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Mar 31, 2021
22nd Century Group Q1 2021 Earnings Report
22nd Century Group's first quarter results for 2021 were reported with a net sales revenue of $6.8 million and a net loss of $5.0 million.
Key Takeaways
22nd Century Group reported first quarter 2021 financial results, with net sales revenue of $6.8 million and a net loss of $5.0 million. The company is focused on securing FDA authorization for VLN® and advancing its hemp/cannabis business.
Net sales revenue for the first quarter of 2021 was $6.8 million, comparable to $7.1 million in the first quarter of 2020.
Gross profit for the first quarter of 2021 improved to $647 thousand.
Net loss for the first quarter of 2021 was $5.0 million, compared to $4.0 million in the same quarter last year, driven by investment in anticipation of 22nd Century’s expected MRTP designation of VLN®.
Cash, cash equivalents, and short-term investment securities totaled $30.9 million at the end of the first quarter of 2021.
Forward Guidance
22nd Century Group remains focused on obtaining FDA authorization for VLN® and is prepared to launch the product commercially within 90 days of approval.
Positive Outlook
- Company remains focused on securing FDA authorization for VLN®.
- Company is fully prepared to execute a commercial product launch and will seek licensing and partnership initiatives within 90 days of MRTP designation.
- Company will support and advance the FDA’s plan to require all cigarettes sold in the U.S. be made “minimally or non-addictive”.
- Company continues to target the upstream segment of the cannabinoid value chain.
- Company will maintain diligent financial execution, efficient operating structure, and balance sheet strength to support its growth initiatives.
Historical Earnings Impact
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