The mobile application was found to contain stored credentials for the network it was developed on. If an attacker retrieved this, and found the physical location of the Wi-Fi network, they could gain unauthorized access to the Wi-Fi network of the vendor. Additionally, if an attacker were located in close physical proximity to the device when it was first set up, they may be able to force the device to auto-connect to an attacker-controlled access point by setting the SSID and password to the same as which was found in the firmware file.
The product stores sensitive information in cleartext within a resource that might be accessible to another control sphere.