Are you, as a company, responsible for delivering a software/firmware product to be used on a particular hardware platform, or are you designated to deliver a completed soft/hard package?
Are you, as an employee, expected to complete the whole project, or just a certain modular part/parts of the project?
If you are expected, as an employee, to complete the project as a whole and are quite capable of doing so, despite your reservations with regard to mis-management and lack of equipment funding, I'd be inclined to bite my tongue for a while and continue to take the pay, but work on a refined version of the product as an insurance policy, just in case this first project does not deliver the goods.
If you are working on a module of the project, you may wish to sound out other employees who have similar concerns to your own and see if they are willing to collaborate on a side-project, along the lines of the company one, for the purpose of improving development processes. ;-)
You may find some allies, but you may also find foes.
There's only one person in this situation who can try to figure out who may be on side. I'm glad it's not me, but I wish you the very best and if any of the above is of help, you're welcome.