22nd Century Group's Q3 revenue rises on Pinnacle same-store growth
XXII•22nd Century Group reported preliminary Q3 revenue of $4.8 million, up 66% from the prior quarter. Gross profit turned positive, while net loss narrowed to $2.6 million and adjusted EBITDA loss to $2.2 million.
1. Q3 results
The company said same-store sales growth for Pinnacle VLN and Pinnacle Pure cigarettes contributed to its preliminary Q3 results, along with early consumer adoption of VLN low-nicotine cigarettes and increased consumer awareness. Operating expenses were $3 million, and operating loss was $2.6 million.
