Hardware-based password managers are advertised as an alternative to writing passwords on paper or in digital documents on the computer for easy access. Some hardware-based passwords managers lack proper protections for the sensitive data they store and allow reading it in plain text, even after they’ve been reset. The data was encoded but the researcher applied cryptanalysis techniques to decipher it. There is no backup to recover the information from, once the device is stolen or destroyed, your login data is also gone with it.
Source: https://www.bleepingcomputer.com/news/security/some-hardware-based-password-managers-have-poor-security/