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Earnings Call Summary | 22nd Century(XXII.US) Q2 2024 Earnings Conference

Futu News ·  Aug 13 22:31  · Conference Call

The following is a summary of the 22nd Century Group, Inc. (XXII) Q2 2024 Earnings Call Transcript:

Financial Performance:

  • Reduced consolidated net loss from $21 million in Q2 2023 to $1.6 million in Q2 2024.

  • Net revenue increased sequentially from $6.5 million in Q1 2024 to $7.9 million in Q2 2024.

  • Achieved a significant reduction in operating expenses, down from $11.1 million in Q2 2023 to $2.6 million in Q2 2024.

Business Progress:

  • Focused on turning the company into a profitable, cash positive business.

  • Shift from a defensive to an offensive business posture, moving from cost containment to focusing on growth and profitability.

  • Expansion of CMO business through securing new contracts and ramping up production in response to increased demand.

  • Initiating rebranding of VLN product to drive sales and market penetration.

Opportunities:

  • Expansion in the CMO business by increasing production capacity to meet demand.

  • Rebranding and relaunching VLN, a unique low nicotine product, to potentially capture more market share.

Risks:

  • Cautions about the 'bumpy ride' to financial positivity, highlighting uncertainty in achieving sustained profitability.

More details: 22nd Century IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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