Published on 8 May 2024 on Zacks via Yahoo Finance

iRobot (IRBT) Incurs Narrower-Than-Expected Net Loss in Q1

iRobot Corporation IRBT reported first-quarter 2024 adjusted loss of $1.53 per share, narrower than the Zacks Consensus Estimate of a loss of $2.03. The reported figure compares favorably with the year-ago quarter’s net loss of $1.67.

Revenue Details

iRobot generated revenues of $150 million in the reported quarter, beating the Zacks Consensus Estimate of $139 million. On a year-over-year basis, revenues decreased 6.4% due to lower sales across all product categories.Sales derived from premium and mid-tier robots accounted for 81% of IRBT’s total robot revenues, lower than 88% in the year-ago quarter.Total product units of 456 thousand were shipped in the quarter under review, reflecting a year-over-year increase of 4.6%, while average selling prices decreased 13.9%.For solo and other products, revenues of $94 million reflected a decline of 30.4% year over year. Units shipped were 267 thousand, down 28.4% year over year.Revenues from 2-in-1 products increased 124% year over year to $56 million. Units shipped were 189 thousand, up from 63 thousand recorded in the year-ago quarter.On a regional basis, iRobot sourced 45.9% of revenues from domestic operations and the rest came from the international arena. Domestic revenues totaled $68.9 million, reflecting a 4.3% fall on a year-over-year basis. International revenues decreased 8.2% year over year to $81.1 million.