22nd Century Group, Inc. XXII
22nd Century Group, Inc. is a tobacco products company that enables cigarette smokers to take control of their consumption of nicotine, the addictive drug in cigarettes. We manufacture and distribute the only combustible tobacco products containing minimally or non-addictive levels of nicotine that are authorized by the US Food and Drug Administration (FDA) for retail purchase. We also provide turnkey contract manufacturing of cigarettes and filtered cigars for other established tobacco brands.
We created our flagship product, the VLN® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them decide their consumption of nicotine. VLN® cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering the nicotine drug to addicted smokers, we offer smokers the option to make their own informed and health conscious productive choices, including the choice to avoid addictive levels of nicotine altogether and help adult smokers smoke less.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $24.4M | $32.2M | $40.5M | $30.9M | $28.1M | $25.8M | $26.4M | $16.6M | $12.3M |
| Cost of revenue | $10.2M | $14.3M | — | — | — | — | $25.8M | $25.5M | $17.3M | $12.7M |
| Gross profit | $7.4M | $10.1M | — | — | — | — | $14.5K | $899.0K | -$707.9K | -$429.7K |
| R&D | $688.0K | $1.1M | $2.6M | $3.6M | $3.9M | — | $8.1M | $15.0M | $3.4M | $2.3M |
| SG&A | $7.6M | $10.3M | $31.1M | $32.2M | $25.9M | $15.0M | $13.0M | $8.6M | $8.3M | $6.2M |
| Total operating expenses | $8.4M | $11.6M | $36.2M | $35.5M | $29.9M | $20.6M | $23.6M | $24.9M | $12.6M | $11.0M |
| Operating income | -$11.6M | -$13.9M | -$44.9M | -$33.6M | -$28.4M | -$19.2M | -$23.6M | -$24.0M | -$13.3M | -$11.4M |
| Interest expense | $1.5M | $2.1M | $9.4M | $55.0K | $58.0K | $72.0K | $56.0K | $11.0K | $29.1K | $37.7K |
| Pre-tax income | -$13.1M | -$15.5M | -$54.6M | -$36.5M | -$32.6M | -$19.7M | -$26.6M | -$8.0M | -$13.0M | -$11.6M |
| Income tax | $28.0K | $30.0K | $47.0K | $21.0K | $14.0K | $38.0K | $0 | $0 | $0 | $0 |
| Net income | -$5.1M | -$15.2M | -$140.8M | -$59.8M | -$32.6M | -$19.7M | -$26.6M | -$8.0M | -$13.0M | -$11.6M |
| EPS, basic | -52.87 | -45,711.05 | -15,925.99 | -4.65 | -0.21 | -0.14 | -0.21 | — | — | — |
| EPS, diluted | -52.87 | -45,711.05 | -15,925.99 | -4.65 | -0.21 | -0.14 | -0.21 | -0.06 | -0.13 | -0.15 |
| Shares, diluted (wtd. avg.) | $184.1K | $557 | $9.5K | $12.9M | $156.2M | $138.8M | $125.9M | $124.3M | $101.2M | $79.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.1M | $4.4M | $2.1M | $3.0M | $1.3M | $1.0M | $485.0K | $605.0K | $3.7M | $13.5M |
| Short-term investments | — | — | — | $18.2M | $47.4M | $21.3M | $38.5M | $55.7M | $59.0M | $0 |
| Receivables | $3.6M | $1.7M | $1.7M | $1.4M | $585.0K | $2.2M | $867.0K | $871.3K | $957.1K | $41.0K |
| Inventory | $4.3M | $2.0M | $4.3M | $7.3M | $2.9M | $2.0M | $2.3M | $3.0M | $3.3M | $3.1M |
| Total current assets | $17.6M | $11.5M | $16.3M | $44.6M | $54.4M | $28.3M | $42.7M | $61.2M | $67.6M | $16.8M |
| Property, plant and equipment | $2.4M | $2.8M | $3.4M | $3.7M | $5.8M | $2.5M | $3.7M | $3.3M | $3.3M | $2.4M |
| Goodwill | — | — | $0 | $33.2M | — | — | — | — | — | — |
| Other intangibles | $6.2M | $5.7M | $5.9M | $7.2M | $7.9M | $8.2M | $8.5M | $9.8M | $7.4M | $7.4M |
| Total assets | $27.0M | $21.7M | $27.5M | $114.7M | $76.0M | $51.7M | $69.0M | $77.3M | $79.7M | $27.6M |
| Accounts payable | $1.0M | $2.4M | $4.4M | $2.1M | $2.2M | $1.1M | $2.0M | $2.6M | $2.1M | $1.3M |
| Short-term debt | — | $1.5M | $5.8M | — | — | — | — | — | — | — |
| Total current liabilities | $7.3M | $10.0M | $25.0M | $13.0M | $8.4M | $7.3M | $5.8M | $5.2M | $4.3M | $3.2M |
| Long-term debt | $708.0K | $5.2M | $8.1M | $3.9M | — | — | — | — | — | — |
| Total liabilities | $8.5M | $17.7M | $35.9M | $18.7M | $9.9M | $7.6M | $6.9M | $6.0M | $4.3M | $3.3M |
| Retained earnings | -$398.9M | -$393.9M | -$378.7M | -$237.8M | -$178.0M | -$145.4M | -$125.7M | -$99.1M | -$91.2M | -$78.1M |
| Total equity | $15.8M | $4.0M | -$8.4M | $96.0M | $66.1M | $44.1M | $62.0M | $71.3M | $75.4M | $24.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.7M | -$14.3M | -$55.0M | -$51.7M | -$22.8M | -$15.6M | -$14.6M | -$17.8M | -$12.1M | -$9.9M |
| Depreciation and amortisation | $479.0K | $585.0K | $852.0K | $673.0K | $1.2M | $688.0K | $589.0K | $523.0K | $849.0K | $744.2K |
| Stock-based compensation | $421.0K | $380.0K | $2.7M | $5.5M | $4.0M | $1.7M | $3.5M | $3.2M | $941.6K | $880.5K |
| Capital expenditure | $61.0K | $141.0K | $4.7M | $3.7M | $745.0K | $54.0K | $527.0K | — | — | — |
| Investing cash flow | -$505.0K | -$139.0K | $16.8M | $22.6M | -$27.7M | $16.5M | $4.6M | $15.1M | -$60.6M | -$553.8K |
| Financing cash flow | $11.0M | $16.8M | $37.2M | $30.8M | $50.9M | -$304.0K | $9.9M | -$355.0K | $62.8M | $20.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-019610.
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