High Tide grows quarterly revenue 33%, with cash flow still below last year

High Tide ($HITI) reported fiscal third-quarter revenue of C$198.8 million, up 33%, and adjusted EBITDA of C$16.2 million, up 53%. Operating income increased to C$8.7 million. The German medical-cannabis business contributed C$38.2 million in revenue, while the Canadian retail network continued to expand. Canadian same-store sales were broadly unchanged over the full quarter.

Free cash flow was C$7 million, down about 9% from a year earlier despite stronger revenue and adjusted earnings. Reported net income of C$12.7 million included significant fair-value effects; adjusted net income was C$2.2 million. The distinction matters when assessing recurring profitability. All figures are Canadian dollars, and an annualized sales run rate should not be treated as a formal full-year forecast.

Sources:

• High Tide — fiscal third-quarter results