The massive share count increase from ~503K to ~3.4M shares implies substantial dilution occurred in Q3, likely from the Series B preferred conversion noted in the prior Q2 filing. Monitor the final Q3 10-Q for full financials and the cash runway — at the current ~$2.2M/quarter cash burn rate, the $3.9M cash balance provides less than two quarters of runway without additional capital.
Price Chart
Executive Summary
22nd Century Group issued preliminary Q3 2026 results showing net revenue of ~$4.8M (up 66% QoQ from $2.9M) and a return to positive gross profit of ~$0.4M vs a $(0.3)M loss in Q2. Operating loss narrowed to $2.6M from $3.3M, and cash dropped to $3.9M from $6.1M at end of Q2. The sequential improvement in revenue and gross margin is notable for a pre-scale commercial-stage tobacco company, but the cash burn rate and still-negative EBITDA suggest the path to breakeven remains uncertain.
Key Financial Metrics
Key Facts
- Preliminary Q3 2026 net revenue of ~$4.8M, up 66% from $2.9M in Q2 2026
- Gross profit turned positive at ~$0.4M vs a $(0.3)M gross loss in Q2 2026
- Operating loss narrowed to $2.6M from $3.3M in Q2 2026
- Net loss improved to $2.6M from $3.3M in Q2 2026
- Adjusted EBITDA loss improved to $2.2M from $3.5M in Q2 2026
- Cash and equivalents fell to $3.9M at quarter end from $6.1M at June 30, 2026
- Common shares outstanding surged to 3,416,441 as of Oct 22, 2026 from 502,839 at June 30, 2026
- No warrants remain outstanding
Financial Impact
Revenue grew 66% QoQ to ~$4.8M; gross profit turned positive at ~$0.4M; cash burn of ~$2.2M in the quarter
Risk Factors
- Massive share dilution — shares outstanding increased ~6.8x from 502,839 to 3,416,441 during Q3
- Cash runway of less than 2 quarters at current burn rate ($3.9M cash vs ~$2.2M/quarter adjusted EBITDA loss)
- Preliminary results are unaudited and subject to revision
- Still operating at a net loss with no timeline to profitability
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-048034 |
| Exhibit: ex99-1.htm | 0001493152-26-048034 |
| Exhibit: ex99-2.htm | 0001493152-26-048034 |
| Document: 0001493152-26-048034-index-headers.html | 0001493152-26-048034 |
| Document: 0001493152-26-048034-index.html | 0001493152-26-048034 |
| Document: 0001493152-26-048034.txt | 0001493152-26-048034 |
| 8-K Data (Synthetic) | 0001493152-26-048034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 424B5 | $0.0884 | awaiting T+60 | — | $0.1048 (−18.55%) |
Oct 23, 2026 3d ago | 8-K | $0.0884 | awaiting T+60 | — | $0.1048 (−18.55%) |
Oct 22, 2026 5d ago | 8-K | $0.2157 | awaiting T+60 | — | $0.1048 (−51.41%) |
Oct 22, 2026 5d ago | Press Release | $0.2157 | awaiting T+60 | — | $0.1048 (−51.41%) |
Sep 1, 2026 8w ago | 8-K | $2.61 | awaiting T+60 | — | $0.1048 (−95.98%) |
Aug 13, 2026 10w ago | 8-K | $4.11 | awaiting T+60 | — | $0.1048 (+97.45%) |
Aug 13, 2026 10w ago | Press Release | $4.11 | awaiting T+60 | — | $0.1048 (+97.45%) |
Jul 2, 2026 16w ago | 8-K | $4.01 $0.8018 | ▲ +80.00% | ▲ +81.72% | $0.1048 (+97.39%) |
Jun 25, 2026 17w ago | EFFECT | $4.85 $1.79 | ▲ +63.09% | ▲ +66.95% | $0.1048 (+97.84%) |
Jun 9, 2026 20w ago | 8-K | $0.3650 $0.1140 | ▲ +68.77% | ▲ +73.67% | $0.1048 (+71.29%) |
US Market Status
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