22nd Century’s 2025 Revenues Fall 28%, Narrows Net Loss to $13.1M with $7.1M Cash
22nd Century Group posted preliminary fourth quarter net revenues of approximately $3.6 million, down from $4.0 million in Q3 and full year 2025 revenues of $17.6 million compared with $24.4 million in 2024. The company narrowed its full year net loss to $13.1 million from $15.5 million, ended 2025 debt free with $7.1 million cash and raised inventory to $4.3 million.
1. Preliminary Q4 and FY 2025 Performance
22nd Century Group expects Q4 2025 net revenues of $3.6 million, down from $4.0 million in Q3, and full year revenues of $17.6 million versus $24.4 million in 2024. The company forecast a Q4 gross loss of $0.8 million and operating loss of $2.8 million, narrowing its FY operating loss to $11.6 million and net loss to $13.1 million.
2. Improved Profitability and Cash Position
22nd Century ended 2025 with $7.1 million in cash and zero long-term debt after extinguishing its senior secured debt. The company increased on-hand inventory to $4.3 million by year end, up from $2.0 million at Q3, reflecting its harvested reduced nicotine leaf crop.
3. Strategic Shift and VLN® Expansion
Management highlighted the exit of unprofitable high-volume revenue streams to strengthen margins and focus on proprietary branded products. The late Q4 launches of VLN® and Partner VLN® brands are expected to drive higher-margin sales growth as distribution and consumer awareness expand in 2026.