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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.
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
Historical Earnings Impact
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