High Tide Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.10%.
Did HITI Beat Earnings? Q2 2026 Results
High Tide Inc. delivered a standout second fiscal quarter of 2026, posting revenue of $128.21 million, a 30% year-over-year gain the company described as its fastest growth rate in 11 quarters, while adjusted diluted EPS came in at $0.01 compared to a loss of $0.03 a year ago. The single clearest engine behind the results was Remexian, the company's German medical cannabis subsidiary, which generated $22.60 million in revenue with gross margins more than doubling to 27% from 12% the prior quarter and distribution volume climbing 49% year-over-year to 7.6 tonnes. That European momentum helped lift consolidated gross margin to 27% and push adjusted EBITDA to $9.95 million, up 73% year-over-year. On the retail side, Canna Cabana's Cabana Club loyalty program topped 2.65 million members, with ELITE paid subscribers up 84% year-over-year. Looking ahead, management is targeting 350-plus store locations, plans to open 20 to 30 Canna Cabana locations in calendar 2026, and intends to expand Remexian's reach into additional European markets, funded in part by a newly secured $28.60 million BMO credit facility.
- Remexian integration drove record medical cannabis distribution revenue of $31.6M with gross margins more than doubling to 27%
- Remexian distributed record 7.6 tonnes into Germany, up 49% YoY and 21% sequentially
- Cabana Club membership surpassed 2.65 million, up 39% YoY; ELITE members exceeded 178,000, up 84% YoY
- Canna Cabana stores generate 1.9x revenue versus peers
- G&A expenses at 4.0% of revenue, lowest level in seven quarters
- Supply chain optimization through Remexian integration eliminated intermediaries and reduced biomass costs
“Our second quarter results highlight the strength of High Tide's diversified growth strategy and our ability to execute at a high level across multiple geographies. Through the continued integration of Remexian, we have expanded our supply chain capabilities, eliminated unnecessary intermediaries, and are procuring biomass at materially lower costs than Remexian could on its own, enabling us to achieve key operational and financial objectives approximately 90 days ahead of our internal expectations.”
High Tide CEO, on the earnings call
Forward Guidance & Outlook
High Tide reiterates its long-term goal of surpassing 350 Canna Cabana locations nationwide and plans to open 20-30 locations in calendar 2026, mostly through organic growth while evaluating supplemental M&A opportunities. White label cannabis SKUs have reached 41, with a long-term target of 20% of total sales. Cabana Club aims to exceed 3 million members with a goal of converting 50% of base tier to ELITE. Remexian is expected to sustain or grow its 14% German market share, and the company intends to expand into additional European markets in coming quarters. In the U.S., the company is monitoring DEA rescheduling proceedings and exploring potential opportunities. The company secured BMO credit approval for $40MM in senior secured credit facilities to fuel non-dilutive growth. No equity has been issued via ATM for five consecutive quarters.
HITI YoY Financials
HITI Revenue by Segment
HITI Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.