22nd Century Group, Inc.

For the period ended Dec 31, 2025. Filed Mar 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 26, 2026

XXII$1.42-12.9%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

22ND CENTURY GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)


· · Year Ended
· · December 31,
· · 2025 · · 2024
Cash flows from operating activities: · · · ·
Net loss	$(5,054)	$(15,164)
Adjustments to reconcile net loss to cash used in operating activities:
Impairment of long-lived assets - held for sale	293	—
Impairment of long-lived assets	150	68
Amortization and depreciation	912	1,003
Amortization of right-of-use assets	245	255
Other non-cash gains	(32)	(947)
Provision for credit losses	388	1
(Gain) loss on sale or disposal of property, plant, and equipment	(12)	127
Debt related charges included in interest expense	1,586	2,174
Equity-based compensation	421	380
Change in fair value of warrant liabilities	207	(492)
Change in fair value of derivative liability	—	(556)
Deferred income taxes	7	8
Change in inventory reserves	(261)	(4,374)
Changes in operating assets and liabilities:
Accounts receivable	(1,883)	(30)
Inventories	(2,050)	6,705
Prepaid expenses and other assets	(1,350)	159
Accounts payable	(2,656)	(1,169)
Accrued expenses and other current liabilities	(253)	(2,564)
Accrued excise taxes and fees	1,305	(196)
Contract liabilities	1,701	(714)
Other liabilities	(1,387)	981
Net cash used in operating activities	(7,723)	(14,345)
Cash flows from investing activities:
Acquisition of patents, trademarks, and licenses	(814)	(20)
Acquisition of property, plant and equipment	(61)	(141)
Proceeds from the sale of property, plant and equipment	770	22
Issuance of 2025 GVB promissory note	(500)	—
Payments received from 2025 GVB promissory note	100	—
Net cash used in investing activities	(505)	(139)
Cash flows from financing activities:
Payments on notes payable	(1,202)	(1,546)
Proceeds from issuance of notes payable	1,655	1,256
Payments of penalties from long-term debt	(28)	—
Payments of long-term debt	(4,308)	(1,302)
Net proceeds from warrant exercise	5,075	3,354
Net proceeds from Series A convertible preferred stock	9,893	—
Payments of deferred offering costs	(130)	—
Proceeds from issuance of common stock	—	16,132
Payment of common stock issuance costs	—	(1,045)
Taxes paid related to net share settlement of RSUs	—	(1)
Net cash provided by financing activities	10,955	16,848
Net increase in cash and cash equivalents	2,727	2,364
Cash and cash equivalents - beginning of year	4,422	2,058
Cash and cash equivalents - end of year	$7,149	$4,422

Supplemental disclosures of cash flow information:
Net cash paid for:
Cash paid during the period for interest	$241	$722
Cash (received) paid during the period for income taxes	$(35)	$22
Non-cash transactions:
Capital expenditures incurred but not yet paid	$45	$43
Deemed dividends	$4,679	$10,303
Stock issued in connection with settled indebtedness	$500	$1,617
Non-cash licensing arrangement	$309	$250
Right-of-use assets and corresponding operating lease obligations	$(666)	$—
Stock issued for extinguishment of Subordinated Note	$—	$3,864
Payment of 2023 GVB promissory note	$500	$1,500
Payment of debt issuance costs	$—	$603
Equity conversion of Senior Secured Credit Facility	$3,132	$3,084
Conversion option remeasurement	$283	$—

22ND CENTURY GROUP, INC. AND SUBSIDIARIES

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