Ferrari's 2018 Formula One campaign is not as bad as it looked in the fallout from the Spanish Grand Prix, according to driver Kimi Raikkonen.
Mercedes' Lewis Hamilton claimed his second victory in as many races in Barcelona, where Sebastian Vettel finished fourth.
Raikkonen, meanwhile, was forced to retire following his second engine failure of the weekend.
With Hamilton now finding himself 17 points ahead in the Drivers' Championship and Mercedes edging in front in the constructors' standings, the outlook ahead of the Monaco Grand Prix is in stark contrast to that after the opening two rounds, where Ferrari looked the class of the 2018 field.
The Mercedes fightback in Barcelona after winning from pole has raised further questions about Ferrari struggling to adapt to Pirelli's new thinner tyre.
Raikkonen, though, insists all is not yet lost as the team look to regroup ahead of the season's glamour event in Monte Carlo.
"It's been pretty close so far, but in Barcelona they seemed to have the upper hand," Raikkonen said on www.Formula1.com. "In the race, I don't think it looked as bad (now) as it (did then).
"For sure they were strong here, but was it from the circuit or is it something else?
"We'll figure it out, obviously, in the upcoming races. We shall see how it pans out."
Raikkonen is confident lessons will be learned from the shortcomings in Barcelona.
"We got a fair beating (in Spain), but we are changing so many things going to Monaco: the track, the tyres. It might be that we may be able to turn it around," said the Finn, who sits fourth in the drivers' standings behind compatriot Valtteri Bottas of Mercedes.
"But even if we do great in Monaco we must not forget what happened (in Barcelona). There is still a lot of work to do.
"It's nice to win by an inch, but I would still want to win by two or more than that. That's what we are working for the whole year. Going to Monaco I am fairly optimistic and we should be in a good shape.
"But then you need to see when you get there because the tyres are significantly softer, the track is unique so we will see. Hopefully it's a nice surprise."