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High Tide

High Tide (HITI) Q2 2026 Earnings

Reported Jun 15, 2026 at 4:46 PM ET · SEC Source

Q2 26 EPS

$0.01

BEAT +141.62%

Est. $-0.02

Q2 26 Revenue

$128.2M

MISS 25.34%

Est. $171.7M

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 … Read more 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.

Key Takeaways

  • • 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

HITI 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.

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HITI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

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HITI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 25 Q2 26
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HITI Revenue by Geography

Regional revenue distribution

“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.”

— Raj Grover, Q2 2026 Earnings Press Release

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