From memory, they had ambitions for $100m ARR, but their growth stalled and so they changed their approach and goals to match their reality.
My perception is they would have been happy to continue with hypergrowth/expenses and hit up shareholders to fund the growth, but the customers didn't want to buy the product, so a change of tack was necessary.
LVT's performance over an extended period of time has been (to put it kindly) underwhelming. I don't know how much of this is to do with the quality of management, and how much to do with the quality of the product.
Ann: LVT: LiveTiles Limited responds to media speculation, page-10
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