Q1 2026 High Tide Inc Earnings Call Transcript
Key Points
- Revenue for the quarter was $178.3 million, up 25% year-over-year, marking the fastest pace of growth in 10 quarters.
- Adjusted EBITDA increased by 62% year-over-year, reaching $11.5 million, the fastest growth in 2 years.
- The Bricks-and-Mortar segment achieved a gross margin of 28%, marking the fifth consecutive quarter of sequential gains.
- The company generated $2.9 million in free cash flow, a significant improvement from negative $1.9 million in the same quarter last year.
- The Canna Cabana loyalty program saw a 47% increase in membership year-over-year, reaching 2.58 million members.
- The market slowdown in Canada is impacting sales growth, with the company noting a general slowdown in the industry.
- The Remexian business in Germany is facing challenges due to import permit delays and inventory stalled in Portugal.
- The e-commerce segment has been a drag on consolidated adjusted EBITDA, although it showed signs of stabilization.
- The company faces competitive pressures in the Canadian market, which may require adjusting margins to remain competitive.
- The growth in new store openings is becoming more challenging due to increased competition and a slowdown in industry growth rates.
Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to the High Tide First Fiscal Quarter 2026 Unaudited Financial and Operational Results Conference Call. (Operator Instructions)
Thank you. Mr. Brownlee, you may begin your conference.
Thank you, operator. Good morning, everyone, and welcome to High Tide Inc.'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 March 17, 2026, the company released financial and operational results for the fiscal quarter that ended January 31, 2026. 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 estimates of future performance. All such statements other than statements of historical facts constitute forward-looking
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