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Robotics firm iRobot, originator of the robotic vacuum Roomba facing stiff competition from lower-priced competitors, told investors Tuesday that there was "substantial doubt" about the company's survival "as a going concern" in the next year or so.
Investors took iRobot at its word, and its stock price had fallen nearly 40 percent as of 10:20 am Wednesday from the day before. The dire accounting language and market reaction are nothing new for tech firms, but iRobot's annual report suggests deeper issues than investor confidence. The company saw revenue drop 47 percent in the fourth quarter, it is actively seeking to renegotiate its largest loans, and it has launched a "formal strategic review" to consider refinancing, sale, or other alternatives.
The shaky world of consumer robotics
iRobot's fortunes have changed dramatically since 2022, when Amazon announced a $1.7 billion bid to buy the struggling but prominent firm.
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Investors took iRobot at its word, and its stock price had fallen nearly 40 percent as of 10:20 am Wednesday from the day before. The dire accounting language and market reaction are nothing new for tech firms, but iRobot's annual report suggests deeper issues than investor confidence. The company saw revenue drop 47 percent in the fourth quarter, it is actively seeking to renegotiate its largest loans, and it has launched a "formal strategic review" to consider refinancing, sale, or other alternatives.
The shaky world of consumer robotics
iRobot's fortunes have changed dramatically since 2022, when Amazon announced a $1.7 billion bid to buy the struggling but prominent firm.
Read full article
Comments
