iRobot Releases First Quarter Financial Report with 58% Revenue Growth

iRobot, the leading market robot company, released its financial reports for the 2021 first quarter that ended April 3. The company reported its Q1 sales and profit that exceeded Wall Street’s expectations, and it increased its revenue forecast for the whole year.

iRobot’s revenue increased 58 percent annually to $303.26 million in the three months ending in March, resulting in net earnings of 41 cents per share. Analysts predicted $268 million in revenue and 9 cents a share.

iRobot provided an estimation about how much of its revenue came from e-commerce outlets, along with its Web platform and app, as it had done in previous quarters.

iRobot Releases First Quarter Financial Report

Last quarter, the figure was 56 percent, down from 60 to 70 percent in previous quarters and yet growing 90 percent year to year.

Colin Angle, iRobot’s Founder and CEO, said the company’s first-quarter performance proves the company is “off to a very good start to 2021.”

He added that “consumer demand for our products has remained resilient and our value proposition to provide customers with a highly differentiated, personalized cleaning experience has continued to resonate around the world.”

Angle stated that the company was taking positive steps on its iRobot Genius platform and that it had improved its “connected customer base.” Moreover, they were adding new complementary goods and services.

The company increased its sales estimate for the whole year to a range of $1.67 billion to $1.71 billion, up from a previous target of $1.635 billion to $1.675 billion issued in February. The company’s earnings per share forecast remain unchanged at $3 to $3.25.

Angle said in a comment to the outlook of the company, “As we execute on our strategy, we remain confident about our ability to capitalize on a wide range of opportunities to sustain our top-line growth and drive meaningful profit and EPS expansion in 2022.”

iRobot’s top-line growth was driven by strong expansion in every major geographical area, including rising demand from the distributor partners in Europe, Middle East, and Africa. In North America, there has been a surge in retail orders, including those that were expected in Q2.

In 2002, iRobot developed the home robot cleaning group. iRobot is now a multinational corporation that has sold over 30 million robots around the world. The company’s product range includes patented technology and innovative concepts of cleaning, navigation, and mappings, such as the Braava and Roomba mopping robots.