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Earnings

High Tide Reports First Quarter 2026 Financial Results Featuring Record Revenue Exceeding $700 Million Annualized

By The Northwire Desk — AI Analysis Mar 17, 2026 · 16:00 HITI · 3.36 High Tide Inc.
HITI · Price

Executive Summary

  • High Tide Inc. reported record Q1 2026 revenue of C$178.3 million (≈ C$700 million annualized), up 25% YoY and 9% sequentially.
  • Adjusted EBITDA reached C$11.5 million, a 62% YoY increase; net loss narrowed to C$0.4 million from C$2.7 million YoY.
  • Free cash flow turned positive at C$2.9 million (vs. a C$(1.9) million loss YoY), bringing four‑quarter cumulative free cash flow to C$16.8 million.

Key Details

  • Revenue & Profitability
  • Revenue: C$178.3 M (+25% YoY, +9% Q/Q).
  • Gross profit: C$44.4 M (+25% YoY, +4% Q/Q); gross margin stable at 25%.

  • Adjusted EBITDA: C$11.5 M (up 62% YoY, up C$4.3 M Q/Q).

  • Cash Flow

  • Free cash flow: C$2.9 M (positive vs. C$(1.9) M prior year).

  • Cash & cash equivalents: C$46.4 M at quarter‑end.

  • Operating Metrics

  • General & admin expense: 4.1% of revenue (down from 4.6% YoY).
  • Salaries, wages & benefits: 11.8% of revenue (down from 12.3% YoY).

  • Net loss: C$0.4 M (vs. C$2.7 M loss YoY).

  • Retail Highlights

  • Cabana Club members: 2.58 M in Canada (+47% YoY), 6.65 M globally (+17% YoY).
  • ELITE members: 162 k in Canada (+100% YoY).
  • Store count: 220 locations across Canada (up from 218 a month earlier).

  • Same‑store sales: +0.5% YoY, –1.3% sequentially (weather impact).

  • Medical Cannabis Distribution (Remexian)

  • Q1 2026 revenue: $25.0 M (vs. $9.8 M for two months in Q4 2025).
  • February 2026 shipment: 2.6 t → €7.5 M (C$12 M) with ~20% gross margin.

  • German market share rose to 10.3% (from 6.5%).

  • International & Strategic Updates

  • Exploring UK entry via M&A within 12 months.
  • U.S. CBD platforms positioned for potential Medicare pilot program.

  • Joined National Compassionate Care Council (U.S.).

  • Outlook & Guidance

  • Plan to open 20‑30 additional Canadian stores in calendar 2026, targeting >350 total long‑term.
  • Expect gross margin improvement in medical cannabis segment starting Q2 2026 as Canadian biomass flows through supply chain.

  • White‑label SKUs now 1.6% of brick‑and‑mortar sales; target ~20% long term.

  • Other Items

  • No ATM equity issuances in the last four quarters; existing shelf capacity up to $100 k remains unused.
  • Webcast for audited results scheduled for 2026‑03‑18, 11:30 AM ET.

Notable Quotes

“We delivered another quarter of solid results, highlighted by record revenue, record gross profit, and positive free cash flow.” – Raj Grover, Founder & CEO

Materiality Assessment: Material – Positive (record revenue, profitability improvement, positive cash flow, and strategic growth initiatives).

Read the original news release →

More from High Tide Inc.

Jun 17, 2026 · 06:00

Remexian distribution partnerships reinforce German growth thesis, but stock has already priced in the catalyst.

M&A / Property Jun 15, 2026 · 16:00

First net income and record EBITDA beat expectations, but same-store sales decline and flat price action suggest skepticism remains.

Earnings Jun 15, 2026 · 15:31

High Tide receives approval for $40M of facilities

Financings Jun 15, 2026 · 06:00

High Tide to Acquire Northern Helm, Adding Four Established Retail Cannabis Stores in Ontario

M&A / Property Jun 10, 2026 · 11:00

Routine store expansion in line with guidance; market remains skeptical as stock drifts lower post-Q1 beat.

Production / Operations May 11, 2026 · 06:00

Insider buying and surging German medical cannabis market share signal conviction as High Tide shores up a Big Five bank credit line.

Production / Operations