Calgary – September 17, 2026 -- High Tide Inc. (Nasdaq: HITI; TSXV: HITI) reported record revenue of $198.8 million for its third fiscal quarter ended July 31, 2026, up 33% year-over-year and pushing the cannabis retailer toward an annualized run rate of approximately $800 million.
Revenue Growth Accelerates to Fastest Pace in 13 Quarters
Revenue climbed 11% sequentially, the strongest sequential gain in 15 quarters, marking the fifth consecutive quarter of all-time highs. Gross profit reached a record $52.7 million, up 32% year-over-year, while gross margin held steady at 27%.
Adjusted EBITDA Hits 12-Quarter High of $16.2 Million
Adjusted EBITDA rose 53% year-over-year and 17% sequentially to $16.2 million, lifting margin to 8.2%, the highest level in 12 quarters. Revenue grew 2.5 times faster than the Company's average basic share count year-over-year, while Adjusted EBITDA grew 3.9 times faster, according to the Company.
Net Income Surges to $12.7 Million From $0.8 Million a Year Ago
Income from operations rose 133% year-over-year to a record $8.7 million. Net income reached $12.7 million, compared with $0.8 million in the prior-year period; adjusted for non-cash derivative and contract-asset changes, net income was $2.2 million versus $0.9 million a year ago. Cash and restricted cash stood at $47.1 million, down from $63.8 million a year earlier but up from $36.5 million sequentially.
Free Cash Flow Jumps 373% Sequentially to $7.0 Million
Cash flow from operations before working-capital changes hit a record $11.9 million, up 44% year-over-year. Free cash flow of $7.0 million compared with $1.5 million in the prior quarter, despite $4.2 million in additional working-capital investment to support growth. General and administration costs fell to 3.9% of revenue, an eight-quarter low, while salaries and benefits dropped to 11.4% of revenue, a 12-quarter low.
Canna Cabana Expands Canadian Market Share to 14%
Canna Cabana, High Tide's retail chain, operates 232 locations across Canada and held a 14% share of cannabis retail sales in the provinces where it operates excluding British Columbia, up from 13% a year earlier. For the 12 months ended June 2026, total industry sales across the five provinces rose 3% year-over-year, while Canna Cabana sales grew 10%. Cabana Club loyalty membership surpassed 2.73 million, up 27% year-over-year, and ELITE membership exceeded 186,000, up 62%. Annualized retail sales per square foot reached $1,721, and shrink held at 0.2%.
Remexian Ships Record 10.2 Tonnes of Medical Cannabis in Germany
High Tide's German medical cannabis segment, Remexian, distributed a record 10.2 tonnes during the quarter, up 62% year-over-year and 35% sequentially. Segment revenue hit $38.2 million, up from $31.6 million in the prior quarter, with gross margin of 26%. CEO Raj Grover said Canna Cabana's Canadian leadership and Remexian's German scaling now provide the Company with two growth engines.
Company Closes $40 Million BMO Credit Facility, Adds Four Ontario Stores
High Tide completed the acquisition of J. Supply Holdings Inc., operating as Northern Helm, adding four Ontario stores in Bowmanville, Oshawa, Courtice and Kingston. It opened new locations in Toronto, Welland, Ottawa and Calgary during the quarter, and subsequently added Lindsay, Orléans and Regina, bringing the total store count to 232, including 105 in Ontario and 14 in Saskatchewan. After quarter-end, the Company closed a $40 million senior secured credit facility with Bank of Montreal. Officers and directors, led by Grover, purchased 90,882 shares on the open market between May 6 and May 8, 2026, at an average price of $3.39 per share.