A problem with suppliers of parts such as the phone's metal casings and camera parts has disrupted shipment schedules, HTC executives told the Wall Street Journal.
That means the One might miss its scheduled late March debut with AT&T, Sprint, and T-Mobile as well as with carriers in more than 80 countries.
HTC told the Journal that "the company has a problem managing its component suppliers" as it drastically scaled back orders following a downturn in the company's fortunes last year.
"HTC has had difficulty in securing adequate camera components as it is no longer a tier-one customer," an anonymous company executive told the newspaper.
The HTC One is considered by many as the company's last chance to make up ground on competitors like Samsung, which is scheduled to start selling its new flagship model, the Galaxy S4, in April.