22nd Century Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 06:13 am EDT
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22nd Century Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 20.69 million compared to USD 11.64 million a year ago. Net loss was USD 20.54 million compared to USD 11.5 million a year ago. Basic loss per share from continuing operations was USD 22.4 compared to USD 15.2 a year ago.
For the six months, sales was USD 39.95 million compared to USD 17.97 million a year ago. Net loss was USD 38.72 million compared to USD 20.42 million a year ago. Basic loss per share from continuing operations was USD 42.72 compared to USD 28.32 a year ago.
22nd Century Group, Inc. is an agricultural biotechnology company. The Company is focused on tobacco harm reduction, reduced nicotine tobacco and improving health and wellness through plant science. Additionally, the Company provide contract manufacturing services for conventional combustible tobacco products for third-party brands. The Company operates through a single segment named Tobacco. Its tobacco segment is engaged in contract manufacturing organization (CMO) customer contracts that consist of obligations to manufacture the customers' branded filtered cigars and cigarettes. The tobacco segment is engaged in the sale of its reduced nicotine content (RNC) cigarettes, sold under the brand name VLN, or research cigarettes sold under the brand name SPECTRUM. It uses plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products.
22ND CENTURY GROUP, INC. 
