Peloton Interactive Inc. gave a weak revenue forecast for the current quarter, signaling that a turnaround effort under Chief Executive Officer Barry McCarthy is bogging down. The shares tumbled 18% in premarket trading.

Revenue will be $580 million to $600 million in the fiscal first quarter, the fitness company said in a statement Wednesday. That compared with an estimate of $647.8 million.

The company said the cost of a seat post product recall in May substantially exceeded its initial projections. The company has received about 750,000 requests for replacement seat posts, which was more than it expected, according to the statement. Subscribers to its fitness app declined by 29,000 from the previous quarter due to the seasonal slowdown in hardware sales, the company said.

Adjusted earnings before interest, taxes, depreciation and amortization will have a loss of $10 million to $20 million in the fiscal first quarter. Analysts projected a profit of $5.68 million.

The outlook suggests that Peloton’s two-year tailspin isn’t over. The company’s stationary bikes had been a hot commodity during Covid-19 lockdowns in 2020, but demand slumped after people began heading back to offices and gyms. The New York-based company also struggled with a glut of inventory.