High Tide Q1 Revenue Reaches $178.3M, Exceeds Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 17 2026
0mins
Should l Buy HITI?
Reports Q1 revenue $178.3M, consensus $173.8M. Raj Grover, CEO, said, "We delivered another quarter of solid results, highlighted by record revenue, record gross profit, and positive free cash flow. Our innovative discount club model, built around customer loyalty, continues to be the backbone of our success. Cabana Club membership keeps growing rapidly, and our stores continue to outperform peers, while our core bricks-and-mortar segment achieved its fifth consecutive quarter of sequential gross margin improvement. Internationally, our German business is gaining strong momentum. The first full fiscal quarter following our acquisition of Remexian exceeded our expectations, and since quarter-end we have seen further improvements in both revenue and margins. As we begin to realize success in Germany, we are also exploring additional international opportunities, including the United Kingdom, where we are engaging with major industry participants with the goal of entering the market through a potential M&A transaction within the next 12 months." Grover, Founder and Chief Executive Officer of High Tide
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Analyst Views on HITI
Wall Street analysts forecast HITI stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 2.280
Low
7.50
Averages
7.50
High
7.50
Current: 2.280
Low
7.50
Averages
7.50
High
7.50
About HITI
High Tide Inc. is a retail-focused cannabis company. The Company’s segments include bricks-and-mortar, e-commerce and medical cannabis distribution. Its Bricks-and-mortar segment includes the Company’s Canadian bricks-and-mortar locations. Its E-commerce segment includes the Company’s United States and international subsidiaries and supports the distribution of accessories and other items to the United States. The medical cannabis distribution segment includes the medical cannabis distribution operations. It offers a suite of proprietary brands which include Dopezilla, Atomik, Puff Puff Pass, Vodka Glass, Queen of Bud, and Cabana Cannabis Co. Canna Cabana is the Company’s primary retail cannabis business, offering the retail sale of various cannabis products and accessories through its provincially authorized cannabis retail store locations. Canna Cabana operates a retail cannabis chain with approximately 219 branded stores operating across Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
High Tide to Participate in Multiple Conferences Across North America and Europe
- Market Share Growth: High Tide's Canna Cabana operates 220 domestic and 1 international store, capturing a 12% market share, establishing itself as the second-largest cannabis retail brand globally, showcasing its strong competitive position in a rapidly growing market.
- International Expansion: In 2025, High Tide became the first North American cannabis operator to establish a physical presence in Germany, further broadening its global business footprint and enhancing its influence in international markets.
- Industry Recognition: High Tide has been named one of Canada's Top Growing Companies by the Globe and Mail for five consecutive years and ranked first in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023, highlighting its leadership in the industry.
- Medical Cannabis Distribution: Its subsidiary Remexian Pharma GmbH holds extensive import licenses for medical cannabis in Germany, allowing imports from 19 countries, thereby solidifying its market position in the medical cannabis sector.
See More
High Tide Executives to Speak at Multiple Conferences
- Executive Conference Schedule: High Tide executives will speak at several cannabis and investment conferences across North America and Europe, including the International Cannabis Business Conference in Berlin on April 13, showcasing the company's leadership in the industry.
- Market Share Growth: Canna Cabana, as Canada's largest retail chain, operates 220 domestic and 1 international location, capturing a 12% market share, demonstrating the company's strong performance in the rapidly growing cannabis market.
- International Expansion Strategy: High Tide became the first North American cannabis operator to establish a physical presence in Germany in 2025, further solidifying its global market position and laying the groundwork for future international expansion.
- Industry Recognition: High Tide has been named one of Canada's Top Growing Companies by the Globe and Mail for five consecutive years and ranked as one of the fastest-growing companies in the Americas by the Financial Times in 2023, highlighting its competitive edge and market influence.
See More
NuLeaf Naturals Joins CMS Innovation Center's BEI Pilot Program
- CMS Program Participation: NuLeaf Naturals intends to participate in the U.S. CMS Innovation Center's Beneficiary Engagement Incentive program as a supplier of eligible CBD products, marking a significant step toward integrating CBD into healthcare models.
- Product Compliance: NuLeaf's product portfolio includes THC-free and broad-spectrum CBD formats designed to meet the program's compliance requirements, thereby enhancing its competitive position in the market.
- Market Potential: The CMS program allows participating organizations to provide eligible CBD products to Medicare beneficiaries at no cost, up to $500 per beneficiary, which is expected to create significant market opportunities for NuLeaf and drive growth in its U.S. CBD business.
- Strategic Collaboration: NuLeaf's founding membership in the National Compassionate Care Council further solidifies its strategic position in advancing evidence-based cannabinoid policy and improving patient access to cannabinoid therapies.
See More
NuLeaf Naturals Joins CMS Innovation Center's BEI Pilot Program
- CMS Program Participation: NuLeaf Naturals intends to participate in the U.S. CMS Innovation Center's Beneficiary Engagement Incentive pilot program as a supplier of eligible CBD products, marking a strategic expansion into the healthcare market that is expected to drive growth in High Tide's U.S. CBD business.
- Product Compliance: NuLeaf's product portfolio includes THC-free and broad-spectrum CBD formats designed to meet the compliance requirements of the pilot program, thereby enhancing its competitiveness within the healthcare sector.
- Market Potential: The CMS program allows participating organizations to provide eligible CBD products to Medicare beneficiaries at no cost, up to $500 per year, which is anticipated to create new revenue streams for NuLeaf and increase its market share.
- Industry Impact: The launch of this program is viewed as a historic moment for the U.S. CBD industry, potentially improving treatment options for millions of Medicare beneficiaries and further solidifying NuLeaf's leadership position in the sector.
See More
High Tide Reports Strong Q1 Earnings with 25% Revenue Growth
- Significant Revenue Growth: High Tide reported Q1 revenue of $178.3 million, a 25% year-over-year increase, marking the fastest growth rate in the past 10 quarters, indicating strong market performance and competitiveness.
- Improved Adjusted EBITDA: The adjusted EBITDA reached $11.5 million, up 62% year-over-year, reflecting significant enhancements in cost control and operational efficiency, bolstering confidence in future profitability.
- Strong Membership Growth: Canna Cabana membership grew to 2.58 million, a 47% increase year-over-year, while ELITE membership doubled to 162,000, showcasing the company's success in customer loyalty and market penetration.
- Positive Free Cash Flow: The company generated $2.9 million in free cash flow in Q1, a substantial improvement from negative $1.9 million in the same quarter last year, indicating a healthy shift in cash flow status and providing funding support for future investments and expansion.
See More
High Tide Reports Strong Q1 Earnings, Revenue Surges
- Significant Revenue Growth: High Tide reported Q1 revenue of $178.3 million for the three months ended January 31, 2026, reflecting a 25.2% year-over-year increase and exceeding market expectations by $51.47 million, demonstrating the company's ability to sustain growth in a competitive market.
- Record Gross Profit: The gross profit for the quarter reached $44.4 million, up 25% year-over-year and 4% sequentially, with a gross margin of 25%, indicating ongoing improvements in cost control and sales efficiency.
- Substantial Free Cash Flow Improvement: The company generated $2.9 million in free cash flow in Q1, a significant turnaround from $(1.9) million year-over-year and $1.3 million sequentially, enhancing its financial stability and operational flexibility.
- Net Loss Reduction: Although the company reported a net loss of $0.4 million in Q1, this marked a significant improvement from a net loss of $2.7 million year-over-year and $46.7 million sequentially, primarily due to reduced non-cash impairment expenses, indicating progress in profitability.
See More
High Tide to Participate in Multiple Conferences Across North America and Europe
- Market Share Growth: High Tide's Canna Cabana operates 220 domestic and 1 international store, capturing a 12% market share, establishing itself as the second-largest cannabis retail brand globally, showcasing its strong competitive position in a rapidly growing market.
- International Expansion: In 2025, High Tide became the first North American cannabis operator to establish a physical presence in Germany, further broadening its global business footprint and enhancing its influence in international markets.
- Industry Recognition: High Tide has been named one of Canada's Top Growing Companies by the Globe and Mail for five consecutive years and ranked first in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023, highlighting its leadership in the industry.
- Medical Cannabis Distribution: Its subsidiary Remexian Pharma GmbH holds extensive import licenses for medical cannabis in Germany, allowing imports from 19 countries, thereby solidifying its market position in the medical cannabis sector.
See More
High Tide Executives to Speak at Multiple Conferences
- Executive Conference Schedule: High Tide executives will speak at several cannabis and investment conferences across North America and Europe, including the International Cannabis Business Conference in Berlin on April 13, showcasing the company's leadership in the industry.
- Market Share Growth: Canna Cabana, as Canada's largest retail chain, operates 220 domestic and 1 international location, capturing a 12% market share, demonstrating the company's strong performance in the rapidly growing cannabis market.
- International Expansion Strategy: High Tide became the first North American cannabis operator to establish a physical presence in Germany in 2025, further solidifying its global market position and laying the groundwork for future international expansion.
- Industry Recognition: High Tide has been named one of Canada's Top Growing Companies by the Globe and Mail for five consecutive years and ranked as one of the fastest-growing companies in the Americas by the Financial Times in 2023, highlighting its competitive edge and market influence.
See More
NuLeaf Naturals Joins CMS Innovation Center's BEI Pilot Program
- CMS Program Participation: NuLeaf Naturals intends to participate in the U.S. CMS Innovation Center's Beneficiary Engagement Incentive program as a supplier of eligible CBD products, marking a significant step toward integrating CBD into healthcare models.
- Product Compliance: NuLeaf's product portfolio includes THC-free and broad-spectrum CBD formats designed to meet the program's compliance requirements, thereby enhancing its competitive position in the market.
- Market Potential: The CMS program allows participating organizations to provide eligible CBD products to Medicare beneficiaries at no cost, up to $500 per beneficiary, which is expected to create significant market opportunities for NuLeaf and drive growth in its U.S. CBD business.
- Strategic Collaboration: NuLeaf's founding membership in the National Compassionate Care Council further solidifies its strategic position in advancing evidence-based cannabinoid policy and improving patient access to cannabinoid therapies.
See More
NuLeaf Naturals Joins CMS Innovation Center's BEI Pilot Program
- CMS Program Participation: NuLeaf Naturals intends to participate in the U.S. CMS Innovation Center's Beneficiary Engagement Incentive pilot program as a supplier of eligible CBD products, marking a strategic expansion into the healthcare market that is expected to drive growth in High Tide's U.S. CBD business.
- Product Compliance: NuLeaf's product portfolio includes THC-free and broad-spectrum CBD formats designed to meet the compliance requirements of the pilot program, thereby enhancing its competitiveness within the healthcare sector.
- Market Potential: The CMS program allows participating organizations to provide eligible CBD products to Medicare beneficiaries at no cost, up to $500 per year, which is anticipated to create new revenue streams for NuLeaf and increase its market share.
- Industry Impact: The launch of this program is viewed as a historic moment for the U.S. CBD industry, potentially improving treatment options for millions of Medicare beneficiaries and further solidifying NuLeaf's leadership position in the sector.
See More
High Tide Reports Strong Q1 Earnings with 25% Revenue Growth
- Significant Revenue Growth: High Tide reported Q1 revenue of $178.3 million, a 25% year-over-year increase, marking the fastest growth rate in the past 10 quarters, indicating strong market performance and competitiveness.
- Improved Adjusted EBITDA: The adjusted EBITDA reached $11.5 million, up 62% year-over-year, reflecting significant enhancements in cost control and operational efficiency, bolstering confidence in future profitability.
- Strong Membership Growth: Canna Cabana membership grew to 2.58 million, a 47% increase year-over-year, while ELITE membership doubled to 162,000, showcasing the company's success in customer loyalty and market penetration.
- Positive Free Cash Flow: The company generated $2.9 million in free cash flow in Q1, a substantial improvement from negative $1.9 million in the same quarter last year, indicating a healthy shift in cash flow status and providing funding support for future investments and expansion.
See More
High Tide Reports Strong Q1 Earnings, Revenue Surges
- Significant Revenue Growth: High Tide reported Q1 revenue of $178.3 million for the three months ended January 31, 2026, reflecting a 25.2% year-over-year increase and exceeding market expectations by $51.47 million, demonstrating the company's ability to sustain growth in a competitive market.
- Record Gross Profit: The gross profit for the quarter reached $44.4 million, up 25% year-over-year and 4% sequentially, with a gross margin of 25%, indicating ongoing improvements in cost control and sales efficiency.
- Substantial Free Cash Flow Improvement: The company generated $2.9 million in free cash flow in Q1, a significant turnaround from $(1.9) million year-over-year and $1.3 million sequentially, enhancing its financial stability and operational flexibility.
- Net Loss Reduction: Although the company reported a net loss of $0.4 million in Q1, this marked a significant improvement from a net loss of $2.7 million year-over-year and $46.7 million sequentially, primarily due to reduced non-cash impairment expenses, indicating progress in profitability.
See More
