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High Tide Reports Second Consecutive Quarter of Record Revenue Topping $118 Million

Company achieves 9% share of Canadian cannabis retail market, sets objective of becoming free cash flow positive by narrowing sights on storefront expansion.
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Calgary’s High Tide this week reported officers, directors and consultants led by the company’s president and CEO Raj Grover, acquired 258,921 common shares in the capital of High Tide on the open market between March 24 and March 29. PHOTO CNW GROUP/HIGH TIDE

Calgary’s High Tide (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), #15 on the Global Cannabis 50 ranked companies, released today its financial results for the first fiscal quarter of 2023 ended January 31, 2023.

First Fiscal Quarter 2023 Financial Highlights:

  • Revenue increased to $118.1 million in the first fiscal quarter of 2023 compared to $72.2 million during the same period in 2022, representing an increase of 64% year-over-year and 9% sequentially
  • Gross profit increased to $32.2 million in the first fiscal quarter of 2023 compared to $23.0 million during the same period in 2022, representing an increase of 40% year-over-year and 9% sequentially
  • Gross profit margin in the three months ended January 31, 2023, was 27%, consistent with the previous three quarters. The Company notes that gross margins earned in its bricks-and-mortar stores ticked higher sequentially
  • Adjusted EBITDA increased to $5.5 million in the first fiscal quarter of 2023 compared to $3.0 million during the same period in 2022, representing an increase of 86% year-over-year and 10% sequentially
  • For locations operational throughout the first fiscal quarter of 2023 and 2022, same-store sales increased by 52% year-over-year. Sequentially, same-store sales increased by 4%, representing the sixth consecutive quarter of same-store sales growth
  • Cash on hand as of January 31, 2023, totalled $23.7 million

“While the cannabis industry continues to experience growing pains on its path to its inevitable, legitimized, and rightful place in the global economic landscape, it is our strongly held belief, particularly given that our quarterly revenue now exceeds our market capitalization, that our share price is currently significantly undervalued. I believe that High Tide is and will continue to be a very attractive player in this challenging yet burgeoning industry, and for that, I remain extremely optimistic,” says Raj Grover, President and Chief Executive Officer of High Tide.

The full set of consolidated financial statements for the three months ended January 31, 2023, and the accompanying management’s discussion and analysis can be accessed by visiting the Company’s website at www.hightideinc.com.

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