That's only if they aren't able to reuse the parts in another miner...
Read below; look for my emphasis
In the event we are successful in redesigning the board, and can negotiate a fair and competitive price for the chips to be used with a verifiable delivery date, all customers who purchased assembly will be credited the full value of the components reused in producing the new units, in addition to a heavily discounted rate for the balance. We do not currently have any information regarding the final cost of the redesigned unit, which manufacturers chip the design will be based on, performance data, or availability at this time.
In the event we are unable to produce a redesigned unit, those customers which purchased assembly will have the option of receiving the components purchased for production of the original units if they so choose.
So:
Steamboat ends up pursuing a second gen board:
You choose to stick it out: you are credited with the full cost of parts and a heavy discount on any additional work that needs done
You choose
not to stick it out: you will be given a 25% refund NOW, plus once boards are produced, a full credit for all of your parts, or the actual parts shipped to you.
Steamboat ends up NOT pursuing a second gen board:
You receive 25% refund from assembly plus parts shipped to you.
That's the way I read it.