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Today, 22nd Century (NASDAQ:XXII) Group, Inc., a company specializing in cigarettes manufacturing, disclosed its financial results for the year ended December 31, 2024. The Nevada-incorporated company, listed on the NASDAQ Capital Market under the ticker XXII, released the earnings information in accordance with the Securities Exchange Act of 1934. According to InvestingPro data, the company faces significant financial challenges, with an EBITDA of -$23.26 million and concerning gross profit margins of -51.87% in the last twelve months.
The report, which is not deemed to be filed for Section 18 of the Exchange Act nor incorporated by reference in any filings under the Securities Act of 1933, was issued on Thursday, marking the latest financial performance update from the company. 22nd Century Group, which has its principal executive office in Mocksville, North Carolina, has provided this information in an earnings release, which is attached as Exhibit 99.1 to the 8-K form. The company’s stock has experienced significant volatility, with a dramatic decline of 99.37% over the past year. InvestingPro subscribers have access to 15 additional key insights about the company’s performance and outlook.
While the specifics of the financial results were not detailed in the information provided, the release of this data is a routine part of the company’s compliance with SEC regulations and provides investors and stakeholders with an update on the company’s financial health as of the end of the previous fiscal year. Based on InvestingPro analysis, the company’s overall financial health score is rated as WEAK, with concerning metrics showing rapid cash burn and potential difficulties in meeting debt obligations.
The company’s Chief Financial Officer, Daniel A. Otto, signed off on the report, ensuring the company’s adherence to the necessary regulatory requirements.
It is important to note that the information contained in the earnings release and the 8-K report is based on the company’s own statements and has not been independently verified. As such, investors are encouraged to review the documents in detail for a comprehensive understanding of the company’s financial position and performance over the reported period.
The 22nd Century Group’s financial results are available for public viewing and provide key insights into the company’s operations and financial condition as of December 31, 2024. This announcement is in line with the company’s commitment to transparency and regular communication with its investors and the broader market.
In other recent news, 22nd Century Group has announced a new partnership with Smoker Friendly to introduce Very Low Nicotine (VLN) cigarettes under the Smoker Friendly brand. This collaboration marks the first VLN partner brand for 22nd Century Group and includes gold and menthol options. The companies are in the process of obtaining state approvals and anticipate beginning shipments in the second quarter of 2025. Additionally, 22nd Century Group has made a significant adjustment to the conversion price of its senior secured credit facility, resetting it to $6.04 per share. This decision was made possible through a Letter Agreement with JGB Partners and reflects the company’s strategy to manage its debt obligations effectively. The reset was approved by stockholders at a special meeting and aligns with recent market conditions. The SEC filing ensures transparency of this corporate action to investors and the market. These developments highlight 22nd Century Group’s ongoing efforts to expand its product offerings and manage financial strategies.
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