22nd Century Group, Inc. (XXII) · Oct 22, 2026 · Earnings

22nd Century earnings miss on revenue despite VLN sales jump

Miss — Revenue ~$4.8M vs. published consensus around ~$8.6M

22nd Century’s preliminary Q3 earnings show a sharp VLN-led revenue rebound, but sales remain far below published expectations and cash is tightening.

22nd Century is trying to turn VLN low-nicotine cigarettes from a niche product into a scalable commercial tobacco category, while operating with recurring losses and limited liquidity. Its June 2026 filing said there was substantial doubt about its ability to continue as a going concern, making revenue scale and cash burn central to the story.

Revenue improved, but the key commercial hurdle remains unmet. Preliminary Q3 revenue of approximately $4.8 million was up 66% from $2.9 million in Q2, and gross profit swung to roughly $0.4 million from a $0.3 million loss. However, published estimates clustered around roughly $8.6 million of Q3 revenue, so the rebound was materially below the market’s apparent expectation.

Metric	Q3 2026 preliminary	Q2 2026	Comparison
Net revenue	~$4.8M (Preliminary financial highlights)	$2.9M (Preliminary financial highlights)	+66%
Gross profit	~$0.4M (Preliminary financial highlights)	$(0.3)M (Preliminary financial highlights)	Improved to positive
Operating expenses	$3.0M (Preliminary financial highlights)	$3.0M (Preliminary financial highlights)	Flat
Operating loss	$(2.6)M (Preliminary financial highlights)	$(3.3)M (Preliminary financial highlights)	Improved
Net loss	$(2.6)M (Preliminary financial highlights)	$(3.3)M (Preliminary financial highlights)	Improved
Adjusted EBITDA loss	$(2.2)M (Preliminary financial highlights)	$(3.5)M (Preliminary financial highlights)	Improved
Cash and equivalents	$3.9M (Preliminary financial highlights)	$6.1M at June 30, 2026 (June 2026 Form 10-Q)	Lower

The operating improvement is real but not yet enough to change the financing problem. Gross profit turned positive and the adjusted EBITDA loss narrowed by about $1.3 million, while operating expenses stayed flat. But the company still expects a $2.6 million net loss and ended the quarter with only $3.9 million of cash; against the $6.1 million reported at June 30, that indicates continued cash consumption. The prior filing’s going-concern warning therefore remains highly relevant rather than resolved.

The filing offers encouraging product traction, but little hard evidence of category scale. Management points to stronger same-store sales for Pinnacle VLN and Pinnacle Pure, but it provides no store-count, unit-volume, gross-margin-rate, or recurring-customer figures in this preliminary release. The core thesis—that early adoption will develop into a broader low-nicotine category—remains largely an assertion rather than a newly quantified commercial milestone.

The preliminary label limits confidence in the numbers. The company says the figures are unaudited, internally prepared, and subject to closing and audit adjustments. The final release is expected on or before November 13, 2026. 〔0〕

Bottom line: This is operational progress from a very low base, but the market appears to have expected a much larger VLN-driven revenue step-up. The filing improves the loss profile without yet proving that the business can scale fast enough to overcome its liquidity pressure.

What to watch next

Final Q3 earnings release, on or before November 13

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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22nd Century earnings miss on revenue despite VLN sales jump

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