8-K
22nd Century Group, Inc. (XXII)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Dateof Report (Date of earliest event reported): March 20,2025
22nd
Century Group, Inc.
(Exact Name of Registrant as Specified in Charter)
| Nevada | 001-36338 | 98-0468420 |
|---|---|---|
| (State<br> or Other Jurisdiction<br><br> <br>of<br> Incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
| 321 Farmington Road**, Mocksville** , North Carolina | 27028 | |
| --- | --- | |
| (Address<br> of Principal Executive Office) | (Zip<br> Code) |
Registrant’s telephone number, including area code: (336)
940-3769
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, $0.00001 par value | XXII | NASDAQ<br> Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item2.02 Disclosure of Results of Operations and Financial Condition
On March 20, 2025, 22nd Century Group, Inc. (the “Company”) issued an earnings release for the year ended December 31, 2024. A copy of the earnings release is furnished as Exhibit 99.1 to this report.
The information in this item shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent, if any, expressly set forth by specific reference in such filing.
Item9.01(d) Financial Statements and Exhibits
| Exhibit<br> 99.1 | Earnings release dated March 20, 2025 |
|---|---|
| 104 | Cover<br> Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| 22nd Century Group, Inc. | |
|---|---|
| /s/ Daniel A. Otto | |
| Date:<br> March 20, 2025 | Daniel<br> A. Otto |
| Chief<br> Financial Officer |
Exhibit99.1
22ndCentury Group Reports Fourth Quarter and Full Year 2024 Financial Results
Launches2025 Growth Strategy Leveraging Both Internal and External Brand Assets Across Multiple Categories
AnnouncesFirst VLN^®^ Partner Brands with Smoker Friendly Ready for Shipment in Q2 2025, Additional Partner VLN^®^Brands in Discussion
MOCKSVILLE,N.C., March 20, 2025 — 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine dependence and believes smokers should have a choice about their nicotine consumption, today announced results for the fourth quarter and year-ended December 31, 2024, and provided an update on recent business highlights.
FourthQuarter and Full Year 2024 Financial Results (compared to Third Quarter 2024, except as noted)
All figures reported below reflect continuing operations, excluding discontinued operations related to the sale and exit of the Company’s hemp/cannabis business in late 2023.
| ● | Net<br> revenues decreased sequentially to $4.0 million, compared to $5.9 million. |
|---|---|
| ● | Gross<br> profit (loss) was $(1.3) million, compared to $(0.6) million. |
| ● | Operating<br> loss increased to $4.1 million, compared to $3.4 million. |
| ● | Net<br> loss increased to $4.2 million, compared to $3.6 million. |
| ● | Adjusted<br> EBITDA loss was $3.9 million, from a loss of $3.2 million. |
| ● | Ended<br> fiscal 2024 with net debt of $3.3 million. |
RecentBusiness Highlights
| ● | Launched<br> new VLN^®^ branding, ready for shipment in the second quarter 2025, including a new logo, packaging and marketing plan. |
|---|---|
| ● | Announced<br> first VLN^®^ partner brand with Smoker Friendly, ready for shipment in the second quarter of 2025. |
| ● | Progressed<br> in securing additional VLN^®^ partner brands, working toward a new reduced nicotine content product category. |
| ● | Signed<br> a new five-year expanded license and manufacturing agreement with Smoker Friendly, covering 11 existing products and eight new premium<br> products to be launched. |
| ● | Announced<br> compliance with the FDA’s proposed new tobacco product standard for nicotine yield, which cites VLN^®^ from 22nd<br> Century as the only combustible cigarette on the market that currently meets the new standard of a maximum nicotine level of 0.7<br> mg/g in cigarettes. |
“Our 2024 results demonstrate a challenging but transformative year as we worked our turnaround plan and reset almost all aspects of our business. We are starting 2025 with a new base focused on growth across all of our revenue lines. Our contract manufacturing business begins the year with profitable contracts, and we have begun the relaunch of our reduced nicotine VLN^®^ cigarette business that will encompass both our branded VLN^®^ products as well as private label partner VLN^®^ products,” said Larry Firestone, Chairman and CEO. “We are excited for 2025 as this is really a new start of 22nd Century Group, Inc., and are looking forward to shaping our future around our current strategy.”
FourthQuarter 2024 - Discussion of Product Line Net Revenues
| ● | Cigarette<br> net revenues were $3.3 million, decreased from $4.1 million in the third quarter of 2024 reflecting a shift in overall product mix<br> and pricing between domestic and export sales. Q4 2024 cigarette carton volumes increased to 228 thousand compared to 156 thousand<br> in the third quarter of 2024. |
|---|---|
| ● | Filtered<br> cigars net revenues decreased to $0.8 million, compared to $1.7 million in the immediately preceding quarter, reflecting lower volumes<br> as the Company completed last time buy orders under terminated contract manufacturing agreements. |
| ● | Cigarillo<br>distribution net revenues were negligible in the fourth quarter compared to $0.2 million in the preceding quarter. |
| ● | VLN^®^cigarette net revenues were $(0.1) million in the fourth quarter, reflective of rebate and marketing incentives for product<br> already in distribution. The Company has announced new branding for its VLN^®^ products, which will be ready for shipment<br> in the second quarter 2025, as well as its first partner brand VLN^®^ products with its existing customer Smoker Friendly.<br> Additional partner brand agreements are in progress as part of a relaunch of its VLN^®^ reduced nicotine content products. |
ConferenceCall
22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its fourth quarter and year-end 2024 financial results and business highlights. The live and archived webcast will be accessible in the Events section on 22nd Century’s Investor Relations website at https://ir.xxiicentury.com/events.
SummaryFinancial Results
(dollars in thousands, except per share data)
| Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| Revenues, net | $ | 4,020 | $ | 7,357 | ) | (45.4 | ) | ||||
| Gross profit (loss) | $ | (1,254 | ) | $ | (7,829 | ) | (84.0 | ) | |||
| Operating loss | $ | (4,091 | ) | $ | (14,232 | ) | (71.3 | ) | |||
| Net loss from continuing operations | $ | (4,246 | ) | $ | (22,068 | ) | (80.8 | ) | |||
| Basic and diluted loss per common share from continuing operations | $ | (10.59 | ) | $ | (1,413.40 | ) | (99.3 | ) | |||
| Adjusted EBITDA (a) | $ | (3,888 | ) | $ | (4,363 | ) | 10.9 |
All values are in US Dollars.
| Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| Revenues, net | $ | 24,382 | $ | 32,204 | ) | (24.3 | ) | ||||
| Gross profit (loss) | $ | (2,400 | ) | $ | (8,696 | ) | (72.4 | ) | |||
| Operating loss | $ | (13,950 | ) | $ | (44,931 | ) | (69.0 | ) | |||
| Net loss from continuing operations | $ | (15,495 | ) | $ | (54,686 | ) | (71.7 | ) | |||
| Basic and diluted loss per common share from continuing operations | $ | (105.85 | ) | $ | (5,776.63 | ) | (98.2 | ) | |||
| Adjusted EBITDA (a) | $ | (13,136 | ) | $ | (30,100 | ) | 56.4 |
All values are in US Dollars.
| (a) Adjusted EBITDA is a non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures. Refer to Tables A at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. |
|---|
SummaryProduct Line Results
(in thousands)
| Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | |||||||||||||
| 2024 | 2023 | Change | |||||||||||
| Cartons | Cartons | Cartons | |||||||||||
| Contract Manufacturing | |||||||||||||
| Cigarettes | 228 | 104 | 124 | ||||||||||
| Filtered Cigars | 112 | 715 | ) | (603 | ) | ||||||||
| Cigarillos | - | - | - | ||||||||||
| Total Contract Manufacturing | 340 | 819 | ) | (479 | ) | ||||||||
| VLN® | ) | (2 | ) | 4 | ) | (6 | ) | ||||||
| Total Product Line Revenues | 338 | 823 | ) | (485 | ) |
All values are in US Dollars.
| Year Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | ||||||||||||
| 2024 | 2023 | Change | ||||||||||
| Cartons | Cartons | Cartons | ||||||||||
| Contract Manufacturing | ||||||||||||
| Cigarettes | 644 | 745 | (101 | ) | ||||||||
| Filtered Cigars | 1,361 | 2,652 | ) | (1,291 | ) | |||||||
| Cigarillos | 120 | - | 120 | |||||||||
| Total Contract Manufacturing | 2,125 | 3,397 | ) | (1,272 | ) | |||||||
| VLN® | ) | - | 18 | ) | (18 | ) | ||||||
| Total Product Line Revenues | 2,125 | 3,415 | ) | (1,290 | ) |
All values are in US Dollars.
About22nd Century Group, Inc.
22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.
We created our flagship product, the VLN^®^ cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them take control of their nicotine consumption. VLN^®^ cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering nicotine to addicted smokers, we offer smokers the option to take control of their nicotine consumption and make informed and more productive choices, including the choice to avoid addictive levels of nicotine altogether.
Our wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN^®^ products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45 million cartons of combusted tobacco products annually with additional space for expansion.
Our proprietary reduced nicotine tobacco blends are made possible by comprehensive and patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, resulting in full flavor and high yield with 95% less nicotine. Our extensive patent portfolio has been developed to ensure we have the only low nicotine combustible cigarette in the United States and critical international markets. Our mission is to sell the last cigarette before the 22nd Century.
VLN^®^and Helps You Smoke Less^®^ are registered trademarks of 22nd Century Limited LLC.
Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.
Learn more about VLN^®^ at tryvln.com.
CautionaryNote Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 20, 2025. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
Notesregarding Non-GAAP Financial Information
In addition to the Company’s reported results in accordance with generally accepted accounting principles in the United States of America (“GAAP”), the Company provides EBITDA and Adjusted EBITDA.
In order to calculate EBITDA, the Company adjusts net (loss) income by adding back interest expense (income), provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted by the Company for certain non-cash and/or non-operating expenses, including adding back equity-based employee compensation expense, restructuring and restructuring-related charges such as impairment, acquisition and transaction costs, and other unusual or infrequently occurring items, if applicable, such as inventory reserves and adjustments, gains or losses on disposal of property, plant and equipment, and gains or losses on investments.
The Company believes that the presentation of EBITDA and Adjusted EBITDA are important financial measures that supplement discussion and analysis of its financial condition and results of operations and enhances an understanding of its operating performance. While management considers EBITDA and Adjusted EBITDA to be important, these financial performance measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating (loss) income, net (loss) income and cash flows from operations. Adjusted EBITDA is susceptible to varying calculations and the Company’s measurement of Adjusted EBITDA may not be comparable to those of other companies.
Net total debt is calculated as total principal amount of debt outstanding less cash and cash equivalents. In addition to the performance measures identified above, we believe that net total debt provides a meaningful measure of liquidity and a useful basis for assessing our ability to fund our activities, including the financing of scheduled debt repayments.
InvestorRelations & Media ContactMatt Kreps
Investor Relations
22nd Century Group
mkreps@xxiicentury.com
214-597-8200
22ndCENTURY GROUP, INC.
CONDENSEDCONSOLIDATED BALANCE SHEETS
(Unaudited)
(amountsin thousands, except share and per-share data)
| December 31, | |||||
|---|---|---|---|---|---|
| 2023 | |||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 4,422 | $ | 2,058 | ||
| Accounts receivable, net | 1,698 | 1,671 | |||
| Inventories | 2,015 | 4,346 | |||
| Insurance recoveries | 768 | 3,768 | |||
| GVB promissory note | 500 | 2,000 | |||
| Prepaid expenses and other current assets | 1,068 | 1,180 | |||
| Current assets of discontinued operations held for sale | 1,051 | 1,254 | |||
| Total current assets | 11,522 | 16,277 | |||
| Property, plant and equipment, net | 2,773 | 3,393 | |||
| Operating lease right-of-use assets, net | 1,639 | 1,894 | |||
| Intangible assets, net | 5,724 | 5,924 | |||
| Other assets | 15 | 15 | |||
| Total assets | 21,673 | $ | 27,503 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |||||
| Current liabilities: | |||||
| Notes and loans payable - current | 254 | $ | 543 | ||
| Current portion of long-term debt | 1,500 | 5,848 | |||
| Operating lease obligations | 261 | 231 | |||
| Accounts payable | 2,401 | 4,445 | |||
| Accrued expenses | 1,021 | 1,322 | |||
| Accrued litigation | 768 | 3,768 | |||
| Accrued payroll | 318 | 883 | |||
| Accrued excise taxes and fees | 2,038 | 2,234 | |||
| Deferred income | 20 | 726 | |||
| Other current liabilities | 100 | 1,849 | |||
| Current liabilities of discontinued operations held for sale | 1,281 | 3,185 | |||
| Total current liabilities | 9,962 | 25,034 | |||
| Long-term liabilities: | |||||
| Operating lease obligations | 1,437 | 1,698 | |||
| Long-term debt | 5,165 | 8,058 | |||
| Other long-term liabilities | 1,097 | 1,123 | |||
| Total liabilities | 17,661 | 35,913 | |||
| Shareholders’ equity (deficit) | |||||
| Preferred stock, .00001 par value, 10,000,000 shares authorized | |||||
| Common stock, .00001 par value, 250,000,000 shares authorized | |||||
| Capital stock issued and outstanding: | |||||
| 730,148 common shares (20,313 at December 31, 2023) | |||||
| Common stock, par value | — | — | |||
| Capital in excess of par value | 397,883 | 370,297 | |||
| Accumulated deficit | (393,871 | ) | (378,707 | ) | |
| Total shareholders’ equity (deficit) | 4,012 | (8,410 | ) | ||
| Total liabilities and shareholders’ equity (deficit) | 21,673 | $ | 27,503 |
All values are in US Dollars.
22ndCENTURY GROUP, INC.
CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(amountsin thousands, except share and per-share data)
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2024 | 2023 | |||||
| Revenues, net | $ | 24,382 | $ | 32,204 | ||
| Cost of goods sold | 14,278 | 24,891 | ||||
| Excise taxes and fees on products | 12,504 | 16,009 | ||||
| Gross (loss) profit | (2,400 | ) | (8,696 | ) | ||
| Operating expenses: | ||||||
| Sales, general and administrative | 10,287 | 31,064 | ||||
| Research and development | 1,133 | 2,644 | ||||
| Other operating expense, net | 130 | 2,527 | ||||
| Total operating expenses | 11,550 | 36,235 | ||||
| Operating loss from continuing operations | (13,950 | ) | (44,931 | ) | ||
| Other income (expense): | ||||||
| Other income (expense), net | 507 | 334 | ||||
| Loss on transfer of promissory note | — | (895 | ) | |||
| Interest income, net | 72 | 219 | ||||
| Interest expense | (2,094 | ) | (9,366 | ) | ||
| Total other income (expense), net | (1,515 | ) | (9,708 | ) | ||
| Loss from continuing operations before income taxes | (15,465 | ) | (54,639 | ) | ||
| Provision for income taxes | 30 | 47 | ||||
| Net loss from continuing operations | $ | (15,495 | ) | $ | (54,686 | ) |
| Discontinued operations: | ||||||
| Income (loss) from discontinued operations before income taxes | $ | 331 | $ | (85,634 | ) | |
| Provision for income taxes | — | 455 | ||||
| Net income (loss) from discontinued operations | $ | 331 | $ | (86,089 | ) | |
| Net loss | $ | (15,164 | ) | $ | (140,775 | ) |
| Deemed dividends | (10,303 | ) | (9,992 | ) | ||
| Net loss available to common shareholders | $ | (25,467 | ) | $ | (150,767 | ) |
| Basic loss per share: | ||||||
| Basic loss per common share from continuing operations | $ | (105.85 | ) | $ | (5,776.63 | ) |
| Basic income (loss) per common share from discontinued operations | $ | 2.26 | $ | (9,093.89 | ) | |
| Basic loss per common share from deemed dividends | $ | (70.38 | ) | $ | (1,055.47 | ) |
| Basic loss per common share | $ | (173.97 | ) | $ | (15,925.99 | ) |
| Diluted loss per share: | ||||||
| Diluted loss per common share from continuing operations | $ | (105.85 | ) | $ | (5,776.63 | ) |
| Diluted income (loss) per common share from discontinued operations | $ | 0.24 | $ | (9,093.89 | ) | |
| Diluted loss per common share from deemed dividends | $ | (70.38 | ) | $ | (1,055.47 | ) |
| Diluted loss per common share | $ | (175.99 | ) | $ | (15,925.99 | ) |
| Weighted average shares outstanding: | ||||||
| Basic | 146,392 | 9,467 | ||||
| Diluted | 1,389,983 | 9,467 |
TableA – Reconciliations of Non-GAAP Measures
(dollars in thousands, except share and per-share data)
Below is a table containing information relating to the Company’s Net loss, EBITDA and Adjusted EBITDA for the three and nine month periods ended December 31, 2024 and 2023, including a reconciliation of these Non-GAAP measures for such periods.
| Quarter Ended | |||||||
|---|---|---|---|---|---|---|---|
| December 31, | |||||||
| Amounts in thousands (000’s) | |||||||
| except share and per share data | |||||||
| (UNAUDITED) | |||||||
| Change | |||||||
| 2024 | 2023 | fav / (unfav)1 | |||||
| Net loss from continuing operations | ) | $ | (22,068 | ) | |||
| Interest (income)/expense, net | 6,769 | ) | |||||
| Provision (benefit) for income taxes | 1 | ||||||
| Amortization and depreciation | 370 | ) | |||||
| EBITDA | ) | $ | (14,928 | ) | |||
| Adjustments: | |||||||
| Restructuring and impairment | ) | 1,871 | ) | ||||
| Inventory write-down | 7,927 | ) | |||||
| Change in fair value of derivative liabilities | ) | 557 | ) | ||||
| Change in fair value of warrant liabilities | ) | 175 | ) | ||||
| Loss on transfer of promissory note | 895 | ) | |||||
| Equity-based employee compensation expense | (860 | ) | |||||
| Adjusted EBITDA | ) | $ | (4,363 | ) | |||
| Adjusted EBITDA loss per common share | ) | $ | (279.44 | ) | |||
| Weighted average common shares outstanding - basic and diluted | 15,613 |
All values are in US Dollars.
| Year Ended | |||||||
|---|---|---|---|---|---|---|---|
| December 31, | |||||||
| Amounts in thousands (000’s) | |||||||
| except share and per share data | |||||||
| (UNAUDITED) | |||||||
| Change | |||||||
| 2024 | 2023 | fav / (unfav)1 | |||||
| Net loss from continuing operations | ) | $ | (54,686 | ) | |||
| Interest (income)/expense, net | 9,147 | ) | |||||
| Provision (benefit) for income taxes | 47 | ) | |||||
| Amortization and depreciation | 1,508 | ) | |||||
| EBITDA | ) | $ | (43,984 | ) | |||
| Adjustments: | |||||||
| Restructuring and impairment | ) | 2,415 | ) | ||||
| Inventory write-down | 7,927 | ) | |||||
| Acquisition and transaction costs | 223 | ) | |||||
| Change in fair value of derivative liabilities | ) | 557 | ) | ||||
| Change in fair value of warrant liabilities | ) | (364 | ) | ) | |||
| Loss on transfer of promissory note | 895 | ) | |||||
| Equity-based employee compensation expense | 2,231 | ) | |||||
| Adjusted EBITDA | ) | $ | (30,100 | ) | |||
| Adjusted EBITDA loss per common share | ) | $ | (3.18 | ) | |||
| Weighted average common shares outstanding - basic and diluted | 9,467 |
All values are in US Dollars.
^1^Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav = unfavorable variance, which reduces EBITDA and Adjusted EBITDA
TableB: Net Total Debt Reconciliation
(dollars in thousands)
| December 31, | December 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Total<br> debt | $ | 6,665 | $ | 13,906 |
| Add:<br> debt discounts and deferred issuance costs included in total debt | 1,025 | 1,453 | ||
| Total<br> principal amount of debt outstanding | 7,690 | 15,359 | ||
| Less:<br> Cash and cash equivalents | 4,422 | 2,058 | ||
| Net<br> total debt (Non-GAAP) | $ | 3,268 | $ | 13,301 |