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Mar 31, 2023
22nd Century Group Q1 2023 Earnings Report
22nd Century Group reported a net revenue increase of 143% year-over-year, driven by hemp/cannabis sales following the GVB acquisition, and introduced a full-year revenue outlook.
Key Takeaways
22nd Century Group reported a strong first quarter with net revenues of $22.0 million, a 143% increase compared to Q1 2022. The company introduced its first revenue guidance, projecting $105 million to $110 million for 2023. Growth is expected to be driven by VLN® sales, Pinnacle CMO sales, cannabinoid ingredient volumes, and new CDMO+D hemp/cannabis agreements.
Net revenues for Q1 2023 were $22.0 million, up 143% from Q1 2022.
Introduced 2023 revenue outlook of $105 million to $110 million, a 69% to 77% year-over-year increase.
Signed exclusive CDMO plus distribution agreements worth more than $140 million with Cookies and Old Pal.
Delivered record GVB ingredient volumes as dominant supplier in North America.
22nd Century Group
22nd Century Group
Forward Guidance
22nd Century Group anticipates full-year 2023 revenue between $105 million and $110 million, driven by VLN® sales, Pinnacle CMO sales, cannabinoid ingredient volumes, and new CDMO+D hemp/cannabis agreements. The company aims for cash positive operations in 2024.
Positive Outlook
- Rapid stocking and ramp up of new VLN® customers
- New Pinnacle CMO sales
- Continued record cannabinoid ingredient volumes
- Start-up of CDMO+D hemp/cannabis agreements
- Full year of GVB sales