earnings
confidence high
sentiment neutral
materiality 0.60
22nd Century Q2 net loss narrows to $2.2M; targets cash positive by Q1 2025
22nd Century Group, Inc.
2024-Q2 EPS reported
-$2.05
revenue$14,416,000
- Net revenues $7.9M, up 22.8% sequentially; net loss $2.2M, improved 61.4% from Q1 2024.
- Gross profit turned positive to $0.6M vs $(1.1)M in Q1; operating loss halved to $2.0M.
- Reduced net debt by ~$6.3M year-to-date; aiming for cash positive operations in Q1 2025.
- Cigarette rev $4.1M (+8% YoY) aided by $0.9M Spectrum order; cigarillo dist. rev $0.6M.
- VLN revenue negligible; company plans rebrand/relaunch due to low sell-through.