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No, they can't cut the price now. They would keep losing money on every hardware sale and with poor software sales as well, there's nothing to offset that loss.
Besides, cutting the price after such a short time would be an utter disaster for investors and market alike, it would signal panic and lack of confidence in your product, which is the last thing they need.
This will take time for them to fix but a price cut is a really bad idea at this point.

Their first step should be eliminating the Basic SKU from the market, I don't even know why they launched this at all, to be honest.