22nd Century Group Reports Second Quarter 2024 Financial Results
22nd Century Group Reports Second Quarter 2024 Financial Results
Path to Cash Positive Operations in Q1 2025; Continued Fiscal Discipline with 2Q24 Financial Results; Reduced Net Debt by ~$6.3 Million Year-to-Date
2025年第一季度現金收入運營的路線;繼續保持財政紀律,公佈了2024年第二季度財務業績;截至年初淨債務減少了約630萬美元。
Mocksville, North Carolina--(Newsfile Corp. - August 13, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII) today announced results for the second quarter ended June 30, 2024, and provided an update on recent business highlights.
北卡羅來納州模克斯維爾 - (Newsfile corp. - 2024年8月13日) - 22nd Century Group,Inc.(納斯達克:XXII)今天公佈了2024年6月30日止的第二季度財務業績,併發布了最新業務亮點的更新。
Second Quarter 2024 Financial Results (compared to First Quarter 2024, except as noted)
2024年第二季度財務業績(與2024年第一季度相比,除非另有說明)
All figures reported below reflect continuing operations, excluding discontinued operations related to the sale and exit of the Company's hemp/cannabis franchise in late 2023.
下面報告的所有數字均反映持續營業,不包括與於2023年底出售和退出公司的大麻/大麻製品特許經營有關的已停止業務。
Net revenues increased sequentially by 22.8% to $7.9 million, compared to $6.5 million.
Gross profit was $0.6 million, compared to $(1.1) million.
Operating loss declined 53.8% to $2.0 million, compared to $4.4 million.
Net loss decreased 61.4% to $2.2 million, compared to $5.5 million.
Basic and diluted EPS improved to $(0.30), compared to $($1.72).
Adjusted EBITDA declined to a loss of $2.6 million, from a loss of $3.5 million.
淨營業收入按順序增長22.8%,達到790萬美元,而不是650萬美元。
毛利潤爲60萬美元,而不是1,100,000美元。
營業虧損下降53.8%,達到200萬美元,而不是440萬美元。
淨虧損下降61.4%,達到220萬美元,而不是550萬美元。
基本和攤薄後每股收益從(1.72美元)改善爲(0.30美元)。
調整後的EBITDA從350萬美元的虧損降至260萬美元的虧損。
"The second quarter financial results demonstrate our ongoing progress in the rapid transformation of 22nd Century's operations, including improved revenues based on many new CMO opportunities, positive gross profit, and significantly reduced operating expenses for our Company," said Larry Firestone, Chairman and CEO. "Our revenue growth from new contract volumes we have secured will continue to ramp in the latter half of fiscal 2024 as we work to achieve cash positive operations by the first quarter of 2025. Additionally, our emphasis on debt reduction and improvements to the balance sheet have allowed us to focus our cash resources on operating the business."
「第二季度的財務業績展示出我們在22nd Century運營的快速轉型中的持續進展,包括基於許多新的CMO機會的增收,積極的毛利潤,和公司業務大幅降低的營業費用,」 Larry Firestone,主席兼首席執行官說,「我們從我們招攬到的新合同成交量的收入增長將繼續在2024年後半年放慢,因爲我們將努力在2025年第一季度實現現金收入運營。此外,我們對降低債務並改善資產負債表的強調,已經允許我們把現金資源投入到業務運營中來。」
Second Quarter 2024 - Discussion of Product Line Net Revenues
2024年第二季度產品線淨收入討論
Cigarette net revenues, including export volume, increased to $4.1 million or 8% compared to $3.8 million in the prior year comparable period on neutral volume increases. Q2 2024 cigarette sales benefitted from strong summer seasonal demand with key customers, price increases that took effect in April 2024 and a one-time Spectrum research cigarette order which provided a $0.9 million boost.
Filtered cigars net revenues decreased to $3.3 million, compared to $3.9 million in the prior year comparable period, reflecting lower volumes as the Company continues to transition away from low or negative margin manufacturing agreements, in favor of higher margin cigarette manufacturing agreements. Additionally, price increases for certain customers took effect in April 2024.
Cigarillo distribution net revenues amounted to $0.6 million, reflective of the expanded Pinnacle branded product offerings launched in Q2 2024 with a top-five national convenience store chain.
VLN cigarette net revenues were negligible in the second quarter, a decrease from the comparable prior year period which benefited from stocking orders with major c-stores. While the Company has secured broad distribution of its VLN products, the sell-through has not yet materialized. The Company is making changes to rebrand and relaunch its VLN products, which will be discussed further on the conference call noted below.
捲菸淨收入(包括出口量)同比增長8%,達到410萬美元,而不是去年同期的380萬美元,中性量增加。由於2024年4月生效的價格上漲、強勁的夏季季節性需求和一次Spectrum研究捲菸訂單的助力,Q2 2024捲菸銷售獲益。
過濾雪茄淨收入從去年同期的390萬美元下降至330萬美元,這反映了公司繼續轉向高毛利捲菸製造協議和終止低或負毛利製造協議的下降淨定位。此外,特定客戶的價格上漲於2024年4月生效。
雪茄分銷淨收入總額爲60萬美元,反映出在2024年第二季度推出的Pinnacle品牌產品擴展推出的前五家全國便利店連鎖店。
VLN捲菸淨收入在第二季度爲零,低於同比去年同期由主要便利店進行的備貨訂單的利潤。雖然公司已經獲得廣泛的VLN產品分銷,但其銷售額尚未實現。該公司正在進行重新品牌和重新推出其VLN產品的變革,並將在下面的電話會議上進一步討論。
Conference Call
電話會議
22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its second quarter 2024 financial results and business highlights. The live and archived webcast will be accessible in the Events section on 22nd Century's Investor Relations website at .
22nd Century將在今天上午8:00舉行直播網絡研討會,討論其2024年第二季度財務業績和業務亮點。可以在22nd Century的投資者關係網站上的「事件」欄目中訪問直播和存檔網絡研討會。
Summary Financial Results
(dollars in thousands, except per share data)
財務業績總結
(以千美元計,每股數據除外)
Three Months Ended | |||||||||||||||
June 30, | Change | ||||||||||||||
2024 | 2023 | $ | % | ||||||||||||
Revenues, net | $ | 7,947 |
$ | 8,050 |
(103) | (1.3) | |||||||||
Gross profit (loss) | $ | 570 |
$ | (961) | 1,531 |
(159.3) | |||||||||
Operating loss | $ | (2,047) | $ | (12,043) | 9,996 |
(83.0) | |||||||||
Net loss from continuing operations | $ | (2,214) | $ | (13,708) | 11,494 |
(83.8) | |||||||||
Basic and diluted loss per common share from continuing operations | $ | (0.30) | $ | (15.61) | 15 |
(98.1) | |||||||||
Adjusted EBITDA (a) | $ | (2,589) | $ | (10,251) | 7,662 |
74.7 |
截至三個月結束 | |||||||||||||||
6月30日 | 變更 | ||||||||||||||
2024 | 2023 | $ | % | ||||||||||||
營業收入, 淨收入 | $ | 677.4 |
$ | 8,050 |
(103) | (1.3) | |||||||||
毛利潤(虧損) | $ | 570 |
$ | (961) | 1,531 |
(159.3) | |||||||||
營業虧損 | $ | (2,047) | $ | (12,043) | 9,996 |
(83.0) | |||||||||
持續經營的淨虧損 | $ | (2,214) | $ | (13,708) | 11,494 |
(83.8) | |||||||||
基本和攤薄後的每股普通股繼續營業虧損 | $ | (0.30) | $ | (15.61) | 15 |
(98.1) | |||||||||
調整後EBITDA(a) | $ | (2,589) | $ | (10,251) | 7,662 |
74.7 |
Six Months Ended | |||||||||||||||
June 30, | Change | ||||||||||||||
2024 | 2023 | $ | % | ||||||||||||
Revenues, net | $ | 14,416 |
$ | 16,977 |
(2,561) | (15.1) | |||||||||
Gross profit (loss) | $ | (559) | $ | (944) | 385 |
(40.8) | |||||||||
Operating loss | $ | (6,481) | $ | (22,446) | 15,965 |
(71.1) | |||||||||
Net loss from continuing operations | $ | (7,664) | $ | (24,537) | 16,873 |
(68.8) | |||||||||
Basic and diluted loss per common share from continuing operations | $ | (1.44) | $ | (28.46) | 27 |
(94.9) | |||||||||
Adjusted EBITDA (a) | $ | (6,089) | $ | (19,213) | 13,124 |
68.3 |
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(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. |
截至2022年4月30日的六個月內 | |||||||||||||||
6月30日 | 變更 | ||||||||||||||
2024 | 2023 | $ | % | ||||||||||||
營業收入, 淨收入 | $ | 14,416 |
$ | 16,977 |
(2,561) | (15.1) | |||||||||
毛利潤(虧損) | $ | (559) | $ | (944) | 385 |
(40.8) | |||||||||
營業虧損 | $ | (6,481) | $ | (22,446) | 15,965 |
(71.1) | |||||||||
持續經營的淨虧損 | $ | (7,664) | $ | (24,537) | 16,873 |
(68.8) | |||||||||
基本和攤薄後的每股普通股繼續營業虧損 | $ | (1.44) | $ | (28.46) | 27 |
(94.9) | |||||||||
調整後EBITDA(a) | $ | (6,089) | $ | (19,213) | 13,124 |
68.3 |
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(a)調整後的EBITDA是一項非GAAP財務指標。有關我們使用非GAAP財務指標的其他信息,請參見《關於非GAAP財務信息的說明》。有關調整金額與最接近的相應GAAP財務指標之間的調節,請參見本公告末尾的A表。 |
Summary Product Line Results
(in thousands)
產品線摘要業績
(以千爲單位)
Three Months Ended | ||||||||||||||||||
June 30, | ||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||
$ | Cartons | $ | Cartons | $ | Cartons | |||||||||||||
Contract Manufacturing | ||||||||||||||||||
Cigarettes | 4,107 |
169 |
3,797 |
155 |
310 |
14 |
||||||||||||
Filtered Cigars | 3,303 |
459 |
3,931 |
612 |
(628) | (153) | ||||||||||||
Cigarillos | 552 |
91 |
- |
- | 552 |
91 | ||||||||||||
Total Contract Manufacturing | 7,962 |
719 |
7,728 |
767 |
234 |
(48) | ||||||||||||
VLN* | (15) | 0 |
322 |
8 | (337) | (8) | ||||||||||||
Total Product Line Revenues | 7,947 |
719 |
8,050 |
774 |
(103) | (56) | ||||||||||||
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*VLN sales for the three-month period ended June 30, 2024 were negligible, offset by promotion and rebate expenses accruals. |
截至三個月結束 | ||||||||||||||||||
6月30日 | ||||||||||||||||||
2024 | 2023 | 變更 | ||||||||||||||||
$ | 紙箱 | $ | 紙箱 | $ | 紙箱 | |||||||||||||
合同製造 | ||||||||||||||||||
香菸 | 票據應收款的支付 |
169 |
3,797 |
155 |
310 |
14 |
||||||||||||
過濾雪茄 | 3,303 |
459 |
3,931 |
612 |
(628) | (153) | ||||||||||||
雪茄 | 552 |
91 |
- |
- | 552 |
91 | ||||||||||||
合同製造總計 | 7,962美元 |
719 |
7,728 |
767 |
234 |
(48) | ||||||||||||
VLN* | (15) | 0 |
322 |
8 | (337) | (8) | ||||||||||||
總產品線收入 | 677.4 |
719 |
8,050 |
774 |
(103) | (56) | ||||||||||||
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*2024年6月30日結束的三個月的VLN銷售額極少,被促銷和折扣支出的累計所抵消。 |
Six Months Ended | ||||||||||||||||||
June 30, | ||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||
$ | Cartons | $ | Cartons | $ | Cartons | |||||||||||||
Contract Manufacturing | ||||||||||||||||||
Cigarettes | 6,867 |
260 |
8,286 |
436 |
(1,419) | (176) | ||||||||||||
Filtered Cigars | 6,927 |
995 |
8,326 |
1,316 |
(1,399) | (321) | ||||||||||||
Cigarillos | 552 |
91 |
- |
- |
552 |
91 | ||||||||||||
Total Contract Manufacturing | 14,346 |
1,346 |
16,612 |
1,752 |
(2,266) | (406) | ||||||||||||
VLN | 70 |
2 |
365 |
9 |
(295) | (7) | ||||||||||||
Total Product Line Revenues | 14,416 |
1,348 |
16,977 |
1,761 |
(2,561) | (413) |
截至2022年4月30日的六個月內 | ||||||||||||||||||
6月30日 | ||||||||||||||||||
2024 | 2023 | 變更 | ||||||||||||||||
$ | 紙箱 | $ | 紙箱 | $ | 紙箱 | |||||||||||||
合同製造 | ||||||||||||||||||
香菸 | 6,867 |
260 |
8,286 |
436 |
(1,419) | (176) | ||||||||||||
過濾雪茄 | 6,927 |
995 |
8,326 |
1,316 |
(1,399) | (321) | ||||||||||||
雪茄 | 552 |
91 |
- |
- |
552 |
91 | ||||||||||||
合同製造總計 | 14,346 |
減:納入淨利潤的實現(損失)淨額的再分類調整 |
16,612 |
1,752 |
(2,266) | (406) | ||||||||||||
VLN | 70 |
2 |
365 |
9 |
(295) | (7) | ||||||||||||
總產品線收入 | 14,416 |
1,348 |
16,977 |
$1,761 |
(2,561) | (413) |
About 22nd Century Group, Inc.
關於22世紀集團公司
22nd Century Group, Inc. (NASDAQ: XXII) is an agricultural biotechnology company focused on tobacco harm reduction by offering tobacco products with 95% less nicotine, designed to improve health and wellness by helping smokers smoke less. Backed by comprehensive and extensively patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, the Company has pioneered the development of high-yield, proprietary reduced nicotine content (RNC) tobacco plants and clinically validated RNC cigarette products. The Company received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021. The Company is a subsequent participating manufacturer under the Master Settlement Agreement ("MSA") and vertically integrated for the production of both its own products and contract manufacturing operations ("CMO"), which consist primarily of branded filtered cigars and conventional cigarettes.
22nd Century Group, Inc.(納斯達克:XXII)是一家農業生物技術公司,專注於通過提供含量低至95%的尼古丁菸草產品來減少菸草危害,旨在通過幫助吸菸者吸菸更少來改善健康和福祉。公司擁有廣泛的專利技術,可調節菸草植物中的尼古丁生物合成活動,是高產量的專有還原尼古丁含量(RNC)菸草植物和經過臨床驗證的RNC香菸產品的先驅。該公司於2021年12月獲得了首個且唯一的FDA修改風險菸草產品(MRTP)授權,用於可燃香菸。公司是「大和解協議」(「MSA」)下的後續參與制造商,並對自己的產品和合同製造業務(「CMO」)進行垂直整合,其主要包括品牌過濾雪茄和傳統香菸。
Learn more at xxiicentury.com, on Twitter, on LinkedIn, and on YouTube.
欲了解更多,請訪問 xxiicentury.com,在Twitter、領英和YouTube上了解我們公司的最新動態。
Learn more about VLN at tryvln.com.
了解有關VLN的更多信息,請訪問 tryvln.com。
Notes regarding Non-GAAP Financial Information
有關非通用會計原則財務信息的說明
In addition to the Company's reported results in accordance with generally accepted accounting principles in the United States of America ("GAAP"), the Company provides EBITDA and Adjusted EBITDA.
除按照美國通用會計準則(" GAAP ")報告的公司業績外,公司還提供EBITDA和調整後的EBITDA。
In order to calculate EBITDA, the Company adjusts net (loss) income by adding back interest expense (income), provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted by the Company for certain non-cash and/or non-operating expenses, including adding back equity-based employee compensation expense, restructuring and restructuring-related charges such as impairment, acquisition and transaction costs, and other unusual or infrequently occurring items, if applicable, such as inventory reserves and adjustments, gains or losses on disposal of property, plant and equipment, and gains or losses on investments.
爲了計算EBITDA,公司通過添加利息支出(收入),所得稅準備金(收益)和折舊及攤銷費用來調整淨(損)收入。經調整的EBITDA由公司對某些非現金和/或非營運費用進行調整而成,包括回歸股權的員工薪酬支出,重組和與重組有關的費用,如減值,收購和交易成本以及其他不尋常或偶發項目(如適用),例如庫存準備和調整,出售固定資產的收益或損失以及投資的收益或損失。
The Company believes that the presentation of EBITDA and Adjusted EBITDA are important financial measures that supplement discussion and analysis of its financial condition and results of operations and enhances an understanding of its operating performance. While management considers EBITDA and Adjusted EBITDA to be important, these financial performance measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating (loss) income, net (loss) income and cash flows from operations. Adjusted EBITDA is susceptible to varying calculations and the Company's measurement of Adjusted EBITDA may not be comparable to those of other companies.
公司認爲,EBITDA和調整後的EBITDA的呈現是重要的財務措施,可補充對其財務狀況和經營業績的討論和分析,並增強對其運營表現的理解。儘管管理層認爲EBITDA和調整後的EBITDA很重要,但這些財務業績衡量指標應與其他按照GAAP制定的財務業績指標一起考慮,而不應作爲或優越於其他財務業績指標的替代品,例如運營損益,淨(損)收入和運營現金流量。調整後的EBITDA易於出現變化,公司對調整後的EBITDA的測量可能無法與其他公司的測量可比。
Net total debt is calculated as total principal amount of debt outstanding less cash and cash equivalents. In addition to the performance measures identified above, we believe that net total debt provides a meaningful measure of liquidity and a useful basis for assessing our ability to fund our activities, including the financing of scheduled debt repayments.
淨總債務的計算方法是總未償還債務的本金減去現金及現金等價物。除了上面列出的業績衡量指標外,我們認爲,淨總債務提供了一個有意義的流動性指標,可用於評估我們資金活動的能力,包括計劃債務償還的融資。
Cautionary Note Regarding Forward-Looking Statements
關於前瞻性聲明的謹慎說明
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as "anticipate," "believe," "consider," "continue," "could," "estimate," "expect," "explore," "foresee," "goal," "guidance," "intend," "likely," "may," "plan," "potential," "predict," "preliminary," "probable," "project," "promising," "seek," "should," "will," "would," and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our strategic alternatives and cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in "Risk Factors" in the Company's Annual Report on Form 10-K filed on March 28, 2024, and in the Company's Quarterly Report filed on May 15, 2024. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
除歷史信息外,本新聞稿中包含的所有聲明,期望和假設都是前瞻性聲明,包括但不限於我們全年業務前景。前瞻性聲明通常包含"預測","相信","考慮","繼續","可能","估計","期望","探索","預見","目標","指導","打算","可能","計劃","潛在","預測","初步","可能","項目","許諾","尋求","應當","意願",以及類似的表達。前瞻性聲明包括但不限於關於(i)我們的戰略選擇和成本削減舉措,(ii)我們對監管執法的期望,包括我們能否獲得新規定的豁免,(iii)我們的財務和營運業績和(iv)我們的業務中斷保險索賠的期望。實際結果可能與前瞻性聲明中明示或暗示的結果有所不同。導致實際結果有所不同的重要因素在於2024年3月28日提交的公司年度報告中"風險因素"中列出,並在2024年5月15日提交的公司季度報告中詳細列出。本發佈的所有信息都是截至此日期的,公司不承擔並無意更新這些前瞻性聲明,除非法律要求。
Investor Relations & Media Contact
Matt Kreps
Investor Relations
22nd Century Group
mkreps@xxiicentury.com
214-597-8200
投資者關係與媒體聯繫
Matt Kreps
投資者關係
22世紀集團
mkreps@xxiicentury.com
214-597-8200
22nd CENTURY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(amounts in thousands, except share and per-share data)
22世紀集團股份有限公司。
簡明合併資產負債表
(未經審計)
(以千爲單位,除股份和每股數據外)
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,279 |
$ | 2,058 |
||||
Accounts receivable, net | 2,448 |
1,671 |
||||||
Inventories | 2,664 |
4,346 |
||||||
Insurance recoveries | 3,768 |
3,768 |
||||||
GVB promissory note | 500 |
2,000 |
||||||
Prepaid expenses and other current assets | 1,767 |
1,180 |
||||||
Current assets of discontinued operations held for sale | 1,058 |
1,254 | ||||||
Total current assets | 13,484 |
16,277 |
||||||
Property, plant and equipment, net | 3,093 |
3,393 |
||||||
Operating lease right-of-use assets, net | 1,769 |
1,894 |
||||||
Intangible assets, net | 5,728 |
5,924 |
||||||
Other assets | 15 |
15 | ||||||
Total assets | $ | 24,089 |
$ | 27,503 | ||||
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | |
|
||||||
Current liabilities: | |
|
||||||
Notes and loans payable - current | $ | 877 |
$ | 543 |
||||
Current portion of long-term debt | 1,500 |
5,848 |
||||||
Operating lease obligations | 245 |
231 |
||||||
Accounts payable | 3,893 |
4,445 |
||||||
Accrued expenses | 884 |
1,322 |
||||||
Accrued litigation | 3,768 |
3,768 |
||||||
Accrued payroll | 300 |
883 |
||||||
Accrued excise taxes and fees | 2,510 |
2,234 |
||||||
Deferred income | 389 |
726 |
||||||
Other current liabilities | 309 |
1,849 |
||||||
Current liabilities of discontinued operations held for sale | 1,397 |
3,185 | ||||||
Total current liabilities | 16,072 |
25,034 |
||||||
Long-term liabilities: | |
|
||||||
Operating lease obligations | 1,571 |
1,698 |
||||||
Long-term debt | 6,046 |
8,058 |
||||||
Other long-term liabilities | 1,355 |
1,123 |
||||||
Total liabilities | 25,044 |
35,914 | ||||||
Shareholders' equity (deficit) | |
|
||||||
Preferred stock, $.00001 par value, 10,000,000 shares authorized | |
|
||||||
Common stock, $.00001 par value, 250,000,000 shares authorized | |
|
||||||
Capital stock issued and outstanding: | |
|
||||||
9,272,518 common shares (2,720,437 at December 31, 2023) | |
|
||||||
Common stock, par value | - |
- |
||||||
Capital in excess of par value | 384,603 |
370,297 |
||||||
Accumulated deficit | (385,558) | (378,707) | ||||||
Total shareholders' deficit | (955) | (8,410) | ||||||
Total liabilities and shareholders' deficit | $ | 24,089 |
$ | 27,503 |
6月30日 | 截至12月31日公允價值 | |||||||
2024 | 2023 | |||||||
資產 | ||||||||
流動資產: | ||||||||
現金及現金等價物 | $ | 1,279 |
$ | 2,058 |
||||
應收賬款,淨額 | 2,448 |
1,671 |
||||||
存貨 | 2,664 |
4,346 |
||||||
保險賠款 | 3,768 |
3,768 |
||||||
GVb期票 | 500 |
2,000 |
||||||
預付費用和其他流動資產 | 1,767 |
1,180 |
||||||
持售待出售的終止經營的流動資產 | 1058 |
1,254 | ||||||
總流動資產 | 13,484 |
16,277 |
||||||
不動產、機器設備及裝置資產,淨值 | 3,093 |
3,393 |
||||||
經營租賃權使用資產,淨額 | 1,769 |
1,894 |
||||||
無形資產,淨值 | 5,728 |
5,924美元。 |
||||||
其他資產 | 15 |
15 | ||||||
總資產 | $ | 24,089 |
$ | 27,503 | ||||
|
|
|
||||||
負債和股東權益赤字 | |
|
||||||
應付賬款: | |
|
||||||
應付票據和短期貸款 | $ | 877 |
$ | 543 |
||||
長期債務的一年內到期部分 | 1,500 |
5,848 |
||||||
經營租賃付款義務 | 245 |
231 |
||||||
應付賬款 | 3,893 |
4,445 |
||||||
應計費用 | 884 |
1,322 |
||||||
訴訟費用預計 | 3,768 |
3,768 |
||||||
應付工資 | 300 |
883 |
||||||
應付常規稅款及費用 | 員工及相關應付款項 |
2,234 |
||||||
遞延收入 | 389 |
726 |
||||||
其他流動負債 | 309 |
1,849 |
||||||
持售待出售的終止經營的流動負債 | 1,397 |
3,185 | ||||||
流動負債合計 | 16,072 |
25,034 |
||||||
長期負債: | |
|
||||||
經營租賃付款義務 | 1,571 |
1,698 |
||||||
長期債務 | 6,046 |
8,058 |
||||||
其他長期負債 | 1,355 |
1,123 |
||||||
負債合計 | 25,044 |
35,914 | ||||||
股東權益(虧損) | |
|
||||||
優先股,$0.00001面值,授權10,000,000股 | |
|
||||||
普通股,$0.00001面值,授權250,000,000股 | |
|
||||||
發行及流通的資本股票: | |
|
||||||
9,272,518股普通股股份(2023年12月31日2720,437股) | |
|
||||||
普通股,面值 | - |
- |
||||||
超過面值的資本 | 384,603 |
370,297 |
||||||
累計赤字 | (385,558) | (378,707) | ||||||
股東赤字總額 | (955) | (8,410) | ||||||
負債合計和股東權益赤字總額 | $ | 24,089 |
$ | 27,503 |
22nd CENTURY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(amounts in thousands, except share and per-share data)
22世紀集團股份有限公司。
綜合損失及綜合損益簡明綜合表
(未經審計)
(以千爲單位,除股份和每股數據外)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |
||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues, net | $ | 7,947 |
$ | 8,050 |
$ | 14,416 |
$ | 16,977 |
||||||||
Cost of goods sold | 3,869 |
4,682 |
8,082 |
9,407 |
||||||||||||
Excise taxes and fees on products | 3,508 |
4,329 |
6,893 |
8,514 | ||||||||||||
Gross (loss) profit | 570 |
(961) | (559) | (944) | ||||||||||||
Operating expenses: | |
|
|
|
||||||||||||
Sales, general and administrative | 2,360 |
10,283 |
5,266 |
20,119 |
||||||||||||
Research and development | 250 |
799 |
675 |
1,529 |
||||||||||||
Other operating expense (income), net | 7 |
- |
(19) | (146) | ||||||||||||
Total operating expenses | 2,617 |
11,082 |
5,922 |
21,502 | ||||||||||||
Operating loss from continuing operations | (2,047) | (12,043) | (6,481) | (22,446) | ||||||||||||
Other income (expense): | |
|
|
|
||||||||||||
Other income (expense), net | 339 |
(613) | 339 |
(768) | ||||||||||||
Interest income, net | 21 |
65 |
21 |
122 |
||||||||||||
Interest expense | (501) | (1,071) | (1,517) | (1,399) | ||||||||||||
Total other expense | (141) | (1,619) | (1,157) | (2,045) | ||||||||||||
Loss from continuing operations before income taxes | (2,188) | (13,662) | (7,638) | (24,491) | ||||||||||||
Provision for income taxes | 26 |
46 |
26 |
46 | ||||||||||||
Net loss from continuing operations | $ | (2,214) | $ | (13,708) | $ | (7,664) | $ | (24,537) | ||||||||
|
|
|
|
|
||||||||||||
Discontinued operations: | |
|
|
|
||||||||||||
Income (loss) from discontinued operations before income taxes | $ | 1,102 |
$ | (6,831) | $ | 813 |
$ | (14,184) | ||||||||
Provision (benefit) for income taxes | - |
- |
- |
- | ||||||||||||
Net income (loss) from discontinued operations | $ | 1,102 |
$ | (6,831) | $ | 813 |
$ | (14,184) | ||||||||
|
|
|
||||||||||||||
Net loss | $ | (1,112) | $ | (20,539) | $ | (6,851) | $ | (38,721) | ||||||||
Deemed dividends | (445) | (367) | (4,034) | (367) | ||||||||||||
Net loss available to common shareholders | $ | (1,557) | $ | (20,906) | $ | (10,885) | $ | (39,088) | ||||||||
|
|
|
|
|
||||||||||||
Basic and diluted loss per common share from continuing operations | $ | (0.30) | $ | (15.61) | $ | (1.44) | $ | (28.46) | ||||||||
Basic and diluted loss per common share from discontinued operations | $ | 0.15 |
$ | (7.78) | $ | 0.15 |
$ | (16.45) | ||||||||
Basic and diluted loss per common share from deemed dividends | $ | (0.06) | $ | (0.42) | $ | (0.76) | $ | (0.43) | ||||||||
Basic and diluted loss per common share | $ | (0.21) | $ | (23.81) | $ | (2.05) | $ | (45.34) | ||||||||
Weighted average common shares outstanding - basic and diluted | 7,449,706 |
878,171 |
5,307,471 |
862,177 | ||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Net loss | $ | (1,112) | $ | (20,539) | $ | (6,851) | $ | (38,721) | ||||||||
Other comprehensive income: | |
|
|
|
||||||||||||
Unrealized gain on short-term investment securities | - |
10 |
- |
71 |
||||||||||||
Foreign currency translation | - |
42 |
- |
38 |
||||||||||||
Reclassification of realized losses to net loss | - |
28 |
- |
41 | ||||||||||||
Other comprehensive income | - |
80 |
- |
150 | ||||||||||||
Comprehensive loss | $ | (1,112) | $ | (20,459) | $ | (6,851) | $ | (38,571) |
三個月之內結束 | 截至2022年4月30日的六個月內 | |||||||||||||||
6月30日 | 6月30日 | |
||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
營業收入, 淨收入 | $ | 677.4 |
$ | 8,050 |
$ | 14,416 |
$ | 16,977 |
||||||||
營業成本 | 3,869 |
4,682 |
8082 |
9,407 |
||||||||||||
產品消費稅和費用 | 3,508 |
4,329 |
6,893 |
8,514 | ||||||||||||
總(虧損)利潤 | 570 |
(961) | (559) | (944) | ||||||||||||
營業費用: | |
|
|
|
||||||||||||
銷售,一般和管理 | 2,360 |
10,283 |
5,266 |
(1)最初的特許權費用是指從特許經營者那裏收到的考慮被轉移到特許經營協議的預期壽命內的服務。 |
||||||||||||
研發費用 | 250 |
799 |
675 |
1,529 |
||||||||||||
其他營業支出(收入),淨額 | 7 |
- |
(19) | (146) | ||||||||||||
營業費用總額 | 2,617 |
11,082 |
5,922 |
21,502 | ||||||||||||
持續經營業務的營業虧損 | (2,047) | (12,043) | (6,481) | (22,446) | ||||||||||||
其他收入(支出): | |
|
|
|
||||||||||||
其他收入(費用),淨額 | 339 |
(613) | 339 |
(768) | ||||||||||||
利息收入,淨額 | 21 |
65 |
21 |
122 |
||||||||||||
利息費用 | (501) | (1,071) | (1,517) | (1,399) | ||||||||||||
其他費用總計 | (141) | (1,619) | (-1,157) | (2,045) | ||||||||||||
持續經營活動的稅前虧損 | (2,188) | (13,662) | (7,638) | (24,491) | ||||||||||||
所得稅費用 | 26 |
46 |
26 |
46 | ||||||||||||
持續經營的淨虧損 | $ | (2,214) | $ | (13,708) | $ | (7,664) | $ | (24,537) | ||||||||
|
|
|
|
|
||||||||||||
終止經營: | |
|
|
|
||||||||||||
所報告期限內已終止經營環節的淨利潤(稅前) | $ | 1,102 |
$ | (6,831) | $ | 813 |
$ | (14,184) | ||||||||
所得稅徵(免)額 | - |
- |
- |
- | ||||||||||||
淨利潤 (終止經營) | $ | 1,102 |
$ | (6,831) | $ | 813 |
$ | (14,184) | ||||||||
|
|
|
||||||||||||||
淨虧損 | $ | (1,112) | $ | (20,539) | $ | (6,851) | $ | (38,721) | ||||||||
視同股息 | (445) | (367) | (4,034) | (367) | ||||||||||||
普通股股東應占淨虧損 | $ | (1557) | $ | (20,906) | $ | (10,885) | $ | (39,088) | ||||||||
|
|
|
|
|
||||||||||||
基本和攤薄後的每股普通股繼續營業虧損 | $ | (0.30) | $ | (15.61) | $ | (1.44) | $ | (28.46) | ||||||||
基本和攤薄後的每股普通股已停止運營虧損 | $ | 0.15 |
$ | (7.78) | $ | 0.15 |
$ | (16.45) | ||||||||
基本和攤薄後的每股普通股被視作股利 | $ | (0.06) | $ | (0.42) | $ | (0.76) | $ | (0.43) | ||||||||
每股普通股基本和攤薄虧損 | $ | (0.21) | $ | (23.81) | $ | (2.05) | $ | (45.34) | ||||||||
加權平均普通股份數-基本和稀釋 | 7,449,706 |
878,171 |
5,307,471 |
862,177 | ||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
淨虧損 | $ | (1,112) | $ | (20,539) | $ | (6,851) | $ | (38,721) | ||||||||
其他綜合收益: | |
|
|
|
||||||||||||
未實現短期投資證券收益 | - |
10 |
- |
71 |
||||||||||||
外幣翻譯 | - |
42 |
- |
38 |
||||||||||||
已實現損失重新分類至淨虧損 | - |
28 |
- |
41 | ||||||||||||
其他綜合收益 | - |
80 |
- |
150 | ||||||||||||
綜合虧損 | $ | (1,112) | $ | (20,459) | $ | (6,851) | $ | (38,571) |
Table A - Reconciliations of Non-GAAP Measures
(dollars in thousands, except share and per-share data)
表A - 非GAAP指標調節表
(單位:千美元,股數和每股數據除外)
Below is a table containing information relating to the Company's Net loss, EBITDA and Adjusted EBITDA for the three and six month periods ended June 30, 2024 and 2023, including a reconciliation of these Non-GAAP measures for such periods.
下表顯示了公司截至2024年6月30日和2023年6月30日的三個月和六個月的淨虧損、EBITDA和調整後的EBITDA信息,包括這些時期的非GAAP指標調節表。
(UNAUDITED) | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | |
|
$ Change | |||||||||
2024 | 2023 | fav / (unfav)1 | |
|||||||||
Net loss from continuing operations | $ | (2,214) | $ | (13,708) | $ |
11,494 |
||||||
Interest (income)/expense, net | 479 |
1,006 |
(527) | |||||||||
Provision (benefit) for income taxes | 26 |
46 |
(20) | |||||||||
Amortization and depreciation | 248 |
365 |
(117) | |||||||||
EBITDA | $ | (1,461) | $ | (12,291) | $ | 10,830 | ||||||
Adjustments: | |
|
|
|||||||||
Restructuring and impairment | (319) | - |
(319) | |||||||||
Change in fair value of derivative liabilities | (541) | - |
(541) | |||||||||
Change in fair value of warrant liabilities | (324) | 584 |
(908) | |||||||||
Equity-based employee compensation expense | 56 |
1,456 |
(1,400) | |||||||||
Adjusted EBITDA | $ | (2,589) | $ | (10,251) | $ | 7,662 | ||||||
|
|
|
|
|||||||||
Adjusted EBITDA loss per common share | $ | (0.35) | $ | (11.67) | $ | 11.33 |
||||||
Weighted average common shares outstanding - basic and diluted | 7,449,706 |
878,171 |
|
(未經審計) | ||||||||||||
截至三個月結束 | ||||||||||||
6月30日 | |
|
變化 | |||||||||
2024 | 2023 | 好 / 不好1 | |
|||||||||
持續經營的淨虧損 | $ | (2,214) | $ | (13,708) | $ | 11,494 |
||||||
利息(收入)/費用淨額 | 479 |
1,006 |
(527) | |||||||||
所得稅費用(收入) | 26 |
46 |
(20) | |||||||||
攤銷和折舊 | 248 |
365 |
(117) | |||||||||
EBITDA | $ | (1,461) | $ | (12,291) | $ | 10,830 | ||||||
調整: | |
|
|
|||||||||
重組和減值 | (319) | - |
(319) | |||||||||
衍生負債公允價值變動 | (541) | - |
(541) | |||||||||
認股權負債公允價值變動 | (324) | 584 |
(908) | |||||||||
基於股份的員工薪酬費用 | 56 |
1,456 |
(1,400) | |||||||||
調整後的EBITDA | $ | (2,589) | $ | (10,251) | $ | 7,662 | ||||||
|
|
|
|
|||||||||
每股調整後的EBITDA損失 | $ | (0.35) | $ | (11.67) | $ | 11.33 |
||||||
加權平均普通股份數-基本和稀釋 | 7,449,706 |
878,171 |
|
(UNAUDITED) | ||||||||||||
Six Months Ended | ||||||||||||
June 30, | $ Change | |||||||||||
2024 | 2023 | fav / (unfav)1 | ||||||||||
Net loss from continuing operations | $ | (7,664) | $ | (24,537) | $ |
16,873 |
||||||
Interest (income)/expense, net | 1,495 |
1,277 |
218 |
|||||||||
Provision (benefit) for income taxes | 26 |
46 |
(20) | |||||||||
Amortization and depreciation | 514 |
726 |
(212) | |||||||||
EBITDA | $ | (5,629) | $ | (22,488) | $ | 16,859 | ||||||
Adjustments: | |
|
|
|||||||||
Restructuring and impairment | (345) | - |
(345) | |||||||||
Inventory write-down | 431 |
- |
431 |
|||||||||
Change in fair value of derivative liabilities | (459) | - |
(459) | |||||||||
Change in fair value of warrant liabilities | (324) | 723 |
(1,047) | |||||||||
Equity-based employee compensation expense | 237 |
2,552 |
(2,315) | |||||||||
Adjusted EBITDA | $ | (6,089) | $ | (19,213) | $ | 13,124 | ||||||
|
|
|
||||||||||
Adjusted EBITDA loss per common share | $ | (1.15) | $ | (22.28) | $ | 21.14 |
||||||
Weighted average common shares outstanding - basic and diluted | 5,307,471 |
862,177 |
|
|||||||||
1Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav = unfavorable variance, which reduces EBITDA and Adjusted EBITDA |
(未經審計) | ||||||||||||
截至2022年4月30日的六個月內 | ||||||||||||
6月30日 | 變化 | |||||||||||
2024 | 2023 | 好 / 不好1 | ||||||||||
持續經營的淨虧損 | $ | (7,664) | $ | (24,537) | $ | 16,873 |
||||||
利息(收入)/費用淨額 | 1,495 |
1,277 |
218 |
|||||||||
所得稅費用(收入) | 26 |
46 |
(20) | |||||||||
攤銷和折舊 | 514 |
726 |
(212)399-2323 | |||||||||
EBITDA | $ | (5,629) | $ | (22,488) | $ | 16,859 | ||||||
調整: | |
|
|
|||||||||
重組和減值 | (345) | - |
(345) | |||||||||
存貨減值 | 431 |
- |
431 |
|||||||||
衍生負債公允價值變動 | (459) | - |
(459) | |||||||||
認股權負債公允價值變動 | (324) | 723 |
(1,047) | |||||||||
基於股份的員工薪酬費用 | 237 |
2,552 |
(2,315) | |||||||||
調整後的EBITDA | $ | (6,089) | $ | (19,213) | $ | 13,124 | ||||||
|
|
|
||||||||||
每股調整後的EBITDA損失 | $ | (1.15) | $ | (22.28) | $ | 21.14 |
||||||
加權平均普通股份數-基本和稀釋 | 5,307,471 |
862,177 |
|
|||||||||
Fav = 有利差異,可以增加EBITDA和調整後的EBITDA;Unfav = 不利差異,可以降低EBITDA和調整後的EBITDA |
Table B: Net Total Debt Reconciliation
(dollars in thousands)
表B:淨總債務調節
(以千美元爲單位)
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
Total debt | $ | 7,546 |
$ | 13,906 |
||||
Add: debt discounts and deferred issuance costs included in total debt | 779 |
1,453 | ||||||
Total principal amount of debt outstanding | 8,325 |
15,359 |
||||||
Less: Cash and cash equivalents | 1,279 |
2,058 | ||||||
Net total debt (Non-GAAP) | $ | 7,046 |
$ | 13,301 |
6月30日 | 截至12月31日公允價值 | |||||||
2024 | 2023 | |||||||
總債務 | $ | 7,546 |
$ | 13,906 |
||||
加:總債務中包括的債務折扣和延期發行費用 | 779 |
1,453 | ||||||
未償還債務的總本金金額 | 8,325 |
15,359 |
||||||
Less: 現金及現金等價物 | 1,279 |
2,058 | ||||||
淨總債務(非GAAP) | $ | 7,046 |
$ | 13,301 |