22Nd Century Financials
This page shows 22Nd Century (XXII) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
22Nd Century has an operating margin of -65.8%, meaning the company retains $-66 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -57.2% the prior year.
22Nd Century's revenue declined 27.9% year-over-year, from $24.4M to $17.6M. This contraction results in a growth score of 0/100.
22Nd Century carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
22Nd Century's current ratio of 2.42 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
While 22Nd Century generated -$7.7M in operating cash flow, capex of $61K consumed most of it, leaving -$7.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
22Nd Century generates a -32.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -378.0% the prior year.
22Nd Century passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, 22Nd Century generates $1.53 in operating cash flow (-$7.7M OCF vs -$5.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
22Nd Century earns $-7.9 in operating income for every $1 of interest expense (-$11.6M vs $1.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
22Nd Century generated $17.6M in revenue in fiscal year 2025. This represents a decrease of 27.9% from the prior year.
22Nd Century's EBITDA was -$11.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.4% from the prior year.
22Nd Century reported -$5.1M in net income in fiscal year 2025. This represents an increase of 66.7% from the prior year.
22Nd Century earned $-52.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 70.0% from the prior year.
Cash & Balance Sheet
22Nd Century generated -$7.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 46.3% from the prior year.
22Nd Century held $7.1M in cash against $5.2M in long-term debt as of fiscal year 2025.
22Nd Century had 662,023 shares outstanding in fiscal year 2025. This represents an increase of 1986.6% from the prior year.
Margins & Returns
22Nd Century's gross margin was 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
22Nd Century's operating margin was -65.8% in fiscal year 2025, reflecting core business profitability. This is down 8.5 percentage points from the prior year.
22Nd Century's net profit margin was -28.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 33.5 percentage points from the prior year.
22Nd Century's ROE was -32.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 345.9 percentage points from the prior year.
Capital Allocation
22Nd Century invested $688K in research and development in fiscal year 2025. This represents a decrease of 39.3% from the prior year.
22Nd Century invested $61K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 56.7% from the prior year.
XXII Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M-1.8% | $4.1M-31.4% | $6.0M+48.2% | $4.0M-32.4% | $5.9M-25.2% | $7.9M+22.8% | $6.5M-12.1% | $7.4M |
| Cost of Revenue | $2.6M-10.7% | $2.9M-0.7% | $2.9M-6.8% | $3.1M-0.3% | $3.1M-19.8% | $3.9M-8.2% | $4.2M | N/A |
| Gross Profit | $1.5M+19.2% | $1.2M-60.3% | $3.1M+231.7% | $926K-67.4% | $2.8M-30.3% | $4.1M+80.8% | $2.3M | N/A |
| R&D Expenses | $193K-15.0% | $227K+40.1% | $162K-25.7% | $218K-9.2% | $240K-4.0% | $250K-41.2% | $425K | N/A |
| SG&A Expenses | $1.8M-12.7% | $2.1M+17.8% | $1.8M-27.3% | $2.5M-2.9% | $2.5M+7.9% | $2.4M-18.8% | $2.9M | N/A |
| Operating Income | -$3.2M-7.7% | -$3.0M-16.0% | -$2.6M+37.2% | -$4.1M-21.2% | -$3.4M-65.0% | -$2.0M+53.8% | -$4.4M | N/A |
| Interest Expense | $534K+52.1% | $351K-37.1% | $558K+109.8% | $266K-14.5% | $311K-37.9% | $501K-50.7% | $1.0M | N/A |
| Income Tax | N/A | -$34K | N/A | N/A | N/A | $26K | N/A | N/A |
| Net Income | $5.5M+261.1% | -$3.4M+21.3% | -$4.3M+5.0% | -$4.6M-21.3% | -$3.8M-237.9% | -$1.1M+80.6% | -$5.7M | N/A |
| EPS (Diluted) | $-0.28+97.9% | $-13.61-444.4% | $-2.50 | N/A | $-1760.26 | $-593.72 | $-395.07 | $-0.66 |
XXII Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $32.4M+44.6% | $22.4M+4.3% | $21.5M-1.0% | $21.7M-17.2% | $26.2M+8.7% | $24.1M-2.1% | $24.6M-10.5% | $27.5M |
| Current Assets | $22.9M+93.1% | $11.9M+7.0% | $11.1M-3.7% | $11.5M-26.9% | $15.8M+16.9% | $13.5M-1.7% | $13.7M-15.8% | $16.3M |
| Cash & Equivalents | $4.8M+57.2% | $3.1M+172.1% | $1.1M-74.4% | $4.4M-17.2% | $5.3M+317.6% | $1.3M-15.7% | $1.5M-26.3% | $2.1M |
| Inventory | $2.9M+16.1% | $2.5M-2.0% | $2.6M+26.8% | $2.0M-13.9% | $2.3M-12.2% | $2.7M-7.8% | $2.9M-33.5% | $4.3M |
| Accounts Receivable | $3.0M-15.5% | $3.5M-18.1% | $4.3M+154.5% | $1.7M-4.8% | $1.8M-27.1% | $2.4M+40.1% | $1.7M+4.5% | $1.7M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Liabilities | $11.3M-32.8% | $16.8M-6.1% | $17.8M+1.0% | $17.7M-22.2% | $22.7M-9.3% | $25.0M-30.9% | $36.2M+0.9% | $35.9M |
| Current Liabilities | $10.5M-31.5% | $15.4M-6.1% | $16.4M+64.6% | $10.0M-31.0% | $14.4M-10.2% | $16.1M-36.4% | $25.3M+0.9% | $25.0M |
| Long-Term Debt | N/A | $3.2M-18.1% | $3.9M-23.9% | $5.2M-6.6% | $5.5M-8.6% | $6.0M-25.7% | $8.1M+1.0% | $8.1M |
| Total Equity | $18.4M+226.3% | $5.6M+55.3% | $3.6M-9.6% | $4.0M+15.6% | $3.5M+463.6% | -$955K+91.8% | -$11.6M-38.2% | -$8.4M |
| Retained Earnings | -$396.1M+1.4% | -$401.6M-0.9% | -$398.2M-1.1% | -$393.9M-1.2% | -$389.3M-1.0% | -$385.6M-0.3% | -$384.4M-1.5% | -$378.7M |
XXII Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.0M-15.5% | -$3.5M-16.9% | -$3.0M+32.3% | -$4.4M-47.7% | -$3.0M+36.9% | -$4.7M-109.1% | -$2.3M+53.1% | -$4.8M |
| Capital Expenditures | $6K-79.3% | $29K+190.0% | $10K | $0-100.0% | $70K+9.4% | $64K+814.3% | $7K-99.0% | $705K |
| Free Cash Flow | -$4.0M-14.7% | -$3.5M-17.4% | -$3.0M+32.1% | -$4.4M-44.3% | -$3.0M+36.2% | -$4.8M-111.3% | -$2.3M+58.9% | -$5.5M |
| Investing Cash Flow | -$522K-171.4% | $731K+1339.0% | -$59K-195.0% | -$20K+71.4% | -$70K-9.4% | -$64K-526.7% | $15K+102.8% | -$536K |
| Financing Cash Flow | $6.3M+34.2% | $4.7M+1949.2% | -$254K-107.3% | $3.5M-50.8% | $7.1M+56.6% | $4.5M+167.3% | $1.7M+157.5% | -$3.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XXII Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.3%+6.4pp | 29.9%-21.7pp | 51.6%+28.6pp | 23.0%-24.8pp | 47.8%-3.5pp | 51.3%+16.4pp | 34.9% | N/A |
| Operating Margin | -80.1%-7.1pp | -73.0%-29.9pp | -43.1%+58.6pp | -101.8%-45.0pp | -56.8%-31.0pp | -25.8%+42.8pp | -68.5% | N/A |
| Net Margin | 136.8%+220.3pp | -83.4%-10.8pp | -72.7%+40.7pp | -113.3%-50.1pp | -63.2%-49.2pp | -14.0%+74.7pp | -88.7% | N/A |
| Return on Equity | 29.9%+90.4pp | -60.5%+58.9pp | -119.4%-5.8pp | -113.6%-5.3pp | -108.2% | N/A | N/A | N/A |
| Return on Assets | 17.0%+32.2pp | -15.2%+4.9pp | -20.2%+0.9pp | -21.0%-6.7pp | -14.3%-9.7pp | -4.6%+18.7pp | -23.3% | N/A |
| Current Ratio | 2.17+1.4 | 0.77+0.1 | 0.68-0.5 | 1.16+0.1 | 1.09+0.3 | 0.84+0.3 | 0.54-0.1 | 0.65 |
| Debt-to-Equity | 0.61+0.0 | 0.57-0.5 | 1.08-0.2 | 1.29-0.3 | 1.59+7.9 | -6.33-5.6 | -0.70+0.3 | -0.96 |
| FCF Margin | -100.3%-14.4pp | -85.9%-35.8pp | -50.1%+59.3pp | -109.4%-58.2pp | -51.2%+8.9pp | -60.1%-25.2pp | -35.0%+39.9pp | -74.9% |
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Frequently Asked Questions
What is 22Nd Century's annual revenue?
22Nd Century (XXII) reported $17.6M in total revenue for fiscal year 2025. This represents a -27.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is 22Nd Century's revenue growing?
22Nd Century (XXII) revenue declined by 27.9% year-over-year, from $24.4M to $17.6M in fiscal year 2025.
Is 22Nd Century profitable?
No, 22Nd Century (XXII) reported a net income of -$5.1M in fiscal year 2025, with a net profit margin of -28.7%.
What is 22Nd Century's EBITDA?
22Nd Century (XXII) had EBITDA of -$11.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does 22Nd Century have?
As of fiscal year 2025, 22Nd Century (XXII) had $7.1M in cash and equivalents against $5.2M in long-term debt.
What is 22Nd Century's gross margin?
22Nd Century (XXII) had a gross margin of 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is 22Nd Century's operating margin?
22Nd Century (XXII) had an operating margin of -65.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is 22Nd Century's net profit margin?
22Nd Century (XXII) had a net profit margin of -28.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is 22Nd Century's return on equity (ROE)?
22Nd Century (XXII) has a return on equity of -32.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is 22Nd Century's free cash flow?
22Nd Century (XXII) generated -$7.8M in free cash flow during fiscal year 2025. This represents a 46.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is 22Nd Century's operating cash flow?
22Nd Century (XXII) generated -$7.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are 22Nd Century's total assets?
22Nd Century (XXII) had $27.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are 22Nd Century's capital expenditures?
22Nd Century (XXII) invested $61K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does 22Nd Century spend on research and development?
22Nd Century (XXII) invested $688K in research and development during fiscal year 2025.
What is 22Nd Century's current ratio?
22Nd Century (XXII) had a current ratio of 2.42 as of fiscal year 2025, which is generally considered healthy.
What is 22Nd Century's debt-to-equity ratio?
22Nd Century (XXII) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is 22Nd Century's return on assets (ROA)?
22Nd Century (XXII) had a return on assets of -18.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is 22Nd Century's cash runway?
Based on fiscal year 2025 data, 22Nd Century (XXII) had $7.1M in cash against an annual operating cash burn of $7.7M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is 22Nd Century's Piotroski F-Score?
22Nd Century (XXII) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are 22Nd Century's earnings high quality?
22Nd Century (XXII) has an earnings quality ratio of 1.53x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can 22Nd Century cover its interest payments?
22Nd Century (XXII) has an interest coverage ratio of -7.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is 22Nd Century?
22Nd Century (XXII) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.