22nd Century Q2 revenue $23.4M (+62% YoY), net loss $19.4M; cuts FY outlook to $80-90M, CEO resigns

22nd Century Group, Inc.

2023-Q2 EPS reported -$2.67 revenue$45,389,000

Net revenues $23.4M (+62% YoY); gross loss of $2.3M driven by plant fire and product mix.
Net loss $19.4M; adjusted EBITDA loss $16.0M vs loss $7.1M in prior year.
Cuts 2023 revenue outlook to $80-90M from $105-110M due to VLN rollout timeline changes and internal production transition.
CEO James Mish resigns; John Miller appointed interim CEO; cost reduction program targeting $15M+ annualized savings.
Raised $19.9M in equity in June/July; regained Nasdaq compliance.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

22nd Century Group, Inc. reported Second quarter ended June 30, 2023 results: revenue $23.4 Million. Guidance lowered.

Period: Second quarter ended June 30, 2023
Revenue: $23.4 Million
Guidance: lowered
Result: reported results

Exact text from the filing

Second Quarter 2023 Net Revenues Increased 62% to $23.4 Million

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22nd Century Group, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-014685

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