22nd Century Group Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
22nd Century Group (Nasdaq: XXII) reported Q4 2025 net revenues of $3.5M and year 2025 revenues of $17.6M, with continuing operations net loss of $2.8M in Q4 and $13.1M for the year.
The company exited 2025 debt-free with $7.1M cash, recovered a $9.5M insurance settlement, eliminated >$8.0M legacy debt, and expanded VLN® retail/state authorizations across multiple partner brands.
Positive
- Exited 2025 debt-free
- Ended year with $7.1M cash
- Secured $9.5M insurance settlement
- Eliminated over $8.0M legacy debt
- VLN® availability expanded to 48 states for company brand
Negative
- 2025 revenues declined 27.9% YoY to $17.6M
- Gross loss increased $0.737M (30.7%) for year
- Full-year net loss from continuing operations $13.1M
- Adjusted EBITDA loss of $10.2M for 2025
- VLN® product net revenues only $0.1M in Q4
News Market Reaction – XXII
On the day this news was published, XXII declined 10.64%, reflecting a significant negative market reaction. Argus tracked a trough of -29.8% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $236K from the company's valuation, bringing the market cap to $1.99M at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers showed mixed, mostly negative moves: KAVL -18.26%, GNLN -3.59%, TPB -0.80%, while UVV was up 0.66%. XXII’s -4.08% move appears more company-specific than part of a broad tobacco rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 20 | Prelim FY25 results | Negative | -15.6% | Preliminary 2025 results with revenue down and continued net losses. |
| Aug 14 | Q2 2025 earnings | Negative | -10.1% | Q2 2025 revenue decline, net loss and adjusted EBITDA loss despite VLN® expansion. |
| May 13 | Q1 2025 earnings | Neutral | +7.5% | Q1 2025 revenue growth but ongoing gross loss and net loss after restructuring. |
| Mar 20 | FY 2024 results | Negative | -2.6% | Q4 and 2024 results with declining revenues and larger net loss. |
| Nov 12 | Q3 2024 earnings | Negative | -2.4% | Q3 2024 revenue drop and widening operating and net losses. |
Earnings releases have typically been followed by negative price reactions, with an average move of -4.67%, especially when they highlight revenue declines and ongoing losses.
Over recent earnings cycles, 22nd Century has reported declining or pressured revenues alongside persistent losses, while gradually improving operating metrics. Q3 and Q4 2024 showed revenue declines and larger losses, followed in Q1 and Q2 2025 by better cost control and volume gains but continued net losses. The preliminary Q4 and full-year 2025 report on Feb 20, 2026 emphasized narrower losses and a cash position of $7.1M. Today’s audited results largely confirm that trajectory of modest financial improvement amid top-line pressure.
Historical Comparison
Earnings headlines over the past five events saw an average move of -4.67%. Today’s -4.08% reaction to audited Q4/FY25 results is broadly in line with that pattern.
Earnings updates have shown a progression from deeper 2024 losses and revenue declines toward 2025 results with narrower operating and net losses, higher carton volumes, and broader VLN® distribution, but without restoring prior revenue levels.
Regulatory & Risk Context
An effective Form S-3 shelf filed on Jun 20, 2025 registers up to 8,588,811 resale shares from prior warrant issuances. These cashless-exercise warrants add no cash but can increase tradable float and dilute EPS and ownership percentages as shares are resold.
Market Pulse Summary
The stock dropped -10.6% in the session following this news. A negative reaction despite elements of balance-sheet improvement fits past earnings patterns, which averaged around -4.67% moves. Revenues fell to $17.6M in 2025 from $24.4M in 2024, and the business still generated a $13.1M net loss. Selling pressure could also reflect concern about overhang from registered preferred stock, warrants, and up to 8.6M resale shares under the existing shelf registration.
Key Terms
adjusted ebitda financial
non-gaap financial
modified risk tobacco product (mrtp) regulatory
fda authorization regulatory
u.s. food and drug administration regulatory
AI-generated analysis. Not financial advice.
VLN® Commercial Expansion Drives Continued Shift Toward Higher Margin Proprietary Branded Products
Expanding VLN® Store Counts and State Authorizations Increase Availability of Smoking Harm Reduction Products
MOCKSVILLE, N.C., March 26, 2026 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), the only tobacco products company focused on reducing the harms of smoking through nicotine reduction, today announced results for the fourth quarter and fiscal year-ended December 31, 2025, and provided an update on recent business highlights.
The Company’s proprietary low nicotine technology is designed to serve adult smokers who want to change their smoking habits by significantly reducing nicotine consumption. 22nd Century is focusing on smoker health and wellness by giving smokers an opportunity to control their tobacco consumption.
“During 2025, we executed a strategic pivot toward higher-margin branded products, expanded partnerships with established retail chains, and developed a new tobacco harm reduction category, all of which we continue to build upon in 2026. With multiple VLN® and partner product formats now actively selling in the market, we are especially focused on steadily expanding the number of retail chains and total outlets carrying VLN® products,” said Larry Firestone, CEO of 22nd Century Group.
Firestone continued, “Our strategy and business model now enable tobacco companies of any size to adopt a Partner VLN® or licensing pathway with speed and scalability. For the first time, this creates a viable model for the industry to broaden the reach of VLN® products and meaningfully deliver on its stated commitment to tobacco harm reduction.”
“We also made important progress in 2025 to strengthen our financial position as we shifted our focus from restructuring to growth. We exited the year debt-free, with a more efficient operating structure and sufficient capital to support our near-term growth objectives. During the year, we eliminated over
“As we move through 2026, we are executing with a clear strategic growth focus, supported by a strengthened financial and operational foundation. Our priorities include expanding VLN® retail distribution and consumer awareness, scaling toward profitability, and maintaining active engagement with FDA regulators and public health stakeholders both domestically and internationally.”
Fourth Quarter 2025 Financial Results (compared to Third Quarter 2025, except as noted)
All figures reported below reflect continuing operations, excluding discontinued operations related to the sale and exit of the Company’s hemp/cannabis business in late 2023, except as noted.
- Net revenues decreased slightly to
$3.5 million from$4.0 million . - Gross profit (loss) improved to
$(0.8) million , compared to$(1.1) million . - Operating expenses were
$2.0 million , decreased from$2.2 million . - Operating loss decreased to
$2.8 million , compared to$3.2 million . - Net loss was
$2.8 million , compared to net loss of$3.8 million . - Adjusted EBITDA loss was
$2.4 million , compared to a loss of$2.9 million . - Ended the calendar year 2025 with cash of
$7.1 million .
Recent Business Highlights
- Maintained a strong balance sheet, ending the year with no outstanding debt and
$7.1 million in cash available for operations. - Continued to expand market access to both VLN® and Partner VLN® products, as well as new natural style cigarette products, with expanded store availability
- Further increased state authorizations to support expanded access to the Company’s branded products, including:
- 22nd Century VLN® – 48 States
- Pinnacle® VLN® – 42 States
- Pinnacle® – 45 States
- Smoker Friendly VLN® – 43 States
- Smoker Friendly – 47 States
- Smoker Friendly Black Label (Tobacco & Water) – 39 states
- Increased Pinnacle® VLN® availability to almost 1,500 stores within a top-5 convenience store chain across 12 states; full rollout across all remaining store locations is expected in next 90 days supported by in-store marketing materials and digital promotion programs.
- Continued to advance negotiations with new customers to expand VLN® distribution and launch additional VLN® partner brands, further diversifying the reduced nicotine content product category.
- Continued to advance initiatives aimed at margin expansion through mix improvement, operating cost efficiency and capital allocation.
- Moved forward on plans to introduce 100mm format VLN® cigarettes and additional international combustible products tailored to consumer preferences in those markets.
Fourth Quarter 2025 Product Line Net Revenues
- Cigarette net revenues were
$2.6 million , increased from$2.5 million in the third quarter of 2025, reflecting an increase in certain customer pricing incentives, offset by increased CMO volumes. Additional expansion of new natural style cigarette products launched in 2025 will continue to accelerate revenue and margin growth in this category. - Filtered cigar net revenues were
$0.4 million compared to$1.3 million , reflecting ongoing shifting product mix and decreasing volume from remaining CMO customers. - Distribution net revenues from other tobacco products, consisting of Pinnacle branded moist snuff and cigarillos were
$0.4 million compared to negligible amounts in the third quarter 2025. - VLN® cigarette net revenues were
$0.1 million , reflecting continuing placements of VLN® and partner VLN® products, offset by customer returns and product exchanges to the new VLN® branding. Total new branded VLN® and partner VLN® products shipped in the fourth quarter were approximately 8,800 cartons.
Balance Sheet
- The Company reported zero long-term debt, having extinguished its remaining senior secured debt in full during 2025.
- Cash and equivalents were
$7.1 million at quarter end. - Inventories were
$4.3 million , increased from$2.9 million at third quarter end, reflecting increases in reduced nicotine content tobacco leaf.
Conference Call
22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its fourth quarter and full year 2025 financial results and business highlights. The live and archived webcast will be accessible in the Events section on 22nd Century’s Investor Relations website at https://ir.xxiicentury.com/events.
Summary Financial Results
(dollars in thousands, except per share data)
| Three Months Ended | |||||||||||||
| December 31, | Change | ||||||||||||
| 2025 | 2024 | $ | % | ||||||||||
| Revenues, net | $ | 3,537 | $ | 4,020 | (483 | ) | (12.0 | ) | |||||
| Gross loss | $ | (834 | ) | $ | (1,254 | ) | 420 | (33.5 | ) | ||||
| Operating loss | $ | (2,803 | ) | $ | (4,091 | ) | 1,288 | (31.5 | ) | ||||
| Net loss from continuing operations | $ | (2,783 | ) | $ | (4,246 | ) | 1,463 | (34.5 | ) | ||||
| Basic and diluted loss per common share from continuing operations | $ | (5.89 | ) | $ | (3,257.47 | ) | 3,251.58 | (99.8 | ) | ||||
| Adjusted EBITDA (a) | $ | (2,387 | ) | $ | (3,888 | ) | 1,501 | 38.6 | |||||
| Year Ended | |||||||||||||
| December 31, | Change | ||||||||||||
| 2025 | 2024 | $ | % | ||||||||||
| Revenues, net | $ | 17,587 | $ | 24,382 | (6,795 | ) | (27.9 | ) | |||||
| Gross loss | $ | (3,137 | ) | $ | (2,400 | ) | (737 | ) | 30.7 | ||||
| Operating loss | $ | (11,566 | ) | $ | (13,950 | ) | 2,384 | (17.1 | ) | ||||
| Net loss from continuing operations | $ | (13,117 | ) | $ | (15,495 | ) | 2,378 | (15.3 | ) | ||||
| Basic and diluted loss per common share from continuing operations | $ | (71.26 | ) | $ | (27,812.56 | ) | 27,741.30 | (99.7 | ) | ||||
| Adjusted EBITDA (a) | $ | (10,233 | ) | $ | (13,137 | ) | 2,904 | 22.1 | |||||
| (a) Adjusted EBITDA is a non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures. Refer to Tables A at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. | |||||||||||||
Summary Product Line Results
(in thousands)
| Three Months Ended | |||||||||||||
| December 31, | |||||||||||||
| 2025 | 2024 | Change | |||||||||||
| $ | Cartons | $ | Cartons | $ | Cartons | ||||||||
| Contract manufacturing | |||||||||||||
| Cigarettes | 2,648 | 155 | 3,276 | 228 | (628 | ) | (73 | ) | |||||
| Filtered cigars | 406 | 51 | 833 | 112 | (427 | ) | (61 | ) | |||||
| Other tobacco products | 354 | 40 | - | - | 354 | 40 | |||||||
| Total contract manufacturing | 3,408 | 246 | 4,109 | 340 | (701 | ) | (94 | ) | |||||
| VLN® | 129 | 2 | (89 | ) | (2 | ) | 218 | 4 | |||||
| Total product line revenues | 3,537 | 248 | 4,020 | 338 | (483 | ) | (90 | ) | |||||
| Year Ended | ||||||||||||
| December 31, | ||||||||||||
| 2025 | 2024 | Change | ||||||||||
| $ | Cartons | $ | Cartons | $ | Cartons | |||||||
| Contract manufacturing | ||||||||||||
| Cigarettes | 12,897 | 1,525 | 14,219 | 644 | (1,322 | ) | 881 | |||||
| Filtered cigars | 4,110 | 549 | 9,427 | 1,361 | (5,317 | ) | (812 | ) | ||||
| Other tobacco products | 442 | 54 | 756 | 120 | (314 | ) | (66 | ) | ||||
| Total contract manufacturing | 17,449 | 2,128 | 24,402 | 2,125 | (6,953 | ) | 3 | |||||
| VLN® | 138 | 4 | (20 | ) | - | 158 | 4 | |||||
| Total product line revenues | 17,587 | 2,132 | 24,382 | 2,125 | (6,795 | ) | 7 | |||||
About 22nd Century Group, Inc.
22nd Century Group is pioneering the tobacco harm reduction movement by enabling smokers to take control of their nicotine consumption.
Our Technology is Tobacco
Our proprietary non-GMO reduced nicotine tobacco plants were developed using our patented technologies that regulate alkaloid biosynthesis activities resulting in a tobacco plant that contains
Our Products
We created our flagship product, the VLN® cigarette using our low nicotine tobacco, to give traditional cigarette smokers an authentic and familiar alternative in the form of a combustible cigarette that helps them take control of their nicotine consumption. VLN® cigarettes have
FDA Authorization and Scientific Foundation
VLN® low nicotine combustible cigarettes were authorized in December 2021, making them the first and still the only combustible cigarettes authorized by the U.S. Food and Drug Administration specifically to help reduce nicotine consumption.
Decades of independent clinical research and peer-reviewed studies—evaluated as part of the FDA’s Modified Risk Tobacco Product (MRTP) authorization process—demonstrated that reducing nicotine content can decrease nicotine intake, increase quit attempts, and reduce overall exposure to nicotine.
FDA-authorized VLN® claims include:
- “
95% less nicotine” - “Helps reduce your nicotine consumption”
- “Greatly reduces your nicotine consumption”
- “Helps you smoke less”
VLN® and Helps You Smoke Less® are registered trademarks of 22nd Century Limited LLC.
Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.
Learn more about VLN® at tryvln.com.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, and (iii) our financial and operating performance. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 26, 2026. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
Notes regarding Non-GAAP Financial Information
In addition to the Company’s reported results in accordance with generally accepted accounting principles in the United States of America (“GAAP”), the Company provides EBITDA and Adjusted EBITDA.
In order to calculate EBITDA, the Company adjusts net (loss) income by adding back interest expense (income), provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted by the Company for certain non-cash and/or non-operating expenses, including adding back equity-based employee compensation expense, restructuring and restructuring-related charges such as impairment, acquisition and transaction costs, and other unusual or infrequently occurring items, if applicable, such as inventory reserves and adjustments, gains or losses on disposal of property, plant and equipment, and gains or losses on investments.
The Company believes that the presentation of EBITDA and Adjusted EBITDA are important financial measures that supplement discussion and analysis of its financial condition and results of operations and enhances an understanding of its operating performance. While management considers EBITDA and Adjusted EBITDA to be important, these financial performance measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating (loss) income, net (loss) income and cash flows from operations. Adjusted EBITDA is susceptible to varying calculations and the Company’s measurement of Adjusted EBITDA may not be comparable to those of other companies.
Investor Relations & Media Contact
Matt Kreps
Investor Relations
22nd Century Group
investorrelations@xxiicentury.com
214-597-8200
22nd CENTURY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(amounts in thousands, except share and per-share data)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,149 | $ | 4,422 | ||||
| Accounts receivable, net | 3,594 | 1,698 | ||||||
| Inventories | 4,326 | 2,015 | ||||||
| Insurance recoveries | — | 768 | ||||||
| GVB promissory note, net | — | 500 | ||||||
| Prepaid expenses and other current assets | 2,562 | 1,068 | ||||||
| Current assets of discontinued operations held for sale | — | 1,051 | ||||||
| Total current assets | 17,631 | 11,522 | ||||||
| Property, plant and equipment, net | 2,440 | 2,773 | ||||||
| Operating lease right-of-use assets, net | 728 | 1,639 | ||||||
| Intangible assets, net | 6,224 | 5,724 | ||||||
| Other assets | — | 15 | ||||||
| Total assets | $ | 27,023 | $ | 21,673 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Notes and loans payable-current | $ | 204 | $ | 254 | ||||
| Current portion of long-term debt | — | 1,500 | ||||||
| Operating lease obligations | 168 | 261 | ||||||
| Accounts payable | 1,000 | 2,401 | ||||||
| Accrued expenses and other current liabilities | 836 | 1,439 | ||||||
| Accrued litigation | — | 768 | ||||||
| Accrued excise taxes and fees | 3,343 | 2,038 | ||||||
| Contract liabilities | 1,721 | 20 | ||||||
| Current liabilities of discontinued operations held for sale | — | 1,281 | ||||||
| Total current liabilities | 7,272 | 9,962 | ||||||
| Long-term liabilities: | ||||||||
| Notes and loans payable | 504 | — | ||||||
| Operating lease obligations | 601 | 1,437 | ||||||
| Long-term debt | — | 5,165 | ||||||
| Other long-term liabilities | 154 | 1,097 | ||||||
| Total liabilities | 8,531 | 17,661 | ||||||
| Mezzanine equity: | ||||||||
| Series A convertible preferred shares, | 2,734 | — | ||||||
| Total mezzanine equity | 2,734 | — | ||||||
| Shareholders' equity: | ||||||||
| Common stock, $.00001 par value, 500,000,000 shares authorized, 510,384 shares issued and outstanding at December 31, 2025 and 2,285 at December 31, 2024, respectively | ||||||||
| Common stock, par value | — | — | ||||||
| Capital in excess of par value | 414,683 | 397,883 | ||||||
| Accumulated deficit | (398,925 | ) | (393,871 | ) | ||||
| Total shareholders' equity | 15,758 | 4,012 | ||||||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 27,023 | $ | 21,673 | ||||
22nd CENTURY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(amounts in thousands, except share and per-share data)
| Year Ended | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Revenues, net | $ | 17,587 | $ | 24,382 | |||
| Cost of goods sold | 10,186 | 14,278 | |||||
| Excise taxes and fees on products | 10,538 | 12,504 | |||||
| Gross loss | (3,137 | ) | (2,400 | ) | |||
| Operating expenses: | |||||||
| Sales, general and administrative | 7,591 | 10,287 | |||||
| Research and development | 688 | 1,133 | |||||
| Other operating expense, net | 150 | 130 | |||||
| Total operating expenses | 8,429 | 11,550 | |||||
| Operating loss from continuing operations | (11,566 | ) | (13,950 | ) | |||
| Other income (expense): | |||||||
| Other income (expense), net | (207 | ) | 507 | ||||
| Interest income | 83 | 72 | |||||
| Interest expense | (1,455 | ) | (2,094 | ) | |||
| Total other income (expense), net | (1,579 | ) | (1,515 | ) | |||
| Loss from continuing operations before income taxes | (13,145 | ) | (15,465 | ) | |||
| (Benefit) provision for income taxes | (28 | ) | 30 | ||||
| Net loss from continuing operations | $ | (13,117 | ) | $ | (15,495 | ) | |
| Discontinued operations: | |||||||
| Income from discontinued operations before income taxes | $ | 8,063 | $ | 331 | |||
| Provision for income taxes | — | — | |||||
| Income from discontinued operations | $ | 8,063 | $ | 331 | |||
| Net loss | $ | (5,054 | ) | $ | (15,164 | ) | |
| Comprehensive loss | $ | (5,054 | ) | $ | (15,164 | ) | |
| Net loss | $ | (5,054 | ) | $ | (15,164 | ) | |
| Deemed dividends | (4,679 | ) | (10,303 | ) | |||
| Net loss available to common shareholders | $ | (9,733 | ) | $ | (25,467 | ) | |
| Basic and diluted income (loss) per share: | |||||||
| Basic and diluted loss per common share from continuing operations | $ | (71.26 | ) | $ | (27,812.56 | ) | |
| Basic and diluted income per common share from discontinued operations | $ | 43.81 | $ | 594.83 | |||
| Basic and diluted loss per common share from deemed dividends | $ | (25.42 | ) | $ | (18,493.32 | ) | |
| Basic and diluted loss per common share | $ | (52.87 | ) | $ | (45,711.05 | ) | |
| Weighted average shares outstanding - basic and diluted | 184,067 | 557 | |||||
Table A – Reconciliations of Non-GAAP Measures
(dollars in thousands, except share and per-share data)
Below is a table containing information relating to the Company’s Net loss, EBITDA and Adjusted EBITDA for the years ended December 31, 2025 and 2024, including a reconciliation of these Non-GAAP measures for such periods.
| Quarter Ended | ||||||||||||
| December 31, | ||||||||||||
| Amounts in thousands ( | ||||||||||||
| except share and per share data | ||||||||||||
| (UNAUDITED) | ||||||||||||
| $ Change | ||||||||||||
| 2025 | 2024 | fav / (unfav)1 | ||||||||||
| Net loss from continuing operations | $ | (2,783 | ) | $ | (4,246 | ) | $ | 1,463 | ||||
| Interest (income)/expense, net | (25 | ) | 221 | (246 | ) | |||||||
| Provision (benefit) for income taxes | 5 | 3 | 2 | |||||||||
| Amortization and depreciation | 218 | 241 | (23 | ) | ||||||||
| EBITDA | $ | (2,585 | ) | $ | (3,781 | ) | $ | 1,196 | ||||
| Adjustments: | ||||||||||||
| Restructuring and impairment | — | (111 | ) | 111 | ||||||||
| Change in fair value of derivative liabilities | — | (75 | ) | 75 | ||||||||
| Change in fair value of warrant liabilities | — | (68 | ) | 68 | ||||||||
| Equity-based employee compensation expense | 198 | 147 | 51 | |||||||||
| Adjusted EBITDA | $ | (2,387 | ) | $ | (3,888 | ) | $ | 1,501 | ||||
| Adjusted EBITDA loss per common share | $ | (5.05 | ) | $ | (2,982.89 | ) | $ | 2,977.84 | ||||
| Weighted average common shares outstanding - basic and diluted | 472,290 | 1,304 | ||||||||||
| Year Ended | ||||||||||||
| December 31, | ||||||||||||
| Amounts in thousands ( | ||||||||||||
| except share and per share data | ||||||||||||
| (UNAUDITED) | ||||||||||||
| $ Change | ||||||||||||
| 2025 | 2024 | fav / (unfav)1 | ||||||||||
| Net loss from continuing operations | $ | (13,117 | ) | $ | (15,495 | ) | $ | 2,378 | ||||
| Interest (income)/expense, net | 1,372 | 2,022 | (650 | ) | ||||||||
| Provision (benefit) for income taxes | (28 | ) | 30 | (58 | ) | |||||||
| Amortization and depreciation | 912 | 1,003 | (91 | ) | ||||||||
| EBITDA | $ | (10,861 | ) | $ | (12,440 | ) | $ | 1,579 | ||||
| Adjustments: | ||||||||||||
| Restructuring and impairment | — | (459 | ) | 459 | ||||||||
| Inventory write-down | — | 431 | (431 | ) | ||||||||
| Change in fair value of derivative liabilities | — | (557 | ) | 557 | ||||||||
| Change in fair value of warrant liabilities | 207 | (492 | ) | 699 | ||||||||
| Equity-based employee compensation expense | 421 | 380 | 41 | |||||||||
| Adjusted EBITDA | $ | (10,233 | ) | $ | (13,137 | ) | $ | 2,904 | ||||
| Adjusted EBITDA loss per common share | $ | (55.59 | ) | $ | (23,580.59 | ) | $ | 23,525.00 | ||||
| Weighted average common shares outstanding - basic and diluted | 184,067 | 557 | ||||||||||
1Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav = unfavorable variance, which reduces EBITDA and Adjusted EBITDA
FAQ
What were 22nd Century (XXII) Q4 2025 revenues and net loss?
How much cash and debt did 22nd Century (XXII) report at year-end 2025?
What were 22nd Century's (XXII) full-year 2025 revenue and adjusted EBITDA results?
How broadly available are VLN® products after 22nd Century's 2025 expansion?
What operational progress did 22nd Century (XXII) report on product shipments and inventory in Q4 2025?
