The following is a summary of the 22nd Century Group, Inc. (XXII) Q1 2024 Earnings Call Transcript:
Financial Performance:
22nd Century Group reported net sales of $6.5 million in Q1 2024.
The gross profit was a loss of $1.1 million due to one-time charges.
Total operating expenses were lower than the previous quarter due to cost reduction initiatives.
Cash usage in operation significantly declined.
Recent transactions added gross cash proceeds and reduced liabilities.
Business Progress:
The company increased prices or discontinued unprofitable lines, reducing operating expenses and planning for profitable growth throughout 2024.
A new distribution agreement has extended the Cigarillo product range.
The company is developing branding for its Very Low Nicotine (VLN) product.
The company is seeking partnerships to boost VLN brand awareness.
More details: 22nd Century IR
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