They have suffered a fairly massive attrition rate recently (particularly 737 RHS) so, it could at the end of your (assumedly? ) fixed period contract be a case of "last man standing" & an opportunity to continue, but of course safest to assume not.
Many of last years P2F on the 737 were invited back, some declined, as they found better paying/longer contracts.
Don't know if it is so easy to find something else on the Q400 (except in far flung lands) & obviously they will take a P2F next year instead of you.
They have been struggling a bit to crew the 737 lately, but don't know if they have enough applicants on Q400 to make "negotiation" impossible or not.
As others have said, commuting is difficult (even to Scandi-lands, although that, at least, is possible) but, Riga is a very nice place between now & October
& not so bad in Winter if you live close to the #22 bus-stop & a couple of good pubs
I enjoyed my two times there, it is a shame they see pilots as seasonal employees, instead of writing a new programme of routes for Winter.
I think this year it is giving them hassle, maybe it will help it to change.
General prognosis for the company is very unclear, it seems to fluctuate between gloom & doom, and optimism, weekly.