22nd Century Group, Inc. (NASDAQ: XXII) released results for the first quarter ended March 31, 2023, revealing net revenues of $22.0 million, an increase of 142.8% from the same period in 2022.
Q1 2023 Financial Results
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Revenue from hemp/cannabis-related products was $13.0 million, compared to $0 in the prior year first quarter, reflecting the acquisition of GVB and continued sequential quarterly growth in ingredient supply sales.
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Gross loss was $(1.2) million as compared to gross profit of $309,000 in the prior year period.
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Gross loss from hemp/cannabis-related products was $1.2 million compared to $0 in the prior year, reflecting costs associated with buying and selling ingredients while the company rebuilds its distillate and isolate manufacturing capacity following the November 2022 Grass Valley fire; both crude extraction and distillate production will be online in the second quarter of 2023.
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Net loss was $18.2 million, compared to prior year $8.9 million.
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Adjusted EBITDA was a loss of $14.7 million, …