- High Tide press release ( NASDAQ: HITI ): Q3 GAAP EPS of -C$0.05.
- Revenue of C$95.35M (+98.4% Y/Y).
- Same-store Sales Increased by 46% Compared to the Same Quarter Last Year and 18% Sequentially
- Reports 77% Sequential Increase in Adjusted EBITDA to $4.2 Million
- Current Annual Revenue Run Rate of Over $400 Million and Is Now Within Striking Distance of Having the Highest Revenue of Any Cannabis Company Reporting in Canadian Dollars
- Cash on hand as of July 31, 2022, totalled $18.3 million compared to $14.0 million as of October 31, 2021.
- Outlook: High Tide continues to be the largest non-franchised cannabis bricks-and-mortar retail chain in Canada, with 140 locations across the country and expects to reach its target of 150 by the end of the calendar year. The Company’s launch of its innovative discount club model near the end of the fourth fiscal quarter of 2021 has driven remarkable same-store sales increases. These gains have been magnified by organic store openings and M&A activity leading to a sustained upward trend in its market share across the country. The Company currently has three stores in the province of British Columbia, and a clear path to reach eight, the maximum allowable today by any one entity, in the near term, via both organic openings as well as accretive M&A.
- As previously stated, the Company is currently on an annual revenue run rate exceeding $400 million which puts it within striking distance of being the top revenue-generating cannabis company which reports in Canadian dollars. Canna Cabana possesses the largest loyalty program in Canadian cannabis with over 750,000 members, which represents over 90% of daily transactions. The Company anticipates launching a paid version of the Cabana Club, Cabana Elite membership program, by the end of the calendar year, which should monetize this base even further.
- Shares +20.67% .
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High Tide GAAP EPS of -C$0.05, revenue of C$95.35M