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Annual Report 2006 Grow the Business Grow the business. Lead the industry. Annual Report 2006 Grow the business. Lead the industry. Dear Stockholder, Fiscal 2006 – our first full year as a public company – was a very successful year for iRobot. We delivered record financial results against our aggressive 2006 growth plan while continuing to invest in and develop new products in both of our divisions. The significant progress we made in maturing the operational capabilities of the organization will support our multi-year growth strategy as we move through 2007 and beyond. iRobot’s revenue increased 33 percent this past year, from nearly $142 million in fiscal 2005 to a record $189 million in 2006, the result of growth in both divisions. We also achieved profitability for the third consecutive year, as pre-tax income grew 39 percent to $3.9 million in fiscal 2006. Revenue growth for the year was driven by a 60% increase in our Government & Industrial Robots division, primarily the result of producing and delivering 385 iRobot PackBot robots, bringing our current total to Revenue Growth more than 900 worldwide, and selling associated spares, support and accessories. Fueling the 20% growth of 200 Home Robots revenue was continued demand for our Roomba floor vacuuming robot, especially in the direct sales channel where we more than doubled revenue for 150 the full year, and the initial distribution into the retail channel of our Scooba floor washing robot, which was released late in 2005. $ in Millions 100 Investment in R&D is critical to ensuring the sustained, organic growth of the company. Our outstanding 50 performance in 2006 provided us with the opportunity to make incremental investments that yielded concrete 0 2002 2003 2004 2005 2006 results, including the iRobot PackBot 510, a faster, stronger, easier-to-use, next generation PackBot, and the accelerated development of the iRobot Warrior, our 250-pound, multi-mission platform. In addition, iRobot teamed with ICx Technologies to integrate its explosives- detection technology onto our fully digital, modular, expandable PackBot platform, which resulted in an early 2007 initial contract for 101 explosive-detection robots. In 2006, our investments in Home Robots led to the introduction of a number of product extensions. Earlier this year we introduced the iRobot Scooba 380, which moves faster, cleans more floor area and has a higher capacity battery than its predecessor. Grow the business. Lead the industry. In 2007, iRobot will continue to GROW THE BUSINESS We are further developing relationships with Boeing, and LEAD THE INDUSTRY. John Deere, Raytheon and premier research labs, to steer the community toward using iRobot infrastructure for GROW THE BUSINESS next generation products, payloads and technologies. Our multi-year growth strategy is focused on deeper Our iRobot Create programmable robot, designed for market penetration with our current products, continuing aspiring roboticists, high-school and college students expansion of products developed at iRobot, branding of and robot developers, fills a need in the robot industry for third-party products for introduction into our distribution standard, durable hardware on which to rapidly develop channels, and pursuing strategic alliances with partners. new, innovative mobile robots. We are also committed to supporting third-party developers in creating new In our Government & Industrial Robots division, we payloads, behaviors and capabilities for our Government are continuing the expansion of our product line, in size & Industrial robots. and weight classes, in ranges of applications served and in payloads developed by partners. To date, our robots We are proud of our 2006 results and very excited about have been used primarily by the U.S. military but the the foundation we have put in place to ensure excellent opportunity that we see worldwide and across other continued growth in 2007 and beyond. Balancing long- markets is immense. Demonstrating our growth through term investments with annual profitability is always a alliances strategy, in April, we announced the expansion challenge. While we intend to continue to drive product of our strategic relationship with Boeing, in which we will development and market penetration, we are also accelerate the development of the Soldiers’ Unmanned committed to increasing profitability later this year and Ground Vehicle (SUGV) by introducing the SUGV in the next several years. Early, to meet the needs of soldiers and first responders. In our Home Robots division, we are deepening our Thank you for your continued support of iRobot. penetration of the worldwide floor care business with strong brand promotion, international and domestic channel expansion, introduction of new products and product extensions and a continuing commitment to product improvement. We are leveraging our consumer brand to expand the market for home robots by introducing Sincerely, new applications, leveraging our brand across products made by partners, driving down the learning curve and accelerating general user acceptance of robots. Colin Angle Helen Greiner Underlying the growth strategies for both business CEO and Co-founder Chairman and Co-founder divisions is our move toward globalization. The global marketplace provides largely untapped new markets May 14, 2007 for our robots and we began preparing in 2006 for the challenges of global expansion in 2007 and beyond. LEAD THE INDUSTRY As a leading robot company, we are in a unique position to help build the global robot industry. Our role in this development is to expand the relevant installed base of iRobot platforms, support the development of industry standards and develop the ecosystem by teaming with industry partners and encouraging the creation of new applications and payloads. Proxy Statement Dear Stockholder: April 30, 2007 You are cordially invited to attend the annual meeting of stockholders of iRobot Corporation to be held at 2:00 p.m., local time, on Thursday, June 28, 2007 at the Bedford Glen Hotel located at 44 Middlesex Turnpike, Bedford, Massachusetts 01730. At this annual meeting, you will be asked to elect three class II directors for three-year terms, and to ratify our independent registered public accountants. The board of directors unanimously recommends that you vote FOR election of the director nominees and FOR ratification of selection of the independent registered public accountants. Details regarding the matters to be acted upon at this annual meeting appear in the accompanying proxy statement. Please give this material your careful attention. Whether or not you plan to attend the annual meeting, we urge you to sign and return the enclosed proxy so that your shares will be represented at the annual meeting. If you attend the annual meeting, you may vote in person even if you have previously returned your proxy card. Your prompt cooperation will be greatly appreciated. Very truly yours, COLIN ANGLE HELEN GREINER Chief Executive Officer Chairman of the Board Proxy Statement iROBOT CORPORATION 63 South Avenue Burlington, Massachusetts 01803 (781) 345-0200 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held on June 28, 2007 To the Stockholders of iRobot Corporation: The annual meeting of stockholders of iRobot Corporation, a Delaware corporation (the “Company”), will be held on Thursday, June 28, 2007, at 2:00 p.m., local time, at the Bedford Glen Hotel located at 44 Middlesex Turnpike, Bedford, Massachusetts 01730, for the following purposes: 1. To elect three (3) class II members to the board of directors as directors, each to serve for a three-year term and until his or her successor has been duly elected and qualified or until his or her earlier resignation or removal; 2. To ratify the selection of the accounting firm of PricewaterhouseCoopers LLP as the Company’s independent registered public accountants for the current fiscal year; and 3. To transact such other business as may properly come before the annual meeting and any adjournments or postponements thereof. Only stockholders of record at the close of business on May 22, 2007 are entitled to notice of and to vote at the annual meeting and at any adjournment or postponement thereof. All stockholders are cordially invited to attend the annual meeting in person. However, to assure your representation at the annual meeting, we urge you, whether or not you plan to attend the annual meeting, to sign and return the enclosed proxy so that your shares will be represented at the annual meeting. If you attend the annual meeting, you may vote in person even if you have previously returned your proxy card. By Order of the Board of Directors, GLEN D. WEINSTEIN Senior Vice President, General Counsel and Secretary Burlington, Massachusetts April 30, 2007 WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL MEETING, PLEASE COMPLETE, DATE AND SIGN THE ENCLOSED PROXY CARD AND MAIL IT PROMPTLY IN THE ENCLOSED ENVELOPE IN ORDER TO ASSURE REPRESENTATION OF YOUR SHARES. NO POSTAGE NEED BE AFFIXED IF THE PROXY CARD IS MAILED IN THE UNITED STATES. IN ACCORDANCE WITH OUR SECURITY PROCEDURES, ALL PERSONS ATTENDING THE ANNUAL MEETING WILL BE REQUIRED TO PRESENT PICTURE IDENTIFICATION. Proxy Statement iROBOT CORPORATION 63 South Avenue Burlington, Massachusetts 01803 PROXY STATEMENT For the Annual Meeting of Stockholders To Be Held On June 28, 2007 April 30, 2007 This proxy statement is furnished in connection with the solicitation of proxies by the board of directors of iRobot Corporation, a Delaware corporation (the “Company”), for use at the annual meeting of stockholders to be held on Thursday, June 28, 2007, at 2:00 p.m., local time, at the Bedford Glen Hotel located at 44 Middlesex Turnpike, Bedford, Massachusetts 01730, and any adjournments or postponements thereof. An annual report to stockholders, containing financial statements for the fiscal year ended December 30, 2006, is being mailed together with this proxy statement to all stockholders entitled to vote at the annual meeting. This proxy statement and the form of proxy are expected to be first mailed to stockholders on or about May 29, 2007.
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