Adding to this, their markets are going to be shrinking in the future.
Cell phones today are starting to employ low earth orbit satellite connectivity. This will be limited only to sending small text messages, not surfing the web, but it will provide the "always connected" experience for people that they currently get from things like Spot. The tracking capability won't necessarily be there (at least not officially or immediately) but it will eventually get there. But for a sizable chunk of their user base, the "connect to help in an emergency" is far more important - they will lose these people soon enough.
These guys are the equivalent of the companies designing the proprietary in-vehicle navigation systems. When everyone carries a smartphone, nobody uses the in-vehicle nav very often because it has shitty usability and relies on out of date technology.
Their days are numbered.