22nd Century Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 06, 2023 at 06:16 pm IST
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22nd Century Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 72.72 million compared to USD 13.1 million a year ago. Basic loss per share from continuing operations was USD 58.88 compared to USD 15.04 a year ago.
For the nine months, net loss was USD 111.44 million compared to USD 33.52 million a year ago. Basic loss per share from continuing operations was USD 109.6 compared to USD 43.36 a year ago.
22nd Century Group, Inc. is an agricultural biotechnology company. The Company is focused on tobacco harm reduction, reduced nicotine tobacco and improving health and wellness through plant science. Additionally, the Company provide contract manufacturing services for conventional combustible tobacco products for third-party brands. The Company operates through a single segment named Tobacco. Its tobacco segment is engaged in contract manufacturing organization (CMO) customer contracts that consist of obligations to manufacture the customers' branded filtered cigars and cigarettes. The tobacco segment is engaged in the sale of its reduced nicotine content (RNC) cigarettes, sold under the brand name VLN, or research cigarettes sold under the brand name SPECTRUM. It uses plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products.