According to the report, it's believed that the show's cancellation "is not Covid-related but stems from the streamer’s standard viewership vs. cost renewal review process."
In other words, the number of viewers the show's second season managed to retain did not justify the cost of producing a third season in Netflix's eyes.
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What went wrong?
Despite a stellar first season, Altered Carbon's second season was not as well-received by viewers, with many fans bemoaning the show's lowered budget and changes in cast and showrunner as the reasons for its fall from grace.
Picking up 30 years after the first season's conclusion, Altered Carbon: Season 2 saw actor Anthony Mackie (The Falcon and the Winter Soldier) replace Joel Kinnaman (The Suicide Squad) as lead character Takeshi Kovacs.
While the casting shake-up fit perfectly with the futuristic body-swapping theme of the show, the change in tone it brought did make the show's second season arguably feel like an entirely different series in the eyes of fans.