Shares in camera maker GoPro fell five percent yesterday and are down 17 percent this year.
Activity tracker maker Fitbit appears to be on a similar downward trajectory with the company's shares slipping three percent on Tuesday and down a whopping 25 percent in 2017.
It seems that both firms have played their only card and are now facing the prospect of reporting losses this year and next.
Goldman Sachs recently changed its rating on GoPro to "sell", which could exacerbate the company's woes.
It was only in November that GoPro announced it would reduce its workforce by 15 percent but that measure alone may not be enough to return the company to profit this year.
The fact remains that despite all the hype about wearables the market for the technology remains niche and it may be a while before they make the transition to the mainstream.
GoPro and Fitbit may have been well-advised to look at Google Glass, which also failed to take off.
However, that didn't deter Google from having another crack at making wearables mainstream with the company recently unveiling the world's first smart jacket developed with jeans maker Levi's.
There may still be hope for wearables makers, as evidenced by the success of Facebook-owned Occulus and Samsung Gear virtual reality headsets. But unlike the GoPro and Fitbit the products represent significant technological developments and the same can't really be said about the GoPro and Fitbit which are not all that different to smartphones and watches.
The key to the companies turning around their ailing fortunes may be to develop new products so they are never again so reliant on any single one.
Easier said than done but their very futures could depend on it.