High Tide (HITI) Reports Record Q3 Revenue, 7.4% Same-Store Sales Growth

High Tide (HITI) reported Q3 revenue of C$149.7 million, up from C$131.7 million YoY, with same-store sales growing 7.4% YoY. The company's discount club model has driven customer loyalty and growth. CEO Raj Grover expressed enthusiasm over the record achievements in revenue, adjusted EBITDA, and positive outcomes in free cash flow and net income.

High Tide Inc. (HITI), the leading cannabis retail enterprise, has reported robust financial results for the third fiscal quarter of 2025. The company's revenue reached a record C$149.7 million, marking a 14% year-over-year (YoY) increase from C$131.7 million in the same period last year. This growth was driven by a 7.4% YoY increase in same-store sales, the fastest growth rate in two years High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].

The company's discount club model has proven to be a significant driver of customer loyalty and growth. High Tide's core bricks-and-mortar segment revenue increased by 18% YoY and 10% sequentially, contributing to the overall revenue growth. Gross profit margin remained consistent at 27%, while adjusted EBITDA reached a record C$10.6 million, up 11% YoY and 32% sequentially High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].

Free cash flow generation was particularly strong, with the company reporting C$7.7 million for the quarter, a 148% YoY increase and 57% sequential growth. This was supported by a 12% YoY increase in net income to C$0.8 million, reversing a net loss of C$2.8 million in the previous quarter High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].

CEO Raj Grover expressed enthusiasm over the record achievements, stating, "We are thrilled with our most powerful quarter to date across nearly every financial metric. Our loyalty-focused innovative discount club model continues to resonate strongly with our customers." The company's acquisition of a majority stake in Remexian, a German medical cannabis company, further positions High Tide as a major player in the European market High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].

High Tide's retail performance was also impressive. The company's Canadian Cabana Club membership surpassed 2.15 million, up 39% YoY, while global membership reached 6.15 million. Average Canna Cabana store generated 2.1x revenue versus peers, and the company's market share reached 12% across the five provinces where it operates High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].

In operational highlights, High Tide opened seven new Canna Cabana locations during the quarter and closed on a C$30 million junior secured loan. The company also announced and subsequently closed its acquisition of Remexian Pharma GmbH, allowing it to enter the fast-growing German medical cannabis market High Tide Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income^[1].