The revenue decline and cash burn trajectory are unsustainable with only $6.1M in cash. Monitor for a dilutive capital raise or reverse stock split to maintain Nasdaq listing, as the share count has already increased 20x since year-end. The VLN commercialization story remains pre-revenue at $0.03M quarterly — no revenue inflection is visible.
Price Chart
Executive Summary
22nd Century Group reported Q2 2026 net revenue of $2.9M, down 29.9% YoY from $4.1M, with a net loss from continuing operations of $3.3M. The company continues to burn cash (ending quarter with $6.1M) while expanding VLN retail distribution, but the core contract manufacturing business is shrinking rapidly as it shifts away from low-margin CMO export customers. No analyst consensus or guidance was provided, making the earnings surprise unmeasurable, but the revenue decline and widening operating loss are clearly negative.
Key Financial Metrics
Key Facts
- Net revenue fell 29.9% YoY to $2.9M from $4.1M
- Net loss from continuing operations was $3.3M, roughly flat vs $3.3M YoY
- Adjusted EBITDA loss widened to $3.5M from $2.6M YoY
- Cash and equivalents dropped to $6.1M from $9.5M at Q1 2026 end
- VLN cigarette revenue was only $0.03M, up from negligible but still immaterial
- Cigarette contract manufacturing cartons collapsed 84% YoY (93 vs 594)
- Common shares outstanding exploded to 502,839 from 25,709 at Dec 2025, massive dilution
- No guidance provided; company targets 5,000 retail outlets by year-end 2026
Financial Impact
Revenue decline of $1.2M (29.9% YoY) with operating loss widening $0.3M; cash burn of ~$3.5M/quarter
Risk Factors
- Cash runway of less than 2 quarters at current burn rate
- Massive shareholder dilution (shares outstanding up 20x since Dec 2025)
- Nasdaq minimum bid price compliance risk given $2M market cap
- VLN revenue still negligible — commercialization timeline uncertain
- No analyst coverage or consensus estimates available
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-037524 |
| Document: form8-k.htm | 0001493152-26-037524 |
| Document: 0001493152-26-037524-index-headers.html | 0001493152-26-037524 |
| Document: 0001493152-26-037524-index.html | 0001493152-26-037524 |
| Document: 0001493152-26-037524.txt | 0001493152-26-037524 |
| 8-K Data (Synthetic) | 0001493152-26-037524 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 424B5 | $0.1935 | awaiting T+60 | — | $0.0880 (+54.52%) |
Oct 23, 2026 3d ago | 8-K | $0.1940 | awaiting T+60 | — | $0.0880 (+54.64%) |
Oct 22, 2026 4d ago | 8-K | $0.2157 | awaiting T+60 | — | $0.0880 (−59.20%) |
Oct 22, 2026 4d ago | Press Release | $0.2157 | awaiting T+60 | — | $0.0880 (−59.20%) |
Sep 1, 2026 7w ago | 8-K | $2.61 | awaiting T+60 | — | $0.0880 (−96.63%) |
Aug 13, 2026 10w ago | 8-K | $4.11 | awaiting T+60 | — | $0.0880 (+97.86%) |
Aug 13, 2026 10w ago | Press Release | $4.11 | awaiting T+60 | — | $0.0880 (+97.86%) |
Jul 2, 2026 16w ago | 8-K | $4.01 $0.8018 | ▲ +80.00% | ▲ +81.72% | $0.0880 (+97.81%) |
Jun 25, 2026 17w ago | EFFECT | $4.85 $1.79 | ▲ +63.09% | ▲ +66.95% | $0.0880 (+98.19%) |
Jun 9, 2026 19w ago | 8-K | $0.3650 $0.1140 | ▲ +68.77% | ▲ +73.67% | $0.0880 (+75.89%) |
US Market Status
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