It was once thought that Starcraft 2: Heart Of The Swarm might release in 2011.
Blizzard later suggested a 2012 release was more feasible, but that now appears increasingly unlikely, according to Cowen & Company analyst Doug Creutz.
In a research note distributed this week he pointed out: "Typically, Blizzard puts its new titles into beta for 3-6 months before they are officially released. With only 5 months left in the year, while it is still possible that Swarm could make the fiscal year, we are now assuming it ships in FY13."
Activision Blizzard's financial year ends on December 31, 2012. Heart of the Swarm is the upcoming sequel and expansion pack to StarCraft II: Wings of Liberty, which hits PCs back in July 2010.
Blizzard has confirmed that attendees at August's Gamescom will be able to take control of all-new Terran, Protoss, and Zerg units in a Heart of the Swarm multiplayer demo.
And last week the developer announced a September 25 World of Warcraft: Mists of Pandaria release date.