22nd Century Group ( (XXII) ) has released its Q3 earnings. Here is a breakdown of the information 22nd Century Group presented to its investors.
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22nd Century Group, Inc. is a publicly traded tobacco products company based in Nevada, known for its reduced nicotine combustible cigarette authorized as a Modified Risk Tobacco Product by the FDA. The company recently released its quarterly earnings report for the period ending September 30, 2024, highlighting significant financial challenges. The company experienced a net loss of $3.757 million for the third quarter, compared to a loss of $72.720 million in the same period last year. Revenue declined to $5.946 million from $7.871 million year-over-year, with operating expenses significantly reduced to $2.789 million from $8.330 million. Despite the reduction in costs, the company continues to face operating losses, reporting a $3.377 million loss from continuing operations. Cash and cash equivalents increased to $5.341 million due to financing activities, though the company continues to face liquidity challenges with substantial doubt about its ability to continue as a going concern. Looking forward, 22nd Century Group is exploring various strategic options to address its financial position, including reducing expenses, raising additional funds, and seeking strategic partnerships.