Roomba-maker iRobot Warns of Possible Shutdown Within 12 Months

Roomba maker iRobot has warned it may cease operations within 12 months unless it can refinance debt or find a buyer, just one day after launching a new vacuum cleaner line. In its March 12 quarterly report, the company disclosed it had spent $3.6 million to amend terms on a $200 million Carlyle Group loan from 2023, as U.S. revenue plunged 47% in the fourth quarter. "Given these uncertainties and the implication they may have on the Company's financials, there is substantial doubt about the Company's ability to continue as a going concern for a period of at least 12 months from the date of the issuance of its consolidated 2024 financial statements," the company wrote. The robot vacuum pioneer has initiated a formal strategic review after a failed Amazon acquisition, the departure of founder Colin Angle, and layoffs affecting over half its workforce. iRobot cited mounting competition from Chinese manufacturers and expects continued losses for "the foreseeable future."Read more of this story at Slashdot.
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