Honestly I think they suffer a little from early-mover disadvantage.

“Cheap Chinese” and all the associations that come with that is a little reductive in this case. Roborock vacuums are not actually cheap - they are extraordinarily well-made, featureful, and a good value compared to iRobot.

Decades ago, iRobot probably spent millions in R&D just to arrive at navigation algorithms that were worse than what you can get with open-source libraries today. They also spent the marketing dollars to convince people these robots were safe and effective. They weren’t always, so there were some ups and downs in that.

Nowadays the supporting technologies are all much more advanced (and cheaper) and the market for these robots has been created already and is very robust. Companies like Roborock just have to come in and build a good product and they’ll see much faster returns than iRobot did for all those years. They can go straight to lidar, which was probably prohibitive for iRobot for many years, leading iRobot to invest heavily in other technologies which are now a generation behind.

So in addition to their decades of tech legacy. iRobot is burdened with the expectations of longtime investors who want a big cashout, just as they are getting eaten alive by all this new competition. They pinned their hopes on a big exit and are now holding the bag. It’s not surprising that this all left them in trouble.