22nd Century Group, Inc · NASDAQ:XXII
22nd Century — Q1 2026 Earnings Presentation
16 slides from 22nd Century's earnings presentation, May 7, 2026
Slide 1: Investor Presentation: Leading the Tobacco Harm Reduction Movement
INVESTOR PRESENTATION January 2026 Leading the Tobacco Harm Reduction Movement
Slide 2: Forward Looking Statements
Forward Looking Statements Except for historical information, all of the statements, expectations, and assumptions contained in this presentation are forward-looking statements, including but not limited to our business outlook forward-looking statements typically contain terms such as “anticipate,”
Slide 3: At A Glance
At A Glance ▪ The true leader of the Tobacco Harm Reduction Movement - 27 Years ▪ The Only Company Fully aligned with the FDA's low nicotine mandate – January 2025 ▪ Poised for profitable growth and value creation with our House of Brands ▪ VLN® products offer a CHOICE for NICOTINE consumption in co
Slide 4: Tobacco Market
Tobacco Market ▪ United States o $109 billion in annual sales o $83 billion in annual cigarette sales o 28.8 million smokers o 480,000 smoking related deaths annually o 1,315 smokers die daily from smoking related health conditions in the US ▪ Worldwide $1.1 trillion in annual sales $873 billion
Slide 5: The Lanes in Tobacco
The Lanes in Tobacco ▪ The Good news is, the Tobacco Harm Reduction movement is now alive and well – We are the leader ▪ The market is shaping into 4 lanes: o Lane 1 – Pouches and moist snuff o Lane 2 – Heat not burn or Heated Tobacco Products o Lane 3 – Low Nicotine or VLN products o Lane 4 – Stand
Slide 6: Smokers – The $58b Market
Smokers – The $58b Market ▪ 70% of Smokers in the US have experienced “The Moment” ▪ The Moment = “I need to/want to/should change my smoking habit” ▪ Smoking is a ritual – Enjoyment – A place to go – Relaxing – Stimulating ▪ Quitting, reducing, or changing is EXTREMELY HARD ▪ Use cases for VLN® fol
Slide 7: Nicotine Harm – The Great Unknown
Nicotine Harm – The Great Unknown ▪ Consumers have been led to believe that nicotine is harmless – Not true as Nicotine: ▪ Bone Development: ▪ Inhibits bone formation ▪ Increases bone breakdown ▪ Reduces bone density ▪ Decreases blood flow ▪ Affects hormones ▪ Disrupts brain development under 25 yea
Slide 8: The Scientific Proof – VLN® Products
The Scientific Proof – VLN® Products ▪ 2024 Study: 450+ participants using 95% less nicotine VLN® cigarettes ▪ 40% reduced daily consumption in 12 weeks ▪ Scaled to 28.8M U.S. smokers = 11.5M smokers could see similar results ▪ VLN® Cigarette Advantage: ▪ Familiar cigarette format — no devices or ha
Slide 9: FDA Low Nicotine Mandate
FDA Low Nicotine Mandate ▪ 75 years of U.S. government warnings about nicotine and smoking risks ▪ Billions invested in research, cessation programs, and messaging to help smokers gain control over nicotine dependence ▪ Addiction: loss of control over harmful substances—nicotine included ▪ FDA Propo
Slide 10: Cigarette Comparison
Cigarette Comparison 20 VLN® cigarettes = 1 traditional cigarette =
Slide 11: VLN® Brands Future Natural Brands
VLN® Brands Future Natural Brands High Margin Better Option for You Category Vertical Differentiation • Leaf Grade • Pack Size • Price ? ? Competitive Advantage • Account Depth • Consumer Options Design 1
Slide 12: Distribution
Distribution Momentum in Motion ▪ VLN® + Partner VLN® and Naturals launched into retail ▪ Already in 2,000 outlets across more than 20 states ▪ Riding alongside established branded products in the same chains Expanding the Footprint ▪ 22nd Century VLN® key state approvals in progress ▪ Targeting 50-
Slide 13: R&D Drives Future Opportunities
R&D Drives Future Opportunities Expanding the VLN® Lineup ▪ Adding 100MM+ VLN® products (both Regular + Partner) ▪ Developing new low-nicotine tobacco strains for future blends Deepening the Science ▪ Ongoing research on TSNAs — tackling nicotine and carcinogens ▪ Long-term partnership with NC State
Slide 14: TTM Condensed P&L
TTM Condensed P&L (amounts in thousands) YTD 2025 Highlights: QTD QTD QTD QTD December 31, 2024 March 30, 2025 June 30, 2025 September 30, 2025 ▪ Poised for sequential revenue growth and positive gross Revenues, net $ 4,020 $ 5,956 $ 4,083 $ 4,011 margin entering 1H 2026 Cost of goods sold 3,094 2,8
Slide 15: Summary
Summary VLN® Cigarettes — Proven, Ready & In The Market Path to Profitability ▪ Science validated, clinical proof in market ▪ Focused growth in total branded portfolio (Full + Low Nicotine) ▪ Product strategy launched + strengthened through ▪ Targeting EBITDA breakeven in 2026 partner brands (VLN® i
Slide 16: Investor Relations Contact
www.xxiicentury.com www.tryvln.com Investor Relations: Matt Kreps +1-214-597-8200 investorrelations@xxiicentury.com