High Tide Inc. reported fourth‑quarter revenue of $164 million, a 19% year‑over‑year increase from $138 million in the same period a year earlier. The jump was largely driven by robust demand in its flagship Canna Cabana retail chain, where the loyalty‑program‑led traffic and higher‑margin product mix helped lift sales beyond the $138 million baseline.
The company’s full‑year revenue run‑rate was projected to exceed $650 million, but actual full‑year revenue came in at $594 million. Net loss for the quarter was $46.7 million, largely attributable to one‑time acquisition costs and restructuring charges associated with the recent majority stake in German medical‑cannabis importer Remexian Pharma. Despite the loss, High Tide remained free‑cash‑flow positive for the year, underscoring disciplined capital management and a solid liquidity position.
During 2025, High Tide opened 27 new Canna Cabana locations, bringing the total store count to 218 across Canada. The expansion reinforced the retailer’s market‑share leadership and contributed to the revenue growth, as the new stores captured a growing share of the Canadian cannabis market and benefited from the Cabana Club loyalty program’s continued success.
Bricks‑and‑mortar EBITDA margin reached a record 9.4% in Q4, up from 7.3% in Q3. The improvement was driven by higher‑margin product mix, tighter cost controls, and operational efficiencies gained through the rapid store rollout. However, the margin still reflects the impact of increased operating expenses associated with the expansion and the integration of Remexian Pharma’s operations.
The acquisition of a majority stake in Remexian Pharma has begun to generate sales, but supply‑chain disruptions in Portugal have temporarily pressured consolidated gross margins. Management noted that the disruption is winding down, with December sales representing Remexian’s second‑highest month ever, indicating a return to momentum in the German market.
CEO Raj Grover said, “We are pleased to report another record‑breaking quarter and a strong close to fiscal 2025. Our free‑cash‑flow positivity, record quarterly revenue, and the expansion of our Canna Cabana footprint demonstrate the strength of our core retail business and the effectiveness of our loyalty programs.” He added that the company remains focused on cost discipline while investing in growth opportunities, including the European expansion.
Investors reacted cautiously, weighing the record revenue and free‑cash‑flow positivity against the net loss and rising liabilities. The market’s tempered response reflects concerns about profitability and the company’s ability to sustain growth while managing debt levels.
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