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HITI

High Tide Inc.

HITI

High Tide Inc. • NASDAQ
$2.61 ▼ -1.88% (-0.05)
Market Cap $227.36 M
52w High $4.05
52w Low $1.64
Dividend Yield 0%
P/E -32.62
Volume 142.91K
Outstanding Shares 87.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $137.804M ▼ $34.539M ▼ $-2.898M ▼ -2.103% ▼ $-0.04 ▼ $6.399M ▼
Q1-2025 $142.461M ▲ $35.373M ▼ $-2.808M ▲ -1.971% ▲ $-0.035 ▼ $6.697M ▲
Q4-2024 $138.295M ▲ $38.586M ▲ $-4.689M ▼ -3.391% ▼ $-0.004 ▼ $4.355M ▼
Q3-2024 $131.685M ▲ $32.399M ▲ $717K ▲ 0.544% ▲ $0.009 ▲ $10.286M ▲
Q2-2024 $124.259M $8.708M $-25K -0.02% $-0 $9.012M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $34.995M ▲ $231.98M ▼ $90.067M ▼ $140.059M ▼
Q1-2025 $34.053M ▼ $235.663M ▼ $90.563M ▼ $142.741M ▼
Q4-2024 $47.979M ▲ $246.208M ▲ $100.696M ▲ $143.272M ▼
Q3-2024 $35.966M ▲ $238.461M ▲ $90.818M ▼ $145.09M ▲
Q2-2024 $35.265M $234.462M $92.253M $139.764M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-2.836M ▼ $8.256M ▲ $-2.152M ▲ $-4.499M ▲ $1.351M ▲ $5.695M ▲
Q1-2025 $-2.689M ▲ $682K ▼ $-2.741M ▲ $-11.992M ▼ $-13.926M ▼ $-2.059M ▼
Q4-2024 $-4.802M ▼ $9.651M ▲ $-3.399M ▼ $4.219M ▲ $12.013M ▲ $7.637M ▲
Q3-2024 $825K ▲ $6.214M ▼ $-3.28M ▼ $-1.809M ▲ $714K ▼ $2.755M ▼
Q2-2024 $-25K $12.808M $-2.255M $-3.937M $5.855M $10.608M

Five-Year Company Overview

Income Statement

Income Statement High Tide’s income statement shows a business that has shifted from building scale toward operating more efficiently. Revenue has grown steadily each year, suggesting customers are responding to the company’s expanding store base and online platforms. Margins have improved as well, with the business moving from operating losses to a small operating profit, and from negative to roughly break-even net income. This points to better cost control and more disciplined operations. However, profitability is still fragile, and a small setback in sales, pricing, or costs could easily push results back into the red. Overall, the trend is clearly improving, but not yet firmly established.

Balance Sheet

Balance Sheet The balance sheet looks relatively balanced and stable. Total assets have grown modestly, supported by a gradual increase in cash, while debt has remained fairly steady rather than climbing. Equity has held up, which suggests that past losses have not severely damaged the company’s financial foundation. Leverage does not look extreme, but this is still a retailer in a competitive and regulated industry, so the room for big missteps is limited. The company appears to have enough resources to keep operating and investing, but not an excess cushion that would allow for aggressive, high-risk moves without careful planning.

Cash Flow

Cash Flow Cash flow is one of the brighter spots. The business has moved from roughly break-even cash generation to consistently positive operating cash flow, meaning the core operations are now bringing in cash rather than consuming it. After modest investment spending, free cash flow has also turned positive, which is important for funding growth and managing debt without constantly relying on new financing. The amounts are not large, so there is still vulnerability to shocks, but the direction is favorable: the company is increasingly self-funding its activities instead of burning cash.

Competitive Edge

Competitive Edge High Tide holds a strong position in Canadian cannabis retail with its Canna Cabana chain and discount club model, supported by a very large loyalty program. This gives it scale advantages, bargaining power with suppliers, and a steady base of repeat customers who are drawn to value pricing. Its global e-commerce platforms for accessories and CBD add diversification beyond Canada and beyond pure cannabis retail. Vertical integration across retail, e-commerce, and distribution helps it capture more of the value chain. The main risks are intense price competition, ongoing regulatory uncertainty in cannabis, and execution risk as the company balances discount pricing with the need to maintain healthy margins.

Innovation and R&D

Innovation and R&D Innovation is a key part of High Tide’s strategy. The Fastendr self-serve kiosks and smart lockers streamline in-store shopping, cut staffing needs, and generate detailed customer data. The company makes active use of data from its loyalty program and digital platforms to guide product selection, pricing, and promotions. Its broad set of e-commerce brands gives it a global testing ground for new products and marketing approaches. Looking ahead, High Tide is focusing on digital upgrades, new product formats, wellness-oriented offerings, and selective acquisitions, including moves into markets like Germany. The opportunity is to deepen customer relationships and expand geographically, but each new market and acquisition adds integration and regulatory risk.

Summary

High Tide appears to be transitioning from a growth-at-any-cost phase into a more disciplined, cash-generating business. Revenues and margins have improved, operating profit has turned positive, and cash flows now support the business rather than drain it. The balance sheet looks reasonable for a retailer in a young, volatile industry. Strategically, the company benefits from strong branding in Canada, scale advantages, a sticky loyalty program, and a sizable global e-commerce footprint. Its technology and data-driven approach provide additional edge. At the same time, the company operates in a highly competitive, heavily regulated cannabis market, where pricing pressure, regulatory changes, and expansion missteps could quickly affect results. Overall, the trends in profitability and cash flow are favorable, while the main questions center on sustaining these gains and successfully executing further expansion without stretching the balance sheet or eroding margins.

NEWS

November 14, 2025 · 1:21 PM UTC

Toronto Stock Exchange, High Tide Inc., The View from the C-Suite

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November 12, 2025 · 8:00 AM UTC

High Tide to Open Four New Canna Cabana Locations Across Alberta and Ontario

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October 23, 2025 · 8:00 AM UTC

High Tide to Open New Canna Cabana Location in Hamilton, Ontario

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October 21, 2025 · 8:00 AM UTC

High Tide Celebrates Four Years of the Cabana Club

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October 21, 2025 · 5:00 AM UTC

High Tide Resources Provides Update on the Labrador West Iron Ore Project

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