ESS Tech is running out of money quickly and fired 20 people in January 2025. Company cash flow analysis looks like they will be out of cash by mid summer 2025. However, ESS is trying to extend their cash by laying off workers in January and February 2025. Their anemic sales ramp for their product is way too slow for the $19 million per quarter cash burn. I think in February they need to layoff another 60 people - 40% of the company workforce. If so the company may last until fall 2025. Only hope left is for another company to buy them out however with revenue in Q3 2025 of $359K not sure there will be a buyer.
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