Revenue falls at 22nd Century (NASDAQ: XXII) as VLN push grows
Rhea-AI Filing Summary
22nd Century Group reported first quarter 2026 results, highlighting progress in its low-nicotine VLN® tobacco strategy while remaining unprofitable. Net revenues were $4.1 million, down from $6.0 million a year earlier, reflecting lower contract manufacturing volumes and a transition toward higher-margin VLN® and natural-style products.
The company posted a gross loss of $0.6 million, an operating loss of $3.0 million, and an overall net loss of $3.3 million. Adjusted EBITDA loss was $2.6 million. 22nd Century ended the quarter with $9.5 million in cash and cash equivalents, no long-term debt reported on the balance sheet, and $4.3 million of inventories including reduced-nicotine tobacco leaf.
Management is emphasizing commercial expansion of VLN® reduced-nicotine cigarettes and related products. Pinnacle VLN® is now available in over 2,000 stores across 20 states, and the company is targeting more than 5,000 retail outlets by the end of 2026. It is also pursuing licensing of its FDA-authorized low-nicotine technology, expanding its Premarket Tobacco Product Application (PMTA) portfolio, and prototyping new formats such as 100mm VLN® cigarettes and filtered cigars to broaden its harm-reduction product lineup.
Positive
- None.
Negative
- None.
Insights
Revenue declined but losses and liquidity remain relatively stable as 22nd Century pivots toward VLN® products.
22nd Century Group generated net revenues of $4.105M in Q1 2026, down 31.1% from $5.956M a year earlier, mainly from weaker contract manufacturing. Despite the drop, gross loss was roughly flat at $0.636M, and operating loss widened modestly to $3.039M.
Net loss from continuing operations improved slightly to $3.019M, while Adjusted EBITDA loss increased to $2.595M. The balance sheet shows $9.545M in cash and equivalents, $4.346M in inventories, and total liabilities of $9.092M. The company also eliminated prior Series A preferred mezzanine equity by March 31, 2026, with new Series B preferred outstanding.
Strategically, management is prioritizing VLN® commercialization, aiming to grow from more than 2,000 stores in Q1 2026 to over 5,000 by the end of 2026. They are advancing multiple PMTAs, expanding filtered cigar and moist snuff offerings, and leveraging licensing of reduced-nicotine tobacco. Future filings will clarify whether higher-margin VLN® and partner products can offset declining legacy contract volumes and move the business toward the stated goal of EBITDA breakeven.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Premarket Tobacco Product Application (PMTA) regulatory
Modified Risk Tobacco Product (MRTP) regulatory
mezzanine equity financial
excise taxes and fees on products financial
non-GAAP financial measure financial
Earnings Snapshot
Management listed 2026 priorities including expanding VLN distribution, disciplined cost management, and advancing toward EBITDA breakeven as higher-margin revenues scale.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Indicate
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| Item 2.02 | Disclosure of Results of Operations and Financial Condition |
On May 7, 2026, 22nd Century Group, Inc. (the “Company”) issued an earnings release for the quarter ended March 31, 2026. A copy of the earnings release is furnished as Exhibit 99.1 to this report.
The information in this item shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent, if any, expressly set forth by specific reference in such filing.
| Item 9.01(d) | Financial Statements and Exhibits |
| Exhibit 99.1 | Earnings release dated May 7, 2026 |
| 104 | Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| 22nd Century Group, Inc. | |
| /s/ Lawrence D. Firestone | |
| Date: May 7, 2026 | Lawrence D. Firestone |
| Chief Executive Officer |
Exhibit 99.1
22nd Century Group Reports First Quarter 2026 Financial Results
Continues VLN® Commercial Expansion with New Stores Selling Proprietary Branded VLN® Products
Expanded PMTA Portfolio and Licensing Strategy Designed to Unlock Further Retail Penetration Opportunities
MOCKSVILLE, N.C., May 7, 2026 —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 first quarter ended March 31, 2026, and provided an update on recent business highlights.
The Company’s proprietary reduced 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, rather than switching them to another highly addictive product like a vape or nicotine pouch.
“Following the initial Pinnacle VLN® distribution in the fourth quarter 2025, smokers began to gravitate to and are purchasing VLN® cigarettes in a growing number of geographies and stores,” said Larry Firestone, Chief Executive Officer of 22nd Century Group. “Having accumulated a base of state authorizations across our portfolio of brands, we continue to focus on expanding our distribution and introducing smoking consumers to our VLN® products.
“As we capture sustained adult smoker adoption of VLN® products, we expect to expand both our retail and category footprint. We are targeting to grow to more than 5,000 retail outlets by the end of 2026 by adding new retail partners across all classes of trade. Supporting this effort, we have significantly advanced further sales efforts with additional retail partners seeking to add VLN® branded products to their line-ups.
“We believe we are the single commercial tobacco Company that is an ally of the FDA in their efforts to formally establish a low nicotine standard. Our technology and product roadmap is set to build out a robust portfolio of new tobacco products. These products will span multiple categories, creating a flexible and scalable platform that can accommodate evolving market preferences and continue to drive the low nicotine initiative in the regulatory environment. Our business model is set so that all current and any newly authorized combustible tobacco products in this expanded portfolio once authorized will be available for licensing, providing other tobacco companies with compliant, ready-to-market product pathways. This further reinforces 22nd Century’s position as the leader in regulatory-driven innovation within the combustible tobacco segment. This includes the development of our 100mm form factor product and the application of our proprietary low nicotine tobacco to categories such as filtered cigars, pouches and moist snuff.”
“By combining our proprietary plant biotechnology, FDA-authorized claims, expanded retail distribution, broader product categories and readily available licensing, 22nd Century intends to lead the transition away from highly addictive tobacco products and support adult smokers and tobacco users seeking meaningful change,” concluded Firestone.
First Quarter 2026 Financial Results (compared to Fourth 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 increased slightly to $4.1 million from $3.5 million. | |
| ● | Gross profit (loss) improved to $(0.6) million, compared to $(0.8) million. | |
| ● | Operating expenses were $2.4 million, increased from $2.0 million. | |
| ● | Operating loss increased to $3.0 million, compared to $2.8 million. | |
| ● | Net loss was $3.3 million, compared to net loss of $2.8 million. | |
| ● | Adjusted EBITDA loss was $2.6 million, compared to a loss of $2.4 million. | |
| ● | Ended the quarter with cash and cash equivalents of $9.5 million. |
2026 Corporate Priorities
22nd Century has identified the below priorities for its business activities in 2026:
| ● | Expanding VLN® product distribution and consumer awareness. | |
| ● | Continuing disciplined cost management and capital allocation. | |
| ● | Advancing toward EBITDA breakeven as higher-margin revenues scale. | |
| ● | Remaining actively engaged with FDA regulators and public-health stakeholders. |
The Company believes the convergence of regulatory momentum, consumer awareness, and its differentiated product portfolio creates a compelling opportunity for long-term value creation.
Recent Business Highlights
| ● | Continued to generate new retail store locations to expand market access to both VLN® and Partner VLN® products, as well as new natural style cigarette products. | |
| ● | Achieved near national level state authorizations to support expanded access to the Company’s branded products. | |
| ● | Continued
to support Pinnacle® VLN® availability in now over | |
| ● | Leveraged the Company’s ability to supply VLN® tobacco and manufacturing under license in discussions to expand VLN® distribution and launch additional VLN® partner brands, further diversifying the reduced nicotine content product category. | |
| ● | Continued initiatives aimed at margin expansion through mix improvement while maintaining an efficient operating cost and capital allocation profile. | |
| ● | Completed product prototyping and evaluations ahead of a planned PMTA authorization to introduce 100mm format VLN® cigarettes tailored to consumer preferences in those markets. | |
| ● | Advanced long-term strategic initiatives to grow its unique product portfolio through the submission of multiple PMTAs across a broad range of combustible products, supporting diverse tobacco blends and components, a variety of product sizes, and multiple product formats, including filtered cigars. |
First Quarter 2026 Product Line Net Revenues
| ● | Cigarette net revenues were $2.8 million, increased from $2.6 million in the fourth quarter of 2025, reflecting a strategic shift away from high volume and low priced CMO export customers and toward higher margin VLN® products. Continued expansion of new natural style cigarette products launched in 2025 is expected to accelerate revenue and margin growth in this category. | |
| ● | Filtered cigar net revenues were $0.9 million compared to $0.4 million, reflecting the benefit of Company implemented repricing of customer contracts. | |
| ● | Distribution net revenues from other tobacco products, consisting of Pinnacle branded moist snuff and cigarillos were $0.4 million, comparable to the fourth quarter 2025. | |
| ● | VLN® cigarette net revenues were $0.0 million, following large initial stocking orders in the fourth quarter of 2025, 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 $9.5 million at quarter end. | |
| ● | Inventories were $4.3 million, including 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 first quarter 2026 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 | ||||||||||||||||
| March 31, | Change | |||||||||||||||
| 2026 | 2025 | $ | % | |||||||||||||
| Revenues, net | $ | 4,105 | $ | 5,956 | (1,851 | ) | (31.1 | ) | ||||||||
| Gross loss | $ | (636 | ) | $ | (609 | ) | (27 | ) | 4.4 | |||||||
| Operating loss | $ | (3,039 | ) | $ | (2,570 | ) | (469 | ) | 18.2 | |||||||
| Net loss from continuing operations | $ | (3,019 | ) | $ | (3,274 | ) | 255 | (7.8 | ) | |||||||
| Basic and diluted loss per common share from continuing operations | $ | (5.07 | ) | $ | (634.25 | ) | 629.18 | (99.2 | ) | |||||||
| Adjusted EBITDA (a) | $ | (2,595 | ) | $ | (2,320 | ) | (275 | ) | (11.8 | ) | ||||||
(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 | ||||||||||||||||||||||||
| March 31, | ||||||||||||||||||||||||
| 2026 | 2025 | Change | ||||||||||||||||||||||
| $ | Cartons | $ | Cartons | $ | Cartons | |||||||||||||||||||
| Contract manufacturing | ||||||||||||||||||||||||
| Cigarettes | 2,846 | 118 | 5,013 | (2,167 | ) | ) | ||||||||||||||||||
| Filtered cigars | 873 | 113 | 1,103 | 159 | (230 | ) | (46 | ) | ||||||||||||||||
| Other tobacco products | 389 | 44 | (5 | ) | - | 394 | 44 | |||||||||||||||||
| Total contract manufacturing | 4,108 | 275 | 6,111 | (2,003 | ) | ) | ||||||||||||||||||
| VLN® | (3 | ) | (155 | ) | (2 | ) | 152 | |||||||||||||||||
| Total product line revenues | 4,105 | 5,956 | (1,851 | ) | ) | |||||||||||||||||||
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 95% less nicotine than traditional tobacco plants. Our extensive patent portfolio has been developed to ensure that our high-quality tobacco can be grown commercially at scale. We continue to develop our intellectual property to ensure our ongoing leadership in the tobacco harm reduction movement.
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 95% less nicotine compared to traditional cigarettes and have been proven to allow consumers to greatly reduce their nicotine consumption.
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)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 9,545 | $ | 7,149 | ||||
| Accounts receivable, net | 4,779 | 3,594 | ||||||
| Inventories | 4,346 | 4,326 | ||||||
| Prepaid expenses and other current assets | 2,400 | 2,562 | ||||||
| Total current assets | 21,070 | 17,631 | ||||||
| Property, plant and equipment, net | 2,366 | 2,440 | ||||||
| Operating lease right-of-use assets, net | 688 | 728 | ||||||
| Intangible assets, net | 6,137 | 6,224 | ||||||
| Other assets | 49 | — | ||||||
| Total assets | $ | 30,310 | $ | 27,023 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Notes and loans payable-current | $ | 113 | $ | 204 | ||||
| Operating lease obligations | 172 | 168 | ||||||
| Accounts payable | 1,025 | 1,000 | ||||||
| Accrued expenses and other current liabilities | 1,135 | 836 | ||||||
| Accrued excise taxes and fees | 3,525 | 3,343 | ||||||
| Contract liabilities | 1,936 | 1,721 | ||||||
| Total current liabilities | 7,906 | 7,272 | ||||||
| Long-term liabilities: | ||||||||
| Notes and loans payable | 475 | 504 | ||||||
| Operating lease obligations | 556 | 601 | ||||||
| Other long-term liabilities | 155 | 154 | ||||||
| Total liabilities | 9,092 | 8,531 | ||||||
| Mezzanine equity: | ||||||||
| Series A convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and 9,650 at December 31, 2025, respectively | — | 2,734 | ||||||
| Total mezzanine equity | — | 2,734 | ||||||
| Shareholders’ equity: | ||||||||
| Series B convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 15,770 shares issued and outstanding at March 31, 2026 and 0 at December 31, 2025, respectively | — | — | ||||||
| Common stock, $.00001 par value, 500,000,000 shares authorized, 769,788 shares issued and outstanding at March 31, 2026 and 510,384 at December 31, 2025, respectively | — | — | ||||||
| Capital in excess of par value | 423,404 | 414,683 | ||||||
| Accumulated deficit | (402,186 | ) | (398,925 | ) | ||||
| Total shareholders’ equity | 21,218 | 15,758 | ||||||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 30,310 | $ | 27,023 | ||||
22nd CENTURY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(amounts in thousands, except share and per-share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues, net | $ | 4,105 | $ | 5,956 | ||||
| Cost of goods sold | 1,925 | 2,884 | ||||||
| Excise taxes and fees on products | 2,816 | 3,681 | ||||||
| Gross loss | (636 | ) | (609 | ) | ||||
| Operating expenses: | ||||||||
| Sales, general and administrative | 2,118 | |||||||
| Research and development | 285 | 162 | ||||||
| Total operating expenses | 2,403 | 1,961 | ||||||
| Operating loss from continuing operations | (3,039 | ) | (2,570 | ) | ||||
| Other income (expense): | ||||||||
| Other expense | — | (162 | ) | |||||
| Interest income | 31 | 16 | ||||||
| Interest expense | (11 | ) | (558 | ) | ||||
| Total other income (expense), net | 20 | (704 | ) | |||||
| Loss from continuing operations before income taxes | (3,019 | ) | (3,274 | ) | ||||
| (Benefit) provision for income taxes | — | — | ||||||
| Net loss from continuing operations | $ | (3,019 | ) | $ | (3,274 | ) | ||
| Discontinued operations: | ||||||||
| Loss from discontinued operations before income taxes | $ | (242 | ) | $ | (1,054 | ) | ||
| Provision for income taxes | — | — | ||||||
| Net loss from discontinued operations | $ | (242 | ) | $ | (1,054 | ) | ||
| Net loss | $ | (3,261 | ) | $ | (4,328 | ) | ||
| Comprehensive loss | $ | (3,261 | ) | $ | (4,328 | ) | ||
| Net loss | $ | (3,261 | ) | $ | (4,328 | ) | ||
| Deemed dividends | — | |||||||
| Dividend for redemption of Series A Convertible Preferred Stock | ) | — | ||||||
| Net loss available to common shareholders | $ | ) | $ | (4,328 | ) | |||
| Basic and diluted loss per share: | ||||||||
| Basic and diluted loss per common share from continuing operations | $ | (5.07 | ) | $ | (634.25 | ) | ||
| Basic and diluted loss per common share from discontinued operations | $ | (0.41 | ) | $ | (204.18 | ) | ||
| Basic and diluted loss available to common shareholders per common share | $ | ) | $ | (838.43 | ) | |||
| Weighted average shares outstanding - basic and diluted | 595,344 | 5,162 | ||||||
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 three months ended March 31, 2026 and 2025, including a reconciliation of these Non-GAAP measures for such periods.
| Year Ended | ||||||||||||
| March 31, | ||||||||||||
| Amounts in thousands ($000’s) | ||||||||||||
| except share and per share data | ||||||||||||
| (UNAUDITED) | ||||||||||||
| $ Change | ||||||||||||
| 2026 | 2025 | fav / (unfav)1 | ||||||||||
| Net loss from continuing operations | $ | (3,019 | ) | $ | (3,274 | ) | $ | 255 | ||||
| Interest (income)/expense, net | (20 | ) | 542 | (562 | ) | |||||||
| Provision (benefit) for income taxes | — | — | — | |||||||||
| Amortization and depreciation | 206 | 224 | (18 | ) | ||||||||
| EBITDA | $ | (2,833 | ) | $ | (2,508 | ) | $ | (325 | ) | |||
| Adjustments: | ||||||||||||
| Change in fair value of warrant liabilities | — | 162 | (162 | ) | ||||||||
| Equity-based employee compensation expense | 238 | 26 | 212 | |||||||||
| Adjusted EBITDA | $ | (2,595 | ) | $ | (2,320 | ) | $ | (275 | ) | |||
| Adjusted EBITDA loss per common share | $ | (4.36 | ) | $ | ) | $ | 445.11 | |||||
| Weighted average common shares outstanding - basic and diluted | 595,344 | 5,162 | ||||||||||
1Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav = unfavorable variance, which reduces EBITDA and Adjusted EBITDA