The continued existence of iRobot is questionable, as it is spending the last of the money it has to keep its already-sold products alive in the hopes of finding more cash or a buyer.
Roomba – Image Credit: iRobot
Roomba – Image Credit: iRobot
The third-quarter financial results for iRobot were a disaster, with the company reporting it had cash and cash equivalents under $25 million. This is a considerable step down from its balance sheet in June, which said it had over $40 million available to it.
A drop in revenue in the quarter saw it bring in just $145.8 million for the period, versus $193.4 million in the year-ago quarter. The cash went down because of the reduced revenue, forcing it to rely on its cash reserves.