* decide that you want to be an engineering consulting firm that charges only ramen, which will make your customer very happy
* become ramen-profitable on product Y without it taking all your time, build and market product X, then dump your customer and product Y (make sure you don't sign a contract saying that you have to keep supporting product Y)
* say no and find another way to become ramen-profitable
Then you have to make a decision then. Do you want to make revenue from the product, or make revenue via customisations?
Problem with the customisation approach is there is limited leverage.
