Financials

22nd Century Group Inc. financials

XXII Biotechnology

22nd Century Group Inc. is a US-based biotechnology firm that develops genetically engineered low-nicotine tobacco products aimed at reducing the health risks of traditional tobacco use. Founded in 1986 and currently led by CEO Michael Victus, the company capitalizes on its proprietary genetic technologies to secure licensing deals and strategic industry collaborations. With a market capitalization around $200 million and modest annual revenues, it has carved out a specialized niche in the tobacco and emerging cannabis sectors. The firm is actively expanding its product pipeline and pursuing regulatory and market opportunities to drive future growth.

Snapshot

22nd Century Group Inc. reported $18M in revenue in fiscal 2025, up -27.9% year over year, with an operating margin of -65.8%.

Revenue (FY2025)
$18M
YoY growth
+-27.9%
Operating margin
-65.8%
Direction
Expanding

Financial statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues17,58724,38232,20440,501
Cost of Sales20,72426,78240,90038,654
Gross Profit(3,137)(2,400)(8,696)1,847
Selling, General & Administrative Expenses7,59110,28731,06432,231
Research & Development Expenses6881,1332,6443,578
Other Operating Expenses1501302,527(327)
Operating Profit(11,566)(13,950)(44,931)(33,635)
Interest and Investment Income8372219313
Interest Expense(1,455)(2,094)(9,366)(55)
Non-Operating Income(207)507(561)(3,155)
Total Non-Operating Income(1,579)(1,515)(9,708)(2,897)
Income Before Provision for Income Taxes(13,145)(15,465)(54,639)(36,532)
Provision for Income Taxes(28)304721
Consolidated Net Income(13,117)(15,495)(54,686)(36,553)
Net Income Attributable to Preferred Dividends4,67910,3039,992—
Net Income Attributable to Discontinued Operations8,063331(86,089)(23,248)
Net Income Attributable to Common Shareholders(9,733)(25,467)(150,767)(59,801)
Basic EPS-1057.40-914221.00-109889000.00-69303600.00
Diluted EPS-1057.40-914221.00-109889000.00-69303600.00
Basic Weighted Average Shares Outstanding9000
Diluted Weighted Average Shares Outstanding9000
Shares Outstanding26000
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents7,1494,4222,0582,205
Short-Term Investments———18,193
Total Cash and Cash Equivalents7,1494,4222,05820,398
Accounts Receivable3,5941,6981,6711,363
Total Trade Receivables3,5941,6981,6711,363
Inventories4,3262,0154,3467,270
Other Current Assets2,5623,3878,20215,574
Total Current Assets17,63111,52216,27744,605
Net Property, Plant & Equipment3,1684,4125,2874,635
Net Intangible Assets6,2245,7245,9247,212
Other Long-Term Assets—151558,199
Total Assets27,02321,67327,503114,651
Accounts Payable1,0002,4014,4452,051
Accrued Expenses4,1794,2458,2074,851
Short-Term Debt204254543689
Current Portion of Long-Term Debt—1,5005,848—
Current Portion of Leases168261231252
Unearned Revenue1,72120726688
Other Current Liabilities—1,2815,0344,487
Total Current Liabilities7,2729,96225,03413,018
Long-Term Debt5045,1658,058—
Leases6011,4371,698711
Other Long-Term Liabilities1541,0971,1234,947
Total Long-Term Liabilities1,2597,69910,8795,658
Total Liabilities8,53117,66135,91318,676
Additional Paid-in Capital414,683397,883370,297333,900
Accumulated Other Comprehensive Income———(111)
Retained Earnings(398,925)(393,871)(378,707)(237,814)
Total Common Shareholders' Equity15,7584,012(8,410)95,975
Minority Interests and Other5,468———
Total Shareholders' Equity21,2264,012(8,410)95,975
Total Liabilities and Shareholders' Equity27,02321,67327,503114,651
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income(5,054)(15,164)(140,775)(59,801)
Depreciation & Amortization9121,0033,4542,858
Share-Based Compensation Expense4213802,138—
Other Adjustments2,571(3,736)81,27612,428
Changes in Trade Receivables(1,883)(30)(18)(2,881)
Changes in Inventories(2,050)6,705(5,550)(8,789)
Changes in Accounts Payable(2,656)(1,169)4,752416
Changes in Accrued Expenses1,052(2,760)(741)319
Changes in Unearned Revenue1,701(714)——
Changes in Other Operating Activities(2,737)1,140(883)(635)
Cash from Operating Activities(7,723)(14,345)(54,797)(51,714)
Capital Expenditure(61)(141)(4,050)(3,657)
Proceeds from Sale of Property, Plant & Equipment770223,783409
Purchases of Intangible Assets(814)(20)(961)(772)
Purchases of Investments——(4,079)(74,095)
Proceeds from Sale of Investments——21,714101,990
Payments for Business Acquisitions——(254)(1,297)
Proceeds from Business Divestments——663—
Other Investing Activities(400)———
Cash from Investing Activities(505)(139)16,81622,578
Issuance of Long-Term Debt1,6551,25619,2492,162
Repayments of Long-Term Debt(5,510)(2,848)(15,281)(3,822)
Net Issuance / (Repayments) of Long-Term Debt(3,855)(1,592)3,968(1,660)
Issuance of Common Shares5,07519,48636,95935,000
Repurchases of Common Shares—(1)(420)(149)
Net Issuance / (Repurchases) of Common Shares5,07519,48536,53934,851
Issuance of Preferred Shares9,893———
Net Issuance / (Repurchases) of Preferred Shares9,893———
Other Financing Activities(158)(1,045)(3,249)(2,516)
Cash from Financing Activities10,95516,84837,20930,820
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash2,7272,364(772)1,684

Key metrics

$6M
Market Cap
-0.22x
P/E
0.34x
P/S
-0.53x
EV/EBITDA
-103.9%
Return on Equity
-82.0%
Return on Invested Capital
2.42x
Current Ratio
-44.3%
Free Cash Flow Margin

Quarterly trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$4M+-31.1%-74.0%$-3M
Q4 2025$4M+-12.0%-79.2%$-3M
Q3 2025$4M+-32.5%-80.1%$-3M
Q2 2025$4M+-48.6%-73.0%$-3M
Q1 2025$6M—-43.1%$-3M
Q4 2024$4M—-101.8%$-4M
Q3 2024$6M—-56.8%$-3M
Q2 2024$8M—-25.8%$-2M

Margins

-17.8%
Gross margin
-65.8%
Operating margin
-74.6%
Net margin

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