22nd Century Group (XXII) Q4 2023 net revenue $7.4M, net loss $22.1M; announces 1-for-16 reverse stock split

22nd Century Group, Inc.

Q4 net revenue $7.4M, down 26% YoY from $10.0M; gross profit negative $(7.8)M due to $7.9M inventory write-down.
Net loss from continuing ops $22.1M ($0.66/share) vs $11.1M ($0.77/share) in Q4 2022; adjusted EBITDA loss $3.2M vs $10.0M.
Cash $2.1M at year end; secured $2.3M from warrant exchange and asset sales; long-term debt $8.1M.
Reverse stock split 1-for-16 effective April 2, 2024 to regain Nasdaq $1.00 minimum bid compliance.
Targeting break-even by Q1 2025 after exiting hemp/cannabis; VLN available in 5,100+ stores across 26 states.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

22nd Century Group, Inc. reported the fourth quarter ended December 31, 2023 results: revenue $7.4 million, net income $22.1 million or $0.66 per share, EPS $0.66 per share.

Period: the fourth quarter ended December 31, 2023
Revenue: $7.4 million
Net income: $22.1 million or $0.66 per share
EPS: $0.66 per share
Result: reported results

Exact text from the filing

on recent business highlights. Fourth quarter results and recent business activities included: ● Net revenue from continuing operations in the fourth quarter of 2023 was $7.4 million, ● Exited hemp/cannabis operations to fully focus on tobacco harm reduction and contract manufacturing activities, ● Substantially reduced operating costs through efficiency

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Source: SEC EDGAR

accession 0001558370-24-004148

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