Q3 2026 High Tide Inc Earnings Call Transcript
Key Points
- High Tide Inc (HITI) reported its best quarter ever, with revenue of $199 million, up 33% year-over-year, marking the fastest growth in 13 quarters.
- Adjusted EBITDA reached a record $16.2 million, up 52% year-over-year, with an 8.2% margin, the highest in 12 quarters.
- Operating income surged 133% year-over-year to $8.7 million, and net income hit a record $12.7 million.
- The company generated $7 million in free cash flow and increased its cash balance by $10.6 million, with no need for external equity.
- High Tide Inc (HITI) has a strong loyalty program with 2.73 million Cabana Club members and 186,000 ELITE members, driving customer retention and repeat purchases.
- The Canadian cannabis market faces headwinds, including a 5% increase in store count in key provinces and macroeconomic pressures leading to thinner customer baskets.
- Same-store sales were flat for the quarter, with only June and July showing gains, and the company expects a few more months of touch-and-go conditions.
- Import quota issues in Germany could cause short-term disruptions, as seen last year, potentially impacting sales for four to six weeks.
- The German market is growing so quickly that ramping market share may take longer than previously anticipated, despite strong volume growth.
- High Tide Inc (HITI) is actively evaluating international expansion but remains cautious, indicating potential delays in entering new markets like the UK.
Welcome to your conference call.
(Operator instructions)
Good morning, my name is Ina and I will be your conference operator today. At this time, I would like to welcome everyone to High Tide Inc.'s third fiscal quarter 2026 unaudited financial and operational results conference call.
(Operator Instructions)
I now turn the call over to your host. Please proceed.
Thank you, operator. Good morning, everyone, and welcome to 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 September 14, 2026, the company released financial and operational results for the fiscal quarter that ended July 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
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