The company's revenue decline and persistent losses underscore a dependency on equity financing to sustain operations. Monitor for additional ATM draws, potential reverse stock splits, or going concern disclosures. The lack of formal guidance and reliance on VLN scale-up creates high uncertainty.
Price Chart
Executive Summary
22nd Century Group reported Q1 2026 revenue of $4.1M, down 31.1% YoY, with a net loss from continuing operations of $3.0M and an adjusted EBITDA loss of $2.6M. The company continues to burn cash and relies on ATM offerings for funding, as evidenced by a recent $6.4M shelf takedown. Despite expansion of VLN distribution, the core financial trends remain negative.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue fell 31.1% YoY to $4.1M from $5.96M
- Gross loss widened to $(0.6)M from $(0.6)M (effectively flat)
- Operating loss expanded to $3.0M from $2.6M
- Net loss from continuing ops improved slightly to $3.0M from $3.3M due to lower interest expense
- Adjusted EBITDA loss worsened to $2.6M from $2.3M
- Cash and equivalents at quarter end $9.5M, up from $7.1M at year-end 2025 (boosted by capital raises)
- Zero long-term debt but ongoing operating losses
- Recent ATM offering of up to $6.4M filed May 1, 2026 signals continued cash needs
Financial Impact
Revenue decline of $1.85M (31.1% YoY) and cash burn of ~$2.6M per quarter (adjusted EBITDA loss)
Risk Factors
- Continued dilution from ATM offerings and potential future capital raises
- Inability to generate positive gross profit or EBITDA in the near term
- Nasdaq listing compliance risk given $4M market cap and sustained losses
- Customer returns and product exchanges hamper VLN revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-021582 |
| Document: form8-k.htm | 0001493152-26-021582 |
| Document: 0001493152-26-021582-index-headers.html | 0001493152-26-021582 |
| Document: 0001493152-26-021582-index.html | 0001493152-26-021582 |
| Document: 0001493152-26-021582.txt | 0001493152-26-021582 |
| 8-K Data (Synthetic) | 0001493152-26-021582 |
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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