22nd Century (XXII)2025-03-20 10:05Financial Performance - Net revenues for Q4 2024 decreased to $4.0 million, down 45.4% from $7.4 million in Q4 2023[9] - Gross profit for Q4 2024 was $(1.3) million, an improvement of 84.0% compared to $(7.8) million in Q4 2023[9] - Operating loss for Q4 2024 increased to $4.1 million, compared to $3.4 million in the previous quarter[7] - Net loss from continuing operations for Q4 2024 was $4.2 million, a significant reduction of 80.8% from $22.1 million in Q4 2023[9] - Adjusted EBITDA loss for Q4 2024 was $3.9 million, a slight improvement of 10.9% from a loss of $4.4 million in Q4 2023[9] - Revenues for 2024 were $24,382 million, down 24.6% from $32,204 million in 2023[26] - Gross loss improved from $(8,696) million in 2023 to $(2,400) million in 2024, indicating a reduction in losses by approximately 72.4%[26] - Operating loss from continuing operations decreased from $(44,931) million in 2023 to $(13,950) million in 2024, a favorable change of about 68.9%[26] - Net loss from continuing operations improved from $(54,686) million in 2023 to $(15,495) million in 2024, a reduction of approximately 71.7%[26] - Adjusted EBITDA loss narrowed from $(30,100) million in 2023 to $(13,136) million in 2024, reflecting an improvement of about 56.4%[30] - Basic loss per common share from continuing operations improved from $(5,776.63) in 2023 to $(105.85) in 2024[26] Revenue Sources - Cigarette net revenues were $3.3 million in Q4 2024, down from $4.1 million in Q3 2024, while carton volumes increased to 228 thousand from 156 thousand[8] Assets and Liabilities - Total assets decreased from $27,503 million in 2023 to $21,673 million in 2024, a decline of approximately 21.2%[24] - Total current liabilities decreased significantly from $25,034 million in 2023 to $9,962 million in 2024, a reduction of approximately 60.2%[24] - Cash and cash equivalents increased from $2,058 million in 2023 to $4,422 million in 2024, an increase of about 114.4%[24] - The company reported net debt of $3.3 million at the end of fiscal 2024[7] Strategic Initiatives - The company launched new VLN branding, with products ready for shipment in Q2 2025, including a new logo and marketing plan[7] - A five-year expanded license and manufacturing agreement was signed with Smoker Friendly, covering 11 existing products and eight new premium products[7] - VLN cigarettes have 95% less nicotine than traditional cigarettes, positioning the company as a leader in nicotine harm reduction[12] Shareholder Information - Weighted average shares outstanding increased from 9,467 in 2023 to 146,392 in 2024, indicating a significant increase in share count[26]