Idk we'll see, but i feel that Lia's getting her emotions get to her here.
Brave still has infinite money and will have for a while, and while none of their properties alone are a competition to Phase, they actually have a benefit of all being part of the same entity.
And besides, Sakana continues to spend on advertising, see: filian's award show as the most recent example, Lia performed in that advert.
What i feel relates more to "Phase struggling with growth" is the comment about management being slow to communicate, which i guess is why Sakana expanded the management roster substantially this year, it was like 4-5 new hires, if i'm not mistaken.