The second generation of Arc is called Battlemage and the successor to Ponte Vechio is Falcon Shores and both are promised in 2025.

This is later than originally expected by a few months but no reason to think they've abandoned it.

If they do ever decide to do that it wouldn't be because the first gen didn't make money but because they no longer think they can subside it long enough for it to become profitable, which can either be because they run out of money or because it isn't gaining market share at the rate they expected.