What is the market's earnings forecast for 22nd Century next quarter?

Did 22nd Century beat or miss consensus estimates last quarter?

What is 22nd Century's latest dividend and current dividend yield?

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What factors drove the changes in 22nd Century's revenue and profit?

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What does 22nd Century do and what are its main business segments?

- **Strategic Shift to VLN**: Transitioned to high-margin VLN cigarettes, with 6,000 cartons shipped and 1,500 store distribution across 21 states.
- **Financial Turnaround**: Debt-free with $14 million cash, improved balance sheet (2.3:1 current ratio), and Q3 2025 revenue of $4 million.
- **Partnerships & Expansion**: Co-branded VLN products with retailers, FDA-authorized 100mm VLN cigarettes, and low-nicotine cigars for 2026 mandate readiness.
- **Growth Outlook**: Target Q2 2026 EBITDA breakeven, supported by $25 million ATM facility and licensing opportunities.

**【CEO Summary Section】**
- Transitioned from restructuring to growth phase, achieving debt-free status with $14 million in cash.
- Focused on Very Low Nicotine (VLN) combustible cigarettes, with 6,000 cartons shipped of branded and partner-branded VLN products.
- Expanded distribution to 1,500 stores across 21 states, targeting 500,000 carton breakeven point for higher-margin products.
- Launched new natural style cigarettes (e.g., SmokerFriendly Black Label) to complement VLN offerings and improve profitability.
- Filed PMTA for 100mm VLN cigarettes and developed low-nicotine filtered cigars, positioning for FDA's 2026 low nicotine mandate.
- Partnered with retailers (e.g., Murphy USA, Circle K) to co-brand VLN products, leveraging existing infrastructure for rapid market penetration.

**【CFO Financial Commentary】**
- Q3 2025: $4 million revenue (down 2.4% QoQ) with 517,000 cartons sold, reflecting strategic shift away from low-margin CMO business.
- Gross loss of $1.1 million (vs. $0.6 million Q2) due to transition costs and inventory write-downs.
- Operating expenses stable at $2.2 million, with interest expense reduced to $0.5 million post-debt repayment.
- Adjusted EBITDA loss of $2.9 million (vs. $2.6 million Q2), driven by restructuring and lower volume.
- Balance sheet improved to $32.4 million in assets (including $9.5 million insurance recovery) with no debt and 2.3:1 current ratio.

**【Q&A Highlights】**
- **Cash Utilization**: $14 million will fund VLN distribution expansion, R&D, and CapEx for 2026 growth.
- **Warrants**: No plans to settle outstanding warrants; fully diluted shares at 23.7 million.
- **Severance & Sales Agreements**: Executive agreements formalize terms without impacting SG&A; at-the-market (ATM) facility provides $25 million growth capital flexibility.
- **Breakeven Target**: Maintain Q2 2026 EBITDA breakeven goal, contingent on VLN adoption rates and marketing effectiveness.
- **Licensing Strategy**: Open to licensing VLN technology to peers, positioning for FDA mandate compliance and market leadership.

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