Only three months after the Munich-based firm had to cut its profit forecast because of problems at Gamesa, the company announced late on Tuesday that even this projection was no longer assured.

Siemens Energy reported preliminary figures for the January-to-March quarter showing a slight increase in sales, but significantly lower incoming orders.

Jochen Eickholt, who took the helm at Gamesa in March, said on Wednesday that “the development of the business is clearly behind expectations, both ours and mine.”

“The situation has not improved, in fact the opposite is the case.”

According to Eickholt, about two-thirds of Gamesa’s problems are internal, but Gamesa is also suffering from price increases, supply chain issues and the impact of the war in Ukraine. It has also previously reported project delays and problems with some of its land-based turbines.

Eickholt said he intends to get the firm back on a path towards profitability.

In the January-to-March quarter, Siemens Energy’s revenue fell by 1.7% on a comparable basis to €6.58 billion ($7.14 billion). Nominally, it rose slightly by 1.5%.

On a comparable basis, the value of orders received shrank by 27.5% to just under €8 billion.

The stock market punished both companies early on Wednesday: Siemens Energy’s share price fell by 6.6% after markets opened, while Gamesa was trading 4.5% lower.