Need some advice on a business situation

I hired someone to do some work that I was not capable of doing myself. They’re pretty young so I think this might be their first gig doing design work. We agreed on a flat fee plus a percentage of profits and a small budget for expenses. Signed a contract and everything. The work is now done and it took them a year to get it done. (Given, not a year in total, there were months where nothing was done and we were waiting on things needed to proceed.) So after I get the work and we work out details for production, they message me and ask for more money because they had more time invested than they thought and just want more money, even though they had done this before. Their original set price that they gave me, I did think was low but this being a project that I want to make money on, I need to spend as little as possible. So do feel like they deserve more, but they asked for 3x the original amount, plus the expenses were also 3x the agreed on budget. Samples had to be ordered twice because of a problem in the original design, so that added to costs. Now I’m in a position where this project probably won’t work out to a profit regardless of what I pay them. So I offered them a little under 2x the original amount, minus the profit share and plus expenses. They replied saying they won’t take less than what they want (3x) and said they know what my expenses are (except there are many expenses they aren’t aware of and apparently my time isn’t worth anything). At this point I feel this project is a total loss and a completely unsalvageable micro business. There’s just no profit to be made with the costs incurred and the effort that needs to be done to save and finish it properly. I’m kind of annoyed with how demanding they’re being but I do get where they are coming from. We are both kind of at fault here.Anyone have any tips or ideas? see hubwealthy.com/wealthy