Cigarette maker 22nd Century Group's Q3 revenue rises on Pinnacle same-store growth

22nd Century

Yesterday 15:49

Overview
Low nicotine tobacco firm's preliminary Q3 revenue grew 66% quarter-over-quarter
Gross profit turned positive in Q3 after loss in prior quarter
Net loss and adjusted EBITDA loss narrowed compared to Q2

Result Drivers
SAME-STORE SALES - Co said growth in same-store sales for Pinnacle VLN and Pinnacle Pure cigarettes contributed to Q3 results
EARLY ADOPTION - Co attributed results to early adoption of VLN low nicotine cigarettes by consumers
CONSUMER AWARENESS - Co said increased consumer awareness and commercial foundation for VLN products supported Q3 performance

Company press release: ID:nGNXb9ncNV

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
$4.80 mln
 
Q3 Net Loss
 
$2.60 mln
 
Q3 Adjusted EBITDA
 
-$2.20 mln
 
Q3 Operating Expenses
 
$3 mln
 
Q3 Operating Income
 
-$2.60 mln
 

Analyst Coverage
Wall Street's median 12-month price target for 22nd Century Group, Inc. is $2,700.00, about 989,273.4% above its October 21 closing price of $0.27

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)