The rumored third installment of the "Teenage Mutant Ninja Turtles" film series has been denied by producer Andrew Form. In his recent interview, Form said that the underperformance of the sequel "Teenage Mutant Ninja Turtles: Out of the Shadows," is a red flag for any plans of a trilogy.

The first movie of the franchise, "Teenage Mutant Ninja Turtles," was released in 2014 and enjoyed box office success as it nabbed over $493 million of global sales. However, the second installment, though not a flop, has performed way under the first installment with $245 million global sales. With the sequel earning less than half of its predecessor's, Form admitted that the disappointing box office reception of the last film is enough reason for him to dish the plan of trilogy.

"We tried to figure it out, but we cannot put our finger on what happened. We really can't," Form told Collider, in reference to what might have possibly gone wrong with the sequel. "Teenage Mutant Ninja Turtles: Out of the Shadows" retained the original cast members including Megan Fox and Will Arnett. It also only took a few stars on board including Stephen Amell, Laura Linney, and Tyler Perry. Apart from the cast, nothing much about the theme was added nor changed which is Form's guess on why the second installment did not sell.

"I think one thing we did learn is you really need to give - you can't just add characters to a movie and expect that to be what's fresh," the movie producer added. "It's a sequel. You have to give the audience something that's really new and fresh. Maybe just adding characters from the canon, that wasn't enough."

Form was then asked about his take about the swirling rumors about "Teenage Mutant Ninja Turtles 3" and all he has to say is that they have no more plans of pushing through with a third installment. However, he also assured that he is not closing doors on the possibility of using the "Teenage Mutant Ninja Turtles" in another movie in the near future.