Teenage Mutant Ninja Turtles: Out of the Shadows may have been bizarre, entertaining, and surprisingly ok, but it wasn't enough to keep the franchise alive.
In an interview with Collider, TMNT2 producer Andrew Form said the movie didn't do well enough to warrant a third film in the series, and that the series is probably over for now. Despite getting better reviews than the predecessor, including from io9 writer Germain Lussier, the film grossed less than half of the first Michael Bay-produced turtle power saga.
Form said they were surprised that the movie wasn't a hit. They thought they had a bonafide smash on their hands, especially by adding some of TMNT's most-beloved characters, like Bebop and Rocksteady. In the interview, they said maybe that was the problem, that nostalgia wasn't enough to keep the franchise alive. However, I would argue it was because the first film took itself way too seriously, and the sequel changed direction too much to appeal to fans of the first movie.
Even though Ford said he doesn't think there will be a third Teenage Mutant Ninja Turtles film, that doesn't mean the turtles are gone from the big screen for good. But it looks like Megan Fox won't be donning the yellow jacket for a while.