XXII - Cost Reductions Could Save Millions For This NASDAQ Hemp & Tobacco Co. Reporting YoY Q3 Revenue Drop | Benzinga
22nd Century Group, Inc. (NASDAQ: XXII) reported its third quarter earnings results on Monday for the three months ended September 30, 2023, revealing an 8.2% year-over-year drop in net revenue to $17.8 million.
The Buffalo-based company reported that sales, general and administrative expenses decreased to $11.2 million. However the sum doesn’t reflect the cost reduction initiative announced for the second half of 2023, which is expected to yield at least $15 million in annualized operating cost reductions, which began implementation in late August, the company said.
Last month, 22nd Century reported it reduced the outstanding principle of its senior secured credit facility from roughly $22.1 million to approximately $14 million as part of an amendment and waiver process with its lenders.
Q3 2023 Financial Highlights
- Revenue from hemp/cannabis-related products was $9.9 million, while revenue from tobacco-related products was $7.9 ...