What is the revenue and EPS growth rate for High Tide year over year?

What does High Tide do and what are its main business segments?

What were the key takeaways from High Tide's earnings call?

What guidance did High Tide's management provide for the next earnings period?

What were the key takeaways from High Tide’s earnings call?

What is High Tide's gross profit margin?

What factors drove the changes in High Tide's revenue and profit?

What is the market's earnings forecast for High Tide next quarter?

- **Revenue Growth**: CAD 178.3M (+25% YoY), driven by brick-and-mortar (28% gross margin) and Remexian (EUR 25M Q1 sales).
- **Free Cash Flow Turnaround**: CAD 2.9M in Q1 vs. -CAD 1.9M last year, with 12-month FCF at CAD 16.8M.
- **International Expansion**: Germany Remexian on track for 20-25% gross margins; UK deal pursuit within 12 months.
- **Store Growth**: 20-30 new Canadian stores in FY2026, targeting Ontario and Alberta.
- **Loyalty Program Success**: 162K Elite members (+100% YoY), contributing high-margin sales.

**【CEO Summary Section】**
- Q1 2026 revenue reached CAD 178.3 million, up 25% YoY, with a 9% sequential increase. Adjusted EBITDA rose 62% YoY to CAD 11.5 million.
- Remexian (Germany) revenue surged to EUR 25 million in Q1 (EUR 8 million/month avg), with February sales hitting EUR 12 million and 20% gross margin.
- Free Cash Flow improved to CAD 2.9 million (vs. -CAD 1.9M in Q1 2025), with trailing 12-month FCF at CAD 16.8 million.
- Canna Cabana brick-and-mortar gross margin hit 28% (highest in 3 years), driven by 47% YoY growth in Cabana Club members (2.58M total, 162K Elite members).
- Plans to open 20-30 new Canadian stores in FY2026, focusing on Ontario and Alberta, with M&A opportunities explored.
- International expansion into the UK within 12 months, leveraging Remexian's success and Canadian biomass sourcing.

**【CFO Financial Commentary】**
- Consolidated gross margin stabilized at 25%, with brick-and-mortar segment at 28%.
- G&A expenses reduced to 4.1% of revenue (vs. 4.6% YoY), reflecting operational efficiency.
- Strong balance sheet with CAD 46.4 million in cash and CAD 64.5 million in debt, no near-term maturities.
- Q1 Free Cash Flow reversal to positive, driven by brick-and-mortar profitability.

**【Q&A Key Highlights】**
- **Germany Growth**: February sales EUR 12 million (20% gross margin), with Canadian biomass imports expected to boost Q3+ margins to 20-25%.
- **Canada Store Expansion**: 20-30 new stores in FY2026, focusing on Ontario (54+ stores needed) and Alberta (130+ target).
- **E-commerce Recovery**: Sequential increase in CBD and accessories, with tech stack upgrades driving 30-50% conversion rate improvements.
- **Market Trends**: Industry-wide slowdown in Canada, but High Tide outperformed with 2% YoY same-store sales growth in Q1.

High Tide Inc (HITI) Q1 2026 Earnings Call Transcript

- **Revenue Record**: Q4 revenue of CAD 164 million, up 19% YoY, with brick-and-mortar segment growing 15%.
- **Store Expansion**: 27 new stores in 2025, targeting 20-30 in 2026, with Ontario stores outperforming peers by 2.6x.
- **Loyalty Growth**: Cabana Club members at 2.5 million (45% YoY), Elite members at 151,000 (107% YoY).
- **Germany Progress**: Remaxion Q4 contribution CAD 10 million, with supply chain diversification underway.
- **Free Cash Flow**: CAD 12 million annually, supporting organic growth and M&A exploration.
- **U.S. Strategy**: Evaluating partnerships post-rescheduling, with potential impact from Medicare CBD pilot program.

**【CEO Summary Section】**
- **Record Q4 Revenue**: CAD 164 million, up 19% year-over-year, driven by 15% growth in brick-and-mortar segment.
- **Store Expansion**: Added 27 stores in 2025, targeting 20-30 new stores in 2026. Ontario stores outperform peers by 2.6x in revenue.
- **Loyalty Program Growth**: Cabana Club members reach 2.5 million (45% YoY), with 151,000 Elite members (107% YoY growth).
- **Germany Acquisition**: 51% stake in Remaxion, contributing CAD 10 million in Q4 despite supply chain challenges. Expected to improve with diversified suppliers.
- **U.S. Strategy**: Exploring partnerships post-rescheduling, with potential Medicare CBD pilot program impact on NuLeaf and FAB brands.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA of CAD 12.4 million (51% YoY growth), gross margin 26%, and free cash flow CAD 12 million annually.
- **Cost Efficiency**: Salary expenses at 11.5% of revenue, lowest in 9 quarters. EBITDA margin 9.4%, up from 7.8% YoY.
- **Derivative Liabilities**: CAD 23.5 million loss due to rising share price and Remaxion EBITDA projections. Impairment of e-commerce assets CAD 23.6 million.

**【Q&A Key Highlights】**
- **Germany Inventory**: Portugal biomass clearing, with December shipments second-highest. New suppliers in Czech Republic and Malta to reduce reliance.
- **Brick-and-Mortar Margins**: 9.4% EBITDA margin, driven by elite sales and white-label products. New stores take 12-18 months to mature due to competition.
- **M&A Opportunities**: Exploring acquisitions of 20-30 stores, with interest from smaller operators. Potential U.S. partnerships post-rescheduling.
- **Budtender Training**: Centralized program ensures consistent service, with budtenders trained in 2-3 days per location.
- **U.S. Market**: Monitoring regulatory changes, with potential entry via partnerships or licensing agreements post-rescheduling.

High Tide Inc (HITI) Q4 2025 Earnings Call Transcript

- **Record Q3 Performance**: $149.7M revenue, 18% YoY bricks-and-mortar growth, 7.4% same-store sales, and 16% German market share via Remexian acquisition.
- **Operational Strength**: $7.7M free cash flow, 2.15M Cabana Club members, and 207 stores in Canada.
- **Strategic Expansion**: Germany entry with Remexian, targeting 50-60% Canadian LP sourcing, and U.S. hemp-derived cannabinoids launch.
- **Financial Health**: 27% gross margin, $10.6M EBITDA, and 1.5x debt/EBITDA ratio.
- **Growth Drivers**: Organic store expansion (300+ target), white label products, and disciplined capital allocation.

**【CEO Summary Section】**
- Q3 2025 was the strongest quarter in High Tide’s history, with record revenue of $149.7 million, up 14% YoY, and a $600 million annual run rate.
- Bricks-and-mortar revenue grew 18% YoY, driven by 7.4% same-store sales growth, the fastest pace in two years. Canna Cabana’s market share in Canada reached 12%, up from 2% in 2021.
- Acquired 51% of Remexian, Germany’s leading medical cannabis distributor, with €70 million annualized revenue and 16% market share. High Tide aims to source 50-60% of Remexian’s supply from Canadian LPs.
- Free cash flow of $7.7 million (148% YoY growth) and 2.15 million Cabana Club members (39% YoY increase) highlight operational strength.
- 207 stores in Canada, with plans to reach 300+ through organic growth and potential M&A.

**【CFO Financial Commentary】**
- Q3 2025: $149.7 million revenue (14% YoY), 27% gross margin, $10.6 million adjusted EBITDA (11% YoY growth).
- Bricks-and-mortar EBITDA of $12.7 million (42% YoY), 8.7% margin (highest in two years).
- E-commerce underperformed, with 3% of revenue. New VP and consultants are addressing the turnaround.
- Balance sheet: $69 million debt (1.5x EBITDA), $30 million junior subordinated loan with Kronos.

**【Q&A Key Highlights】**
- **Market Share Growth**: Same-store sales up 137% since 2021, vs. 2% decline for peers. Competitor closures and Cabana’s model drive gains.
- **Germany Strategy**: Remexian’s €70 million annualized revenue and 16% market share provide scale. High Tide plans to leverage Canadian LPs for sourcing.
- **E-commerce Turnaround**: Hemp-derived cannabinoids launched in the U.S., with potential for U.S. federal reform.
- **Gross Margins**: Bricks-and-mortar at 27%, stable due to new store openings. Long-term target 30%+ with white label growth.
- **Portugal Supply Chain**: July-August slowdown resolved; November+ expected normalization.
- **Capital Allocation**: Focus on organic store growth (20-30 new stores/year) and disciplined M&A.


High Tide Inc (HITI) Q3 2025 Earnings Call Transcript

- **Store Expansion Record**: 200+ locations with 16% YoY bricks-and-mortar revenue growth, fastest same-store sales in 5 quarters.
- **Loyalty Program Dominance**: 1.9M Cabana Club members (33% YoY), driving 10x peer-average store revenue in Ontario.
- **Profitability Boost**: 150bps gross margin improvement over 2 quarters, targeting further gains as competitors exit.
- **Global Ambitions**: 40+ Canadian LPs committed to European distribution, positioning for German market entry.
- **Financial Strength**: $34.7M cash, 0.8x debt/EBITDA, $8.1M EBITDA with 14% sequential growth.


**【CEO Summary Section】**
- Achieved 200th Canna Cabana store milestone, with 87 stores in Alberta (10% YoY growth) and 82 in Ontario (30% YoY expansion). 
- Same-store sales grew 6.2% YoY, fastest in 5 quarters, with trailing 12-month revenue surpassing $550M.
- Cabana Club membership reached 1.9M (33% YoY), with ELITE tier at 97K (120% YoY growth).
- White Label brand Queen of Bud sales reached $1.4M, up from $0.5M 3 months prior, targeting 10-20% of store inventory.
- Germany strategy advancing with 40+ Canadian LPs expressing interest in European distribution.

**【CFO Financial Commentary】**
- Q2 revenue $137.8M (11% YoY), with bricks-and-mortar segment up 16% YoY.
- Gross margin 26% (25% sequentially improved), targeting further expansion in Q3.
- Adjusted EBITDA $8.1M (14% sequential growth), free cash flow $4.9M.
- Total debt $25.4M (0.8x trailing EBITDA), cash reserves $34.7M with no near-term maturities.

**【Q&A Key Highlights】**
- **Margin Expansion**: Competitor store closures enabling 150bps gross margin improvement over 2 quarters, targeting further gains in Q3.
- **Germany Update**: New coalition government delaying cannabis policy review, but industry expects no reclassification as narcotic.
- **E-commerce Strategy**: 3% of revenue but strategic for U.S./Europe customer acquisition; all options on table to maximize value.
- **Canadian Pricing**: Wholesale prices stabilizing due to export demand, supporting White Label margin expansion.


High Tide Inc. (HITI) Q2 2025 Earnings Conference Call Transcript

- **Revenue Record**: Q1 2025 revenue hits $142.5M (+11% YoY), with bricks-and-mortar up 17% YoY.
- **Market Leadership**: 11% market share in key provinces, same-store sales +5% YoY vs. industry decline.
- **Germany Play**: Shifting to alternative partner for medical cannabis, targeting 2.5M Canadian members by 2025.
- **Financial Health**: Trailing free cash flow up 45% to $16.5M, debt reduced to $26.4M (0.8x EBITDA).
- **Growth Initiatives**: 20-30 new stores in 2025, global e-commerce expansion despite short-term margin pain.


**【CEO Summary Section】**
- Q1 2025 revenue reached $142.5 million (11% YoY growth), with bricks-and-mortar segment up 17% YoY.
- Same-store sales growth of 5% YoY, fastest in four quarters, driven by Cabana Club loyalty program expansion to 1.76 million members in Canada.
- Germany strategy: Pursuing medical cannabis market via potential new partner, with academic partnerships for future adult-use opportunities.
- 2025 store expansion target: 20-30 new locations, despite slower ramp-up times due to competition.
- Free cash flow negative ($1.9M) in Q1 due to working capital investments, but trailing 12-month free cash flow up 45% to $16.5M.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $7.1M (-32% YoY) due to accelerated store openings and global e-commerce initiatives.
- Gross margin 25% (down from 28% YoY) due to Cabana Club e-commerce price discounts and illicit market impact.
- Debt reduced to $26.4M (0.8x trailing EBITDA), with no maturities until 2027.
- Cabanalytics platform revenue up 49% YoY to $11.3M, driven by data and advertising growth.

**【Q&A Key Highlights】**
- **Germany Strategy**: Abandoned Purecan equity deal; exploring alternative structures for medical cannabis entry. Scientific pilot project for adult-use in development.
- **Canada Market**: 11% market share in key provinces, outperforming peers with $3.5M annual run rate per store in Ontario.
- **Membership Growth**: Target 2.5M Cabana Club members in Canada (up from 1.76M), with ELITE tier signups up 153% YoY.
- **Tariff Impact**: 99% of business domestically sourced, insulated from US-China trade tensions.
- **E-commerce Transition**: Global Cabana Club launch causing short-term margin compression, but aiming for revenue breakeven in 6 months.


Actual	-0.0163	-0.024	-0.0726	-0.1101	-0.1088	-0.0391	-0.6237	-0.0376	-0.0148	-0.0303	-0.281	0	0	0.0072	-0.043	-0.0206	-0.029	0.0072	0.0143	0.0073
Forecast	0.0081	0	-0.1238	-0.097	-0.057	-0.0703	-0.055	-0.0526	-0.0393	-0.036	-0.281	-0.0273	-0.0121	-0.0072	-0.012	-0.0183	-0.0266	-0.005	0.0057	-0.0024
Surprise	-301.23%	0.00%	+41.36%	-13.51%	-90.88%	+44.38%	-1034.00%	+28.52%	+62.34%	+15.83%	0.00%	+100.00%	+100.00%	+200.00%	-258.33%	-12.57%	-9.02%	+244.00%	+150.88%	+404.17%

HITI

HITI fundamentals

HITI Q1 2026 Earnings

Earnings Call

You can ask Aime

HITI

HITI fundamentals

HITI Q1 2026 Earnings

Earnings Call

HITI Earnings Call Summary for Q1/202611:30 AM on Mar 18, 2026

HITI Earnings Call Summary for Q4/202511:30 AM on Jan 30, 2026

HITI Earnings Call Summary for Q3/202511:30 AM on Sep 16, 2025

HITI Earnings Call Summary for Q2/202511:30 AM on Jun 17, 2025

HITI Earnings Call Summary for Q1/202511:30 AM on Mar 18, 2025

You can ask Aime