The Pebble Time 2 and Pebble Core will be canceled and those who backed the Kickstarter will have their money refunded. It's quite a shocker seeing as how the Kickstarter campaign raised almost $13 million, making it an outstanding success.
Needless to say, the smartwatch market didn't explode like so many in the tech business expected it to. Even Apple Watch sales, which are abundant enough to be successful, still pale in comparison to iPhone sales. This is the nature of the business. Everybody raced to get their smartwatch to market before they were proven, because by the time they were proven it would be too late to get a foothold, and the industry never really took off.