22nd Century Group Q1 2024 net loss $5.5M; improves from prior year; reduces debt by $8M in Q2

22nd Century Group, Inc.

2024-Q1 EPS reported -$2.94 revenue$6,469,000

Net revenue from continuing ops $6.5M; gross profit negative $1.1M including $0.4M inventory reserves and $0.2M excise tax.
Net loss from continuing ops $5.5M vs $10.8M prior year; Adjusted EBITDA loss $3.5M vs $9.0M prior year.
Cash used in ops fell to $2.3M from $17.5M prior year; cash $4.8M as of May 1 after $4.2M equity raise in April.
Reduced ~$8.0M of debt and liabilities post-quarter via equity exchanges; long-term debt $8.1M at quarter end.
New customer contracts commenced April 2024 with revenue ramping in Q2; CMO production unit volumes up 20%.

item 2.02 item 9.01

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 first quarter ended March 31, 2024 results: revenue $6.5 million.

Period: the first quarter ended March 31, 2024
Revenue: $6.5 million
Result: reported results

Exact text from the filing

to $2.3 million, as compared to the prior comparative period of $17.5 million, and fourth quarter 2023 of $4.8 million. ● Net revenue from continuing operations was $6.5 million, as the Company further refined its revenue mix away from negative margin filtered cigars in favor of higher margin VLN ® and conventional cigarettes. ● Gross profit for the

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Source: SEC EDGAR

accession 0001558370-24-008198

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