Microvast Holdings announces departure of chief financial officer
22nd Century Group, Inc. (NASDAQ:XXII), a company specializing in the manufacturing of cigarettes with a current market capitalization of $2.54 million, has disclosed its financial results for the first quarter that ended on March 31, 2025. The announcement was made today, Tuesday, through an earnings release which is now available as part of the company’s Form 8-K submission to the Securities and Exchange Commission (SEC). InvestingPro data shows the company generated revenue of $24.38 million in the last twelve months, though it faces significant operational challenges with negative EBITDA of -$12.82 million.
The earnings release provided by 22nd Century Group offers a detailed account of the company’s financial performance for the quarter. While the specifics of the Q1 results weren’t disclosed in the SEC filing summary, InvestingPro analysis indicates the company is expected to see both revenue and net income growth this year, despite currently operating with significant debt burden. InvestingPro subscribers have access to 17 additional key insights about XXII’s financial health and growth prospects.
Located in Mocksville, North Carolina, 22nd Century Group is incorporated in Nevada and has its common stock listed on the NASDAQ Capital Market under the trading symbol "XXII." The company has confirmed that the information included in the earnings release is not to be considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it to be deemed incorporated by reference in any of the company’s filings under the Securities Act of 1933 or the Exchange Act.
The SEC filing indicates that 22nd Century Group is not an emerging growth company as defined by the SEC and has not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Investors and interested parties can refer to the complete earnings release for a full understanding of the company’s financial standing as of the first quarter of 2025. This information is based on a press release statement and is intended to provide shareholders with the latest operational and financial conditions of 22nd Century Group, Inc.
In other recent news, 22nd Century Group reported a decline in net revenue for the fourth quarter of 2024, dropping to $4 million from $5.9 million in the previous quarter. Despite the revenue decrease, the company significantly reduced its total liabilities by approximately $18 million year-over-year. The company has also reduced its debt further by $3.8 million, bringing its outstanding debt to approximately $3.9 million, as part of its broader strategy to eliminate debt and focus on growth opportunities. Additionally, 22nd Century Group announced plans to relaunch its VLN® branded products in the second quarter of 2025, with new product variations including VLN® Gold, VLN® Red, and VLN® Green (Menthol). The company is also expanding its production capacity for filtered cigars, expecting initial shipments to begin in the second quarter of 2025, with an annual projection of 500,000 cartons or more. CEO Larry Firestone expressed optimism about these developments, highlighting the potential for increased gross margins and consistent volume. The company aims to achieve EBITDA breakeven by the fourth quarter of 2025, focusing on expanding VLN® distribution across all 50 states by July 2025. These recent developments reflect 22nd Century Group’s strategic initiatives to enhance its financial performance and market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.