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Tag: Larry Firestone

  • 22nd Century Debt-Free in Announcing 2025 Results

    22nd Century Debt-Free in Announcing 2025 Results

    22nd Century Group, Inc. reported its fourth-quarter and full-year 2025 results, highlighting strategic growth and a strengthened financial position. The company emphasized expansion of its VLN and Partner VLN product lines, increased retail distribution, and progress toward profitability. CEO Larry Firestone noted that 2025 saw a shift to higher-margin branded products, partnerships with major retailers, and the development of a tobacco harm-reduction category. The company ended 2025 debt-free with $7.1 million in cash and eliminated over $8 million in legacy debt, also receiving a $9.5 million insurance settlement from its 2022 Grass Valley facility fire.

    Financially, fourth-quarter net revenues were $3.5 million, down from $4 million in Q3, while net loss improved to $2.8 million versus $3.8 million previously. Adjusted EBITDA loss narrowed to $2.4 million. For the full year, net revenues were $17.6 million, down 28% from 2024, with a net loss of $13.1 million. Product-wise, cigarette sales increased slightly to $2.6 million in Q4, VLN product sales continued to grow with 8,800 cartons shipped, and Pinnacle VLN expanded to nearly 1,500 stores in a top-5 convenience chain.

    Looking ahead, 22nd Century plans to expand retail availability, increase consumer awareness, scale VLN distribution globally, and maintain active engagement with FDA regulators and public health stakeholders.

  • 22nd Century Group to Announce Q4, FY25 Results March 26

    22nd Century Group to Announce Q4, FY25 Results March 26

    22nd Century Group, Inc. announced it will host a webcast on March 26 at 8 a.m. ET to discuss its fourth-quarter and full-year 2025 financial results, which will be released earlier that morning. Chairman and CEO Larry Firestone and CFO Dan Otto will review performance, outline recent progress, and provide an update on the company’s 2026 plans.

  • 22nd Century to Participate in the Needham Annual Growth Conference

    22nd Century to Participate in the Needham Annual Growth Conference

    22nd Century Group, Inc. announced that CEO Larry Firestone and CFO Dan Otto will present as part of the Needham Growth Conference taking place January 16. The management team will be available for virtual one-on-one meetings.

    Investors interested in booking meetings can register for the conference and arrange a time through their Needham representative or the Company’s investor relations at investorrelations@xxiicentury.com.

  • 22nd Century Group Backs FDA’s Proposed Reduced Nicotine Standard

    22nd Century Group Backs FDA’s Proposed Reduced Nicotine Standard

    22nd Century Group, Inc. submitted public comments in support of the U.S. FDA’s proposed rule to mandate very low nicotine levels in cigarettes and other combusted tobacco products. CEO Larry Firestone said the evidence shows such a standard could save millions of lives and transform the market within two years, with the company’s VLNC technology already proven to deliver consumer-acceptable products.

    22nd Century criticized Big Tobacco’s stance as contradictory, arguing that support for a reduced nicotine mandate would align with industry claims of pursuing a “smoke-free future.” The company pledged to continue backing the rule, calling it a landmark public health measure.

    “The evidence is overwhelming that a reduced nicotine yield standard for combusted tobacco products has the potential to save millions of lives and trillions of dollars cumulatively in the U.S. alone,” said Firestone. “From both a public health and commercial standpoint, the only barrier left to the most transformative public health policy of a generation is the willingness to move forward with this mandate.”

  • 22nd Century Settles $9.5M Insurance Claim, Eyes 2026 Profitability

    22nd Century Settles $9.5M Insurance Claim, Eyes 2026 Profitability

    22nd Century Group, Inc. announced it reached a settlement with its insurers for $9.5 million in cash to resolve all business interruption claims related to a fire at the company’s Grass Valley facility in November 2022. The insurers are required to remit the payment within 45 days of the agreement’s effective date.

    “We are very excited to close this chapter and finally settle with our insurance carrier for the full amount we targeted,” CEO Larry Firestone said. “Additionally, because the company is now debt free, this marks a major transition from survival capital to growth capital.”

    The company highlighted that over the past 22 months it has addressed legacy financial challenges, cleaning up its balance sheet. With these matters resolved, 22nd Century Group plans to focus on expanding distribution for its VLN and partner VLN products and is targeting profitability in 2026.

  • 22nd Century Touts VLN Growth, FDA Regs in Shareholder Letter

    22nd Century Touts VLN Growth, FDA Regs in Shareholder Letter

    22nd Century Group, Inc. is doubling down on its push for very low nicotine (VLN) products, highlighting new partnerships, regulatory momentum, and expanded product development in a shareholder letter released yesterday (August 19). CEO Larry Firestone said the company’s VLN cigarettes, the first FDA-authorized combustible products designed to reduce smoking harms, are gaining traction through stocking orders with Smoker Friendly and Pinnacle, with more partners expected.

    A looming FDA proposal, set for September 15, could mandate a cap of 0.7 mg/g nicotine yield in cigarettes, a standard built on 22nd Century’s own clinical trials. Firestone said the move “could be the most groundbreaking and effective tobacco regulation in a generation.”

    Beyond cigarettes, 22nd Century is developing VLN filtered cigars, 100mm formats, and international variants, supported by ongoing FDA filings. The company is also studying whether its low-nicotine genetics reduce cancer-causing TSNAs.

    With a growing IP portfolio in plant genetics, the company said it is aiming to cement its position as the leader in tobacco harm reduction. Firestone framed the mission as both business and public health: “Our technology and products have the capability to dramatically improve public health and the welfare of smokers worldwide – hopefully even save lives.”

  • 22nd Century Group Posts Q2 Results, Expands VLN Distribution

    22nd Century Group Posts Q2 Results, Expands VLN Distribution

    22nd Century Group reported second-quarter 2025 revenues of $4.1 million, down from $6 million in the first quarter, with a net loss holding steady at $3.3 million. Operating loss widened to $3 million, while adjusted EBITDA loss came in at $2.6 million. The company reduced its debt by an additional $1 million, bringing total debt down to $3.8 million.

    CEO Larry Firestone highlighted the momentum behind the company’s FDA-authorized VLN reduced-nicotine cigarettes, which now have authorization for sale in 44 states. Partner brands, including Pinnacle VLN, are expanding distribution, with nearly 1,000 stores across 12 states expected to begin selling the product September 1. The company is also advancing new SKUs, including Pinnacle moist snuff, and preparing an FDA submission for a new 100mm VLN cigarette by year-end.

    Despite financial challenges, Firestone emphasized that 22nd Century is entering a “profitable growth phase” built on its proprietary low-nicotine tobacco technology. He said VLN® products are positioned to align with the FDA’s proposed nicotine standards, giving the company a first-mover advantage in the harm reduction market.

  • 22nd Century to Release Financials Aug. 14

    22nd Century to Release Financials Aug. 14

    22nd Century Group, Inc. announced today (August 7) that it will host a webcast on Thursday, August 14, at 8 a.m. ET to discuss its 2025 second quarter results, which are to be reported in a press release two hours earlier.

    During the webcast, Larry Firestone, chairman and CEO, and Dan Otto, CFO, will review financial results, discuss progress made in the recent months, and update plans for the 2025 year.

    The live and archived webcast will be accessible on the events web page in the Investor Relations section of the company’s website, at https://ir.xxiicentury.com/events.

  • 22nd Century Group Announces Reduced-Nicotine Cigarette Launch

    22nd Century Group Announces Reduced-Nicotine Cigarette Launch

    22nd Century Group, Inc. announced the first shipments of its new Pinnacle VLN Gold and Pinnacle VLN Menthol reduced-nicotine content cigarettes will be available September 1 at nearly 1,000 convenience store locations across 12 states.

    Company CEO Larry Firestone said Pinnacle’s conventional cigarettes have built strong customer loyalty, and the new VLN line offers smokers a choice to significantly reduce nicotine intake—about a 95% reduction compared to traditional cigarettes.

    The company plans to expand the Pinnacle VLN range into more states and stores while continuing to supply other Pinnacle products, including conventional cigarettes, cigarillos, and moist snuff. Firestone emphasized 22nd Century’s commitment to lead the tobacco harm reduction movement by increasing access to these reduced-nicotine products.

  • 22nd Century Sees 50% Jump from Q4 2024 to Q1 2025

    22nd Century Sees 50% Jump from Q4 2024 to Q1 2025

    22nd Century Group, Inc. today (May 13) announced results for the first quarter, ended March 31, and provided an update on recent business highlights. Compared to the fourth quarter 2024, first quarter 2025 saw net revenues increase from $4 million to $6 million and gross profit losses declined from $1.3 million to $600,000. Operating expenses decreased from $2.8 million to $2 million, the lowest quarterly amount since company restructuring began in 2023, and operating losses decreased from $4.1 million to $2.6 million.

    “Our first quarter results demonstrate the positive trends we expect to build on in 2025 as we secure new opportunities to drive volume across our VLN, core CMO and filtered cigar businesses, with a particular emphasis on leveraging both our own and customer driven campaigns for partner branded products,” said Larry Firestone, CEO of 22nd Century Group. “We are excited about the upcoming launch of now two partner-branded VLN products, both for chains with substantial retail store counts, bringing additional partner-supported marketing and outreach activity to grow sales volumes in the VLN category. We are moving ahead on these and other opportunities ahead as we continue to execute our growth strategy in 2025.”

    View the full financial report here.