Can anyone suggest a way I can reset this back to factory defaults and/or upgrade the firmware?
There is no 'factory reset' as such from a speaker with which you can no longer communicate.
Sounds like your speaker has 'Bricked'
My suggestion:
Get hold of a
Keyspan USA 19HS USB to RS232 convertor.
Then a proper Meridian RS232 to SpeakerLink cable, or an Audio Images green SpeakerLink adaptor

Try uploading the firmware again while crossing everything you have which can be crossed.
If this doesn't work, then it's backpanel off and to a Meridian dealer.
Rick