High Tide reported strong growth in its bricks-and-mortar segment, significant market share gains, and successful expansion of its Cabana Club loyalty program and White Label products. However, challenges remain in the e-commerce segment, and there are uncertainties related to the regulatory environment in Germany.

Company Guidance

During the High Tide Second Quarter 2025 Financial Results Conference Call, the company provided several key metrics and updates regarding their performance and strategy. High Tide reported a revenue of $137.8 million for Q2, marking an 11% year-over-year increase, driven by strong same-store sales and the addition of more stores. The company's Canna Cabana brand achieved a milestone with the opening of its 200th store, reinforcing its position as the largest cannabis retail brand in Canada. Their same-store sales grew by 6.2% year-over-year, and they experienced a market share increase to 12% in the provinces they operate. The Cabana Club loyalty program reached 1.9 million members, a 33% increase year-over-year. High Tide also highlighted a robust pipeline of over a dozen stores under construction, with plans to surpass 300 stores nationwide. The company achieved an adjusted EBITDA of $8.1 million, up 14% sequentially, despite challenges in their e-commerce segment, which only contributed 3% to their consolidated revenue. Additionally, High Tide's bricks-and-mortar business reported a 16% year-over-year revenue growth, and the company generated $4.9 million in free cash flow in Q2.

Expansion Milestone: 200th Canna Cabana Store

High Tide announced the opening of its 200th Canna Cabana location in Sherwood Park, Alberta, marking a significant expansion milestone.

Same-Store Sales Growth

Same-store sales increased by 6.2% year-over-year, the fastest rate in five quarters, with a remarkable 132% increase from October 2021 to March 2025.

Market Share Increase

High Tide's market share climbed to 12% in provinces where they operate, up from 11%, despite representing only 6% of the total store count in these areas.

Strong Financial Performance

High Tide reported a trailing revenue of more than $550 million, with bricks-and-mortar revenue up 16% year-over-year.

Cabana Club Membership Growth

The Cabana Club loyalty program reached 1.9 million members across Canada, up 33% year-over-year, with the ELITE tier growing 120% year-over-year.

Queen of Bud Brand Success

Cumulative sales of the Queen of Bud brand reached $1.4 million, with a significant increase in availability and sales of White Label products.

High Tide (TSE:HITI) Earnings, Revenues Date & History

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TSE:HITI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 10, 2025	2025 (Q3)	>-0.01 / -	0.01	―	―	―
Jun 16, 2025	2025 (Q2)	-0.04 / -0.04	0	―	―
Mar 17, 2025	2025 (Q1)	-0.03 / -0.03	0	―	―
Jan 29, 2025	2024 (Q4)	-0.02 / -0.06	-0.39	84.62% (+0.33)	―
Sep 16, 2024	2024 (Q3)	-0.01 / 0.01	-0.04	125.00% (+0.05)	―
Jun 13, 2024	2024 (Q2)	-0.02 / 0.00	-0.02	―	―
Mar 15, 2024	2024 (Q1)	-0.04 / 0.00	-0.05	―	―
Jan 29, 2024	2023 (Q4)	-0.39 / -0.39	-0.85	54.12% (+0.46)	―
Sep 14, 2023	2023 (Q3)	-0.05 / -0.04	-0.05	20.00% (+0.01)	―
Jun 14, 2023	2023 (Q2)	-0.05 / -0.02	-0.14	85.71% (+0.12)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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TSE:HITI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 16, 2025	C$3.01	C$3.07	+1.99%
Mar 17, 2025	C$3.45	C$2.98	-13.62%
Jan 29, 2025	C$4.25	C$3.96	-6.82%
Sep 16, 2024	C$2.97	C$2.89	-2.69%

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