German online betting operator Mybet is warning investors that its downward spiral shows no sign of abating this year.

In a brief statement released Wednesday, Mybet wanred investors that its preliminary read of its Q3 results showed revenue of around €35m through the first nine months of 2016. The company says Q3 showed a “continuation of the negative trend in revenues from the previous quarters.”

As a result of this ongoing revenue lethargy, Mybet says its previous forecast for FY16 revenue coming in between €59m and €62m “is no longer realistic.” The company is now projecting FY16 revenue to come in between €43m and €46m, a difference of €16m.

Mybet insists that its forecast of “positive low-seven-figure EBIT” remains unchanged, thanks in part to the June sale of its stake in the Pfederwetten.de race betting business, which provided a one-time cash injection of nearly €10m.