Companies /Healthcare

High Tide Inc

NASDAQ: HITI Pharmaceutical Retailers
$2.76
▲ $0.13 (+4.94%) today
Markets closed · 11:02pm ET

Q3 2026 Earnings

Reported Sep 14, 2026, 4:27pm ET · SEC source
$0.09
Beat +311.43%
EPS · est. $0.02 GAAP

Includes a CAD $11,787 thousand gain on fair value change in derivative liability and a CAD $1,285 thousand loss on fair value change in long-term contract asset; adjusted net income excluding these items was CAD $2,246 thousand

$143.1M
Miss −26.46%
Revenue · est. $194.6M
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Sep 14Sep 15report 4:27pm ETearnings−0.4%−5.5%
−8%−4%0Sep 14Sep 15earnings−0.4%−5.5%
HITI −5.5%S&P 500 −0.4%
−8%−4%0Sep 14Sep 15report 4:27pm ETearnings−0.7%−5.5%
−8%−4%0Sep 14Sep 15earnings−0.7%−5.5%
HITI −5.5%NASDAQ −0.7%
−4%0+4%Sep 14Sep 22report 4:27pm ETearnings+1.5%+5.3%
−4%0+4%Sep 14Sep 22earnings+1.5%+5.3%
HITI +5.3%S&P 500 +1.5%
−4%0+4%Sep 14Sep 22report 4:27pm ETearnings+5.2%+5.3%
−4%0+4%Sep 14Sep 22earnings+5.2%+5.3%
HITI +5.3%NASDAQ +5.2%
−3.42%
Day of report
+5.91%
Next session
+8.66%
One week

Did HITI Beat Earnings? Q3 2026 Results

High Tide Inc. delivered a sharply mixed quarter for the three months ended July 31, 2026, beating Wall Street's earnings target by a wide margin while falling short on revenue. The cannabis retailer posted GAAP EPS of $0.09, beating the $0.02 consensus by 311.43%, marking the company's fourth consecutive quarter of exceeding EPS estimates; that figure includes an $8.48 million gain on fair value change in derivative liability and a $924,868 loss on fair value change in long-term contract asset, which materially lifted the bottom line. Revenue of $143.10 million grew 32.8% year-over-year but came in 26.46% below the $194.58 million consensus estimate. The more compelling story beneath the headline numbers was operational, with adjusted EBITDA of $11.68 million growing 53% year-over-year and EBITDA margin reaching 8.2%, reflecting sustained cost discipline as G&A fell to just 3.9% of revenue. Germany's Remexian segment, which distributed a record 10.2 tonnes of medical cannabis, contributed $27.49 million in segment revenue. Looking ahead, management is targeting 350-plus Canadian locations and monitoring U.S. federal rescheduling developments that could open new market opportunities.

Key Takeaways
  • 33% year-over-year revenue growth, the fastest in 13 quarters
  • Adjusted EBITDA margin of 8.2%, the highest in 12 quarters, demonstrating operating leverage
  • Remexian distributed record 10.2 tonnes of medical cannabis in Germany, up 62% year-over-year
  • Remexian segment revenue of CAD $38.2 million in Q3, up from CAD $31.6 million in Q2
  • G&A expenses fell to 3.9% of revenue, the lowest in eight quarters
  • Salaries, wages and benefits declined to 11.4% of revenue, the lowest in 12 quarters
  • Cabana Club membership surpassed 2.73 million, up 27% year-over-year
  • ELITE paid members exceeded 186,000, up 62% year-over-year
  • Average Canna Cabana store generated 1.8x revenue versus peers
  • Same-store transaction count up 1.1% in Q3; same-store sales up 171% since discount club model launch in October 2021

“Nearly every major financial metric moved in the right direction this quarter, with many reaching the highest levels in our history. We delivered record revenue, record gross profit, record Adjusted EBITDA, record income from operations, record net income and record operating cash flow before working capital. But what excites me most is that our bottom line is now growing substantially faster than our top line. That is the operating leverage we have spent years building toward.”

High Tide CEO, on the earnings call

Forward Guidance & Outlook

High Tide reiterates its long-term goal of surpassing 350 Canna Cabana locations across Canada and plans to open over 20 locations in calendar 2026, primarily through organic growth supplemented by M&A opportunities. The company is expanding its white label cannabis portfolio from 41 to 48 SKUs and developing additional offerings. Cabana Club membership is expected to surpass 3 million members in Canada over the long term. In Germany, Remexian's record tonnage and growing market share (from 6.5% to 10.5% in six months) suggest strong momentum, and management believes the company is well positioned to sustain or grow its German market share, supported by unmatched Canadian supply relationships. The company continues to assess opportunities in other European jurisdictions. In the U.S., the company is monitoring DEA rescheduling developments and has initiated outreach to Nasdaq and TSXV to understand how broader federal rescheduling could impact listing policies and enable participation in the U.S. adult-use cannabis market. The company secured CAD $40 million in senior secured credit facilities with Bank of Montreal post-quarter to support growth.

HITI YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$40.0M$80.0M$120.0M$107.7M$143.1MRevenue$28.9M$38.0MGross Profit$2.7M$6.3MOperating Income$430,406$9.2MNet Income
$0$40.0M$80.0M$120.0MRevenueGross ProfitOperating IncomeNet Income

HITI Revenue by Segment

Cannabis, Hemp-Derived Products and Other
Bricks-and-mortar
Medical Cannabis Distribution$27.5M
Cabanalytics, Advertising and Other Revenue
Consumption Accessories
E-commerce

HITI Revenue by Geography

Canada
Rest of World
United States

Figures from SEC filings and company reports. Not investment advice.