{"success":true,"data":{"pressRelease":{"id":"24965","rtpr_id":"nGNXbrvJMr","ticker":"XXII","exchange":"NASDAQ","all_tickers":["XXII"],"title":"22nd Century Group Reports First Quarter 2026 Financial Results","author":"Globe Newswire","published_at":"2026-05-07T10:00:02.619Z","article_body":"Continues VLN(®) Commercial Expansion with New Stores Selling Proprietary\nBranded VLN(®) Products\n\nExpanded PMTA Portfolio and Licensing Strategy Designed to Unlock Further\nRetail Penetration Opportunities\n\nMOCKSVILLE, N.C., May 07, 2026 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc.\n(Nasdaq: XXII), the only tobacco products company focused on reducing the\nharms of smoking through nicotine reduction, today announced results for the\nfirst quarter ended March 31, 2026, and provided an update on recent business\nhighlights.\n\nThe Company’s proprietary reduced nicotine technology is designed to serve\nadult smokers who want to change their smoking habits by significantly\nreducing nicotine consumption. 22nd Century is focusing on smoker health and\nwellness by giving smokers an opportunity to control their tobacco\nconsumption, rather than switching them to another highly addictive product\nlike a vape or nicotine pouch.\n\n“Following the initial Pinnacle VLN(®) distribution in the fourth quarter\n2025, smokers began to gravitate to and are purchasing VLN(®) cigarettes in a\ngrowing number of geographies and stores,” said Larry Firestone, Chief\nExecutive Officer of 22nd Century Group. “Having accumulated a base of state\nauthorizations across our portfolio of brands, we continue to focus on\nexpanding our distribution and introducing smoking consumers to our VLN(®)\nproducts.\n\n“As we capture sustained adult smoker adoption of VLN(®) products, we\nexpect to expand both our retail and category footprint. We are targeting to\ngrow to more than 5,000 retail outlets by the end of 2026 by adding new retail\npartners across all classes of trade. Supporting this effort, we have\nsignificantly advanced further sales efforts with additional retail partners\nseeking to add VLN(®) branded products to their line-ups.\n\n“We believe we are the single commercial tobacco Company that is an ally of\nthe FDA in their efforts to formally establish a low nicotine standard. Our\ntechnology and product roadmap is set to build out a robust portfolio of new\ntobacco products. These products will span multiple categories, creating a\nflexible and scalable platform that can accommodate evolving market\npreferences and continue to drive the low nicotine initiative in the\nregulatory environment. Our business model is set so that all current and any\nnewly authorized combustible tobacco products in this expanded portfolio once\nauthorized will be available for licensing, providing other tobacco companies\nwith compliant, ready-to-market product pathways. This further reinforces 22nd\nCentury’s position as the leader in regulatory-driven innovation within the\ncombustible tobacco segment. This includes the development of our 100mm form\nfactor product and the application of our proprietary low nicotine tobacco to\ncategories such as filtered cigars, pouches and moist snuff.”\n\n“By combining our proprietary plant biotechnology, FDA-authorized claims,\nexpanded retail distribution, broader product categories and readily available\nlicensing, 22nd Century intends to lead the transition away from highly\naddictive tobacco products and support adult smokers and tobacco users seeking\nmeaningful change,” concluded Firestone.\n\nFirst Quarter 2026 Financial Results (compared to Fourth Quarter 2025, except\nas noted)\n\nAll figures reported below reflect continuing operations, excluding\ndiscontinued operations related to the sale and exit of the Company’s\nhemp/cannabis business in late 2023, except as noted.\n* Net revenues increased slightly to $4.1 million from $3.5 million.\n* Gross profit (loss) improved to $(0.6) million, compared to $(0.8) million.\n* Operating expenses were $2.4 million, increased from $2.0 million.\n* Operating loss increased to $3.0 million, compared to $2.8 million.\n* Net loss was $3.3 million, compared to net loss of $2.8 million.\n* Adjusted EBITDA loss was $2.6 million, compared to a loss of $2.4 million.\n* Ended the quarter with cash and cash equivalents of $9.5 million.\n2026 Corporate Priorities\n\n22nd Century has identified the below priorities for its business activities\nin 2026:\n* Expanding VLN(®) product distribution and consumer awareness.\n* Continuing disciplined cost management and capital allocation.\n* Advancing toward EBITDA breakeven as higher-margin revenues scale.\n* Remaining actively engaged with FDA regulators and public-health\nstakeholders.\nThe Company believes the convergence of regulatory momentum, consumer\nawareness, and its differentiated product portfolio creates a compelling\nopportunity for long-term value creation.\n\nRecent Business Highlights\n* Continued to generate new retail store locations to expand market access to\nboth VLN(®) and Partner VLN(®) products, as well as new natural style\ncigarette products.\n* Achieved near national level state authorizations to support expanded access\nto the Company’s branded products.\n* Continued to support Pinnacle(®) VLN(®) availability in now over 2,000\nstores across 20 states, including in-store marketing materials and digital\npromotion programs to drive smoker awareness of Pinnacle(®) VLN(®) as an\nalternative to conventional nicotine cigarette products.\n* Leveraged the Company’s ability to supply VLN(®) tobacco and\nmanufacturing under license in discussions to expand VLN(® )distribution and\nlaunch additional VLN(®) partner brands, further diversifying the reduced\nnicotine content product category.\n* Continued initiatives aimed at margin expansion through mix improvement\nwhile maintaining an efficient operating cost and capital allocation profile.\n* Completed product prototyping and evaluations ahead of a planned PMTA\nauthorization to introduce 100mm format VLN(®) cigarettes tailored to\nconsumer preferences in those markets.\n* Advanced long-term strategic initiatives to grow its unique product\nportfolio through the submission of multiple PMTAs across a broad range of\ncombustible products, supporting diverse tobacco blends and components, a\nvariety of product sizes, and multiple product formats, including filtered\ncigars.\nFirst Quarter 2026 Product Line Net Revenues\n* Cigarette net revenues were $2.8 million, increased from $2.6 million in the\nfourth quarter of 2025, reflecting a strategic shift away from high volume and\nlow priced CMO export customers and toward higher margin VLN(®) products.\nContinued expansion of new natural style cigarette products launched in 2025\nis expected to accelerate revenue and margin growth in this category.\n* Filtered cigar net revenues were $0.9 million compared to $0.4 million,\nreflecting the benefit of Company implemented repricing of customer contracts.\n* Distribution net revenues from other tobacco products, consisting of\nPinnacle branded moist snuff and cigarillos were $0.4 million, comparable to\nthe fourth quarter 2025.\n* VLN(®) cigarette net revenues were $0.0 million, following large initial\nstocking orders in the fourth quarter of 2025, offset by customer returns and\nproduct exchanges to the new VLN(®) branding. Total new branded VLN(®) and\npartner VLN(®) products shipped in the fourth quarter were approximately\n8,800 cartons.\nBalance Sheet\n* The Company reported zero long-term debt, having extinguished its remaining\nsenior secured debt in full during 2025.\n* Cash and equivalents were $9.5 million at quarter end.\n* Inventories were $4.3 million, including reduced nicotine content tobacco\nleaf.\nConference Call\n\n22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its\nfirst quarter 2026 financial results and business highlights. The live and\narchived webcast will be accessible in the Events section on 22nd Century’s\nInvestor Relations website at https://ir.xxiicentury.com/events.\n\nSummary Financial Results\n(dollars in thousands, except per share data)\n\n Three Months Ended \n March 31, Change \n 2026 2025 $ % \n Revenues, net $ 4,105 $ 5,956 (1,851 ) (31.1 ) \n Gross loss $ (636 ) $ (609 ) (27 ) 4.4 \n Operating loss $ (3,039 ) $ (2,570 ) (469 ) 18.2 \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) 255 (7.8 ) \n Basic and diluted loss per common share from continuing operations $ (5.07 ) $ (634.25 ) 629.18 (99.2 ) \n Adjusted EBITDA (a) $ (2,595 ) $ (2,320 ) (275 ) (11.8 ) \n \n (a) Adjusted EBITDA is a non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures. Refer to Tables A at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. \n\nSummary Product Line Results\n(in thousands)\n\n Three Months Ended \n March 31, \n 2026 2025 Change \n $ Cartons $ Cartons $ Cartons \n Contract manufacturing \n Cigarettes 2,846 118 5,013 319 (2,167 ) (201 ) \n Filtered cigars 873 113 1,103 159 (230 ) (46 ) \n Other tobacco products 389 44 (5 ) - 394 44 \n Total contract manufacturing 4,108 275 6,111 478 (2,003 ) (203 ) \n VLN (®) (3 ) - (155 ) (2 ) 152 2 \n Total product line revenues 4,105 275 5,956 476 (1,851 ) (200 ) \n\nAbout 22nd Century Group, Inc.\n\n22nd Century Group is pioneering the tobacco harm reduction movement by\nenabling smokers to take control of their nicotine consumption.\n\nOur Technology is Tobacco\n\nOur proprietary non-GMO reduced nicotine tobacco plants were developed using\nour patented technologies that regulate alkaloid biosynthesis activities\nresulting in a tobacco plant that contains 95% less nicotine than traditional\ntobacco plants. Our extensive patent portfolio has been developed to ensure\nthat our high-quality tobacco can be grown commercially at scale. We continue\nto develop our intellectual property to ensure our ongoing leadership in the\ntobacco harm reduction movement.\n\nOur Products\n\nWe created our flagship product, the VLN(®) cigarette using our low nicotine\ntobacco, to give traditional cigarette smokers an authentic and familiar\nalternative in the form of a combustible cigarette that helps them take\ncontrol of their nicotine consumption. VLN(®) cigarettes have 95% less\nnicotine compared to traditional cigarettes and have been proven to allow\nconsumers to greatly reduce their nicotine consumption.\n\nFDA Authorization and Scientific Foundation\n\nVLN(®) low nicotine combustible cigarettes were authorized in December 2021,\nmaking them the first and still the only combustible cigarettes authorized by\nthe U.S. Food and Drug Administration specifically to help reduce nicotine\nconsumption.\n\nDecades of independent clinical research and peer-reviewed studies—evaluated\nas part of the FDA’s Modified Risk Tobacco Product (MRTP) authorization\nprocess—demonstrated that reducing nicotine content can decrease nicotine\nintake, increase quit attempts, and reduce overall exposure to nicotine.\n\nFDA-authorized VLN(®) claims include:\n* “95% less nicotine”\n* “Helps reduce your nicotine consumption”\n* “Greatly reduces your nicotine consumption”\n* “Helps you smoke less”\nVLN(®) and Helps You Smoke Less(®) are registered trademarks of 22nd Century\nLimited LLC.\n\nLearn more at xxiicentury.com\n(https://www.globenewswire.com/Tracker?data=5u3IB6JHaNX-N5DsiOP2gaT-EMpH8GVgho3bWkURbVfUET68FrZNHVEsKKnhOXSfzqm2piTOdmZCR0u57J5UnR1lMkmydhqSgBAGHgNmmmLAhoqC8-TP-PIVRETGAEfb4rUl9e0bRBIEhDkQJremQJXabeGHEXZSa43wYeTPL4-L7P443mRkrGZkszxfMZx9ZGpE1arJasVyPhNke_mATdQE5QFBTCgoyaHpPNXiOqznCpDeXhy-GCcpZhslmlVAH4Dt5DRGu_6D6YB48otEjBxK3C4EHUGdJ7_UqDJbcrccH4oZA1UduY2i1ZA1OFnFaLt3_hivE2SgSBcree0uxNgqpdgx-qhnqJ4eSRNjvH54Cb11kYSdhOkyoFrqUlHfIH9zb8wEMsY8iqW2Br5j0mCD7hgSTAOsLX-LOGVqK4M=),\non X (formerly Twitter)\n(https://www.globenewswire.com/Tracker?data=q6I5PRaSHb1pVQpnzayjl-R_l-iL7NTm4xcYWedp7VXRy7tLbaQGDaWbV2TXVl8oZwkDX_oiZKmKJLWivy3oPLhlcu4dqqCQqJLn1QeAqoShZMhDHlZpBA48JwaL5JRPaFOFX_8CZJfdYZ-K5ltCZhxue-VRSxsOTDgeHlzoUUR_2YOeOQ_0MyMXxrjDqiHOQB-heWAnehtcSIwHsNQ-bBaEP2FRzLbyto8FFqfvQ0ngQnGUKkwksFzF_PCs4VkHI-2IngfX0vdym7R0zlh5QTJ3Hvtcb404h3_VPKDZ5DWVXIlQCkxxm4IAMt0EbZrNPFgTa9ht6ikwLnumXP8MmHq5cBowenDfG3SmDiJDJJ4zkCs3tFOB_IRUa2rlgmBAnk5Lp2iRJd_9dF6B-6pnXZVsbyZm3vs882WyFZlzOKmDQbM-qgEq9jqaatNYos8-),\non LinkedIn\n(https://www.globenewswire.com/Tracker?data=Mh0FYcRB87yQyLDsFYiXu61iib_Z_GxtWB9eHk3_ouEA1J4JjI1D-tw5ThOkpGMNlGf5FGfMzoXQZgUnls6bzZ_nDFSchhXa0EpfXRoi7rcRKKuDXDWmK8NvgV0q1IhcpW1pCB225142ymOeuy8cNVwrmvQYb1oCfxmBAeFroBx-hpPRNr2ufLqT9VFY_H_6Qys0unGCbXOPvfqXkNer1Tx_cgT4I_cpxpxLfJUyEXrNklnZrb4K1k2SnquYeyLZAnveY0juS15YIpXKKH_SYrNsqz0gDEcLh7HZskZLwpd1uH3nhVIk7KqWw2ixpXtSmKdcU1oC4AZnB0FzRKKcvAiZuiD8RktCodJy6bxrTBSPQcQN8mrJKNh_utguVOwvB45PjkSZ32XXe66yh9O3ANsTvQW_ZVj3zv_5K4SkuT0KWrbPzSkn5YHEqU71mDRm--wKpT9fhBF1_pFcWMA5mQ==),\nand on YouTube\n(https://www.globenewswire.com/Tracker?data=gFglIgBaOyuy2FJgaN8tDaz06HlGLeKdQTCySnmxxlzHx70N5NuO0lGT82odqx3kzltBDsm--zlHfxrCRyR7gulIMq3f1zGvo1B82sOPLxuBBJUM4eJ3s3mYlqe4f8L3kGO6aZbGZFIYl8oSU6KjUQ6GJZEgJj2r1nBmGmQcvbY-TbFQjEqi0up7nVr9bBJio0z0M83tdWOH-ASBem2N9fyEArVCUdcv2R2gkppUoExRePymAQzk5uNdItP2QngEAjKA3PrlGHo3xwenGGAyseN-xcoFJkvi8h_e3kgTwLkmfhKNlqVjwoJfRzWxdxXX90jLU_sVHjRMj2aicxon6lZeDptZAknjV90nexu7Ur-Rrg9E7bTvDPOBxnOmxtAr8x0YT-Rf5eP7YyZycJ9ZOuU2dhQqAZu6wkU0HY5cE_o9foXBx0mJNIF1QzRbkeYB).\n\nLearn more about VLN(®) at tryvln.com\n(https://www.globenewswire.com/Tracker?data=K4NV2RCpl4SOGwCuw2qifm6sfvXhVcOM1paGpoblnkdg2pYsrbwJiahGew0C_DcjMIJ1ZDYCOUp6nhlR5C6fb_EsAzITVZ9ztWQqhdQ3YMNKD2ThNp8ephwZBTMO5pwDfIehv8qGt8JzTeaiww_NNBagxPuV1rJPtY9Si4XIbOzBtteyOyagAeeWACHbhG8Y9RuItKX5rcsg24UgmTkTEkBrT2WvAlZshzf4d5ljHj_ozKgXwX_lDay4HXXvj7IdcfHHxc6eSfcSpdaQQHD-IJ27hRg85IYDMghhj-TuoraesjBnL68AcWKmmBuJ4Sxf7KXsvETiiQG6-1d5K0blKn1uX5wVnK993pn9UkDt5Vfgjo0YBU6NFWwBwFiFQDIJXuVhkpBjienSmunFGZpKkqLleFp3QvxN84MDURmJsOo=).\n\nCautionary Note Regarding Forward-Looking Statements\n\nExcept for historical information, all of the statements, expectations, and\nassumptions contained in this press release are forward-looking statements,\nincluding but not limited to our full year business outlook. Forward-looking\nstatements typically contain terms such as “anticipate,” “believe,”\n“consider,” “continue,” “could,” “estimate,” “expect,”\n“explore,” “foresee,” “goal,” “guidance,” “intend,”\n“likely,” “may,” “plan,” “potential,” “predict,”\n“preliminary,” “probable,” “project,” “promising,” “seek,”\n“should,” “will,” “would,” and similar expressions.\nForward-looking statements include, but are not limited to, statements\nregarding (i) our cost reduction initiatives, (ii) our expectations regarding\nregulatory enforcement, including our ability to receive an exemption from new\nregulations, and (iii) our financial and operating performance. Actual results\nmight differ materially from those explicit or implicit in forward-looking\nstatements. Important factors that could cause actual results to differ\nmaterially are set forth in “Risk Factors” in the Company’s Annual\nReport on Form 10-K filed on March 26, 2026. All information provided in this\nrelease is as of the date hereof, and the Company assumes no obligation to and\ndoes not intend to update these forward-looking statements, except as required\nby law.\n\nNotes regarding Non-GAAP Financial Information\n\nIn addition to the Company’s reported results in accordance with generally\naccepted accounting principles in the United States of America (“GAAP”),\nthe Company provides EBITDA and Adjusted EBITDA.\n\nIn order to calculate EBITDA, the Company adjusts net (loss) income by adding\nback interest expense (income), provision (benefit) for income taxes, and\ndepreciation and amortization expense. Adjusted EBITDA consists of EBITDA\nadjusted by the Company for certain non-cash and/or non-operating expenses,\nincluding adding back equity-based employee compensation expense,\nrestructuring and restructuring-related charges such as impairment,\nacquisition and transaction costs, and other unusual or infrequently occurring\nitems, if applicable, such as inventory reserves and adjustments, gains or\nlosses on disposal of property, plant and equipment, and gains or losses on\ninvestments.\n\nThe Company believes that the presentation of EBITDA and Adjusted EBITDA are\nimportant financial measures that supplement discussion and analysis of its\nfinancial condition and results of operations and enhances an understanding of\nits operating performance. While management considers EBITDA and Adjusted\nEBITDA to be important, these financial performance measures should be\nconsidered in addition to, but not as a substitute for or superior to, other\nmeasures of financial performance prepared in accordance with GAAP, such as\noperating (loss) income, net (loss) income and cash flows from operations.\nAdjusted EBITDA is susceptible to varying calculations and the Company’s\nmeasurement of Adjusted EBITDA may not be comparable to those of other\ncompanies.\n\nInvestor Relations & Media Contact\nMatt Kreps\nInvestor Relations\n22nd Century Group\ninvestorrelations@xxiicentury.com\n214-597-8200\n\n22nd CENTURY GROUP, INC.\nCONDENSED CONSOLIDATED BALANCE SHEETS\n(Unaudited)\n(amounts in thousands, except share and per-share data)\n\n March 31, December 31, \n 2026 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 9,545 $ 7,149 \n Accounts receivable, net 4,779 3,594 \n Inventories 4,346 4,326 \n Prepaid expenses and other current assets 2,400 2,562 \n Total current assets 21,070 17,631 \n Property, plant and equipment, net 2,366 2,440 \n Operating lease right-of-use assets, net 688 728 \n Intangible assets, net 6,137 6,224 \n Other assets 49 — \n Total assets $ 30,310 $ 27,023 \n \n LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY \n Current liabilities: \n Notes and loans payable-current $ 113 $ 204 \n Operating lease obligations 172 168 \n Accounts payable 1,025 1,000 \n Accrued expenses and other current liabilities 1,135 836 \n Accrued excise taxes and fees 3,525 3,343 \n Contract liabilities 1,936 1,721 \n Total current liabilities 7,906 7,272 \n Long-term liabilities: \n Notes and loans payable 475 504 \n Operating lease obligations 556 601 \n Other long-term liabilities 155 154 \n Total liabilities 9,092 8,531 \n \n \n Mezzanine equity: \n Series A convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and 9,650 at December 31, 2025, respectively — 2,734 \n Total mezzanine equity — 2,734 \n \n Shareholders' equity: \n Series B convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 15,770 shares issued and outstanding at March 31, 2026 and 0 at December 31, 2025, respectively — — \n Common stock, $.00001 par value, 500,000,000 shares authorized, 769,788 shares issued and outstanding at March 31, 2026 and 510,384 at December 31, 2025, respectively — — \n Capital in excess of par value 423,404 414,683 \n Accumulated deficit (402,186 ) (398,925 ) \n Total shareholders' equity 21,218 15,758 \n Total liabilities, mezzanine equity and shareholders’ equity $ 30,310 $ 27,023 \n\n22nd CENTURY GROUP, INC.\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS\n(Unaudited)\n(amounts in thousands, except share and per-share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n Revenues, net $ 4,105 $ 5,956 \n Cost of goods sold 1,925 2,884 \n Excise taxes and fees on products 2,816 3,681 \n Gross loss (636 ) (609 ) \n Operating expenses: \n Sales, general and administrative 2,118 1,799 \n Research and development 285 162 \n Total operating expenses 2,403 1,961 \n Operating loss from continuing operations (3,039 ) (2,570 ) \n Other income (expense): \n Other expense — (162 ) \n Interest income 31 16 \n Interest expense (11 ) (558 ) \n Total other income (expense), net 20 (704 ) \n Loss from continuing operations before income taxes (3,019 ) (3,274 ) \n (Benefit) provision for income taxes — — \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) \n \n Discontinued operations: \n Loss from discontinued operations before income taxes $ (242 ) $ (1,054 ) \n Provision for income taxes — — \n Net loss from discontinued operations $ (242 ) $ (1,054 ) \n \n Net loss $ (3,261 ) $ (4,328 ) \n Comprehensive loss $ (3,261 ) $ (4,328 ) \n \n Net loss $ (3,261 ) $ (4,328 ) \n Deemed dividends (589 ) — \n Dividend for redemption of Series A Convertible Preferred Stock (6,916 ) — \n Net loss available to common shareholders $ (10,766 ) $ (4,328 ) \n \n Basic and diluted loss per share: \n Basic and diluted loss per common share from continuing operations $ (5.07 ) $ (634.25 ) \n Basic and diluted loss per common share from discontinued operations $ (0.41 ) $ (204.18 ) \n Basic and diluted loss available to common shareholders per common share $ (18.08 ) $ (838.43 ) \n \n Weighted average shares outstanding - basic and diluted 595,344 5,162 \n\nTable A – Reconciliations of Non-GAAP Measures\n(dollars in thousands, except share and per-share data)\n\nBelow is a table containing information relating to the Company’s Net loss,\nEBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and\n2025, including a reconciliation of these Non-GAAP measures for such periods.\n\n Year Ended \n March 31, \n Amounts in thousands ($000's) \n except share and per share data \n (UNAUDITED) \n $ Change \n 2026 2025 fav / (unfav) (1) \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) $ 255 \n Interest (income)/expense, net (20 ) 542 (562 ) \n Provision (benefit) for income taxes — — — \n Amortization and depreciation 206 224 (18 ) \n EBITDA $ (2,833 ) $ (2,508 ) $ (325 ) \n Adjustments: \n Change in fair value of warrant liabilities — 162 (162 ) \n Equity-based employee compensation expense 238 26 212 \n Adjusted EBITDA $ (2,595 ) $ (2,320 ) $ (275 ) \n \n Adjusted EBITDA loss per common share $ (4.36 ) $ (449.48 ) $ 445.11 \n Weighted average common shares outstanding - basic and diluted 595,344 5,162 \n\n(1)Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav\n= unfavorable variance, which reduces EBITDA and Adjusted EBITDA\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0c134f7d-c166-4b24-874f-262b3515f650)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXbrvJMr","title":"22nd Century Group Reports First Quarter 2026 Financial Results","author":"Globe Newswire","ticker":"XXII","created":"2026-05-07T10:00:02.619Z","tickers":["XXII"],"exchange":"NASDAQ","article_body":"Continues VLN(®) Commercial Expansion with New Stores Selling Proprietary\nBranded VLN(®) Products\n\nExpanded PMTA Portfolio and Licensing Strategy Designed to Unlock Further\nRetail Penetration Opportunities\n\nMOCKSVILLE, N.C., May 07, 2026 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc.\n(Nasdaq: XXII), the only tobacco products company focused on reducing the\nharms of smoking through nicotine reduction, today announced results for the\nfirst quarter ended March 31, 2026, and provided an update on recent business\nhighlights.\n\nThe Company’s proprietary reduced nicotine technology is designed to serve\nadult smokers who want to change their smoking habits by significantly\nreducing nicotine consumption. 22nd Century is focusing on smoker health and\nwellness by giving smokers an opportunity to control their tobacco\nconsumption, rather than switching them to another highly addictive product\nlike a vape or nicotine pouch.\n\n“Following the initial Pinnacle VLN(®) distribution in the fourth quarter\n2025, smokers began to gravitate to and are purchasing VLN(®) cigarettes in a\ngrowing number of geographies and stores,” said Larry Firestone, Chief\nExecutive Officer of 22nd Century Group. “Having accumulated a base of state\nauthorizations across our portfolio of brands, we continue to focus on\nexpanding our distribution and introducing smoking consumers to our VLN(®)\nproducts.\n\n“As we capture sustained adult smoker adoption of VLN(®) products, we\nexpect to expand both our retail and category footprint. We are targeting to\ngrow to more than 5,000 retail outlets by the end of 2026 by adding new retail\npartners across all classes of trade. Supporting this effort, we have\nsignificantly advanced further sales efforts with additional retail partners\nseeking to add VLN(®) branded products to their line-ups.\n\n“We believe we are the single commercial tobacco Company that is an ally of\nthe FDA in their efforts to formally establish a low nicotine standard. Our\ntechnology and product roadmap is set to build out a robust portfolio of new\ntobacco products. These products will span multiple categories, creating a\nflexible and scalable platform that can accommodate evolving market\npreferences and continue to drive the low nicotine initiative in the\nregulatory environment. Our business model is set so that all current and any\nnewly authorized combustible tobacco products in this expanded portfolio once\nauthorized will be available for licensing, providing other tobacco companies\nwith compliant, ready-to-market product pathways. This further reinforces 22nd\nCentury’s position as the leader in regulatory-driven innovation within the\ncombustible tobacco segment. This includes the development of our 100mm form\nfactor product and the application of our proprietary low nicotine tobacco to\ncategories such as filtered cigars, pouches and moist snuff.”\n\n“By combining our proprietary plant biotechnology, FDA-authorized claims,\nexpanded retail distribution, broader product categories and readily available\nlicensing, 22nd Century intends to lead the transition away from highly\naddictive tobacco products and support adult smokers and tobacco users seeking\nmeaningful change,” concluded Firestone.\n\nFirst Quarter 2026 Financial Results (compared to Fourth Quarter 2025, except\nas noted)\n\nAll figures reported below reflect continuing operations, excluding\ndiscontinued operations related to the sale and exit of the Company’s\nhemp/cannabis business in late 2023, except as noted.\n* Net revenues increased slightly to $4.1 million from $3.5 million.\n* Gross profit (loss) improved to $(0.6) million, compared to $(0.8) million.\n* Operating expenses were $2.4 million, increased from $2.0 million.\n* Operating loss increased to $3.0 million, compared to $2.8 million.\n* Net loss was $3.3 million, compared to net loss of $2.8 million.\n* Adjusted EBITDA loss was $2.6 million, compared to a loss of $2.4 million.\n* Ended the quarter with cash and cash equivalents of $9.5 million.\n2026 Corporate Priorities\n\n22nd Century has identified the below priorities for its business activities\nin 2026:\n* Expanding VLN(®) product distribution and consumer awareness.\n* Continuing disciplined cost management and capital allocation.\n* Advancing toward EBITDA breakeven as higher-margin revenues scale.\n* Remaining actively engaged with FDA regulators and public-health\nstakeholders.\nThe Company believes the convergence of regulatory momentum, consumer\nawareness, and its differentiated product portfolio creates a compelling\nopportunity for long-term value creation.\n\nRecent Business Highlights\n* Continued to generate new retail store locations to expand market access to\nboth VLN(®) and Partner VLN(®) products, as well as new natural style\ncigarette products.\n* Achieved near national level state authorizations to support expanded access\nto the Company’s branded products.\n* Continued to support Pinnacle(®) VLN(®) availability in now over 2,000\nstores across 20 states, including in-store marketing materials and digital\npromotion programs to drive smoker awareness of Pinnacle(®) VLN(®) as an\nalternative to conventional nicotine cigarette products.\n* Leveraged the Company’s ability to supply VLN(®) tobacco and\nmanufacturing under license in discussions to expand VLN(® )distribution and\nlaunch additional VLN(®) partner brands, further diversifying the reduced\nnicotine content product category.\n* Continued initiatives aimed at margin expansion through mix improvement\nwhile maintaining an efficient operating cost and capital allocation profile.\n* Completed product prototyping and evaluations ahead of a planned PMTA\nauthorization to introduce 100mm format VLN(®) cigarettes tailored to\nconsumer preferences in those markets.\n* Advanced long-term strategic initiatives to grow its unique product\nportfolio through the submission of multiple PMTAs across a broad range of\ncombustible products, supporting diverse tobacco blends and components, a\nvariety of product sizes, and multiple product formats, including filtered\ncigars.\nFirst Quarter 2026 Product Line Net Revenues\n* Cigarette net revenues were $2.8 million, increased from $2.6 million in the\nfourth quarter of 2025, reflecting a strategic shift away from high volume and\nlow priced CMO export customers and toward higher margin VLN(®) products.\nContinued expansion of new natural style cigarette products launched in 2025\nis expected to accelerate revenue and margin growth in this category.\n* Filtered cigar net revenues were $0.9 million compared to $0.4 million,\nreflecting the benefit of Company implemented repricing of customer contracts.\n* Distribution net revenues from other tobacco products, consisting of\nPinnacle branded moist snuff and cigarillos were $0.4 million, comparable to\nthe fourth quarter 2025.\n* VLN(®) cigarette net revenues were $0.0 million, following large initial\nstocking orders in the fourth quarter of 2025, offset by customer returns and\nproduct exchanges to the new VLN(®) branding. Total new branded VLN(®) and\npartner VLN(®) products shipped in the fourth quarter were approximately\n8,800 cartons.\nBalance Sheet\n* The Company reported zero long-term debt, having extinguished its remaining\nsenior secured debt in full during 2025.\n* Cash and equivalents were $9.5 million at quarter end.\n* Inventories were $4.3 million, including reduced nicotine content tobacco\nleaf.\nConference Call\n\n22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its\nfirst quarter 2026 financial results and business highlights. The live and\narchived webcast will be accessible in the Events section on 22nd Century’s\nInvestor Relations website at https://ir.xxiicentury.com/events.\n\nSummary Financial Results\n(dollars in thousands, except per share data)\n\n Three Months Ended \n March 31, Change \n 2026 2025 $ % \n Revenues, net $ 4,105 $ 5,956 (1,851 ) (31.1 ) \n Gross loss $ (636 ) $ (609 ) (27 ) 4.4 \n Operating loss $ (3,039 ) $ (2,570 ) (469 ) 18.2 \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) 255 (7.8 ) \n Basic and diluted loss per common share from continuing operations $ (5.07 ) $ (634.25 ) 629.18 (99.2 ) \n Adjusted EBITDA (a) $ (2,595 ) $ (2,320 ) (275 ) (11.8 ) \n \n (a) Adjusted EBITDA is a non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures. Refer to Tables A at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. \n\nSummary Product Line Results\n(in thousands)\n\n Three Months Ended \n March 31, \n 2026 2025 Change \n $ Cartons $ Cartons $ Cartons \n Contract manufacturing \n Cigarettes 2,846 118 5,013 319 (2,167 ) (201 ) \n Filtered cigars 873 113 1,103 159 (230 ) (46 ) \n Other tobacco products 389 44 (5 ) - 394 44 \n Total contract manufacturing 4,108 275 6,111 478 (2,003 ) (203 ) \n VLN (®) (3 ) - (155 ) (2 ) 152 2 \n Total product line revenues 4,105 275 5,956 476 (1,851 ) (200 ) \n\nAbout 22nd Century Group, Inc.\n\n22nd Century Group is pioneering the tobacco harm reduction movement by\nenabling smokers to take control of their nicotine consumption.\n\nOur Technology is Tobacco\n\nOur proprietary non-GMO reduced nicotine tobacco plants were developed using\nour patented technologies that regulate alkaloid biosynthesis activities\nresulting in a tobacco plant that contains 95% less nicotine than traditional\ntobacco plants. Our extensive patent portfolio has been developed to ensure\nthat our high-quality tobacco can be grown commercially at scale. We continue\nto develop our intellectual property to ensure our ongoing leadership in the\ntobacco harm reduction movement.\n\nOur Products\n\nWe created our flagship product, the VLN(®) cigarette using our low nicotine\ntobacco, to give traditional cigarette smokers an authentic and familiar\nalternative in the form of a combustible cigarette that helps them take\ncontrol of their nicotine consumption. VLN(®) cigarettes have 95% less\nnicotine compared to traditional cigarettes and have been proven to allow\nconsumers to greatly reduce their nicotine consumption.\n\nFDA Authorization and Scientific Foundation\n\nVLN(®) low nicotine combustible cigarettes were authorized in December 2021,\nmaking them the first and still the only combustible cigarettes authorized by\nthe U.S. Food and Drug Administration specifically to help reduce nicotine\nconsumption.\n\nDecades of independent clinical research and peer-reviewed studies—evaluated\nas part of the FDA’s Modified Risk Tobacco Product (MRTP) authorization\nprocess—demonstrated that reducing nicotine content can decrease nicotine\nintake, increase quit attempts, and reduce overall exposure to nicotine.\n\nFDA-authorized VLN(®) claims include:\n* “95% less nicotine”\n* “Helps reduce your nicotine consumption”\n* “Greatly reduces your nicotine consumption”\n* “Helps you smoke less”\nVLN(®) and Helps You Smoke Less(®) are registered trademarks of 22nd Century\nLimited LLC.\n\nLearn more at xxiicentury.com\n(https://www.globenewswire.com/Tracker?data=5u3IB6JHaNX-N5DsiOP2gaT-EMpH8GVgho3bWkURbVfUET68FrZNHVEsKKnhOXSfzqm2piTOdmZCR0u57J5UnR1lMkmydhqSgBAGHgNmmmLAhoqC8-TP-PIVRETGAEfb4rUl9e0bRBIEhDkQJremQJXabeGHEXZSa43wYeTPL4-L7P443mRkrGZkszxfMZx9ZGpE1arJasVyPhNke_mATdQE5QFBTCgoyaHpPNXiOqznCpDeXhy-GCcpZhslmlVAH4Dt5DRGu_6D6YB48otEjBxK3C4EHUGdJ7_UqDJbcrccH4oZA1UduY2i1ZA1OFnFaLt3_hivE2SgSBcree0uxNgqpdgx-qhnqJ4eSRNjvH54Cb11kYSdhOkyoFrqUlHfIH9zb8wEMsY8iqW2Br5j0mCD7hgSTAOsLX-LOGVqK4M=),\non X (formerly Twitter)\n(https://www.globenewswire.com/Tracker?data=q6I5PRaSHb1pVQpnzayjl-R_l-iL7NTm4xcYWedp7VXRy7tLbaQGDaWbV2TXVl8oZwkDX_oiZKmKJLWivy3oPLhlcu4dqqCQqJLn1QeAqoShZMhDHlZpBA48JwaL5JRPaFOFX_8CZJfdYZ-K5ltCZhxue-VRSxsOTDgeHlzoUUR_2YOeOQ_0MyMXxrjDqiHOQB-heWAnehtcSIwHsNQ-bBaEP2FRzLbyto8FFqfvQ0ngQnGUKkwksFzF_PCs4VkHI-2IngfX0vdym7R0zlh5QTJ3Hvtcb404h3_VPKDZ5DWVXIlQCkxxm4IAMt0EbZrNPFgTa9ht6ikwLnumXP8MmHq5cBowenDfG3SmDiJDJJ4zkCs3tFOB_IRUa2rlgmBAnk5Lp2iRJd_9dF6B-6pnXZVsbyZm3vs882WyFZlzOKmDQbM-qgEq9jqaatNYos8-),\non LinkedIn\n(https://www.globenewswire.com/Tracker?data=Mh0FYcRB87yQyLDsFYiXu61iib_Z_GxtWB9eHk3_ouEA1J4JjI1D-tw5ThOkpGMNlGf5FGfMzoXQZgUnls6bzZ_nDFSchhXa0EpfXRoi7rcRKKuDXDWmK8NvgV0q1IhcpW1pCB225142ymOeuy8cNVwrmvQYb1oCfxmBAeFroBx-hpPRNr2ufLqT9VFY_H_6Qys0unGCbXOPvfqXkNer1Tx_cgT4I_cpxpxLfJUyEXrNklnZrb4K1k2SnquYeyLZAnveY0juS15YIpXKKH_SYrNsqz0gDEcLh7HZskZLwpd1uH3nhVIk7KqWw2ixpXtSmKdcU1oC4AZnB0FzRKKcvAiZuiD8RktCodJy6bxrTBSPQcQN8mrJKNh_utguVOwvB45PjkSZ32XXe66yh9O3ANsTvQW_ZVj3zv_5K4SkuT0KWrbPzSkn5YHEqU71mDRm--wKpT9fhBF1_pFcWMA5mQ==),\nand on YouTube\n(https://www.globenewswire.com/Tracker?data=gFglIgBaOyuy2FJgaN8tDaz06HlGLeKdQTCySnmxxlzHx70N5NuO0lGT82odqx3kzltBDsm--zlHfxrCRyR7gulIMq3f1zGvo1B82sOPLxuBBJUM4eJ3s3mYlqe4f8L3kGO6aZbGZFIYl8oSU6KjUQ6GJZEgJj2r1nBmGmQcvbY-TbFQjEqi0up7nVr9bBJio0z0M83tdWOH-ASBem2N9fyEArVCUdcv2R2gkppUoExRePymAQzk5uNdItP2QngEAjKA3PrlGHo3xwenGGAyseN-xcoFJkvi8h_e3kgTwLkmfhKNlqVjwoJfRzWxdxXX90jLU_sVHjRMj2aicxon6lZeDptZAknjV90nexu7Ur-Rrg9E7bTvDPOBxnOmxtAr8x0YT-Rf5eP7YyZycJ9ZOuU2dhQqAZu6wkU0HY5cE_o9foXBx0mJNIF1QzRbkeYB).\n\nLearn more about VLN(®) at tryvln.com\n(https://www.globenewswire.com/Tracker?data=K4NV2RCpl4SOGwCuw2qifm6sfvXhVcOM1paGpoblnkdg2pYsrbwJiahGew0C_DcjMIJ1ZDYCOUp6nhlR5C6fb_EsAzITVZ9ztWQqhdQ3YMNKD2ThNp8ephwZBTMO5pwDfIehv8qGt8JzTeaiww_NNBagxPuV1rJPtY9Si4XIbOzBtteyOyagAeeWACHbhG8Y9RuItKX5rcsg24UgmTkTEkBrT2WvAlZshzf4d5ljHj_ozKgXwX_lDay4HXXvj7IdcfHHxc6eSfcSpdaQQHD-IJ27hRg85IYDMghhj-TuoraesjBnL68AcWKmmBuJ4Sxf7KXsvETiiQG6-1d5K0blKn1uX5wVnK993pn9UkDt5Vfgjo0YBU6NFWwBwFiFQDIJXuVhkpBjienSmunFGZpKkqLleFp3QvxN84MDURmJsOo=).\n\nCautionary Note Regarding Forward-Looking Statements\n\nExcept for historical information, all of the statements, expectations, and\nassumptions contained in this press release are forward-looking statements,\nincluding but not limited to our full year business outlook. Forward-looking\nstatements typically contain terms such as “anticipate,” “believe,”\n“consider,” “continue,” “could,” “estimate,” “expect,”\n“explore,” “foresee,” “goal,” “guidance,” “intend,”\n“likely,” “may,” “plan,” “potential,” “predict,”\n“preliminary,” “probable,” “project,” “promising,” “seek,”\n“should,” “will,” “would,” and similar expressions.\nForward-looking statements include, but are not limited to, statements\nregarding (i) our cost reduction initiatives, (ii) our expectations regarding\nregulatory enforcement, including our ability to receive an exemption from new\nregulations, and (iii) our financial and operating performance. Actual results\nmight differ materially from those explicit or implicit in forward-looking\nstatements. Important factors that could cause actual results to differ\nmaterially are set forth in “Risk Factors” in the Company’s Annual\nReport on Form 10-K filed on March 26, 2026. All information provided in this\nrelease is as of the date hereof, and the Company assumes no obligation to and\ndoes not intend to update these forward-looking statements, except as required\nby law.\n\nNotes regarding Non-GAAP Financial Information\n\nIn addition to the Company’s reported results in accordance with generally\naccepted accounting principles in the United States of America (“GAAP”),\nthe Company provides EBITDA and Adjusted EBITDA.\n\nIn order to calculate EBITDA, the Company adjusts net (loss) income by adding\nback interest expense (income), provision (benefit) for income taxes, and\ndepreciation and amortization expense. Adjusted EBITDA consists of EBITDA\nadjusted by the Company for certain non-cash and/or non-operating expenses,\nincluding adding back equity-based employee compensation expense,\nrestructuring and restructuring-related charges such as impairment,\nacquisition and transaction costs, and other unusual or infrequently occurring\nitems, if applicable, such as inventory reserves and adjustments, gains or\nlosses on disposal of property, plant and equipment, and gains or losses on\ninvestments.\n\nThe Company believes that the presentation of EBITDA and Adjusted EBITDA are\nimportant financial measures that supplement discussion and analysis of its\nfinancial condition and results of operations and enhances an understanding of\nits operating performance. While management considers EBITDA and Adjusted\nEBITDA to be important, these financial performance measures should be\nconsidered in addition to, but not as a substitute for or superior to, other\nmeasures of financial performance prepared in accordance with GAAP, such as\noperating (loss) income, net (loss) income and cash flows from operations.\nAdjusted EBITDA is susceptible to varying calculations and the Company’s\nmeasurement of Adjusted EBITDA may not be comparable to those of other\ncompanies.\n\nInvestor Relations & Media Contact\nMatt Kreps\nInvestor Relations\n22nd Century Group\ninvestorrelations@xxiicentury.com\n214-597-8200\n\n22nd CENTURY GROUP, INC.\nCONDENSED CONSOLIDATED BALANCE SHEETS\n(Unaudited)\n(amounts in thousands, except share and per-share data)\n\n March 31, December 31, \n 2026 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 9,545 $ 7,149 \n Accounts receivable, net 4,779 3,594 \n Inventories 4,346 4,326 \n Prepaid expenses and other current assets 2,400 2,562 \n Total current assets 21,070 17,631 \n Property, plant and equipment, net 2,366 2,440 \n Operating lease right-of-use assets, net 688 728 \n Intangible assets, net 6,137 6,224 \n Other assets 49 — \n Total assets $ 30,310 $ 27,023 \n \n LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY \n Current liabilities: \n Notes and loans payable-current $ 113 $ 204 \n Operating lease obligations 172 168 \n Accounts payable 1,025 1,000 \n Accrued expenses and other current liabilities 1,135 836 \n Accrued excise taxes and fees 3,525 3,343 \n Contract liabilities 1,936 1,721 \n Total current liabilities 7,906 7,272 \n Long-term liabilities: \n Notes and loans payable 475 504 \n Operating lease obligations 556 601 \n Other long-term liabilities 155 154 \n Total liabilities 9,092 8,531 \n \n \n Mezzanine equity: \n Series A convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and 9,650 at December 31, 2025, respectively — 2,734 \n Total mezzanine equity — 2,734 \n \n Shareholders' equity: \n Series B convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 15,770 shares issued and outstanding at March 31, 2026 and 0 at December 31, 2025, respectively — — \n Common stock, $.00001 par value, 500,000,000 shares authorized, 769,788 shares issued and outstanding at March 31, 2026 and 510,384 at December 31, 2025, respectively — — \n Capital in excess of par value 423,404 414,683 \n Accumulated deficit (402,186 ) (398,925 ) \n Total shareholders' equity 21,218 15,758 \n Total liabilities, mezzanine equity and shareholders’ equity $ 30,310 $ 27,023 \n\n22nd CENTURY GROUP, INC.\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS\n(Unaudited)\n(amounts in thousands, except share and per-share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n Revenues, net $ 4,105 $ 5,956 \n Cost of goods sold 1,925 2,884 \n Excise taxes and fees on products 2,816 3,681 \n Gross loss (636 ) (609 ) \n Operating expenses: \n Sales, general and administrative 2,118 1,799 \n Research and development 285 162 \n Total operating expenses 2,403 1,961 \n Operating loss from continuing operations (3,039 ) (2,570 ) \n Other income (expense): \n Other expense — (162 ) \n Interest income 31 16 \n Interest expense (11 ) (558 ) \n Total other income (expense), net 20 (704 ) \n Loss from continuing operations before income taxes (3,019 ) (3,274 ) \n (Benefit) provision for income taxes — — \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) \n \n Discontinued operations: \n Loss from discontinued operations before income taxes $ (242 ) $ (1,054 ) \n Provision for income taxes — — \n Net loss from discontinued operations $ (242 ) $ (1,054 ) \n \n Net loss $ (3,261 ) $ (4,328 ) \n Comprehensive loss $ (3,261 ) $ (4,328 ) \n \n Net loss $ (3,261 ) $ (4,328 ) \n Deemed dividends (589 ) — \n Dividend for redemption of Series A Convertible Preferred Stock (6,916 ) — \n Net loss available to common shareholders $ (10,766 ) $ (4,328 ) \n \n Basic and diluted loss per share: \n Basic and diluted loss per common share from continuing operations $ (5.07 ) $ (634.25 ) \n Basic and diluted loss per common share from discontinued operations $ (0.41 ) $ (204.18 ) \n Basic and diluted loss available to common shareholders per common share $ (18.08 ) $ (838.43 ) \n \n Weighted average shares outstanding - basic and diluted 595,344 5,162 \n\nTable A – Reconciliations of Non-GAAP Measures\n(dollars in thousands, except share and per-share data)\n\nBelow is a table containing information relating to the Company’s Net loss,\nEBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and\n2025, including a reconciliation of these Non-GAAP measures for such periods.\n\n Year Ended \n March 31, \n Amounts in thousands ($000's) \n except share and per share data \n (UNAUDITED) \n $ Change \n 2026 2025 fav / (unfav) (1) \n Net loss from continuing operations $ (3,019 ) $ (3,274 ) $ 255 \n Interest (income)/expense, net (20 ) 542 (562 ) \n Provision (benefit) for income taxes — — — \n Amortization and depreciation 206 224 (18 ) \n EBITDA $ (2,833 ) $ (2,508 ) $ (325 ) \n Adjustments: \n Change in fair value of warrant liabilities — 162 (162 ) \n Equity-based employee compensation expense 238 26 212 \n Adjusted EBITDA $ (2,595 ) $ (2,320 ) $ (275 ) \n \n Adjusted EBITDA loss per common share $ (4.36 ) $ (449.48 ) $ 445.11 \n Weighted average common shares outstanding - basic and diluted 595,344 5,162 \n\n(1)Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav\n= unfavorable variance, which reduces EBITDA and Adjusted EBITDA\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0c134f7d-c166-4b24-874f-262b3515f650)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-07T10:00:02.971316282Z","server_sent_at_ms":1778148002971},"received_at":"2026-05-07T10:00:03.045Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}