secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001558370-24-008198
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000155837024008198/0001558370-24-008198-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000155837024008198/xxii-20240515x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-008198

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