22nd Century

Q2 FY2026 EarningsQ2 FY26 missed consensus across top and bottom-line metrics: revenue of $2.86M was significantly below the $7.48M expected, while gross margin of -10.2% fell short of the 20.7% mean forecast. Operating loss from continuing operations widened to $3.29M, missing the EBIT target of -$0.53M due to higher SG&A costs. While GAAP EPS of -$15.60 appears as a technical miss against the -$6.00 consensus, the massive variance is primarily driven by recent reverse stock splits and substantial deemed dividends, masking a fragile liquidity position with $6.06M in cash and a going concern warning.