A Complete Guide to BERT with Code

Why Shares Of Roomba-maker IRobot Just Hit An All-time Low

The maker of the Roomba autonomous vacuum, iRobot, has suffered over the past few years from slumping sales, failed new products, and an aborted takeover attempt by Amazon.

On Wednesday morning, iRobot's stock price hit an all-time low of $3.63, down more than 40 percent, after the company said in a quarterly earnings report there was "substantial doubt" it could survive on its own for another 12 months. The shares closed at $4.06, down 36 percent on the day. Amazon last year abandoned its $1.7 billion bid to acquire the Bedford-based company amid pressure from antitrust regulators opposed to the deal.

Sales in iRobot's fourth quarter dropped to $172 million, just over half its quarterly sales a year earlier, the company said. A net loss of $77 million increased 21 percent from a year ago.

Chief executive Gary Cohen, who took over last year after cofounder Colin Angle stepped down, has tried to slash expenses and refocus iRobot on its core consumer vacuum market. Since Angle left, the company has cut hundreds of jobs and dropped product lines for robotic lawnmowers and air purifiers that never took off. This week, iRobot introduced a handful of new vacuum models, including a $1,000 model with dual spinning mops that uses lidar to navigate.

"We remain committed to growing and evolving our business across smart home categories amidst a dynamic operating landscape," Cohen said in a statement.

More than 20 years after iRobot introduced the Roomba as one of the first automated vacuum cleaners, the company has been getting squeezed between Chinese competitors undercutting iRobot on price while at the higher end, companies like Samsung and SharkNinja have been adding higher tech features.

Amid the challenging market, the company's board of directors hired financial advisers from Canaccord Genuity and BofA Securities for a "strategic review" of the options, ranging from a restructuring of debt to a complete sale, the company said Wednesday.

Aaron Pressman can be reached at aaron.Pressman@globe.Com. Follow him @ampressman.

Roomba Maker IRobot Doubts It Can Survive The Next 12 Months

The big picture: iRobot, best known for its Roomba brand of robotic vacuum cleaners and floor mops, was a pioneer in the early days of home autonomy. For a while, the Roomba name itself became synonymous with robotic vacuums and many erroneously thought it was actually the company's name. Now, iRobot has warned investors that it might not survive the next 12 months as it continues to explore the possibility of a sale or a strategic partnership.

iRobot's success spawned a whole new industry, and it didn't take long for competitors to bring rival cleaning bots to market – often at lower price points or with more features. In the midst of a shifting landscape, iRobot in the summer of 2022 agreed to sell its business to Amazon as part of an all-cash deal valued at $1.7 billion, or $61 per share. At the time, the deal represented a 22 percent premium over iRobot's share price.

The good times, however, would not last. Roughly a year and a half later, Amazon terminated what would have been its fourth largest acquisition at that time. It was the first time the Bezos-founded e-commerce giant had failed to complete a purchase, and it all came down to regulation. In short, Amazon did not believe it had a path to gaining approval from European Union regulators. As we've seen in the past, it's often better to cut your losses than to try and fight a regulatory battle.

It's mostly been a downhill journey ever since. Last year, iRobot laid off more than half of its workforce as part of a restructuring that also involved lowering sales and marketing expenses through consolidation, and decreasing inventory and cash outflow.

Revenue for the fourth quarter of 2024 reached $172.9 million, down 44 percent from $307.5 million during the same period a year ago. Full-year revenue dipped to $681.8 million, down from $890.6 million in 2023. Shares in iRobot, which once topped out at around $133 in 2021, are currently trading for just $4.06.

Image credit: Frank Minjarez, Kindel Media

Leave Spring Cleaning To The Robots With 48% Off The IRobot Roomba

New York Post may be compensated and/or receive an affiliate commission if you click or buy through our links. Featured pricing is subject to change.

It's been said that hardship, even in small doses, builds character.

This is a common justification for the infliction of chore duty upon children by their parents. But you're an adult now, we'd hazard to guess. Haven't you built enough character over the years? Must you keep plowing on through your chores? There must be a point, certainly, when one's character has been shaped enough.

Enter the iRobot Roomba Vac Robot Vacuum, a machine that's ready and able to assume a ton of character-building moments on your behalf. Available for over $100 off today on Amazon, this high-powered robot vacuum cleaner comes equipped with a powerful 3-stage Cleaning System that pulls in dirt, debris, and pet hair from wherever it hides.

Leave spring cleaning to the robots, with a little help from Amazon.

Amazon

The iRobot Roomba Vac Robot Vacuum offers advanced cleaning with smart navigation, automatically adjusting to various floor types. Its compact design and powerful suction efficiently pick up dirt, dust, and pet hair. Compatible with voice assistants, it can be controlled remotely via app. The Roomba's self-charging feature ensures it's always ready for the next cleaning session. Best of all? It's available for 48% off today on Amazon.

This article was written by P.J. McCormick, New York Post Commerce Deals Writer/Reporter. P.J. Is an expert deal-finder, sifting through endless brands and retailers to deliver only the best savings opportunities on truly worthwhile products. P.J. Finds Prime Day-worthy deals all year long on some of our favorite products we've tested and our readers' beloved best-sellers, from Wayfair furniture sales to the lowest prices on Apple AirPods. P.J. Has been scouring sales for Post Wanted shoppers since 2022 and previously held positions at Rolling Stone, Pitchfork and Hyperallergic. Please note that deals can expire, and all prices are subject to change.

Hunting for a headline-worthy haul? Keep shopping with Post Wanted.

---