Apple could come up short on the iPhone X launch, with KGI Securities analyst Ming-Chi Kuo predicting the company will only have 2 million to 3 million devices available to ship when orders open next week.

In a research note cited by 9to5Mac, Kuo indicated supply chain issues with several components have slowed production. Setbacks first caused by the sensor used in the iPhone X’s 3-D face scanner have now been compounded by shortages of the circuit boards used for the device’s camera and antenna, Kuo noted.

As a result, at least some US operator customers will have to wait a bit longer for the new device as demand outstrips supply.

AT&T said it had 900,000 fewer device upgrades in the third quarter as customers presumably held off for the iPhone X. Verizon also reported a substantial year-over-year dip in its third quarter upgrade rate. CFO Matthew Ellis said the operator expects to see “strong demand” for the iPhone X and Google’s Pixel 2 in the fourth quarter, adding Verizon anticipates it will get “more than our fair share” of upgrade activity.

Kuo said Apple should be able to rapidly turn out more iPhone Xs soon because production of the components in question is expected to ramp in November. However, KGI Securities is now only expecting Apple to ship 25 million to 30 million units in the fourth quarter launch period, down from a previous forecast of 30 million to 35 million.

Apple is due to begin accepting iPhone X orders on 27 October: shipments will commence on 3 November.