Razer Phone was one of the first smartphones dedicated to gamers which appeared on the market. When other companies saw the potential in this target group of customers, suddenly in the short term there appeared many smartphones dedicated to players produced by different manufacturers. It turns out that this market is very difficult, as can be proved by current situation of Razer. Despite the well adoption of two devices from this company on the market, the company was forced to restructure, which involved release of 30 employees and the closure of several projects.
The company confirmed that it wants to focus only on the most important projects to reduce the risk of increasing financial losses. Although we haven't received official confirmation of the cancellation of the Razer Phone 3 project, there is a high probability that this smartphone was one of the canceled projects. However, this should not have impact for future updates of system for Razer Phone and Razer Phone 2.