Shares of Dutch electric bus maker Ebusco cratered 24.8% to €0.11 on November 3 after the company disclosed it had postponed October salary payments to employees, a stark signal that cash reserves have effectively run dry while emergency financing negotiations with shareholders remain incomplete. Ebusco Can't Pay Workers as Rescue Cash Stalls — How Close Is Europe's Electric Bus Hopeful to the End of the Road?
Shares of Dutch electric bus maker Ebusco collapsed 24.8% to €0.11 on November 3 after the company admitted it could not make October payroll, the starkest evidence yet that a two-year cash crisis has reached a breaking point. For a company that listed on Amsterdam's Euronext in 2021 with bold green-transit ambitions, the inability to pay staff is a final-stage distress signal investors cannot ignore.
Missing Payroll Means the Cash Cupboard Is Bare
Ebusco confirmed it delayed October salary payments as negotiations with core shareholders to secure short-term funding dragged past management's deadline.
The company has not disclosed how much money it needs in the short term. By mid-year, Ebusco had secured roughly €27.4 million in fresh capital in April, yet liquid funds still shrank to just €2.1 million, and equity fell to negative €14.8 million. With monthly operating costs averaging around €4.3 million in early 2026 , that cash pile was never going to last.
A Pattern of Near-Death Moments, Not a One-Off Shock This is not new territory for Ebusco. In October 2024, the company announced cutbacks to avoid bankruptcy while carrying €33 million in debt.
Revenue plunged from €102 million in 2023 to just €11 million in 2024, and the company posted a loss exceeding €200 million.
Throughout 2025, management spent significant time on a refinancing in August, a bridge loan in December, and further working-capital measures in April 2026. Each lifeline bought months, not stability.
Unpaid Workers Could Trigger a Legal Domino Effect
Under Dutch law, multiple creditors with overdue accounts can initiate bankruptcy proceedings against the company.
Ebusco itself has warned a supplier could trigger insolvency proceedings. Unpaid employees now join that list of potential creditors, dramatically narrowing the window for a deal.
Shareholders Hold the Only Remaining Lifeline
Plans include a roughly €30 million letter-of-credit facility backed by Chinese battery shareholder Gotion, alongside separate short-term liquidity discussions.
Strategic parties have expressed interest in buying a controlling stake in Ebusco's bus operations , but none of these talks have produced a binding agreement. At €0.11, the market is pricing Ebusco for the possibility that they never will.