HITI - Second-Largest Cannabis Retailer In North America Reports Record Revenue Adjusted EBITDA In Q1 | Benzinga
High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) released its financial results on Friday for the first fiscal quarter of 2024 ended January 31, 2024, revealing an 8% year-over-year and 1% sequential increase in revenue to CA$128.1 million ($94.9 million).
The Canadian cannabis retail giant also reported a breakeven net income with fully diluted earnings per share of CA$0.00 during the period, versus CA$(0.05) in the first fiscal quarter of 2023.
Raj Grover, founder and CEO of High Tide said reaching break-even net income in the first quarter represents "a critical milestone in our ongoing corporate trajectory and is a rarity in the global cannabis space.”
"Our focus on responsible growth is leading to robust free cash flow generation, which has totaled over $13 million during the past three quarters," Grover continued. "Due to our strong cost controls, we have generated significant increases in our Adjusted EBITDA margin as shown by achieving a level of 8.1% this quarter versus 4.7% in the first fiscal quarter of 2023."
Vahan Ajamian, capital markets advisor at High Tide, is one of the speakers at Benzinga's cannabis event which returns to Florida April 16-17.
Pro tip for Benzinga readers: Secure your tickets for the conference ASAP. Prices will increase very soon! You ...