Amazon and iRobot announced that they have entered into a definitive merger agreement under which Amazon will acquire iRobot. iRobot has a history of making customers’ lives easier with innovative cleaning products for the home. iRobot has continued to innovate with every product generation, solving hard problems to help give customers valuable time back in their day.

 

Dave limp, SVP of Amazon devices, said on the acquisition, “We know that saving time matters, and chores take precious time that can be better spent doing something that customers love. Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive—from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin. Customers love iRobot products—and I’m excited to work with the iRobot team to invent in ways that make customers’ lives easier and more enjoyable.”

 

Mr. Colin Angle, Chairman and CEO of iRobot, said “Since we started iRobot, our team has been on a mission to create innovative, practical products that make customers’ lives easier, leading to inventions like the Roomba and iRobot OS. Amazon shares our passion for building thoughtful innovations that empower people to do more at home, and I cannot think of a better place for our team to continue our mission. I’m hugely excited to be a part of Amazon and to see what we can build together for customers in the years ahead”.

 

Amazon will acquire iRobot for $61 per share in an all-cash transaction valued at approximately $1.7 billion, including iRobot’s net debt. Completion of the transaction is subject to customary closing conditions, including approval by iRobot’s shareholders and regulatory approvals. On completion, Colin Angle will remain as CEO of iRobot.

 

 

iRobot Corp.

 

The Consumer Robot company, iRobot is the global home robot leader, which brings in over 30 years of AI & advanced robotics experience. It enables them to build the world’s most thoughtful robots and develop intelligent home innovations that make life better.

iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions.

 

Financial Highlights iRobot

 

Financial Year 2022

Revenue for 2021 was $1.56 billion, which represents a 9.4% increase from revenue of $1.43 billion for 2020. Domestic revenue grew $9.5 million, or 1.3%, and international revenue increased by $125.1 million, or 18.2%.

First Quarter 2022

Revenue for the first quarter of 2022 was $292.0 million, compared with $303.3 million in the first quarter of 2021. GAAP operating loss for the first quarter of 2022 was $23.3 million, compared with GAAP operating income of $6.4 million in the first quarter of 2021. First-quarter 2022 non-GAAP operating loss of $18.5 million compared with non-GAAP operating income of $15.0 million in the same period one year ago. GAAP net loss per share was $1.12 for the first quarter of 2022, compared with GAAP net income per share of $0.26 for the same period one year ago.

 

 

Second Quarter 2022

 

Revenue for the second quarter of 2022 was $255.4 million, compared with $365.6 million in the second quarter of 2021. Revenue for the first half of 2022 was $547.3 million versus $668.9 million in the first half of 2021. The company's second-quarter 2022 GAAP operating loss was $63.9 million, compared with a GAAP operating loss of $3.0 million in the second quarter of 2021. The company's operating loss reflects the impact of lower-than-expected revenue, partially offset by the benefits of certain cost management activities. iRobot's GAAP net loss per share was $1.60 for the second quarter of 2022, compared with GAAP net loss per share of $0.10in the second quarter of 2021.

 

 

Other Highlights

 

• In November 2021, iRobot acquired Aeris Cleantec AG ("Aeris"), a fast-growing provider of premium air purifiers.

• iRobot’s corporate headquarters are located in Bedford, Massachusetts, USA, with additional offices located throughout the USA, Europe and Asia.

• It employed more than 1,300 of the robot industry’s top professionals.

• The company's community of engaged, connected customers, digital communications grew to 15.7 million, an increase of 35% from the second quarter of 2021.

 

 

The graph represents the cumulative Five-Year total return of holders of iRobot Corporation's common stock with the cumulative total returns of the Nasdaq Composite index and a customized peer group of sixteen companies that includes: Dolby Laboratories Inc, 3D Systems Corp, Gopro Inc, Faro Technologies Inc, Logitech International Sa, Netgear Inc, Novanta Inc, Trimble Inc, Coherent Inc, Garmin Ltd, Ubiquiti Inc, Roku Inc, Sonos Inc and Plantronics Inc, etc. The peer group also included Fitbit, Inc. until Google completed its acquisition of Fibit, Inc. on January 14, 2021.

 

Financial Highlights Amazon

 

 

Second Quarter 2022

 

Revenue for the second quarter of 2022 was $121.23 billion compared with $113.06 billion last year. Revenue growth of 7% in the second quarter. Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021.

Net loss was $2.0 billion in the second quarter, or $0.20 per diluted share, compared with net income of $7.8 billion, or $0.76 per diluted share, in second quarter 2021. Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc. EPS loss of 20 cents.

Operating cash flow decreased 40% to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021.

Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021.

 

 

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. 

 

Introduced the first Roomba robot vacuum in 2012, iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. Today, iRobot is a global enterprise that has sold millions of 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.