The six part drama follows EastEnders favourites Kat and Alfie Moon who head to Redwater, a tiny, picturesque Irish harbour village, in search of answers to a family mystery.
"When Kat and Alfie Moon arrive in search of Kat’s long-lost son, Kat’s quest for the truth uncovers secrets that the village of Redwater would rather were left buried at sea," the BBC previously teased of the series.
4.2 million viewers watched the first episode last month but that dropped to 2.7 million viewers for episode two. The third instalment dropped again, falling to 2.1 million viewers, half as many as EastEnders had.
According to The Sun, the numbers have been a blow to those working on the series including its stars Jessie Wallace and Shane Richie.
A source said: “Everyone thought Redwater would be a huge hit given the massive, loyal fanbase Eastenders has."
The insider explained: “It got off to a brilliant start with five million so their hopes were up, but the ratings for episode two are bleak.
“The fact so many people have turned off after episode one is very telling.
“With such low figures so early into the series they will struggle to build it back up again."
Although it was hoped the show could 'run and run', the BBC says even a second series hasn't been confirmed yet.
A spokesperson said on the show's future: "No decision has been made."
Redwater continues Thursday nights at 8PM on BBC One.