Q4 2025 High Tide Inc Earnings Call Transcript
Key Points
- High Tide Inc (HITI) reported record revenue of $164 million for Q4 2025, with an annual revenue run rate exceeding $650 million.
- The company achieved a record adjusted EBITDA of $12.4 million, with a strong adjusted EBITDA margin of 9.4%.
- High Tide Inc (HITI) added 27 new stores organically in 2025, meeting the higher end of their target, and plans to add another 20 to 30 stores in 2026.
- The Cabana Club loyalty program expanded to 2.5 million members in Canada, up 45% year-over-year, contributing to strong customer retention and sales growth.
- The acquisition of a majority stake in Remexian, a German medical cannabis importer, contributed almost $10 million in revenue within two months, showcasing potential for future growth in the European market.
- New stores are taking longer to mature due to increased competition, impacting the speed of revenue growth from these locations.
- The e-commerce segment faced challenges, resulting in a $23.6 million impairment related to goodwill and other intangible assets.
- Remexian experienced delays in product releases from Portugal, affecting revenue and gross margins, with expectations of continued impact into Q2 2026.
- The company faced a $23.5 million loss due to changes in the fair value of derivative liabilities, impacting financial results.
- Despite strong performance, the competitive landscape remains challenging, with many smaller competitors struggling, which could impact market dynamics.
Good morning. My name is Constantine, and I will be your conference operator today. At this time I would like to welcome everyone to High Tide Incorporated's fourth fiscal quarter 2025 audits and financial and operational results conference call. (Operator Instructions)
I will now turn the call over to your host.
Thank you, operator. Good morning, everyone. My name is Omar Khan, I'm the Chief Communications and Public Affairs Officer for High Tide Inc. Welcome High Tide's quarterly earnings call. Joining me on the call today are Mr.
Raj Grover, President and Chief Executive Officer; and Mr. Mayank Mahajan, Chief Financial Officer. On January 29, 2026, the company released financial and operational results. for the fiscal year and quarter that ended October 31, 2025.
Before we begin, please let me remind you that during the course of this conference call, High Tide's management may make statements, including with respect to management's expectations or
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
