Apple’s widely anticipated mixed-reality headset may not be ready in time for the company’s June WWDC event, top Apple analyst, TFI Securities’ Ming-Chi Kuo, wrote on Twitter Thursday.

Kuo tweeted that the company wasn’t optimistic that the yearslong project would get the “astounding ‘iPhone moment'” reception that Apple had hoped for, prompting a slowed production schedule to “mid-to-late” third quarter 2023. He said Apple pushed back mass assembly by another 1-2 months to mid-to-late Q3.

In the past, however, Apple has teased some of its new products months before they launch. The Apple Watch was announced in Sept. 2014 but didn’t launch until April 2015.

Kuo said the main concerns for Apple are the broader economic downturn, “compromises” the company made for the sake of mass production, an uncertain ecosystem and developer reception, and a relatively high price. Kuo anticipates Apple will price the headset from $3,000 to $4,000, or more.

Apple expects to sell at most 300,000 headsets in 2023, Kuo wrote. Bloomberg reported Sunday that Apple executives think the company will sell “about a million units” of the headset, which Bloomberg reported would be dubbed the “Reality Pro” or “Reality One,” in the first full year of sales.

The best hope for Apple is that headset growth matches the trajectory of the Apple Watch, evolving from a “small portion” of the company’s business into a “centerpiece,” Gurman wrote.

Kuo is regarded as one of the most accurate Apple analysts, and has reported on Apple’s shifting approach to the launch of its long-awaited headsets.

Apple did not immediately respond to a request for comment.