Robotics Company Reports Huge Loss

International Robomation Intelligence, a Carlsbad-based robotics and artificial intelligence manufacturer, reported a third-quarter net loss of $3.2 million on revenue of $410,000, contrasted with a profit of $349,000 on sales of $3.1 million over the same three months last year.

About $2.6 million of the third-quarter loss was attributed by the company to the termination of two product development contracts, requiring write-offs of previously recognized revenue and of inventory and equipment.

For the nine months ended Oct. 31, IRI reported a loss of $2.8 million on revenue of $6.3 million, contrasted with a profit of $970,000 on sales of $9.2 million during the same period in the previous year.