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Mar 31, 2024
22nd Century Group Q1 2024 Earnings Report
22nd Century Group reported first quarter 2024 financial results, showing reduced operating costs and improved cash position.
Key Takeaways
22nd Century Group reported a net revenue of $6.5 million. The company significantly reduced its operating expenses and cash used in operations. They also secured new contracts expected to boost second quarter revenue.
Cash used in operations decreased significantly to $2.3 million compared to $17.5 million in the prior year.
Net revenue from continuing operations was $6.5 million.
Operating expenses decreased to $3.3 million compared to $10.4 million in the prior year.
The company reduced approximately $8.0 million of debt and other liabilities in equity exchange transactions subsequent to quarter end.
Revenue by Segment
Forward Guidance
The company expects new contracts to boost second quarter revenue and improve margin profile, including a 20% increase in CMO production unit volumes. These contracts commenced in April 2024 with revenue ramping in the second quarter.
Positive Outlook
- New contracts expected to boost second quarter revenue.
- 20% increase in CMO production unit volumes.
- Contracts commenced in April 2024.
- Revenue expected to ramp in the second quarter.
- Rapidly transforming operating results as we shift our revenue mix and implement a lean operating cost mantra across the Company, and strengthening the balance sheet.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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