22nd Century Group, Inc. (NASDAQ:XXII) Q2 2024 Earnings Conference Call August 13, 2024 8:00 PM ET
Company Participants
Matt Kreps - IR
Larry Firestone - CEO
Daniel Otto - CFO
Conference Call Participants
Matt Kreps
Hello and welcome to 22nd Century's Second Quarter Results Conference Call. Joining me today are Larry Firestone, CEO; and Dan Otto, CFO. Earlier today, we issued a press release announcing our results for the second quarter of 2024. The release and Form 10-Q are available in the Investors section of our website at xxiicentury.com.
Today's call will include prepared remarks from Larry and Dan, updating you on 22nd Century's business, operations, strategy, and financial results through June 30, 2024, and subsequent.
Before we begin, a few reminders for today's call. Some of the statements made today are forward-looking. Forward-looking statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these factors can be found in our annual, quarterly, and other reports filed with the SEC.
During today's call, we will also discuss non-GAAP financial measures, including adjusted EBITDA, which we define as earnings before interest, taxes, depreciation, and amortization as adjusted for certain non-cash and non-operating expenses and net debt calculated as total principal amount of debt outstanding, less cash and cash equivalents. For more details on these measures, please refer to our press release issued earlier today.
And with that, I'll now turn the call over to Larry.
Larry Firestone
Thank you, Matt. Good morning, everyone, and thank you for joining 22nd Century's second quarter 2024 financial and operating results conference call.
This is my third call as your CEO and our second quarter results show just how significant and positive the changes have been over the last nine months since I joined in December. Much has changed even in the last 90 days as we continue on the path to turn our company around to be a profitable cash positive business. One thing that has not changed, however, is our commitment to using our unique position in the tobacco industry to confront the harms of nicotine addiction among tobacco users and to offer a meaningful option to those who want to take control of their smoking habit and addiction.
Before I get into the operational updates, let me give you a summary of our financial turnaround efforts. As you see in our financial results release, we moved our company from a consolidated net loss of $21 million in the second quarter of last year to just $1.6 million this year. This was no small feat. But we won't be satisfied until those numbers turn solidly positive. But I will caution our shareholders, this is a bumpy ride getting there.