This NASDAQ Hemp And Tobacco Stock Is Trading Lower Post Q2 Earnings Report, Here's Why
Portfolio Pulse from Jelena Martinovic
22nd Century Group, Inc. (NASDAQ:XXII) reported a 61.8% YoY increase in Q2 2023 net revenues to $23.4 million, but also reported a gross loss of $2.3 million, an adjusted EBITDA loss of $16 million, and operating and net losses of $19.4 million. The company announced a cost reduction initiative for H2 2023, expected to generate at least $15 million in annualized operating cost reductions. Post earnings, the company's shares traded 18.5455% lower.
August 14, 2023 | 6:41 pm
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22nd Century Group reported increased revenues but also significant losses in Q2 2023. The company's shares traded lower post earnings.
22nd Century Group reported a YoY increase in Q2 2023 net revenues, but also reported significant losses. This mixed financial performance, along with the announcement of a cost reduction initiative, likely contributed to the decrease in the company's share price.
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