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22nd Century Group Q2 loss widens 26.8% YOY

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22nd Century Group Q2 loss widens 26.8% YOY

22nd Century Group Inc. said its second-quarter normalized net income amounted to a loss of 2 cents per share, compared with a loss of 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.8 million, compared with a loss of $1.4 million in the prior-year period.

The normalized profit margin fell to negative 62.9% from negative 62.0% in the year-earlier period.

Total revenue climbed 22.6% on an annual basis to $2.8 million from $2.3 million, and total operating expenses grew 21.4% from the prior-year period to $5.7 million from $4.7 million.

Reported net income came to a loss of $3.0 million, or a loss of 4 cents per share, compared to a loss of $1.3 million, or a loss of 2 cents per share, in the prior-year period.