{"success":true,"data":{"pressRelease":{"id":"143029","rtpr_id":"nPnQ5C15a-20260914","ticker":"HITI","exchange":"NASDAQ","all_tickers":["HITI"],"title":"High Tide Reports Record-Breaking Third Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-09-14T20:00:00.517Z","article_body":"High Tide Reports Record-Breaking Third Quarter 2026 Financial Results\nPR Newswire\n\nCALGARY, AB, Sept. 14, 2026\n\n * RECORD Quarterly Revenue of $199 Million and Annualized Revenue Run Rate of\nApproximately $800 Million\n * RECORD Gross Profit of $52.7 Million\n * RECORD Adjusted EBITDA of $16.2 Million\n * RECORD Income From Operations of $8.7 Million\n * RECORD Net Income of $12.7 Million\n * RECORD Cash Flow From Operations Before Changes in Non-Cash Working Capital\nof $11.9 Million, With Free Cash Flow of $7.0 Million\n * Canna Cabana Held a 14% Share of the Cannabis Retail Market in the Provinces\nWhere it Operates, Excluding British Columbia, Up From 13% a Year Ago(1)\nCALGARY, AB, Sept. 14, 2026 /PRNewswire/ -- High Tide Inc. (\"High Tide\" or the\n\"Company\") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact,\nretail-forward enterprise built to deliver real-world value across every\ncomponent of cannabis, today released its financial results for the third\nfiscal quarter of 2026 ended July 31, 2026, the highlights of which are\nincluded in this news release. The full set of unaudited condensed interim\nconsolidated financial statements for the three months ended July 31, 2026 and\n2025 (the \"Financial Statements\") and accompanying management's discussion and\nanalysis can be accessed by visiting the Company's website at\nwww.hightideinc.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2414689682&u=https%3A%2F%2Fwww.hightideinc.com%2F&a=www.hightideinc.com)\n, its profile pages on SEDAR+ at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=3450072928&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n, and EDGAR at www.sec.gov/edgar\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=3832629961&u=https%3A%2F%2Fwww.sec.gov%2Fedgar&a=www.sec.gov%2Fedgar)\n.\n\n\"Nearly every major financial metric moved in the right direction this\nquarter, with many reaching the highest levels in our history. We delivered\nrecord revenue, record gross profit, record Adjusted EBITDA, record income\nfrom operations, record net income and record operating cash flow before\nworking capital. But what excites me most is that our bottom line is now\ngrowing substantially faster than our top line. That is the operating leverage\nwe have spent years building toward,\" said Raj Grover, Founder and Chief\nExecutive Officer of High Tide.\n\n\"High Tide is approaching an $800 million annualized revenue run rate, our\nAdjusted EBITDA margin is at its highest level in twelve quarters, and we\ncontinue to generate meaningful free cash flow while investing aggressively in\ngrowth. With Canna Cabana strengthening its leadership position in Canada and\nRemexian scaling rapidly in Germany, we now have two powerful engines driving\nour business forward. We intend to keep pushing hard on growth, profitability\nand cash generation while maintaining the capital discipline that got us here.\nThis quarter is the clearest evidence yet of the earnings power we are\nbuilding at High Tide,\" added Mr. Grover.\n\nThird Fiscal Quarter 2026 – Financial Highlights:\n\n * Revenue was a record $198.8 million for the three months ended July 31, 2026\ncompared to $149.7 million during the same period last year, an increase of\n33%, representing the fastest growth rate in 13 quarters. Revenue was up 11%\nsequentially, representing the fastest growth rate in 15 quarters. This was\nthe fifth consecutive quarter marking a new all-time high in revenue.\n * Gross profit was a record $52.7 million for the three months ended\nJuly 31, 2026, up 32% compared to the previous year and up 9% sequentially.\n * Gross margin was 27% for the three months ended July 31, 2026, which was\nconsistent with a year ago and sequentially.\n * Adjusted EBITDA was yet another record of $16.2 million in the three months\nended July 31, 2026. This was up 53% compared to last year and up 17%\nsequentially. The Company generated Adjusted EBITDA margin of 8.2% in the\nthree months ended July 31, 2026, which marked the highest level in 12\nquarters.\n * The Company continued to create shareholder value by growing key fundamental\nmetrics far in excess of share dilution. Specifically, even excluding the\nnon-controlling interest, revenue grew 2.5x faster than its average basic\nshare count during the three months ended July 31, 2026, compared to the prior\nyear, while Adjusted EBITDA grew 3.9x faster than its average basic share\ncount.\n * Cash flow from operations before changes in non-cash working capital was a\nrecord $11.9 million for the three months ended July 31, 2026, up 44%\ncompared to last year and 36% sequentially.\n * The Company generated $7.0 million in free cash flow in the three months ended\nJuly 31, 2026. Free cash flow was up 373% versus $1.5 million sequentially.\nFree cash flow compared to $7.7 million in the prior year despite $4.2 million\nin additional investments in working capital to support the growth of the\nbusiness.\n * General and administration expenses represented 3.9% of revenue in the three\nmonths ended July 31, 2026, which improved from 4.4% during the previous\nyear, and 4.0% sequentially, and was the lowest level in eight quarters.\n * Salaries, wages, and benefits represented 11.4% of revenue in the three months\nended July 31, 2026, which improved from 12.2% during the previous year, and\n11.9% sequentially, and was the lowest level in 12 quarters.\n * Income from operations was a record $8.7 million in the three months ended\nJuly 31, 2026. This was up 133% compared to last year, and 43%\nsequentially.\n * During the third fiscal quarter, the Company generated record net income of\n$12.7 million, which represented significant improvements from net income of\n$0.8 million a year ago, and modestly positive net income sequentially.\nAdjusted for changes in non-cash derivative liability and long-term contract\nasset, net income was $2.2 million, which compared to $0.9 million a year ago,\nand $0.8 million sequentially.\n * Cash and cash equivalents, including restricted cash, as at July 31, 2026\ntotaled $47.1 million, which compared to $63.8 million in the prior year, and\n$36.5 million sequentially.\nThird Fiscal Quarter 2026 – Retail Highlights:\n\n * Canna Cabana remains the largest cannabis retail chain in Canada with 232\noperating locations. Excluding British Columbia, Canna Cabana's market share\nwas 14%, up from 13% in the previous year.(2)\n * Canadian Cabana Club membership has surpassed 2.73 million, an increase of 27%\ncompared to last year, and 3% sequentially. Cabana Club remains the largest\ncannabis loyalty program globally. The Company has also exceeded 186,000 ELITE\nmembers in Canada, an increase of 62% from the previous year and 4%\nsequentially.\n * The average Canna Cabana store generated 1.8x revenue versus peers.(3)\n * Same-store sales for the entirety of the third fiscal quarter of 2026 were\nconsistent with the prior year; however, comparative sales showed positive\ngrowth in each of the months of June 2026 and July 2026 versus the prior year.\nThe Company notes that, in terms of transaction count, on a same-store basis,\nCanna Cabana posted a 1.1% gain during the third fiscal quarter. Since the\nlaunch of its discount club model in October 2021, same store sales at Canna\nCabana are up 171% while the average operator has experienced a 1% decline in\nsales.(4)\n * For the 12 months ended June 2026, total industry sales in the five provinces\nwhere the Company operates were up 3% year over year.(5) In contrast, total\nCanna Cabana sales were up 10% during this period.\n * Canna Cabana had a shrink rate of 0.2% during the three months ended\nJuly 31, 2026, which was consistent with the three months ended April 30,\n2026, and July 31, 2025.\n * Excluding stores open less than six months which are still ramping up,\nannualized retail sales per square foot were $1,721 across the Canna Cabana\nstore network during the third fiscal quarter of 2026, which was higher than\nmany best-in-class international retailers.\nThird Fiscal Quarter 2026 – Medical Cannabis Update\n\n * During the third fiscal quarter of 2026, Remexian distributed a record 10.2\ntonnes of medical cannabis into the German market, marking the highest\nquarterly distribution volume in the company's history. Volumes increased 62%\ncompared to the previous year and 35% sequentially.\n * The segment generated record revenue of $38.2 million during the third fiscal\nquarter of 2026, compared to $31.6 million during the second fiscal quarter of\n2026.\n * During the third fiscal quarter of 2026, Remexian generated gross margin of\n26%.\n\nThird Fiscal Quarter 2026 – Operational Highlights (May 1, 2026 – July 31,\n2026):\n\n * The Company opened new Canna Cabana locations in Toronto, Welland, Ottawa and\nCalgary.\n * The Company closed the acquisition of four additional stores in\nOntario—Bowmanville, Oshawa, Courtice and Kingston—through the acquisition\nof 100% of the equity interests of J. Supply Holdings Inc., operating as\nNorthern Helm.\n * Certain officers, directors, and consultants, led by the Company's President\nand Chief Executive Officer, in the aggregate, acquired 90,882 common shares\nin the capital of High Tide on the open market between May 6, 2026, and May 8,\n2026, at an average price of $3.39 per Common Share.\nSubsequent Events (August 1, 2026 – Present):\n\n * The Company closed its previously announced senior secured credit facilities\nwith Bank of Montreal in the aggregate principal amount of $40 million.\n * The Company announced the voting results from its annual general and special\nmeeting of shareholders of the Company held on August 11, 2026, where each\nnominee listed in the Company's management information circular dated June 29,\n2026, was elected as a director of the Company, and where the Company's\nrevised Shareholder Rights Plan was approved.\n * The Company announced the opening of three new Canna Cabana locations across\nLindsay, Orléans, and Regina, bringing the Canadian Canna Cabana store count\nto 232, including 105 in Ontario and 14 in Saskatchewan.\nSelected financial information for the three and nine months ended, July 31,\n2026:\n(Expressed in thousands of Canadian Dollars)\n                                                   Three months ended July 31,                      Nine months ended July 31,\n                                                   2026             2025             Change         2026               2025               Change\n                                                   $                $                ∆              $                  $                  ∆\n Free cash flow((i))                               7,017            7,682            (9) %          11,438             10,678             7 %\n Net cash provided by operating activities         10,091           10,650           (5) %          20,384             19,588             4 %\n Revenue                                           198,818          149,690          33 %           556,443            429,955            29 %\n Gross profit                                      52,746           40,091           32 %           145,546            111,002            31 %\n Gross margin((ii))                                27 %             27 %             — %            26 %               26 %               — %\n Operating expense((iii))                          (36,514)         (29,448)         24 %           (105,423)          (85,208)           24 %\n Operating expense as a % of revenue((iv))         18 %             20 %             (2) %          19 %               20 %               (1) %\n Total expenses                                    (44,036)         (36,352)         21 %           (128,368)          (106,264)          21 %\n Income from operations                            8,710            3,739            133 %          17,178             4,738              263 %\n Adjusted EBITDA((v))                              16,232           10,643           53 %           41,605             25,794             61 %\n Adjusted EBITDA as a percentage of revenue((vi))  8 %              7 %              1 %            7 %                6 %                1 %\n Net income (loss)                                 12,748           832              — %            12,420             (4,693)            — %\n Adjusted net income (loss)((vii))                 2,246            875              157 %          (606)              (4,650)            (87) %\n Basic income (loss) per share                     0.13             0.01             — %            0.14               (0.06)             — %\n Diluted income (loss) per share                   0.12             0.01             — %            0.13               (0.06)             — %\n\n i. Free cash flow is a non-IFRS financial measure prepared based on the\n calculation below.\n ii. Gross margin is a non-IFRS financial measure. Gross margin is calculated\n by dividing gross profit by revenue.\n iii. Operating expense is a non-IFRS measure and includes salaries, wages and\n benefits, general & administration, professional fees, advertising &\n promotion, and interest & bank charges.\n iv. Operating expense as a % of revenue is a non-IFRS financial measure. This\n metric is calculated as operating expense divided by revenue.\n v. Adjusted EBITDA is a non-IFRS financial measure. A reconciliation of the\n Adjusted EBITDA to Net income (loss) is found below.\n vi. Adjusted EBITDA as a percentage of revenue is a non-IFRS financial\n measure. This metric is calculated as adjusted EBITDA divided by revenue.\n vii. Adjusted net income (loss) is a non-IFRS financial measure calculated by\n excluding the fair value changes in the derivative liability and long-term\n contract asset from net income (loss).\n\nThe reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as\nfollows:\n                                                           2026                       2025                                2024\n                                                           Q3        Q2      Q1       Q4        Q3      Q2       Q1       Q4\n Net (loss) Income                                         12,748    24      (352)    (46,711)  832     (2,836)  (2,689)  (4,802)\n Income/deferred tax (recovery) expense                    (93)      295     40       (178)     69      46       38       (153)\n Accretion and interest                                    3,531     3,151   3,155    1,213     1,795   1,950    2,101    2,308\n Depreciation and amortization                             6,644     6,146   8,026    6,503     6,080   5,880    5,847    5,362\n EBITDA((i))                                               22,830    9,616   10,869   (39,173)  8,776   5,040    5,297    2,715\n Inventory fair value                                      -         792     690      865       —       —        —        —\n Foreign exchange loss (gain)                              979       (212)   (144)    333       120     114      (13)     5\n Transaction and acquisition costs                         2,047     2,077   2,958    2,682     881     1,616    630      773\n Other (gain) loss                                         —         —       —        (41)      (1)     42       —        (874)\n Impairment loss                                           —         —       —        23,564    —       —        —        4,964\n Share-based compensation                                  878       881     370      668       824     1,250    1,175    750\n (Gain) loss on fair value change in derivative liability  (11,787)  762     (3,286)  23,516    43      —        —        (88)\n Loss on fair value change in long term contract asset     1,285     —       —        —         —       —        —        —\n Adjusted EBITDA((i))                                      16,232    13,916  11,457   12,414    10,643  8,062    7,089    8,245\n Adjusted EBITDA margin((ii))                              8 %       8 %     6 %      8 %       7 %     6 %      5 %      6 %\n Adjusted EBITDA - trailing twelve months                  54,019    48,430  42,576   38,208    34,039  33,010   34,989   38,335\n\n i. EBITDA and Adjusted EBITDA are non-IFRS financial measures.\n ii. Adjusted EBITDA margin is a non-IFRS financial measure. This metric is\n calculated as Adjusted EBITDA divided by revenue.\n\n                                            2026                       2025                                2024\n                                            Q3       Q2       Q1       Q4       Q3       Q2       Q1       Q4\n Cash flow from operating activities        11,886   8,752    5,486    6,599    8,231    4,686    4,644    6,179\n Changes in non-cash working capital        (1,795)  (4,319)  374      (2,321)  2,419    3,569    (3,961)  3,473\n Net cash provided by operating activities  10,091   4,433    5,860    4,278    10,650   8,255    683      9,652\n Sustaining capex                           (492)    (289)    (286)    (345)    (460)    (692)    (361)    (533)\n Lease liability payments                   (2,582)  (2,662)  (2,635)  (2,610)  (2,508)  (2,667)  (2,222)  (3,211)\n Free cash flow((i))                        7,017    1,482    2,939    1,323    7,682    4,896    (1,900)  5,908\n Free cash flow - trailing twelve months    12,761   13,426   16,840   12,001   16,586   11,996   16,483   21,991\n\n i. Free cash flow is a non-IFRS measure.\n\nOUTLOOK\n\nBricks-and-Mortar Retail\n\nHigh Tide's wholly owned subsidiary, Canna Cabana, is the largest cannabis\nretail chain in Canada with 232 locations. Canna Cabana also owns and operates\na location in Berlin, Germany, selling consumption accessories. As previously\ncommunicated, the Company reiterates its long-term goal of surpassing 350\nlocations across Canada and opening over 20 locations in calendar 2026, mostly\nthrough organic growth, while also evaluating supplemental M&A\nopportunities of varying sizes.\n\nWhite Label Initiatives\n\nThe Company continues to expand its white label cannabis product portfolio\nunder its flagship Queen of Bud and Cabana Cannabis Co. brands, increasing\nfrom 41 to 48 SKUs sequentially. The Company is also developing several new\nofferings to further grow its white label portfolio. Currently, white label\ncannabis SKUs represent approximately 1.9% of the Company's total\nbricks-and-mortar cannabis sales. Over the long term, the Company anticipates\nsignificant growth in its white label portfolio.\n\nCabana Club & ELITE\n\nThe Company's Cabana Club and ELITE loyalty programs, which remain the largest\nsuch cannabis loyalty programs in the world, continue to expand at a rapid\npace across Canada. Cabana Club membership has now surpassed 2.73 million\nmembers in Canada, which is up 27% in the past year. Over the long term the\nCompany anticipates exceeding 3 million Cabana Club members in Canada. ELITE,\nthe paid membership tier now exceeds 186,000 members in Canada—after growing\nby 62% compared to last year—with additional members being onboarded daily.\n\nEurope\n\nHigh Tide's German medical cannabis subsidiary, Remexian Pharma GmbH, has\ncontinued to gain momentum since the Company's acquisition of a majority\nstake, with market share increasing from 6.5% to 10.5% in the first six months\npost transaction. The Company notes that while industry data isn't available,\nRemexian's shipments have increased 44% since the three months ended March 31,\n2026. Management is encouraged by this strong and increasingly bullish\ntrajectory and believes the Company is well positioned to sustain, and\npotentially grow, its share of the German medical cannabis market, supported\nby its unmatched Canadian supply relationships and the continued growth of\nGermany's medical cannabis sector. The record tonnage distributed by Remexian\nduring the third fiscal quarter provides further evidence of this positive\nmomentum and, assuming the current regulatory framework remains materially\nunchanged, could be indicative of the scale and growth potential of the\nbusiness in the quarters ahead. The Company continues to assess potential\nopportunities in other European jurisdictions, and is committed to being\nstrategic on any entry with the aim of maximizing shareholder value.\n\nUnited States\n\nThe Company's conviction in the long-term opportunity for its U.S.\nhemp-derived CBD subsidiaries continues to be reinforced by an evolving\nfederal policy environment. Consistent with the rationale behind becoming\nfounding members of the U.S. National Compassionate Care Council, the Company\nand its subsidiary, NuLeaf Naturals, remain focused on helping to shape\nthoughtful federal and state medical cannabis policy while supporting efforts\nto expand patient access to cannabinoid therapies.\n\nFederal reform in the U.S. has continued to accelerate. On April 23, 2026, the\nU.S. Department of Justice and Drug Enforcement Administration (DEA) moved\nFDA-approved cannabis drug products and cannabis subject to a state medical\nmarijuana license from Schedule I to Schedule III of the Controlled Substances\nAct, the most significant shift in U.S. federal cannabis regulation in\ndecades. Building on that order, the DEA conducted an administrative hearing\nbetween June 29 and July 15, 2026, to consider the broader rescheduling of\ncannabis from Schedule I to Schedule III.\n\nThe Company believes that broader rescheduling, if ultimately implemented,\ncould have significant implications for the U.S. cannabis industry, including\nthe listing policies of major North American capital markets exchanges. High\nTide is actively assessing whether broader rescheduling could create a pathway\nfor exchange-listed companies to participate directly in the U.S. state-legal\nadult-use cannabis market while maintaining their existing listings. The\nCompany has initiated outreach to the Nasdaq Stock Exchange and the TSX\nVenture Exchange to better understand how broader federal rescheduling could\nimpact their respective listing policies and, ultimately, High Tide's ability\nto pursue opportunities in the U.S. adult-use cannabis sector.\n\nThe Company continues to engage with multiple counterparties in the U.S. to\nexplore potential opportunities.\n\nWEBCAST LINK FOR TIDE EARNINGS EVENT\n\nThe Company will host a webcast and conference call to discuss its unaudited\nresults and outlook at 11:30 AM (Eastern Time) on Tuesday, September 15, 2026.\n\nhttps://app.webinar.net/4WqyjMOJnKb\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2735936962&u=https%3A%2F%2Fapp.webinar.net%2F4WqyjMOJnKb&a=https%3A%2F%2Fapp.webinar.net%2F4WqyjMOJnKb)\n \n\nParticipants are encouraged to pre-register for the webcast by clicking on the\nlink above prior to the beginning of the live webcast. Three hours after the\nlive webcast, a replay of the webcast will be available at the same link\nabove.\n\nParticipants who wish to ask questions during the event may do so through the\ncall-in line, the access information for which is as follows:\n\nNorth American Toll Free: 1-888-510-2154\nInternational Toll Free (Germany): 498005889782\n\nABOUT HIGH TIDE\n\nHigh Tide Inc. is the leading community-grown, retail-forward cannabis\nenterprise engineered to unleash the full value of the world's most powerful\nplant. Its wholly owned subsidiary, Canna Cabana, is the second-largest\ncannabis retail brand globally. High Tide (HITI) is uniquely-built around the\ncannabis consumer, with wholly-diversified and fully-integrated operations\nacross all components of cannabis, including:\n\nRetail: Canna Cabana™ is the largest cannabis retail chain in Canada, with\n232 domestic and 1 international location. The Company's Canadian\nbricks-and-mortar operations span British Columbia, Alberta, Saskatchewan,\nManitoba, and Ontario. Excluding British Columbia, where store counts are\ncapped at 8, the Company holds a growing 14% share of the market. In 2021,\nCanna Cabana became the first cannabis discount club retailer in the world. In\n2025, the Company became the first North American cannabis operator to launch\na bricks-and-mortar presence in Germany. The Company also owns and operates\nmultiple global e-commerce platforms offering accessories and hemp-derived\nproducts.\n\nMedical Cannabis Distribution: Remexian Pharma GmbH is a leading German\npharmaceutical company, with a 10.5% share of the German medical cannabis\nmarket, built for the purpose of importation and wholesale of medical cannabis\nproducts at affordable prices. Among all German medical cannabis procurers,\nRemexian has one of the most diverse reaches across the globe and is licensed\nto import from 19 countries including Canada.\n\nHigh Tide consistently moves ahead of the currents, having been named one of\nCanada's Top Growing Companies by the Globe and Mail's Report on Business in\n2025 for the fifth consecutive year and was recognized as a top 50 company by\nthe TSX Venture Exchange (the \"TSXV\") in 2022, 2024 and 2025. High Tide was\nalso ranked number one in the retail category on the Financial Times list of\nAmericas' Fastest Growing Companies for 2023. To discover the full impact of\nHigh Tide, visit www.hightideinc.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=1497698021&u=https%3A%2F%2Fhightideinc.com%2F&a=www.hightideinc.com)\n. For investment performance, don't miss the High Tide profile pages on SEDAR+\nand EDGAR.\n\nNeither the TSXV nor its Regulation Services Provider (as that term is defined\nin the policies of the TSXV) accepts responsibility for the adequacy or\naccuracy of this release.\n\nCONTACT INFORMATION\n\nMedia Inquiries\nOmar Khan\nChief Communications and Public Affairs Officer\nHigh Tide Inc.\nomar@hightideinc.com (mailto:omar@hightideinc.com)\n403-770-3080\n\nInvestor Inquiries\nVahan Ajamian\nCapital Markets Advisor\nHigh Tide Inc.\nvahan@hightideinc.com (mailto:vahan@hightideinc.com)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release may contain \"forward-looking information\" and\n\"forward-looking statements\" within the meaning of applicable securities\nlegislation. The use of any of the words \"could\", \"intend\", \"expect\",\n\"believe\", \"will\", \"projected\", \"estimated\" and similar expressions and\nstatements relating to matters that are not historical facts are intended to\nidentify forward-looking information and are based on the Company's current\nbelief or assumptions as to the outcome and timing of such future events. The\nforward-looking statements herein include, but are not limited to, statements\nregarding:\n\nThe Company's business objectives and milestones and the anticipated timing\nof, and costs in connection with, the execution or achievement of such\nobjectives and milestones (including, without limitation, proposed\nacquisitions, expansions and store openings); the Company's future growth\nprospects and intentions to pursue one or more viable business opportunities;\nthe development of the Company's business and future activities following the\ndate hereof; expectations relating to market size and anticipated growth in\nthe jurisdictions within which the Company may from time to time operate or\ncontemplate future operations; expectations with respect to economic,\nbusiness, regulatory, or competitive factors related to the Company or the\ncannabis industry generally; the market for the Company's current and proposed\nproduct offerings, as well as the Company's ability to capture market share;\nthe distribution methods expected to be used by the Company to deliver its\nproduct offerings; the Company's strategic investments and capital\nexpenditures, and related benefits; changes in general and administrative\nexpenses; future business operations and activities and the timing and\nperformance thereof; the future tax liability of the Company; the estimated\nfuture contractual obligations of the Company; the future liquidity and\nfinancial capacity of the Company and its ability to fund its working capital\nrequirements and forecasted capital expenditures; the competitive landscape\nwithin which the Company operates and the Company's market share or reach; the\nCompany adding the number of additional cannabis retail store locations the\nCompany proposes to add to the Company's business upon the timelines indicated\nherein; the Company remaining on a positive growth trajectory; same-store\nsales continuing to increase; the Company making increases to its revenue\nprofile; the Company completing the development of its cannabis retail stores;\nthe Company's ability to generate positive free cash flow and remain free cash\nflow positive for the fiscal year; free cash flow allowing the Company to\nfinance its growth with internal cash flows; the Company's ability to maximize\nshareholder value; the Company's ability to obtain, maintain, and renew or\nextend, applicable authorizations, including the timing and impact of the\nreceipt thereof; the realization of cost savings, synergies or benefits from\nthe Company's recent and proposed acquisitions; the Company's ability to\nsuccessfully integrate the operations of any business acquired within the\nCompany's business; the anticipated sales from continuing operations; the\nability of the company to use cash generated from existing operations to fund\nfuture locations; Cabana Club and ELITE loyalty programs membership continuing\nto increase; the anticipated changes to and effects of the ELITE program on\nthe business and operations of the Company; the Company hitting its forecasted\nrevenue and sales projections; the intention of the Company to complete any\noffering of securities of the Company; the aggregate amount of the total\nproceeds that the Company will receive pursuant to any future offering; the\nCompany's expected use of the net proceeds from any future offering; the\nlisting of Common Shares offered in any future offering; the anticipated\neffects of any future offering on the business and operations of the Company;\nthe Company's ability to enter emerging legal cannabis jurisdictions, the\nability of the Company to capture additional market share in the amount and on\nthe timelines indicated herein; the ability of the Company to add over 20\nstores this calendar year and reach its goals of 350 stores nationwide, 3\nmillion Cabana Club members in Canada, the ability of the Company to sustain\nor grow its share of the German medical cannabis market and to expand into\nfurther European markets in coming quarters; whether additional working\ncapital will be needed to grow Remexian; the ability to remain free cash flow\npositive for the 2026 fiscal year; the closing of announced acquisitions, the\nability of the Company to develop and launch cannabis, white label, and\nconsumption accessory offerings and for sales of its higher-margin white label\nbrands to grow; the ability to fund store growth internally; and the ability\nof the Company and its subsidiaries to capitalize on further federal reforms\nin the U.S. and elsewhere and for these to be a growth opportunity for the\nCompany.\n\nReaders are cautioned to not place undue reliance on forward-looking\ninformation. Actual results and developments may differ materially from those\ncontemplated by these statements. Although the Company believes that the\nexpectations reflected in these statements are reasonable, such statements are\nbased on expectations, factors, and assumptions concerning future events which\nmay prove to be inaccurate and are subject to numerous risks and\nuncertainties, certain of which are beyond the Company's control, including\nbut not limited to the risk factors discussed under the heading\n\"Non-Exhaustive List of Risk Factors\" in Schedule A to our current annual\ninformation form, and elsewhere in this press release, as such factors may be\nfurther updated from time to time in our periodic filings, available at\nwww.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2521937082&u=https%3A%2F%2Fwww.sedarplus.ca%2Fhome%2F&a=www.sedarplus.ca)\nand www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=439137940&u=https%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov)\n, which factors are incorporated herein by reference. Forward-looking\nstatements contained in this press release are expressly qualified by this\ncautionary statement and reflect the Company's expectations as of the date\nhereof and are subject to change thereafter. The Company undertakes no\nobligation to update or revise any forward-looking statements, whether as a\nresult of new information, estimates or opinions, future events or results, or\notherwise, or to explain any material difference between subsequent actual\nevents and such forward-looking information, except as required by applicable\nlaw.\n\nCAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION\n\nThis press release may contain future oriented financial information (\"FOFI\")\nwithin the meaning of applicable securities legislation about prospective\nresults of operations, financial position or cash flows, which is subject to\nthe same assumptions, risk factors, limitations, and qualifications as set out\nin the above \"Cautionary Note Regarding Forward-Looking Statements\". FOFI is\nnot presented in the format of a historical balance sheet, income statement or\ncash flow statement. FOFI does not purport to present the Company's financial\ncondition in accordance with IFRS as issued by the International Accounting\nStandards Board, and there can be no assurance that the assumptions made in\npreparing the FOFI will prove accurate. The actual results of operations of\nthe Company and the resulting financial results will likely vary from the\namounts set forth in the analysis presented, and such variation may be\nmaterial (including due to the occurrence of unforeseen events occurring\nsubsequent to the preparation of the FOFI). The Company and management believe\nthat the FOFI has been prepared on a reasonable basis, reflecting management's\nbest estimates and judgments as of the applicable date. However, because this\ninformation is highly subjective and subject to numerous risks, readers are\ncautioned not to place undue reliance on the FOFI as necessarily indicative of\nfuture results. Except as required by applicable securities laws, the Company\nundertakes no obligation to update such FOFI.\n\nImportantly, the FOFI contained in this press release are, or may be, based\nupon certain additional assumptions that management believes to be reasonable\nbased on the information currently available to management, including, but not\nlimited to, assumptions about: (i) the future pricing for the Company's\nproducts, (ii) the future market demand and trends within the jurisdictions in\nwhich the Company may from time to time conduct the Company's business, (iii)\nthe Company's ongoing inventory levels, and operating cost estimates, and (iv)\nthe Company's net proceeds from the ATM Program and future financings. The\nFOFI or financial outlook contained in this press release do not purport to\npresent the Company's financial condition in accordance with IFRS as issued by\nthe International Accounting Standards Board, and there can be no assurance\nthat the assumptions made in preparing the FOFI will prove accurate. The\nactual results of operations of the Company and the resulting financial\nresults will likely vary from the amounts set forth in the analysis presented\nin any such document, and such variation may be material (including due to the\noccurrence of unforeseen events occurring subsequent to the preparation of the\nFOFI). The Company and management believe that the FOFI has been prepared on a\nreasonable basis, reflecting management's best estimates and judgments as at\nthe applicable date. However, because this information is highly subjective\nand subject to numerous risks including the risks discussed under the heading\nabove entitled \"Cautionary Note Regarding Forward-Looking Statements\" and\nunder the heading \"Risk Factors\" in the Company's public disclosures, FOFI or\nfinancial outlook within this press release should not be relied on as\nnecessarily indicative of future results.\n\nReaders are cautioned not to place undue reliance on the FOFI, or financial\noutlook contained in this press release. Except as required by Canadian\nsecurities laws, the Company does not intend, and does not assume any\nobligation, to update such FOFI.\n __________________________\n (1) Based on publicly available data from Statistics Canada, excluding\n British Columbia where entities are capped at 8 stores\n (2) Based on publicly available data from Statistics Canada, excluding\n British Columbia where entities are capped at 8 stores\n (3) For the month of June 2026, based on publicly available store count data\n in the five Canadian provinces where Canna Cabana operates and as per publicly\n available data from Statistics Canada and provincial regulators\n (4) Calculated by chaining monthly data, and based on publicly available\n store count data in the five Canadian provinces where Canna Cabana operates\n and as per publicly available data from Statistics Canada and provincial\n regulators\n (5) Based on latest data from Statistics Canada\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/high-tide-reports-record-breaking-third-quarter-2026-financial-results-302878002.html\n(https://www.prnewswire.com/news-releases/high-tide-reports-record-breaking-third-quarter-2026-financial-results-302878002.html)\n\nSOURCE High Tide Inc.\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1987546/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946420\nhttps://mmx.prnewswire.com/media/MS1987547/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946422\nhttps://mmx.prnewswire.com/media/MS1987548/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946424\nhttps://mmx.prnewswire.com/media/MS1987549/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946426\nhttps://mmx.prnewswire.com/media/MS1987550/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946428\nhttps://mmx.prnewswire.com/media/MS1041563/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946431\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnQ5C15a-20260914","title":"High Tide Reports Record-Breaking Third Quarter 2026 Financial Results","author":"PR Newswire","ticker":"HITI","created":"2026-09-14T20:00:00.517Z","tickers":["HITI"],"exchange":"NASDAQ","article_body":"High Tide Reports Record-Breaking Third Quarter 2026 Financial Results\nPR Newswire\n\nCALGARY, AB, Sept. 14, 2026\n\n * RECORD Quarterly Revenue of $199 Million and Annualized Revenue Run Rate of\nApproximately $800 Million\n * RECORD Gross Profit of $52.7 Million\n * RECORD Adjusted EBITDA of $16.2 Million\n * RECORD Income From Operations of $8.7 Million\n * RECORD Net Income of $12.7 Million\n * RECORD Cash Flow From Operations Before Changes in Non-Cash Working Capital\nof $11.9 Million, With Free Cash Flow of $7.0 Million\n * Canna Cabana Held a 14% Share of the Cannabis Retail Market in the Provinces\nWhere it Operates, Excluding British Columbia, Up From 13% a Year Ago(1)\nCALGARY, AB, Sept. 14, 2026 /PRNewswire/ -- High Tide Inc. (\"High Tide\" or the\n\"Company\") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact,\nretail-forward enterprise built to deliver real-world value across every\ncomponent of cannabis, today released its financial results for the third\nfiscal quarter of 2026 ended July 31, 2026, the highlights of which are\nincluded in this news release. The full set of unaudited condensed interim\nconsolidated financial statements for the three months ended July 31, 2026 and\n2025 (the \"Financial Statements\") and accompanying management's discussion and\nanalysis can be accessed by visiting the Company's website at\nwww.hightideinc.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2414689682&u=https%3A%2F%2Fwww.hightideinc.com%2F&a=www.hightideinc.com)\n, its profile pages on SEDAR+ at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=3450072928&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n, and EDGAR at www.sec.gov/edgar\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=3832629961&u=https%3A%2F%2Fwww.sec.gov%2Fedgar&a=www.sec.gov%2Fedgar)\n.\n\n\"Nearly every major financial metric moved in the right direction this\nquarter, with many reaching the highest levels in our history. We delivered\nrecord revenue, record gross profit, record Adjusted EBITDA, record income\nfrom operations, record net income and record operating cash flow before\nworking capital. But what excites me most is that our bottom line is now\ngrowing substantially faster than our top line. That is the operating leverage\nwe have spent years building toward,\" said Raj Grover, Founder and Chief\nExecutive Officer of High Tide.\n\n\"High Tide is approaching an $800 million annualized revenue run rate, our\nAdjusted EBITDA margin is at its highest level in twelve quarters, and we\ncontinue to generate meaningful free cash flow while investing aggressively in\ngrowth. With Canna Cabana strengthening its leadership position in Canada and\nRemexian scaling rapidly in Germany, we now have two powerful engines driving\nour business forward. We intend to keep pushing hard on growth, profitability\nand cash generation while maintaining the capital discipline that got us here.\nThis quarter is the clearest evidence yet of the earnings power we are\nbuilding at High Tide,\" added Mr. Grover.\n\nThird Fiscal Quarter 2026 – Financial Highlights:\n\n * Revenue was a record $198.8 million for the three months ended July 31, 2026\ncompared to $149.7 million during the same period last year, an increase of\n33%, representing the fastest growth rate in 13 quarters. Revenue was up 11%\nsequentially, representing the fastest growth rate in 15 quarters. This was\nthe fifth consecutive quarter marking a new all-time high in revenue.\n * Gross profit was a record $52.7 million for the three months ended\nJuly 31, 2026, up 32% compared to the previous year and up 9% sequentially.\n * Gross margin was 27% for the three months ended July 31, 2026, which was\nconsistent with a year ago and sequentially.\n * Adjusted EBITDA was yet another record of $16.2 million in the three months\nended July 31, 2026. This was up 53% compared to last year and up 17%\nsequentially. The Company generated Adjusted EBITDA margin of 8.2% in the\nthree months ended July 31, 2026, which marked the highest level in 12\nquarters.\n * The Company continued to create shareholder value by growing key fundamental\nmetrics far in excess of share dilution. Specifically, even excluding the\nnon-controlling interest, revenue grew 2.5x faster than its average basic\nshare count during the three months ended July 31, 2026, compared to the prior\nyear, while Adjusted EBITDA grew 3.9x faster than its average basic share\ncount.\n * Cash flow from operations before changes in non-cash working capital was a\nrecord $11.9 million for the three months ended July 31, 2026, up 44%\ncompared to last year and 36% sequentially.\n * The Company generated $7.0 million in free cash flow in the three months ended\nJuly 31, 2026. Free cash flow was up 373% versus $1.5 million sequentially.\nFree cash flow compared to $7.7 million in the prior year despite $4.2 million\nin additional investments in working capital to support the growth of the\nbusiness.\n * General and administration expenses represented 3.9% of revenue in the three\nmonths ended July 31, 2026, which improved from 4.4% during the previous\nyear, and 4.0% sequentially, and was the lowest level in eight quarters.\n * Salaries, wages, and benefits represented 11.4% of revenue in the three months\nended July 31, 2026, which improved from 12.2% during the previous year, and\n11.9% sequentially, and was the lowest level in 12 quarters.\n * Income from operations was a record $8.7 million in the three months ended\nJuly 31, 2026. This was up 133% compared to last year, and 43%\nsequentially.\n * During the third fiscal quarter, the Company generated record net income of\n$12.7 million, which represented significant improvements from net income of\n$0.8 million a year ago, and modestly positive net income sequentially.\nAdjusted for changes in non-cash derivative liability and long-term contract\nasset, net income was $2.2 million, which compared to $0.9 million a year ago,\nand $0.8 million sequentially.\n * Cash and cash equivalents, including restricted cash, as at July 31, 2026\ntotaled $47.1 million, which compared to $63.8 million in the prior year, and\n$36.5 million sequentially.\nThird Fiscal Quarter 2026 – Retail Highlights:\n\n * Canna Cabana remains the largest cannabis retail chain in Canada with 232\noperating locations. Excluding British Columbia, Canna Cabana's market share\nwas 14%, up from 13% in the previous year.(2)\n * Canadian Cabana Club membership has surpassed 2.73 million, an increase of 27%\ncompared to last year, and 3% sequentially. Cabana Club remains the largest\ncannabis loyalty program globally. The Company has also exceeded 186,000 ELITE\nmembers in Canada, an increase of 62% from the previous year and 4%\nsequentially.\n * The average Canna Cabana store generated 1.8x revenue versus peers.(3)\n * Same-store sales for the entirety of the third fiscal quarter of 2026 were\nconsistent with the prior year; however, comparative sales showed positive\ngrowth in each of the months of June 2026 and July 2026 versus the prior year.\nThe Company notes that, in terms of transaction count, on a same-store basis,\nCanna Cabana posted a 1.1% gain during the third fiscal quarter. Since the\nlaunch of its discount club model in October 2021, same store sales at Canna\nCabana are up 171% while the average operator has experienced a 1% decline in\nsales.(4)\n * For the 12 months ended June 2026, total industry sales in the five provinces\nwhere the Company operates were up 3% year over year.(5) In contrast, total\nCanna Cabana sales were up 10% during this period.\n * Canna Cabana had a shrink rate of 0.2% during the three months ended\nJuly 31, 2026, which was consistent with the three months ended April 30,\n2026, and July 31, 2025.\n * Excluding stores open less than six months which are still ramping up,\nannualized retail sales per square foot were $1,721 across the Canna Cabana\nstore network during the third fiscal quarter of 2026, which was higher than\nmany best-in-class international retailers.\nThird Fiscal Quarter 2026 – Medical Cannabis Update\n\n * During the third fiscal quarter of 2026, Remexian distributed a record 10.2\ntonnes of medical cannabis into the German market, marking the highest\nquarterly distribution volume in the company's history. Volumes increased 62%\ncompared to the previous year and 35% sequentially.\n * The segment generated record revenue of $38.2 million during the third fiscal\nquarter of 2026, compared to $31.6 million during the second fiscal quarter of\n2026.\n * During the third fiscal quarter of 2026, Remexian generated gross margin of\n26%.\n\nThird Fiscal Quarter 2026 – Operational Highlights (May 1, 2026 – July 31,\n2026):\n\n * The Company opened new Canna Cabana locations in Toronto, Welland, Ottawa and\nCalgary.\n * The Company closed the acquisition of four additional stores in\nOntario—Bowmanville, Oshawa, Courtice and Kingston—through the acquisition\nof 100% of the equity interests of J. Supply Holdings Inc., operating as\nNorthern Helm.\n * Certain officers, directors, and consultants, led by the Company's President\nand Chief Executive Officer, in the aggregate, acquired 90,882 common shares\nin the capital of High Tide on the open market between May 6, 2026, and May 8,\n2026, at an average price of $3.39 per Common Share.\nSubsequent Events (August 1, 2026 – Present):\n\n * The Company closed its previously announced senior secured credit facilities\nwith Bank of Montreal in the aggregate principal amount of $40 million.\n * The Company announced the voting results from its annual general and special\nmeeting of shareholders of the Company held on August 11, 2026, where each\nnominee listed in the Company's management information circular dated June 29,\n2026, was elected as a director of the Company, and where the Company's\nrevised Shareholder Rights Plan was approved.\n * The Company announced the opening of three new Canna Cabana locations across\nLindsay, Orléans, and Regina, bringing the Canadian Canna Cabana store count\nto 232, including 105 in Ontario and 14 in Saskatchewan.\nSelected financial information for the three and nine months ended, July 31,\n2026:\n(Expressed in thousands of Canadian Dollars)\n                                                   Three months ended July 31,                      Nine months ended July 31,\n                                                   2026             2025             Change         2026               2025               Change\n                                                   $                $                ∆              $                  $                  ∆\n Free cash flow((i))                               7,017            7,682            (9) %          11,438             10,678             7 %\n Net cash provided by operating activities         10,091           10,650           (5) %          20,384             19,588             4 %\n Revenue                                           198,818          149,690          33 %           556,443            429,955            29 %\n Gross profit                                      52,746           40,091           32 %           145,546            111,002            31 %\n Gross margin((ii))                                27 %             27 %             — %            26 %               26 %               — %\n Operating expense((iii))                          (36,514)         (29,448)         24 %           (105,423)          (85,208)           24 %\n Operating expense as a % of revenue((iv))         18 %             20 %             (2) %          19 %               20 %               (1) %\n Total expenses                                    (44,036)         (36,352)         21 %           (128,368)          (106,264)          21 %\n Income from operations                            8,710            3,739            133 %          17,178             4,738              263 %\n Adjusted EBITDA((v))                              16,232           10,643           53 %           41,605             25,794             61 %\n Adjusted EBITDA as a percentage of revenue((vi))  8 %              7 %              1 %            7 %                6 %                1 %\n Net income (loss)                                 12,748           832              — %            12,420             (4,693)            — %\n Adjusted net income (loss)((vii))                 2,246            875              157 %          (606)              (4,650)            (87) %\n Basic income (loss) per share                     0.13             0.01             — %            0.14               (0.06)             — %\n Diluted income (loss) per share                   0.12             0.01             — %            0.13               (0.06)             — %\n\n i. Free cash flow is a non-IFRS financial measure prepared based on the\n calculation below.\n ii. Gross margin is a non-IFRS financial measure. Gross margin is calculated\n by dividing gross profit by revenue.\n iii. Operating expense is a non-IFRS measure and includes salaries, wages and\n benefits, general & administration, professional fees, advertising &\n promotion, and interest & bank charges.\n iv. Operating expense as a % of revenue is a non-IFRS financial measure. This\n metric is calculated as operating expense divided by revenue.\n v. Adjusted EBITDA is a non-IFRS financial measure. A reconciliation of the\n Adjusted EBITDA to Net income (loss) is found below.\n vi. Adjusted EBITDA as a percentage of revenue is a non-IFRS financial\n measure. This metric is calculated as adjusted EBITDA divided by revenue.\n vii. Adjusted net income (loss) is a non-IFRS financial measure calculated by\n excluding the fair value changes in the derivative liability and long-term\n contract asset from net income (loss).\n\nThe reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as\nfollows:\n                                                           2026                       2025                                2024\n                                                           Q3        Q2      Q1       Q4        Q3      Q2       Q1       Q4\n Net (loss) Income                                         12,748    24      (352)    (46,711)  832     (2,836)  (2,689)  (4,802)\n Income/deferred tax (recovery) expense                    (93)      295     40       (178)     69      46       38       (153)\n Accretion and interest                                    3,531     3,151   3,155    1,213     1,795   1,950    2,101    2,308\n Depreciation and amortization                             6,644     6,146   8,026    6,503     6,080   5,880    5,847    5,362\n EBITDA((i))                                               22,830    9,616   10,869   (39,173)  8,776   5,040    5,297    2,715\n Inventory fair value                                      -         792     690      865       —       —        —        —\n Foreign exchange loss (gain)                              979       (212)   (144)    333       120     114      (13)     5\n Transaction and acquisition costs                         2,047     2,077   2,958    2,682     881     1,616    630      773\n Other (gain) loss                                         —         —       —        (41)      (1)     42       —        (874)\n Impairment loss                                           —         —       —        23,564    —       —        —        4,964\n Share-based compensation                                  878       881     370      668       824     1,250    1,175    750\n (Gain) loss on fair value change in derivative liability  (11,787)  762     (3,286)  23,516    43      —        —        (88)\n Loss on fair value change in long term contract asset     1,285     —       —        —         —       —        —        —\n Adjusted EBITDA((i))                                      16,232    13,916  11,457   12,414    10,643  8,062    7,089    8,245\n Adjusted EBITDA margin((ii))                              8 %       8 %     6 %      8 %       7 %     6 %      5 %      6 %\n Adjusted EBITDA - trailing twelve months                  54,019    48,430  42,576   38,208    34,039  33,010   34,989   38,335\n\n i. EBITDA and Adjusted EBITDA are non-IFRS financial measures.\n ii. Adjusted EBITDA margin is a non-IFRS financial measure. This metric is\n calculated as Adjusted EBITDA divided by revenue.\n\n                                            2026                       2025                                2024\n                                            Q3       Q2       Q1       Q4       Q3       Q2       Q1       Q4\n Cash flow from operating activities        11,886   8,752    5,486    6,599    8,231    4,686    4,644    6,179\n Changes in non-cash working capital        (1,795)  (4,319)  374      (2,321)  2,419    3,569    (3,961)  3,473\n Net cash provided by operating activities  10,091   4,433    5,860    4,278    10,650   8,255    683      9,652\n Sustaining capex                           (492)    (289)    (286)    (345)    (460)    (692)    (361)    (533)\n Lease liability payments                   (2,582)  (2,662)  (2,635)  (2,610)  (2,508)  (2,667)  (2,222)  (3,211)\n Free cash flow((i))                        7,017    1,482    2,939    1,323    7,682    4,896    (1,900)  5,908\n Free cash flow - trailing twelve months    12,761   13,426   16,840   12,001   16,586   11,996   16,483   21,991\n\n i. Free cash flow is a non-IFRS measure.\n\nOUTLOOK\n\nBricks-and-Mortar Retail\n\nHigh Tide's wholly owned subsidiary, Canna Cabana, is the largest cannabis\nretail chain in Canada with 232 locations. Canna Cabana also owns and operates\na location in Berlin, Germany, selling consumption accessories. As previously\ncommunicated, the Company reiterates its long-term goal of surpassing 350\nlocations across Canada and opening over 20 locations in calendar 2026, mostly\nthrough organic growth, while also evaluating supplemental M&A\nopportunities of varying sizes.\n\nWhite Label Initiatives\n\nThe Company continues to expand its white label cannabis product portfolio\nunder its flagship Queen of Bud and Cabana Cannabis Co. brands, increasing\nfrom 41 to 48 SKUs sequentially. The Company is also developing several new\nofferings to further grow its white label portfolio. Currently, white label\ncannabis SKUs represent approximately 1.9% of the Company's total\nbricks-and-mortar cannabis sales. Over the long term, the Company anticipates\nsignificant growth in its white label portfolio.\n\nCabana Club & ELITE\n\nThe Company's Cabana Club and ELITE loyalty programs, which remain the largest\nsuch cannabis loyalty programs in the world, continue to expand at a rapid\npace across Canada. Cabana Club membership has now surpassed 2.73 million\nmembers in Canada, which is up 27% in the past year. Over the long term the\nCompany anticipates exceeding 3 million Cabana Club members in Canada. ELITE,\nthe paid membership tier now exceeds 186,000 members in Canada—after growing\nby 62% compared to last year—with additional members being onboarded daily.\n\nEurope\n\nHigh Tide's German medical cannabis subsidiary, Remexian Pharma GmbH, has\ncontinued to gain momentum since the Company's acquisition of a majority\nstake, with market share increasing from 6.5% to 10.5% in the first six months\npost transaction. The Company notes that while industry data isn't available,\nRemexian's shipments have increased 44% since the three months ended March 31,\n2026. Management is encouraged by this strong and increasingly bullish\ntrajectory and believes the Company is well positioned to sustain, and\npotentially grow, its share of the German medical cannabis market, supported\nby its unmatched Canadian supply relationships and the continued growth of\nGermany's medical cannabis sector. The record tonnage distributed by Remexian\nduring the third fiscal quarter provides further evidence of this positive\nmomentum and, assuming the current regulatory framework remains materially\nunchanged, could be indicative of the scale and growth potential of the\nbusiness in the quarters ahead. The Company continues to assess potential\nopportunities in other European jurisdictions, and is committed to being\nstrategic on any entry with the aim of maximizing shareholder value.\n\nUnited States\n\nThe Company's conviction in the long-term opportunity for its U.S.\nhemp-derived CBD subsidiaries continues to be reinforced by an evolving\nfederal policy environment. Consistent with the rationale behind becoming\nfounding members of the U.S. National Compassionate Care Council, the Company\nand its subsidiary, NuLeaf Naturals, remain focused on helping to shape\nthoughtful federal and state medical cannabis policy while supporting efforts\nto expand patient access to cannabinoid therapies.\n\nFederal reform in the U.S. has continued to accelerate. On April 23, 2026, the\nU.S. Department of Justice and Drug Enforcement Administration (DEA) moved\nFDA-approved cannabis drug products and cannabis subject to a state medical\nmarijuana license from Schedule I to Schedule III of the Controlled Substances\nAct, the most significant shift in U.S. federal cannabis regulation in\ndecades. Building on that order, the DEA conducted an administrative hearing\nbetween June 29 and July 15, 2026, to consider the broader rescheduling of\ncannabis from Schedule I to Schedule III.\n\nThe Company believes that broader rescheduling, if ultimately implemented,\ncould have significant implications for the U.S. cannabis industry, including\nthe listing policies of major North American capital markets exchanges. High\nTide is actively assessing whether broader rescheduling could create a pathway\nfor exchange-listed companies to participate directly in the U.S. state-legal\nadult-use cannabis market while maintaining their existing listings. The\nCompany has initiated outreach to the Nasdaq Stock Exchange and the TSX\nVenture Exchange to better understand how broader federal rescheduling could\nimpact their respective listing policies and, ultimately, High Tide's ability\nto pursue opportunities in the U.S. adult-use cannabis sector.\n\nThe Company continues to engage with multiple counterparties in the U.S. to\nexplore potential opportunities.\n\nWEBCAST LINK FOR TIDE EARNINGS EVENT\n\nThe Company will host a webcast and conference call to discuss its unaudited\nresults and outlook at 11:30 AM (Eastern Time) on Tuesday, September 15, 2026.\n\nhttps://app.webinar.net/4WqyjMOJnKb\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2735936962&u=https%3A%2F%2Fapp.webinar.net%2F4WqyjMOJnKb&a=https%3A%2F%2Fapp.webinar.net%2F4WqyjMOJnKb)\n \n\nParticipants are encouraged to pre-register for the webcast by clicking on the\nlink above prior to the beginning of the live webcast. Three hours after the\nlive webcast, a replay of the webcast will be available at the same link\nabove.\n\nParticipants who wish to ask questions during the event may do so through the\ncall-in line, the access information for which is as follows:\n\nNorth American Toll Free: 1-888-510-2154\nInternational Toll Free (Germany): 498005889782\n\nABOUT HIGH TIDE\n\nHigh Tide Inc. is the leading community-grown, retail-forward cannabis\nenterprise engineered to unleash the full value of the world's most powerful\nplant. Its wholly owned subsidiary, Canna Cabana, is the second-largest\ncannabis retail brand globally. High Tide (HITI) is uniquely-built around the\ncannabis consumer, with wholly-diversified and fully-integrated operations\nacross all components of cannabis, including:\n\nRetail: Canna Cabana™ is the largest cannabis retail chain in Canada, with\n232 domestic and 1 international location. The Company's Canadian\nbricks-and-mortar operations span British Columbia, Alberta, Saskatchewan,\nManitoba, and Ontario. Excluding British Columbia, where store counts are\ncapped at 8, the Company holds a growing 14% share of the market. In 2021,\nCanna Cabana became the first cannabis discount club retailer in the world. In\n2025, the Company became the first North American cannabis operator to launch\na bricks-and-mortar presence in Germany. The Company also owns and operates\nmultiple global e-commerce platforms offering accessories and hemp-derived\nproducts.\n\nMedical Cannabis Distribution: Remexian Pharma GmbH is a leading German\npharmaceutical company, with a 10.5% share of the German medical cannabis\nmarket, built for the purpose of importation and wholesale of medical cannabis\nproducts at affordable prices. Among all German medical cannabis procurers,\nRemexian has one of the most diverse reaches across the globe and is licensed\nto import from 19 countries including Canada.\n\nHigh Tide consistently moves ahead of the currents, having been named one of\nCanada's Top Growing Companies by the Globe and Mail's Report on Business in\n2025 for the fifth consecutive year and was recognized as a top 50 company by\nthe TSX Venture Exchange (the \"TSXV\") in 2022, 2024 and 2025. High Tide was\nalso ranked number one in the retail category on the Financial Times list of\nAmericas' Fastest Growing Companies for 2023. To discover the full impact of\nHigh Tide, visit www.hightideinc.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=1497698021&u=https%3A%2F%2Fhightideinc.com%2F&a=www.hightideinc.com)\n. For investment performance, don't miss the High Tide profile pages on SEDAR+\nand EDGAR.\n\nNeither the TSXV nor its Regulation Services Provider (as that term is defined\nin the policies of the TSXV) accepts responsibility for the adequacy or\naccuracy of this release.\n\nCONTACT INFORMATION\n\nMedia Inquiries\nOmar Khan\nChief Communications and Public Affairs Officer\nHigh Tide Inc.\nomar@hightideinc.com (mailto:omar@hightideinc.com)\n403-770-3080\n\nInvestor Inquiries\nVahan Ajamian\nCapital Markets Advisor\nHigh Tide Inc.\nvahan@hightideinc.com (mailto:vahan@hightideinc.com)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release may contain \"forward-looking information\" and\n\"forward-looking statements\" within the meaning of applicable securities\nlegislation. The use of any of the words \"could\", \"intend\", \"expect\",\n\"believe\", \"will\", \"projected\", \"estimated\" and similar expressions and\nstatements relating to matters that are not historical facts are intended to\nidentify forward-looking information and are based on the Company's current\nbelief or assumptions as to the outcome and timing of such future events. The\nforward-looking statements herein include, but are not limited to, statements\nregarding:\n\nThe Company's business objectives and milestones and the anticipated timing\nof, and costs in connection with, the execution or achievement of such\nobjectives and milestones (including, without limitation, proposed\nacquisitions, expansions and store openings); the Company's future growth\nprospects and intentions to pursue one or more viable business opportunities;\nthe development of the Company's business and future activities following the\ndate hereof; expectations relating to market size and anticipated growth in\nthe jurisdictions within which the Company may from time to time operate or\ncontemplate future operations; expectations with respect to economic,\nbusiness, regulatory, or competitive factors related to the Company or the\ncannabis industry generally; the market for the Company's current and proposed\nproduct offerings, as well as the Company's ability to capture market share;\nthe distribution methods expected to be used by the Company to deliver its\nproduct offerings; the Company's strategic investments and capital\nexpenditures, and related benefits; changes in general and administrative\nexpenses; future business operations and activities and the timing and\nperformance thereof; the future tax liability of the Company; the estimated\nfuture contractual obligations of the Company; the future liquidity and\nfinancial capacity of the Company and its ability to fund its working capital\nrequirements and forecasted capital expenditures; the competitive landscape\nwithin which the Company operates and the Company's market share or reach; the\nCompany adding the number of additional cannabis retail store locations the\nCompany proposes to add to the Company's business upon the timelines indicated\nherein; the Company remaining on a positive growth trajectory; same-store\nsales continuing to increase; the Company making increases to its revenue\nprofile; the Company completing the development of its cannabis retail stores;\nthe Company's ability to generate positive free cash flow and remain free cash\nflow positive for the fiscal year; free cash flow allowing the Company to\nfinance its growth with internal cash flows; the Company's ability to maximize\nshareholder value; the Company's ability to obtain, maintain, and renew or\nextend, applicable authorizations, including the timing and impact of the\nreceipt thereof; the realization of cost savings, synergies or benefits from\nthe Company's recent and proposed acquisitions; the Company's ability to\nsuccessfully integrate the operations of any business acquired within the\nCompany's business; the anticipated sales from continuing operations; the\nability of the company to use cash generated from existing operations to fund\nfuture locations; Cabana Club and ELITE loyalty programs membership continuing\nto increase; the anticipated changes to and effects of the ELITE program on\nthe business and operations of the Company; the Company hitting its forecasted\nrevenue and sales projections; the intention of the Company to complete any\noffering of securities of the Company; the aggregate amount of the total\nproceeds that the Company will receive pursuant to any future offering; the\nCompany's expected use of the net proceeds from any future offering; the\nlisting of Common Shares offered in any future offering; the anticipated\neffects of any future offering on the business and operations of the Company;\nthe Company's ability to enter emerging legal cannabis jurisdictions, the\nability of the Company to capture additional market share in the amount and on\nthe timelines indicated herein; the ability of the Company to add over 20\nstores this calendar year and reach its goals of 350 stores nationwide, 3\nmillion Cabana Club members in Canada, the ability of the Company to sustain\nor grow its share of the German medical cannabis market and to expand into\nfurther European markets in coming quarters; whether additional working\ncapital will be needed to grow Remexian; the ability to remain free cash flow\npositive for the 2026 fiscal year; the closing of announced acquisitions, the\nability of the Company to develop and launch cannabis, white label, and\nconsumption accessory offerings and for sales of its higher-margin white label\nbrands to grow; the ability to fund store growth internally; and the ability\nof the Company and its subsidiaries to capitalize on further federal reforms\nin the U.S. and elsewhere and for these to be a growth opportunity for the\nCompany.\n\nReaders are cautioned to not place undue reliance on forward-looking\ninformation. Actual results and developments may differ materially from those\ncontemplated by these statements. Although the Company believes that the\nexpectations reflected in these statements are reasonable, such statements are\nbased on expectations, factors, and assumptions concerning future events which\nmay prove to be inaccurate and are subject to numerous risks and\nuncertainties, certain of which are beyond the Company's control, including\nbut not limited to the risk factors discussed under the heading\n\"Non-Exhaustive List of Risk Factors\" in Schedule A to our current annual\ninformation form, and elsewhere in this press release, as such factors may be\nfurther updated from time to time in our periodic filings, available at\nwww.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=2521937082&u=https%3A%2F%2Fwww.sedarplus.ca%2Fhome%2F&a=www.sedarplus.ca)\nand www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4773422-1&h=439137940&u=https%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov)\n, which factors are incorporated herein by reference. Forward-looking\nstatements contained in this press release are expressly qualified by this\ncautionary statement and reflect the Company's expectations as of the date\nhereof and are subject to change thereafter. The Company undertakes no\nobligation to update or revise any forward-looking statements, whether as a\nresult of new information, estimates or opinions, future events or results, or\notherwise, or to explain any material difference between subsequent actual\nevents and such forward-looking information, except as required by applicable\nlaw.\n\nCAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION\n\nThis press release may contain future oriented financial information (\"FOFI\")\nwithin the meaning of applicable securities legislation about prospective\nresults of operations, financial position or cash flows, which is subject to\nthe same assumptions, risk factors, limitations, and qualifications as set out\nin the above \"Cautionary Note Regarding Forward-Looking Statements\". FOFI is\nnot presented in the format of a historical balance sheet, income statement or\ncash flow statement. FOFI does not purport to present the Company's financial\ncondition in accordance with IFRS as issued by the International Accounting\nStandards Board, and there can be no assurance that the assumptions made in\npreparing the FOFI will prove accurate. The actual results of operations of\nthe Company and the resulting financial results will likely vary from the\namounts set forth in the analysis presented, and such variation may be\nmaterial (including due to the occurrence of unforeseen events occurring\nsubsequent to the preparation of the FOFI). The Company and management believe\nthat the FOFI has been prepared on a reasonable basis, reflecting management's\nbest estimates and judgments as of the applicable date. However, because this\ninformation is highly subjective and subject to numerous risks, readers are\ncautioned not to place undue reliance on the FOFI as necessarily indicative of\nfuture results. Except as required by applicable securities laws, the Company\nundertakes no obligation to update such FOFI.\n\nImportantly, the FOFI contained in this press release are, or may be, based\nupon certain additional assumptions that management believes to be reasonable\nbased on the information currently available to management, including, but not\nlimited to, assumptions about: (i) the future pricing for the Company's\nproducts, (ii) the future market demand and trends within the jurisdictions in\nwhich the Company may from time to time conduct the Company's business, (iii)\nthe Company's ongoing inventory levels, and operating cost estimates, and (iv)\nthe Company's net proceeds from the ATM Program and future financings. The\nFOFI or financial outlook contained in this press release do not purport to\npresent the Company's financial condition in accordance with IFRS as issued by\nthe International Accounting Standards Board, and there can be no assurance\nthat the assumptions made in preparing the FOFI will prove accurate. The\nactual results of operations of the Company and the resulting financial\nresults will likely vary from the amounts set forth in the analysis presented\nin any such document, and such variation may be material (including due to the\noccurrence of unforeseen events occurring subsequent to the preparation of the\nFOFI). The Company and management believe that the FOFI has been prepared on a\nreasonable basis, reflecting management's best estimates and judgments as at\nthe applicable date. However, because this information is highly subjective\nand subject to numerous risks including the risks discussed under the heading\nabove entitled \"Cautionary Note Regarding Forward-Looking Statements\" and\nunder the heading \"Risk Factors\" in the Company's public disclosures, FOFI or\nfinancial outlook within this press release should not be relied on as\nnecessarily indicative of future results.\n\nReaders are cautioned not to place undue reliance on the FOFI, or financial\noutlook contained in this press release. Except as required by Canadian\nsecurities laws, the Company does not intend, and does not assume any\nobligation, to update such FOFI.\n __________________________\n (1) Based on publicly available data from Statistics Canada, excluding\n British Columbia where entities are capped at 8 stores\n (2) Based on publicly available data from Statistics Canada, excluding\n British Columbia where entities are capped at 8 stores\n (3) For the month of June 2026, based on publicly available store count data\n in the five Canadian provinces where Canna Cabana operates and as per publicly\n available data from Statistics Canada and provincial regulators\n (4) Calculated by chaining monthly data, and based on publicly available\n store count data in the five Canadian provinces where Canna Cabana operates\n and as per publicly available data from Statistics Canada and provincial\n regulators\n (5) Based on latest data from Statistics Canada\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/high-tide-reports-record-breaking-third-quarter-2026-financial-results-302878002.html\n(https://www.prnewswire.com/news-releases/high-tide-reports-record-breaking-third-quarter-2026-financial-results-302878002.html)\n\nSOURCE High Tide Inc.\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1987546/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946420\nhttps://mmx.prnewswire.com/media/MS1987547/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946422\nhttps://mmx.prnewswire.com/media/MS1987548/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946424\nhttps://mmx.prnewswire.com/media/MS1987549/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946426\nhttps://mmx.prnewswire.com/media/MS1987550/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946428\nhttps://mmx.prnewswire.com/media/MS1041563/High-Tide-Inc-High-Tide-Reports-Record-Breaking-Third-Quarter-2.jpg?id=OA2946431\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-14T20:00:00.573907058Z","server_sent_at_ms":1789416000573},"received_at":"2026-09-14T20:00:00.633Z","source_url":"https://www.prnewswire.com/news-releases/high-tide-reports-record-breaking-third-quarter-2026-financial-results-302878002.html"},"analysis":{"id":"131861","press_release_id":"143029","analysis_json":{"industry":{"label":"Specialty Retail","sector":"Consumer Discretionary"},"redFlags":["Net income of $12.7M includes an $11.8M non-cash gain on derivative liability fair value; adjusted net income was only $2.2M","Free cash flow declined 9% year over year ($7.0M vs $7.7M) despite record revenue","Cash and restricted cash fell to $47.1M from $63.8M a year earlier","All figures reported in Canadian dollars, not USD"],"eventType":"earnings","narrative":"High Tide reported record fiscal Q3 2026 revenue of $198.8 million (CAD), up 33% year over year and the fastest growth rate in 13 quarters, pushing the annualized run rate to roughly $800 million.\n\nProfitability grew faster than the top line: record adjusted EBITDA of $16.2 million (+53%), record operating income of $8.7 million (+133%), and record net income of $12.7 million versus $0.8 million a year ago, alongside $7.0 million in free cash flow.\n\nCanna Cabana held a 14% market share in its operating provinces excluding British Columbia with 232 stores and surpassed 2.73 million loyalty members, while German unit Remexian distributed a record 10.2 tonnes of medical cannabis and generated $38.2 million in segment revenue.\n\nSubsequent events include closing $40 million in senior secured credit facilities with Bank of Montreal and a four-store Ontario acquisition; insiders led by CEO Raj Grover bought 90,882 shares at an average of $3.39, and the company reiterated its long-term target of over 350 Canadian locations.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Operating leverage inflection at a small-cap cannabis retailer -- bottom line growing faster than top line with record EBITDA, net income and insider buying."},"keyFigures":{"eps":0.13,"revenue":198818000,"guidance":"Reiterated long-term goal of surpassing 350 Canadian store locations and opening over 20 locations in calendar 2026; approaching $800 million annualized revenue run rate","revenueYoy":"33%","customDimensions":{"fcf":7017000,"currency":"CAD","net_income":12748000,"diluted_eps":0.12,"store_count":232,"gross_margin":"27%","gross_profit":52746000,"elite_members":186000,"adjusted_ebitda":16232000,"remexian_revenue":38200000,"insider_avg_price":3.39,"market_share_ex_bc":"14% (up from 13%)","adjusted_ebitda_yoy":"53%","adjusted_net_income":2246000,"bmo_credit_facility":40000000,"cabana_club_members":2730000,"adjusted_ebitda_margin":"8.2%","income_from_operations":8710000,"remexian_volume_tonnes":10.2,"cash_and_restricted_cash":47100000,"insider_shares_purchased":90882,"income_from_operations_yoy":"133%","annualized_revenue_run_rate":"$800 Million","operating_cash_flow_before_working_capital":11886000}},"quotedText":"our bottom line is now growing substantially faster than our top line. That is the operating leverage we have spent years building toward","namedEntities":{"people":[{"name":"Raj Grover","role":"Founder and Chief Executive Officer"},{"name":"Omar Khan","role":"Chief Communications and Public Affairs Officer"},{"name":"Vahan Ajamian","role":"Capital Markets Advisor"}],"products":["Canna Cabana","Cabana Club","ELITE","Queen of Bud","Cabana Cannabis Co.","NuLeaf Naturals"],"companies":[{"name":"High Tide Inc.","ticker":"HITI","relationship":"filer"},{"name":"Canna Cabana","relationship":"wholly owned retail subsidiary"},{"name":"Remexian Pharma GmbH","relationship":"majority-owned German medical cannabis subsidiary"},{"name":"Bank of Montreal","relationship":"lender (senior secured credit facilities)"},{"name":"J. Supply Holdings Inc. (Northern Helm)","relationship":"acquired (four Ontario stores)"},{"name":"NuLeaf Naturals","relationship":"US hemp-derived CBD subsidiary"}],"dollarAmounts":[{"amount":"$199 Million","context":"record quarterly revenue (headline)"},{"amount":"$800 Million","context":"approximate annualized revenue run rate"},{"amount":"$52.7 Million","context":"record gross profit"},{"amount":"$16.2 Million","context":"record Adjusted EBITDA"},{"amount":"$8.7 Million","context":"record income from operations"},{"amount":"$12.7 Million","context":"record net income"},{"amount":"$11.9 Million","context":"record cash flow from operations before changes in non-cash working capital"},{"amount":"$7.0 Million","context":"free cash flow"},{"amount":"$38.2 million","context":"Remexian German medical cannabis segment revenue"},{"amount":"$47.1 million","context":"cash and cash equivalents including restricted cash at July 31, 2026"},{"amount":"$40 million","context":"senior secured credit facilities closed with Bank of Montreal"},{"amount":"$3.39","context":"average price of insider open-market share purchases"}]},"materialImpact":{"score":4,"reasoning":"Record quarter across nearly every metric: revenue up 33% YoY (fastest in 13 quarters), Adjusted EBITDA up 53%, operating income up 133%, and net income of $12.7M vs $0.8M a year ago with positive FCF. No consensus figures are stated in the release, so a top-tier 'surprise' score of 5 cannot be verified, but this is a materially strong print for a small-cap issuer."},"tickerRelevance":{"others":[{"ticker":"2LYA","relevance":"same issuer (Frankfurt listing)"}],"primary":"HITI"},"globalImportance":34,"audienceRelevance":45,"eventTypeSecondary":["operations_update","insider_transaction"],"importanceComponents":{"tickerTier":"small-cap","currencyNote":"CAD reporting","eventGravity":"record quarter with operating-leverage inflection and net income inflection","sectorWeight":"cannabis retail (Consumer Discretionary)","retailFavoriteBoost":true,"consensusComparisonAvailable":false}},"event_type":"earnings","event_type_secondary":["operations_update","insider_transaction"],"sentiment":"bullish","material_impact_score":4,"narrative":"High Tide reported record fiscal Q3 2026 revenue of $198.8 million (CAD), up 33% year over year and the fastest growth rate in 13 quarters, pushing the annualized run rate to roughly $800 million.\n\nProfitability grew faster than the top line: record adjusted EBITDA of $16.2 million (+53%), record operating income of $8.7 million (+133%), and record net income of $12.7 million versus $0.8 million a year ago, alongside $7.0 million in free cash flow.\n\nCanna Cabana held a 14% market share in its operating provinces excluding British Columbia with 232 stores and surpassed 2.73 million loyalty members, while German unit Remexian distributed a record 10.2 tonnes of medical cannabis and generated $38.2 million in segment revenue.\n\nSubsequent events include closing $40 million in senior secured credit facilities with Bank of Montreal and a four-store Ontario acquisition; insiders led by CEO Raj Grover bought 90,882 shares at an average of $3.39, and the company reiterated its long-term target of over 350 Canadian locations.","key_figures":{"eps":0.13,"revenue":198818000,"guidance":"Reiterated long-term goal of surpassing 350 Canadian store locations and opening over 20 locations in calendar 2026; approaching $800 million annualized revenue run rate","revenueYoy":"33%","customDimensions":{"fcf":7017000,"currency":"CAD","net_income":12748000,"diluted_eps":0.12,"store_count":232,"gross_margin":"27%","gross_profit":52746000,"elite_members":186000,"adjusted_ebitda":16232000,"remexian_revenue":38200000,"insider_avg_price":3.39,"market_share_ex_bc":"14% (up from 13%)","adjusted_ebitda_yoy":"53%","adjusted_net_income":2246000,"bmo_credit_facility":40000000,"cabana_club_members":2730000,"adjusted_ebitda_margin":"8.2%","income_from_operations":8710000,"remexian_volume_tonnes":10.2,"cash_and_restricted_cash":47100000,"insider_shares_purchased":90882,"income_from_operations_yoy":"133%","annualized_revenue_run_rate":"$800 Million","operating_cash_flow_before_working_capital":11886000}},"named_entities":{"people":[{"name":"Raj Grover","role":"Founder and Chief Executive Officer"},{"name":"Omar Khan","role":"Chief Communications and Public Affairs Officer"},{"name":"Vahan Ajamian","role":"Capital Markets Advisor"}],"products":["Canna Cabana","Cabana Club","ELITE","Queen of Bud","Cabana Cannabis Co.","NuLeaf Naturals"],"companies":[{"name":"High Tide Inc.","ticker":"HITI","relationship":"filer"},{"name":"Canna Cabana","relationship":"wholly owned retail subsidiary"},{"name":"Remexian Pharma GmbH","relationship":"majority-owned German medical cannabis subsidiary"},{"name":"Bank of Montreal","relationship":"lender (senior secured credit facilities)"},{"name":"J. Supply Holdings Inc. (Northern Helm)","relationship":"acquired (four Ontario stores)"},{"name":"NuLeaf Naturals","relationship":"US hemp-derived CBD subsidiary"}],"dollarAmounts":[{"amount":"$199 Million","context":"record quarterly revenue (headline)"},{"amount":"$800 Million","context":"approximate annualized revenue run rate"},{"amount":"$52.7 Million","context":"record gross profit"},{"amount":"$16.2 Million","context":"record Adjusted EBITDA"},{"amount":"$8.7 Million","context":"record income from operations"},{"amount":"$12.7 Million","context":"record net income"},{"amount":"$11.9 Million","context":"record cash flow from operations before changes in non-cash working capital"},{"amount":"$7.0 Million","context":"free cash flow"},{"amount":"$38.2 million","context":"Remexian German medical cannabis segment revenue"},{"amount":"$47.1 million","context":"cash and cash equivalents including restricted cash at July 31, 2026"},{"amount":"$40 million","context":"senior secured credit facilities closed with Bank of Montreal"},{"amount":"$3.39","context":"average price of insider open-market share purchases"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-14T20:01:00.477Z","global_importance":34,"audience_relevance":45,"importance_components":{"tickerTier":"small-cap","currencyNote":"CAD reporting","eventGravity":"record quarter with operating-leverage inflection and net income inflection","sectorWeight":"cannabis retail (Consumer Discretionary)","retailFavoriteBoost":true,"consensusComparisonAvailable":false}},"durationMs":59834,"modelName":"glm-5.3-flash"}}