22nd Century Group, Inc. (XXII) Cash Flow Statement
Where XXII’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$7.7M
- Capital expenditures
- $875,000 12.4% of revenue
- Free cash flow
- −$8.6M −122.0% margin
- Returned to shareholders
- $4.7M
- Change in cash
- $2.7M cash at year-end $7.1M
Cash from operations
−$7.7M
Capital expenditures
−$875,000
Acquisitions & other
+$370,000
Dividends
−$4.7M
Net borrowing (repayment)
+$6.0M
Other financing
+$9.6M
Change in cash
$2.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XXII operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
XXII cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$9.9M2016 | −$7.7M2025 | — | |
| Capital expenditures | $553,7702016 | $875,0002025 | +5.2%/yr | |
| Free cash flow | −$10.4M2016 | −$8.6M2025 | — | |
| Free cash flow margin | −85.0%2016 | −122.0%2025 | −36.9 pts | |
| Stock-based compensation | $911,3822016 | $421,0002025 | −8.2%/yr | |
| Dividends paid | $469,0002021 | $4.7M2025 | +77.7%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 4.5%2016 | 12.4%2025 | +7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XXII cash flow by activity
OperatingInvestingFinancingChange in cash
XXII net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
XXII cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$5.1M | −$15.2M | −$140.8M | −$59.8M | −$32.6M | −$19.7M | −$26.6M | −$8.0M | −$13.0M | −$11.6M |
| Depreciation & amortization | $1.2M | $1.3M | $4.9M | $3.6M | $1.5M | $1.5M | $1.6M | $1.3M | $946,996 | $842,179 |
| Stock-based compensation | $421,000 | $380,000 | $2.7M | $5.5M | $4.0M | $1.7M | $3.5M | $3.2M | $941,650 | $911,382 |
| Change in working capital | −$6.6M | $3.2M | −$1.7M | −$11.6M | −$733,000 | −$1.6M | $639,000 | $448,668 | −$701,640 | −$415,179 |
| Other non-cash items | $2.3M | −$4.0M | $80.0M | $10.6M | $5.0M | $2.5M | $6.2M | −$14.9M | −$226,272 | $355,468 |
| Cash from operating activities | −$7.7M | −$14.3M | −$55.0M | −$51.7M | −$22.8M | −$15.6M | −$14.6M | −$17.8M | −$12.1M | −$9.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$875,000 | −$161,000 | −$5.6M | −$4.4M | −$1.1M | −$522,000 | −$1.1M | −$1.1M | −$1.6M | −$553,770 |
| Investments (net) | — | −$139,000 | $16.8M | $28.6M | −$26.7M | $17.0M | $19.3M | $16.3M | −$60.6M | −$553,770 |
| Acquisitions & other investing | $370,000 | $161,000 | $5.6M | −$1.6M | $0 | $6,000 | −$13.7M | $0 | $1.6M | $553,770 |
| Cash from investing activities | −$505,000 | −$139,000 | $16.8M | $22.6M | −$27.7M | $16.5M | $4.6M | $15.1M | −$60.6M | −$553,770 |
| Financing activities | ||||||||||
| Dividends paid | −$4.7M | −$10.3M | −$9.8M | −$149,000 | −$469,000 | — | — | — | — | — |
| Share repurchases & issuance (net) | — | $0 | −$178,000 | −$149,000 | −$469,000 | $50,000 | $10.6M | $444,613 | $12.4M | $196 |
| Net borrowing (repayment) | $6.0M | −$1.6M | $3.9M | −$4.2M | $49,000 | −$354,000 | −$700,000 | −$800,000 | −$333,334 | −$333,333 |
| Shares issued | $0 | $16.1M | $27.9M | $35.0M | $38.2M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.6M | $12.6M | $15.4M | $294,000 | $13.6M | $0 | $383 | $0 | $50.7M | $20.5M |
| Cash from financing activities | $11.0M | $16.8M | $37.2M | $30.8M | $50.9M | −$304,000 | $9.9M | −$355,387 | $62.8M | $20.1M |
| Summary | ||||||||||
| Net change in cash | $2.7M | $2.4M | −$962,000 | $1.7M | $307,000 | $544,000 | −$120,000 | −$3.1M | −$9.8M | $9.7M |
| Cash at end of period | $7.1M | $4.4M | $2.1M | $3.0M | $1.3M | $1.0M | $485,000 | $604,925 | $3.7M | $13.5M |
| Free cash flow | −$8.6M | −$14.5M | −$60.6M | −$56.1M | −$23.9M | −$16.1M | −$15.7M | −$18.9M | −$13.7M | −$10.4M |
| Free cash flow margin | −122.0% | −122.1% | −188.2% | −138.6% | −77.3% | −57.4% | −60.7% | −71.7% | −82.4% | −85.0% |
| Capex / revenue | 12.4% | 1.4% | 17.4% | 10.9% | 3.5% | 1.9% | 4.2% | 4.2% | 9.7% | 4.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.3M | −$3.3M | −$2.8M | −$3.8M | −$3.3M | −$4.3M | −$4.6M | −$3.6M | −$2.2M | −$5.5M | −$22.1M | −$72.7M |
| Depreciation & amortization | $250,000 | $246,000 | $257,000 | $305,000 | $304,000 | $291,000 | $307,000 | $312,000 | $311,000 | $328,000 | $455,000 | $1.6M |
| Stock-based compensation | $270,000 | $238,000 | $196,000 | $92,000 | $107,000 | $26,000 | $147,000 | −$4,000 | $56,000 | $181,000 | −$558,000 | $576,000 |
| Change in working capital | −$1.3M | −$346,000 | $5.2M | −$10.6M | −$568,000 | −$585,000 | $4.2M | $366,000 | −$3.0M | $1.6M | $5.0M | −$965,000 |
| Other non-cash items | $183,000 | $20,000 | −$143,000 | $10.0M | −$25,000 | $1.6M | −$4.5M | −$66,000 | $162,000 | $1.1M | $12.4M | $58.6M |
| Cash from operating activities | −$4.0M | −$3.1M | $2.7M | −$4.0M | −$3.5M | −$3.0M | −$4.4M | −$3.0M | −$4.7M | −$2.3M | −$4.8M | −$12.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$40,000 | −$40,000 | −$16,000 | −$6,000 | −$29,000 | −$59,000 | −$20,000 | −$70,000 | −$64,000 | −$7,000 | −$1.2M | −$1.2M |
| Investments (net) | — | — | — | −$522,000 | $731,000 | −$59,000 | −$20,000 | −$70,000 | −$64,000 | $15,000 | −$536,000 | −$1.6M |
| Acquisitions & other investing | −$270,000 | −$7,000 | −$639,000 | $6,000 | $29,000 | $59,000 | $20,000 | $70,000 | $64,000 | $7,000 | $1.2M | $1.2M |
| Cash from investing activities | −$310,000 | −$47,000 | −$655,000 | −$522,000 | $731,000 | −$59,000 | −$20,000 | −$70,000 | −$64,000 | $15,000 | −$536,000 | −$1.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$17.5M | −$589,000 | −$4.7M | — | — | — | −$6.7M | −$4.1M | — | −$3.6M | −$9.8M | — |
| Share repurchases & issuance (net) | −$2.0M | −$9.7M | — | — | $0 | $1,000 | $1,000 | $1,000 | — | −$1,000 | $420,000 | $0 |
| Net borrowing (repayment) | $470,000 | −$124,000 | $10.2M | −$3.6M | −$378,000 | −$254,000 | −$947,000 | −$728,000 | — | — | — | — |
| Shares issued | $43,000 | $15.5M | $0 | $9.9M | $0 | $0 | $5.2M | $6.7M | $0 | $0 | $5.2M | $14.6M |
| Other financing | $19.9M | $453,000 | −$5.3M | $0 | $5.1M | −$1,000 | $5.9M | $5.3M | $4.5M | $5.3M | $1.2M | −$1.8M |
| Cash from financing activities | $812,000 | $5.5M | $209,000 | $6.3M | $4.7M | −$254,000 | $3.5M | $7.1M | $4.5M | $1.7M | −$3.0M | $12.8M |
| Summary | ||||||||||||
| Net change in cash | −$3.5M | $2.4M | $2.3M | $1.8M | $1.9M | −$3.3M | −$919,000 | $4.1M | −$238,000 | −$541,000 | −$8.3M | −$1.6M |
| Cash at end of period | $6.1M | $9.5M | $7.1M | $4.8M | $3.1M | $1.1M | $4.4M | $5.3M | $1.3M | $1.5M | $2.1M | $10.3M |
| Free cash flow | −$3.9M | −$3.1M | $2.7M | −$4.0M | −$3.5M | −$3.0M | −$4.4M | −$3.0M | −$4.8M | −$2.3M | −$6.0M | −$14.1M |
| Free cash flow margin | −137.9% | −76.6% | 260.8% | −268.6% | −157.4% | −133.4% | −240.0% | −121.2% | −107.7% | −73.3% | — | −352.2% |
| Capex / revenue | 1.4% | 1.0% | 1.5% | 0.4% | 1.3% | 2.6% | 1.1% | 2.8% | 1.4% | 0.2% | — | 30.7% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
XXII cash generation
In fiscal 2025 (ended December 31, 2025), 22nd Century generated -$7.7 million of cash from operations and spent $0.9 million on capital expenditures, leaving free cash flow of -$8.6 million, −122.0% of revenue. It returned $4.7 million to shareholders through dividends ($4.7 million) and net share buybacks ($0). Cash and equivalents rose by $2.7 million over the year.
Related: XXII income statement, XXII balance sheet. See the XXII stock overview for the latest quote and news.
XXII cash flow FAQ
What is 22nd Century's free cash flow?
22nd Century's free cash flow was -$8.6 million in fiscal 2025: -$7.7 million of operating cash flow minus $0.9 million of capital expenditures It was -$14.5 million a year earlier..
How much cash does 22nd Century generate from operations?
22nd Century generated -$7.7 million of cash from operating activities in fiscal 2025.
How much does 22nd Century spend on capital expenditures?
22nd Century spent $0.9 million on capital expenditures in fiscal 2025, 12.4% of revenue, compared with $0.2 million the year before.
How much does 22nd Century pay in dividends?
22nd Century paid $4.7 million in dividends in fiscal 2025.