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High Tide
High Tide (HITI) investor relations material
High Tide Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Achieved record Q4 revenue of CAD 164 million, up 19% year-over-year and 10% sequentially, with an annual run rate exceeding CAD 650 million.
Adjusted EBITDA reached a record CAD 12.4 million, up 51% year-over-year and 17% sequentially, with a margin of 9.4%.
Added 27 new stores organically in 2025, reaching 218 stores nationwide, maintaining the largest cannabis retail footprint in Canada.
Free Cash Flow for the year totaled CAD 12.12 million, funding all store growth internally despite significant working capital investments.
Cabana Club membership in Canada surpassed 2.5 million, up 45% year-over-year, with ELITE members exceeding 151,000 and growing at record paces.
Financial highlights
Q4 revenue: CAD 164 million (up 19% year-over-year, 10% sequentially), with gross profit of CAD 42.5 million and gross margin steady at 26%.
Adjusted EBITDA: CAD 12.4 million (up 51% year-over-year, 17% sequentially).
Net income (adjusted for non-cash items): positive CAD 1.4 million or CAD 0.02 per diluted share; reported net loss of CAD 46.7 million due to non-cash impairment.
Free Cash Flow: CAD 1.3 million in Q4; CAD 12.12 million for the fiscal year.
Cash and equivalents at year-end: CAD 47.9 million.
Outlook and guidance
Targeting 20-30 new stores in 2026, aiming to exceed 350 locations nationwide.
Expecting Remaxion/Remexian to be a significant contributor in the second half of the fiscal year as supply chain issues resolve.
Anticipating first UK sales in Q2 or second half of the year.
Monitoring U.S. regulatory changes for CBD, with potential growth for NuLeaf Naturals and FAB CBD brands.
Expects continued free cash flow positivity in 2026, with ongoing expansion in Germany and other international markets.
Remexian working capital needs and funding plan
Strategy to grow white label sales to 20% long-term
Rationale for pausing U.S. e-commerce divestiture
Canadian M&A strategy for larger store blocks
Remexian's path to 23-24% gross margins
US CBD Medicare pilot program impact on e-commerce
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Next High Tide earnings date
Q1 202617 Mar, 2026
High Tide
Next High Tide earnings date
Q1 202617 Mar, 2026
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Frequently asked questions
High Tide Inc operates in the retail and e-commerce sectors, focusing on the sale of cannabis-related products and accessories. The company manages a network of retail outlets and online platforms, offering consumers a range of lifestyle products, smoking accessories, and hemp-derived goods. High Tide also provides wholesale distribution services to global markets. The company is headquartered in Calgary, Canada, and its shares are listed on the NASDAQ.
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