HITI - Canadian Cannabis Retail Giant High Tide Narrows Net Loss YoY Reports 37% Revenue Growth In 2023 | Benzinga
High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) filed its year-end audited 2023 and fourth quarter financial results on Monday. Revenue rose by 37% year-over-year to CA$487.7 million ($362.8 million) in 2023, and 2% sequentially to CA$127.1 million in the fourth fiscal quarter.
The Calgary, Alberta-based cannabis retail giant also reported an increase in its positive free cash flow run rate from CA$4.1 million in the third fiscal quarter of 2023 to CA$5.7 million in the fourth fiscal quarter, up by 40% quarter-over-quarter. That's the second consecutive quarter of record free cash flow.
"This places us amongst an elite group of publicly traded cannabis companies anywhere to consistently generate meaningful amounts of free cash flow while continuing to grow our business," Raj Grover, founder and CEO of High Tide, said. "Our operational prowess is starting to get noticed by the capital markets, as witnessed by the fact that High Tide closed 2023 as Canada’s top-performing cannabis stock, even outperforming several ETFs and MSOs."