High Tide Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.03%.
Did HITI Beat Earnings? Q4 2025 Results
High Tide delivered a split verdict in its fiscal fourth quarter, posting earnings that well exceeded expectations while falling short on the top line. The Canadian cannabis retailer earned $0.01 per diluted share on an adjusted basis, with reported EPS of $0.01 beating the $0.01 consensus estimate by 151.72%, even as revenue of $119.97 million missed the $159.03 million consensus by 24.56%. Revenue nonetheless grew 18.6% year over year, driven by a bricks-and-mortar segment that accounted for 92% of sales and expanded 15% from a year ago. Adjusted EBITDA reached $9.08 million, up 51% year over year, though a $17.23 million non-cash impairment charge and a $17.20 million loss on derivative fair value changes pushed the company to a net loss of $34.16 million for the period. Analysts have largely maintained constructive views on the stock, with the company's German medical cannabis expansion through Remexian and its 2.5 million-member Cabana Club loyalty program cited as longer-term growth levers, alongside plans to open 20 to 30 new stores in calendar 2026.
- Same-store sales growth of 5.5% year over year in Q4 and 4.1% for fiscal 2025
- Cabana Club membership grew 45% year over year to 2.5 million Canadian members
- ELITE paid membership grew 107% year over year to over 151,000 Canadian members
- 19% year-over-year revenue growth driven by new store openings and same-store sales improvements
- Bricks-and-mortar EBITDA margins reached record 9.4% in Q4
- Salaries, wages and benefits improved to 11.5% of revenue, lowest in nine quarters
“I am pleased to report another record-breaking quarter and a strong close to fiscal 2025, a year in which High Tide successfully delivered on its key strategic and financial objectives. We achieved our goal of remaining free cash flow positive for the full fiscal year, driven by record quarterly revenue of $164 million, a revenue run-rate exceeding $650 million, and our highest Adjusted EBITDA to date.”
High Tide CEO, on the earnings call
Forward Guidance & Outlook
High Tide plans to open 20-30 new Canna Cabana locations in calendar 2026, advancing toward a long-term goal of 350+ locations nationwide, through mostly organic growth supplemented by M&A. The company targets long-term bricks-and-mortar EBITDA margins of 12% (up from 9.4% in Q4) and aims for white label brands to grow from 1% to 20% of bricks-and-mortar cannabis sales over the long term. Cabana Club membership is expected to surpass 3 million in Canada over the long term. In Germany, Remexian is expected to expand its international footprint in 2026, with supply chain disruptions from Portugal nearing resolution. The company expects to remain free cash flow positive for fiscal 2026. In the U.S., the company is exploring opportunities for NuLeaf Naturals and FAB CBD under anticipated Medicare pilot programs for CBD products, and has put potential major e-commerce transactions on hold pending clarity on the new U.S. federal CBD framework.
HITI YoY Financials
HITI Revenue by Segment
HITI Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.