High Tide reports Q1 EPS C$0.00 vs. (C$0.05) last year

Reports Q1 revenue C$128.07M vs. C$118.08M last year. “I am very proud to announce that High Tide has reached break-even net income this quarter, which is a critical milestone in our ongoing corporate trajectory and is a rarity in the global cannabis space. While there has been industry-wide softening of Canadian cannabis sales in the post-holiday months and having made essentially no acquisitions in over a year, I am proud to report that our company continues to grow organically and has never had a sequential decline in revenue since going public in 2018. Our focus on responsible growth is leading to robust free cash flow generation, which has totalled over $13 million during the past three quarters. 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. Given our size and scale, we are seeing the positive impact of operating leverage. For instance, while revenue increased by 1% sequentially, we were able to increase Adjusted EBITDA by 25%, resulting in a record Adjusted EBITDA of $10.4 million. While CCAA filings continue in the Canadian cannabis sector, our balance sheet remains strong, supported by our free cash flow profile,” said Raj Grover, Founder and CEO of High Tide.