidated Balance Sheets

 (unaudited, in thousands)

September 28, 2024

December 30, 2023

 Assets

 Cash and cash equivalents

$                       99,447

$                   185,121

 Restricted cash

41,082

 Accounts receivable, net

101,326

79,387

 Inventory

149,156

152,469

 Other current assets

32,774

48,513

Total current assets

423,785

465,490

 Property and equipment, net

25,405

40,395

 Operating lease right-of-use assets

15,137

19,642

 Deferred tax assets

9,093

8,512

 Goodwill

175,928

175,105

 Intangible assets, net

3,635

5,044

 Other assets

16,932

19,510

Total assets

$                     669,915

$                   733,698

 Liabilities and stockholders’ equity

 Accounts payable

$                     195,133

$                   178,318

 Accrued expenses

88,384

97,999

 Deferred revenue and customer advances

9,121

10,830

Total current liabilities

292,638

287,147

 Term loan

186,713

201,501

 Operating lease liabilities

22,892

27,609

 Other long-term liabilities

17,510

20,954

Total long-term liabilities

227,115

250,064

Total liabilities

519,753

537,211

 Stockholders’ equity

150,162

196,487

Total liabilities and stockholders’ equity

$                     669,915

$                   733,698

 

 iRobot Corporation

Consolidated Statements of Cash Flows

 (unaudited, in thousands)

For the nine months ended

September 28, 2024

September 30, 2023

Cash flows from operating activities:

Net loss

$                (68,410)

$              (241,117)

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

Depreciation and amortization

16,912

21,367

Loss on equity investment

375

3,910

Stock-based compensation

17,937

25,880

Provision for inventory excess and obsolescence

11,800

1,740

Change in fair value of term loan

13,515

5,292

Debt issuance costs expensed under fair value option

529

11,837

Deferred income taxes, net

(651)

4,115

Other

(6,318)

(8,618)

Changes in operating assets and liabilities — (use) source

Accounts receivable

(22,073)

(7,943)

Inventory

(10,539)

32,935

Other assets

15,598

12,544

Accounts payable 

16,674

28,904

Accrued expenses and other liabilities

(15,825)

(4,483)

Net cash used in operating activities

(30,476)

(113,637)

Cash flows from investing activities:

Additions of property and equipment

(118)

(3,132)

Purchase of investments

(56)

(213)

Net cash used in investing activities

(174)

(3,345)

Cash flows from financing activities:

Proceeds from employee stock plans

9

Income tax withholding payment associated with restricted stock vesting

(491)

(1,924)

Proceeds from issuance of common stock, net of issuance costs

19,359

Repayment of term loan

(34,947)

Proceeds from term loan

200,000

Payment of debt issuance costs

(529)

(11,837)

Net cash (used in) provided by financing activities

(16,608)

186,248

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

1,251

4,193

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

(46,007)

73,459

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

187,887

117,949

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

$               141,880

$               191,408

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

Cash and cash equivalents

$                 99,447

$               189,649

Restricted cash

41,082

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

1,351

1,759

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

$               141,880

$               191,408

 

 iRobot Corporation

Supplemental Information

(unaudited)

For the three months ended

For the nine months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Revenue by Geography: *

    Domestic

$               105,137

$                 85,781

$               258,398

$               288,725

    International

88,298

100,395

251,413

294,311

Total

$               193,435

$               186,176

$               509,811

$               583,036

Robot Units Shipped *

    Solo and other

287

446

854

1,492

    2-in-1

445

181

908

403

Total

732

627

1,762

1,895

Revenue by Product Category **

    Solo and other

$                        83

$                      126

$                      268

$                      449

    2-in-1

110

60

242

134

Total

$                      193

$                      186

$                      510

$                      583

Average gross selling prices for robot units

$                      313

$                      331

$                      329

$                      354

Headcount

661

1,126

* in thousands

** in millions

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. It also includes business combination adjustments including adjustments after the measurement period has ended. During the first quarter of fiscal 2024, the adjustment included the one-time net termination fee received as a result of the termination of the iRobot-Amazon Merger. 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.

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 and related costs, charges related to paused work unrelated to our core business, costs associated with the Chief Executive Officer transition and other non-recurring costs directly associated with resource realignments tied to strategic initiatives or changes in business conditions. We exclude these items 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. 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.

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 the non-GAAP profitability and other factors. We also exclude certain tax items, including the impact from stock-based compensation windfalls/shortfalls, which are not reflective of income tax expense incurred as a result of current period earnings. 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 nine months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

 GAAP Revenue

$               193,435

$               186,176

$               509,811

$               583,036

 GAAP Gross Profit

$                 62,377

$                 47,996

$               125,946

$               138,240

Amortization of acquired intangible assets

292

864

Stock-based compensation

387

838

1,486

2,226

Net merger, acquisition and divestiture expense

288

898

 Non-GAAP Gross Profit

$                 62,764

$                 49,414

$               127,432

$               142,228

 GAAP Gross Margin

32.2 %

25.8 %

24.7 %

23.7 %

 Non-GAAP Gross Margin

32.4 %

26.5 %

25.0 %

24.4 %

 GAAP Operating Expenses

$                 55,120

$               107,490

$               167,856

$               350,087

Amortization of acquired intangible assets

(1,066)

(174)

(1,405)

(529)

Stock-based compensation 

(5,093)

(8,537)

(16,451)

(23,654)

Net merger, acquisition and divestiture income (expense)

656

(8,564)

74,813

(21,991)

Restructuring and other

(1,922)

(152)

(24,298)

(8,236)

 Non-GAAP Operating Expenses*

$                 47,695

$                 90,063

$               200,515

$               295,677

 GAAP Operating Expenses as a % of GAAP Revenue

28.5 %

57.7 %

32.9 %

60.0 %

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

24.7 %

48.4 %

39.3 %

50.7 %

 GAAP Operating Income (Loss)

$                   7,257

$                (59,494)

$                (41,910)

$              (211,847)

Amortization of acquired intangible assets

1,066

466

1,405

1,393

Stock-based compensation

5,480

9,375

17,937

25,880

Net merger, acquisition and divestiture (income) expense

(656)

8,852

(74,813)

22,889

Restructuring and other

1,922

152

24,298

8,236

 Non-GAAP Operating Income (Loss)*

$                 15,069

$                (40,649)

$                (73,083)

$              (153,449)

 GAAP Operating Margin

3.8 %

(32.0) %

(8.2) %

(36.3) %

 Non-GAAP Operating Margin*

7.8 %

(21.8) %

(14.3) %

(26.3) %

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 nine months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

 GAAP Income Tax Expense

$                   1,080

$                      598

$                   1,917

$                   5,053

Tax effect of non-GAAP adjustments

650

32,045

1,667

565

Other tax adjustments

(203)

(1,638)

(811)

(4,150)

 Non-GAAP Income Tax Expense

$                   1,527

$                 31,005

$                   2,773

$                   1,468

 GAAP Net Loss

$                  (6,371)

$                (79,205)

$                (68,410)

$              (241,117)

Amortization of acquired intangible assets

1,066

466

1,405

1,393

Stock-based compensation

5,480

9,375

17,937

25,880

Net merger, acquisition and divestiture (income) expense

(656)

8,852

(74,813)

22,889

Restructuring and other

1,922

152

24,298

8,236

Loss on strategic investments

758

375

3,910

Debt issuance costs

52

11,837

529

11,837

Income tax effect

(447)

(30,407)

(856)

3,585

 Non-GAAP Net Income (Loss)*

$                   1,046

$                (78,172)

$                (99,535)

$              (163,387)

 GAAP Net Loss Per Diluted Share

$                    (0.21)

$                    (2.86)

$                    (2.34)

$                    (8.73)

Amortization of acquired intangible assets

0.03

0.02

0.05

0.05

Stock-based compensation

0.18

0.34

0.61

0.93

Net merger, acquisition and divestiture (income) expense

(0.02)

0.32

(2.55)

0.83

Restructuring and other

0.06

0.83

0.30

Loss on strategic investments

0.03

0.01

0.14

Debt issuance costs

0.43

0.02

0.43

Income tax effect

(0.01)

(1.10)

(0.03)

0.13

 Non-GAAP Net Income (Loss) Per Diluted Share*

$                     0.03

$                    (2.82)

$                    (3.40)

$                    (5.92)

Number of shares used in diluted per share calculation

30,551

27,738

29,276

27,608

Supplemental Information

Days sales outstanding

48

36

GAAP Days in inventory

104

161

Non-GAAP Days in inventory(1)

104

163

* Beginning in the fourth quarter of fiscal 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 third quarter and the nine months ended September 30, 2023 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 Reconciliation of Fourth Quarter and Full Year 2024 GAAP to Non-GAAP Guidance

(unaudited)

Q4-24

FY-24

GAAP Gross Profit

$42 – $54 million

$168 – $179 million

Stock-based compensation

~$0 million

~$2 million

Total adjustments

~$0 million

~$2 million

Non-GAAP Gross Profit

$42 – $54 million

$170 – $181 million

Q4-24

FY-24

GAAP Gross Margin

24% – 27%

25% – 26%

Stock-based compensation

~0%

~0%

Total adjustments

~0%

~0%

Non-GAAP Gross Margin

24% – 27%

25% – 26%

Q4-24

FY-24

GAAP Operating Expenses

$85 – $86 million

$252 – $254 million

Amortization of acquired intangible assets

~($0) million

~($2) million

Stock-based compensation

~($6) million

~($23) million

Net merger, acquisition and divestiture income (expense)

~$75 million

Restructuring and other

~($5) million

~($29) million

Total adjustments

~($11) million

~$22 million

Non-GAAP Operating Expenses

$74 – $75 million

$274 – $276 million

Q4-24

FY-24

GAAP Operating Loss

($43) – ($34) million

($84) – ($75) million

Amortization of acquired intangible assets

~$0 million

~$2 million

Stock-based compensation

~$7 million

~$25 million

Net merger, acquisition and divestiture expense (income)

~($75) million

Restructuring and other

~$5 million

~$29 million

Total adjustments

~$12 million

~($20) million

Non-GAAP Operating Loss

($31) – ($22) million

($104) – ($95) million

Q4-24

FY-24

GAAP Net Loss Per Share

($1.88) – ($1.58)

($4.27) – ($3.96)

Amortization of acquired intangible assets

~$0.01

~$0.05

Stock-based compensation

~$0.22

~$0.83

Net merger, acquisition and divestiture expense (income)

~($2.53)

Restructuring and other

~$0.15

~$0.98

Loss on strategic investments

~$0.01

Debt issuance costs

~$0.02

Income tax effect

~$0

~$0

Total adjustments

~$0.38

~($0.64)

Non-GAAP Net Loss Per Share

($1.50) – ($1.20)

($4.91) – ($4.60)

Number of shares used in per share calculations*

~30.6 million

~29.6 million

* Number of shares does not include any additional issuances under our ATM

Certain numbers may not total due to rounding

 

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SOURCE iRobot Corporation

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BinBase Launches 2026 BIN Database Featuring 6-11 Digit Waterfall Lookup for High-Precision Payment Routing

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BinBase introduces its upgraded 2026 BIN Database, offering 3.2M+ card ranges, 29 granular data attributes, and extended 8-11 digit accuracy to eliminate false-positives and optimize routing for global fintechs.

MIAMI, July 21, 2026 /PRNewswire-PRWeb/ — BinBase, a provider of payment intelligence and card issuing data, has announced the official release of its updated 2026 BIN Database. Engineered for payment gateways, acquiring banks, fraud prevention platforms, and e-commerce platforms, the updated dataset solves critical routing inaccuracies caused by the industry-wide shift from legacy 6-digit BINs to extended 8-to-11-digit card ranges.

Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the surgical precision developers need for cost-effective payment routing.

Since ISO/IEC 7812 expanded the standard Bank Identification Number (BIN) length to 8 digits, traditional 6-digit lookup tables have struggled to correctly identify modern card profiles. This leads to false positives, misidentified interchange fees, and failed transactions. BinBase addresses this challenge by introducing a multi-tiered database structure supporting up to 11-digit precision, alongside a recommended “Waterfall Lookup Algorithm.”

To ensure 100% routing and verification accuracy, the Waterfall method executes a descending search sequence: checking 11-digit BIN ranges down through 10, 9, 8, 7, and 6 digits until an exact match is resolved.

Key technical specifications of the 2026 BinBase release include:

Over 3.2 Million Card Ranges: Full global coverage including Visa, Mastercard, Amex, Discover, UnionPay, JCB, and regional networks.Extended Precision: Over 88% of the dataset consists of high-precision ranges (8–11 digits) to accurately isolate sub-brands, currencies, and card tiers.29 Granular Attributes: Beyond core issuer data, the database features advanced parameters including Durbin Regulation status, US Debit/ATM network routing (STAR, NYCE), Fast Funds (Visa Direct / Mastercard MoneySend indicators), commercial Level 2/Level 3 data, and digital wallet token ranges (Apple Pay / Google Pay).

“Modern payment processing requires surgical precision,” said a spokesperson for Damiko Inc. “Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the underlying intelligence developers need to build resilient, cost-effective payment infrastructure.”

Developers and payment teams can evaluate the full 29-field database schema, review integration examples, and download a free 2026 sample dataset on the official GitHub repository.

To learn more about full commercial licensing options, instant CSV downloads, and custom API delivery, visit BinBase.

About Damiko Inc

Damiko Inc is a US-based fintech data provider specializing in card issuer analytics, payment routing data, and global BIN database solutions. Operating through its flagship product, BinBase.com, the company supplies high-precision transaction intelligence to help merchants and payment facilitators worldwide optimize approval rates and mitigate fraud.

Media Contact

Fedor Lavrikoff, BinBase, 1 +17866133333, sales@binbase.com, htttps://www.binbase.com 

View original content:https://www.prweb.com/releases/binbase-launches-2026-bin-database-featuring-6-11-digit-waterfall-lookup-for-high-precision-payment-routing-302829291.html

SOURCE BinBase

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Redington Limited and AutomationEdge Announce Strategic Partnership to Accelerate Enterprise Automation and Agentic AI Adoption

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MUMBAI, India, July 22, 2026 /PRNewswire/ — Redington, a leading technology aggregator and innovation catalyst, and AutomationEdge, a leading Agentic Process Automation platform for global enterprises, have announced a strategic partnership to accelerate the adoption of enterprise automation and Agentic AI. The collaboration brings together Redington’s extensive distribution ecosystem and partner network with AutomationEdge’s enterprise-grade Agentic Process Automation platform to enable faster, scalable, and outcome-driven digital transformation for organizations.

As a part of the partnership, AutomationEdge’s portfolio of AI Agents and automation solutions is now available through the Redington AI Exchange Marketplace, enabling partners and customers to easily discover, evaluate, and deploy enterprise-ready AI solutions. This availability significantly reduces the time required to adopt AI-driven automation and provides organizations with access to proven use cases that can deliver measurable business outcomes.

The partnership is focused on delivering solution-led automation offerings that simplify adoption for enterprises and channel partners. By combining Redington’s go-to-market reach with AutomationEdge’s 10x automation capabilities, the two organizations aim to help businesses move from fragmented automation initiatives to enterprise-wide orchestration—driving efficiency, agility, and operational excellence.

Through this collaboration, both companies will jointly promote pre-built automation and AI Agent solutions across key business functions, including banking operations, insurance processes, IT / HR operations, customer service, and finance functions. These solutions include ready-to-deploy workflows, AI Agents, demonstration environments, and implementation frameworks designed to accelerate deployment and reduce complexity.

The partnership will also include joint go-to-market initiatives such as partner enablement programs, co-branded workshops, solution showcases, and proof-of-concept (PoC) engagements. These initiatives are designed to equip Redington partners with the knowledge, tools, and support needed to successfully position, sell, and implement AI-powered automation solutions for enterprise and mid-market customers.

Sayantan Dev, Global Head, Software Solutions Group, Redington, said, “The next phase of AI adoption will be defined by execution. Through the Redington AI Exchange Marketplace, we are bringing together the technologies and ecosystem needed to help partners deliver real business outcomes at scale. AutomationEdge’s Agentic AI and automation capabilities strengthen our ability to enable customers to accelerate AI adoption with greater speed, governance, and confidence.”

Prasad Likhite, Chief Sales Officer of AutomationEdge, said, “We are delighted to strengthen our partnership with Redington and accelerate the adoption of next-generation enterprise automation and Agentic AI solutions across the market. The availability of AutomationEdge AI Agents through the Redington AI Exchange Marketplace marks an important milestone in democratizing AI-led transformation, enabling enterprises to rapidly scale intelligent automation initiatives with speed, agility, and measurable business impact. At the same time, it creates significant opportunities for partners to drive innovation, unlock new revenue streams, and deliver greater value to their customers.”

The collaboration also emphasizes localized support, implementation expertise, and customer success services, ensuring that organizations can seamlessly deploy, manage, and scale automation initiatives. By leveraging Redington’s strong partner ecosystem and AutomationEdge’s deep expertise in automation and Agentic AI, the partnership is well-positioned to address the evolving needs of modern enterprises.

As organizations increasingly prioritize productivity, operational efficiency, and AI-led transformation, this partnership marks a significant step toward making enterprise automation and Agentic AI more accessible, scalable, and impactful across industries.

 About Redington

Redington Limited (NSE: REDINGTON) (BSE: 532805), a leading technology solutions provider, empowers businesses in their digital transformation journeys. Guided by its brand narrative “Unlock Next”, Redington goes beyond distribution to remove barriers, accelerate digital adoption, and unlock access, growth, trust, efficiency, and impact—helping businesses, communities, and societies embrace what’s next in technology

About AutomationEdge

AutomationEdge is a leading Agentic Process Automation platform for global enterprises. Its platform enables organizations to automate complex business processes, deploy AI Agents at scale, improve operational efficiency, and accelerate digital transformation initiatives across industries.

Media Contact:
Rahul Wandile
rahul.wandile@automationedge.com

 

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Applied Intuition Launches Dana, the Agentic Platform for Physical AI

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New platform pairs agentic AI with the tooling, data, infrastructure and domain expertise Applied Intuition has built over nearly a decade to speed the safe development of intelligent machines for the physical world.

Dana is the first agentic platform for building, testing, deploying and operating physical AI systems across industries.Built on nearly a decade of Applied Intuition’s tooling, infrastructure, workflows and engineering expertise, Dana is purpose-built for safety-critical systems operating in the physical world.Dana helps companies build physical AI applications for any industry or use case, from autonomy and software-defined vehicles to fleet operations, robotics, construction, mining and intelligent in-vehicle experiences.Dana has already reduced critical phases of vehicle development from months to days in internal and select customer deployments.

SUNNYVALE, Calif., July 22, 2026 /PRNewswire/ — Applied Intuition, Inc., a leader in physical AI, today announced the launch of Dana, the first agentic platform for building, testing, deploying and operating physical AI systems across industries. Dana combines the power of agentic AI and rapid application development with nearly a decade of Applied Intuition’s tooling, infrastructure and engineering knowledge. The result is a unified system that accelerates the development of intelligent machines in the physical world.

“We believe physical AI will become one of the defining technologies of this century,” said Qasar Younis, co-founder and CEO of Applied Intuition. “Our ambition is to help bring intelligence to a billion machines, and Dana is the platform we built to make that possible.”

Unlike general-purpose AI tools designed primarily for digital workflows, Dana is built for the complexities of machines operating in the physical world. Dana comes with all the platform capabilities needed to build and deploy safety-critical physical AI applications, including data, visualization and tooling, as well as the evaluation, traceability and governance these systems require. The platform was designed to work across industries and with a wide range of use cases, from software-defined vehicle development and advanced driver assistance systems (ADAS) to mining and construction operations, truck fleet management, robotics and intelligent in-vehicle experiences. With Dana, customers can:

Deploy Applied Intuition’s reference applications — spanning autonomy, fleet operations, and more — or build their own.Use both natural language and command-line interfaces to complete complex development tasks more intuitively and accelerate iteration cycles across teams and systems.Integrate the platform with enterprise systems and collaboration tools, like Slack and Jira, helping organizations connect fragmented engineering and operational workflows while embedding agentic capabilities across the development process.

Applied Intuition has used Dana internally since last year, building and delivering solutions on the platform for long-standing customers across automotive, trucking, mining, and agriculture. Dana’s agent-driven workflows have reduced critical phases of vehicle development timelines from months to days in some cases. Applied Intuition has offered limited, early access to select customers, including heavy-equipment manufacturer Komatsu and Isuzu Motors, who is using the platform to accelerate L4 autonomy for its fleet of commercial trucks.

“We’ve been impressed by how Dana can streamline complex engineering workflows and accelerate development,” said Yasuhiro Yazawa, Director, Isuzu Motors Limited, Japan. “Dana gives our engineering teams greater confidence to develop, track and deploy safe autonomous-vehicle capabilities at a much faster pace.”

“Applied Intuition has been a valuable technology partner as we continue advancing the digital capabilities that support the next generation of mining equipment and solutions,” said Peter Salditt, CEO, Komatsu Mining. “Dana represents another step forward, bringing intelligent, agentic capabilities into our engineering workflows to help our teams innovate faster, improve efficiency and ultimately create greater value for our customers’ operations.”

Dana is designed to help companies keep up with the fundamental shift now underway across industries. As autonomous vehicles, robots and industrial systems become more capable, manufacturers need a more integrated way to build, validate and deploy them safely. Dana gives teams a faster path from idea to production, and the confidence to put increasingly intelligent machines into the real world.

The future of AI is physical. Dana was built for it.

To learn more about Dana and Applied Intuition’s physical AI platform, visit AppliedIntuition.com.

About Applied Intuition
Applied Intuition, Inc. is powering the future of physical AI. Founded in 2017 and now valued at $15 billion, the Silicon Valley company is creating the digital infrastructure needed to bring intelligence to every moving machine on the planet. Applied Intuition services the automotive, defense, trucking, construction, mining and agriculture industries in three core areas: tools and infrastructure, operating systems, and autonomy. Eighteen of the top 20 global automakers, as well as the United States military and its allies, trust the company’s solutions to deliver physical intelligence. Applied Intuition is headquartered in Sunnyvale, California, with nearly two dozen offices across the globe, including in London, Munich, Tokyo, Seoul, and the Washington, D.C. metro area. Learn more at applied.co or press@applied.co.

View original content:https://www.prnewswire.com/apac/news-releases/applied-intuition-launches-dana-the-agentic-platform-for-physical-ai-302831516.html

SOURCE Applied Intuition, Inc.

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