Feb. 20 at 9:59 PM
$XXII Earnings look good. VLN pivot and enough cash to get them through all of 2026.
Net revenues ~
$17.6M vs
$24.4M in 2024 down ~28%
Total cartons shipped ~2.1M, flat with 2024
Gross loss ~
$3.1M vs
$2.4M in 2024 — worse
Operating loss ~
$11.6M vs
$14.0M in 2024 — 17% improvement
Net loss ~
$13.1M vs
$15.5M in 2024 — 15% improvement
Balance sheet:
Cash of
$7.1M at year end
Zero long-term debt
Inventory expanded to
$4.3M from
$2.0M at Q3 end, dumping CMO and moving towards VLN ramp up.