Amid the FDA’s suspended ban on its e-cigarettes, Juul Labs Inc. has seen its revenue for the first quarter of the year drop by 23 per cent compared to the previous year, reports Bloomberg.

According to insiders with knowledge of the matter, Juul recorded USD 259 million revenue for the first quarter of the year, which meant a loss of USD 28 million compared to earnings of USD 29 million during the same period of the previous year. The company debt is thought to total USD 2.15 billion which includes a USD 394 million term loan that becomes due in August 2023 as well as around USD 1.7 billion of 7 per cent notes due 2025 that “paymentin- kind securities,” allowing the company to delay interest payments, according to Bloomberg.
The news comes after Juul was hit by an FDA ban on the sale of its e-cigarettes, which it managed to block for the time being and amid a large amount of consumer lawsuits which could result in millions of dollars in damages, reports Bloomberg.
Juul is currently trying to find new funding possibilities ahead of the debt repayment deadlines and boost liquidity.