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Earnings

High Tide Reports Fourth Quarter and 2025 Year End Financial Results Featuring Record Revenue and Adjusted EBITDA

By The Northwire Desk — AI Analysis Jan 29, 2026 · 16:01 HITI · 3.36 High Tide Inc.
HITI · Price

Executive Summary

  • High Tide Inc. reported record Q4 2025 revenue of C$164 million (up 19% YoY) and a record adjusted EBITDA of C$12.4 million (up 51% YoY).
  • The company remained free‑cash‑flow positive for FY 2025, generating C$12 million of FCF while expanding its retail footprint to 218 Canna Cabana stores in Canada.
  • Completed acquisition of a 51 % stake in Remexian Pharma GmbH for €26.4 million (≈C$38 million), giving entry into the German medical‑cannabis market and providing a platform for further European expansion.

Key Details

  • Revenue: C$164.0 M Q4 2025 vs. C$138.3 M YoY (+19%); FY 2025 revenue C$594 M vs. C$522 M YoY (+14%).
  • Adjusted EBITDA: C$12.4 M Q4 2025 (record) vs. C$8.2 M YoY (+51%); FY 2025 adjusted EBITDA C$38.2 M, flat YoY.
  • Gross Profit: C$42.5 M Q4 2025 (+19% YoY). Gross margin stable at 26 %.
  • Free Cash Flow: Q4 2025 FCF C$1.3 M (down 78% YoY due to working‑capital investment); FY 2025 total FCF C$12.0 M, meeting the company’s goal of remaining FCF positive.
  • Net Loss: Q4 2025 net loss C$46.7 M (vs. net loss C$4.8 M YoY). Adjusted for non‑cash items, underlying profit would have been a net income of C$1.4 M.
  • Retail Expansion: Opened 27 new Canna Cabana stores in calendar 2025 (total 218 locations); same‑store sales up 4.1 % FY 2025 and 5.5 % Q4 YoY. Cabana Club membership >2.5 M (up 45% YoY). ELITE members >151 k (up 107% YoY).
  • Remexian Acquisition: Closed purchase of 51 % of Remexian Pharma GmbH for €26.4 million (~C$38 million), representing a 3.64× multiple of Adjusted EBITDA (6‑month basis). Company holds a five‑year option to acquire the remaining 49 % after 24 months.
  • European Operations: December 2025 Remexian distributed 2.6 t of medical cannabis (second‑highest month ever). Management expects continued growth and is evaluating additional partnerships in the U.K. and elsewhere.
  • U.S. CBD Outlook: Monitoring U.S. Medicare pilot for senior CBD access; potential major transactions on hold pending regulatory framework.
  • ATM Program Update: No equity issued via ATM in last three quarters; 11,600 common shares issued during FY 2025 for aggregate gross proceeds of $52 K. Net proceeds used for strategic initiatives, acquisitions, working capital and general corporate purposes.
  • Guidance / Outlook: Target to reach >350 Canadian stores by 2026 (adding 20‑30 locations); aim to grow white‑label product share from ~1 % to 20 % long‑term; expects to remain FCF positive in FY 2026.

Notable Quotes

  • “I am pleased to report another record‑breaking quarter and a strong close to fiscal 2025… driven by record quarterly revenue of $164 million, a revenue run‑rate exceeding $650 million, and our highest Adjusted EBITDA to date.” – Raj Grover, Founder & CEO
Read the original news release →

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