22nd Century Group, Inc. (XXII) Q2 2024 Earnings Call Transcript

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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

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