High Tide (HITI) Q3 2025 Earnings
Reported Sep 15, 2025 at 4:48 PM ET · SEC Source
Q3 25 EPS
$0.01
BEAT +237.74%
Est. $-0.01
Q3 25 Revenue
$109.5M
MISS 25.96%
Est. $147.9M
vs S&P Since Q3 25
-56.3%
TRAILING MARKET
HITI -44.0% vs S&P +12.3%
Market Reaction
Did HITI Beat Earnings? Q3 2025 Results
High Tide delivered a mixed but broadly encouraging third fiscal quarter, posting an earnings beat alongside a revenue miss as the Canadian cannabis retailer's brick-and-mortar momentum continued to build. The company earned $0.01 per share against a… Read more High Tide delivered a mixed but broadly encouraging third fiscal quarter, posting an earnings beat alongside a revenue miss as the Canadian cannabis retailer's brick-and-mortar momentum continued to build. The company earned $0.01 per share against a consensus estimate of negative $0.01, a 237.74% beat, while revenue of $109.48 million fell 25.96% short of the $147.87 million analysts had forecast, though it still represented 13.7% growth year over year. The key driver behind the operational strength was the core bricks-and-mortar segment, which expanded 18% year over year and now accounts for 97% of consolidated revenue, with same-store sales climbing 7.4%, the fastest pace in two years. Adjusted EBITDA reached $7.78 million, its 22nd consecutive positive quarter, while free cash flow surged 148% year over year to $5.62 million. The recent acquisition of a 51% stake in Remexian Pharma opens a foothold in the German medical cannabis market, and with High Tide tracking toward the upper end of its 20 to 30 new store target for 2025, management sees a clear path toward its long-term goal of 300 Canna Cabana locations.
Key Takeaways
- • Same-store sales up 7.4% year over year, fastest growth in two years
- • Core bricks-and-mortar segment revenue increased 18% year over year
- • Cabana Club membership surpassed 2.15 million in Canada, up 39% year over year
- • ELITE paid members exceeded 115,000 in Canada, up 102% year over year
- • Canna Cabana market share increased to 12% from 11% year over year
- • Average Canna Cabana store generates 2.1x revenue versus peers
- • Salaries, wages, and benefits as percentage of revenue improved to 12.2%, lowest in seven quarters
HITI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
HITI Revenue by Segment
With YoY comparisons, source: SEC Filings
HITI Revenue by Geography
Regional revenue distribution
“I'm thrilled to share that this has been our most powerful quarter to date across nearly every financial metric, including record revenue and adjusted EBITDA, along with positive free cash flow and net income. Importantly, we also delivered our strongest same store sales growth in two years, which helped propel an 18% year-over-year increase in our core bricks-and-mortar business. These results once again prove that our loyalty-focused innovative discount club model continues to resonate strongly with our customers.”
— Raj Grover, Q3 2025 Earnings Press Release
HITI Earnings Trends
HITI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HITI EPS Trend
Earnings per share: estimate vs actual
HITI Revenue Trend
Quarterly revenue: estimate vs actual
HITI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.02 | $0.01 | +141.62% | $128.2M | -25.34% |
| Q1 26 BEAT | $0.00 | $0.01 | +265.00% | $130.4M | -24.95% |
| Q4 25 BEAT FY | $0.01 | $0.01 | +151.72% | $120.0M | -24.56% |
| FY Full Year | — | $-0.03 | — | $434.4M | — |
| Q3 25 BEAT | $-0.01 | $0.01 | +237.74% | $109.5M | -25.96% |