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Sep 30, 2021
22nd Century Group Q3 2021 Earnings Report
Reported an increase in net sales and provided an update on recent business highlights.
Key Takeaways
22nd Century Group reported a 6.9% increase in net sales for the third quarter of 2021, driven by increased contract manufacturing sales. The company's gross profit improved, marking the seventh consecutive quarter of year-over-year improvement. However, the operating loss increased due to higher sales, general, and administrative expenses.
Net sales for the third quarter of 2021 were $7.8 million, an increase of 6.9% from the prior year period.
Gross profit for the third quarter of 2021 improved by $87 thousand, or 24% to $449 thousand compared to the prior year period.
Operating loss for the third quarter of 2021 was $(7.9) million, an increase of $3.4 million compared to the prior year period.
The Company ended the quarter with a cash position of $55.2 million as of September 30, 2021.
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