According to AndroidPolice, spokesperson of Essential gave this statement
We are sold out of Essential Phone on essential.com and won’t be adding any new inventory. We are now hard at work on our next mobile product and will continue to sell accessories and provide speedy software updates and customer support to our existing community.
The company was quick in providing latest updates for its software. It’s rumoured that the company is working on an AI phone. Its said that the mobile would sport a small screen and made for voice-interaction.