iRobot

IRBT

Market cap $14.8M

iRobot filed for bankruptcy and will be acquired by Picea Robotics, a Chinese company. Founder Colin Angle said iRobot faced rising competition from Chinese robotics firms.

The bankruptcy of robot vacuum Roomba maker iRobot represents a relatively small but high-profile casualty of years of big tech antitrust scrutiny in both the U.S. and Europe. Amazon's acquisition of the company was abandoned in early 2024 after EU regulators signaled their intent to block the deal.

She blocked Amazon's takeover, and now the Chinese will own it.

iRobot Co-Founder Helen Greiner weighs in on the American tech company's decision to file for bankruptcy, and discusses the future of robotics and the obsession with humanoid robots. She speaks with Paul Allen on "Insight with Haslinda Amin.

iRobot filed for bankruptcy and will be bought by Chinese manufacturer after Amazon's $1.4 billion acquisition was blocked by the FTC on antitrust grounds last year.

iRobot, the maker of the Roomba, filed for Chapter 11 bankruptcy after financial struggles. A failed $1.4 billion Amazon acquisition contributed to iRobot's financial woes.

iRobot's bankruptcy signifies the conclusion of a once-promising growth narrative—brought down by ongoing losses, increasing competition, accumulating debt, and ultimately a failed rescue effort by Amazon. The stock appears inexpensive based on sales metrics, yet that seeming “value” rests on a troubled balance sheet and a business that has forfeited both its competitive advantage and financial flexibility.

On this episode of Stock Movers with Lisa Mateo: - Shares of Roomba maker iRobot Corp. (IRBT) plummeted ahead of the US market open after the company that revolutionized robot vacuum cleaners in the early 2000s with its Roomba model, filed for bankruptcy and proposed handing over control to its main Chinese supplier. The Massachusetts-based consumer robot maker, which is currently listed, will be taken over by China's Shenzhen PICEA Robotics Co. and a subsidiary of the Chinese firm, according to a press release.

Colin Angle, co-founder and former CEO of iRobot, on Monday said the company's move to declare bankruptcy was "profoundly disappointing" and "nothing short of a tragedy for consumers." The robotic vacuum pioneer announced Sunday that it filed for bankruptcy and will be taken private by Shenzhen Picea Robotics, a lender and key supplier, following years of financial struggles.

Shares of iRobot (IRBT) plummeted over 70% Monday morning after the Roomba robot vacuum maker announced a Chapter 11 bankruptcy filing on Sunday.