Yes, you can perform a factory reset of the device. The option is available in the Account settings.
By doing a factory reset all your files and settings on your reMarkable paper tablet will be erased. After the factory reset is complete, the reMarkable paper tablet will start up with the Setup and onboarding procedures.
Please note that we we cannot assure that files are erased permanently as all files can be restored by using specialized tools for restoring deleted files.