High Tide Reports Third Consecutive Quarter of Record Revenue and Adjusted EBITDA of $118.1 Million and $6.6 Million, Respectively
The Company Achieved Significant Sequential Improvement in Cost Reduction in Line With Its Goal to Achieve Positive Free Cash Flow by the End of This Calendar Year
- 13th Straight Quarter of Positive Adjusted EBITDA, Representing a 174% Increase Year-Over-Year and 20% Sequentially, Driven by Significant Cost Reductions in General and Administrative Expenses
- High Tide Reaches 9.5% of Canadian Cannabis Retail Market Share Outside of Quebec¹, Up From 9% in the Previous Quarter
- Same-Store Sales Increased by 30% Year-Over-Year and 1% Sequentially. Calculated Daily Same-Store Sales Increased by 5%, as There Were Three Fewer Days in the Quarter, Representing the Seventh Consecutive Quarter of Same-Store Sales Growth
- High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars²
Canna Cabana Continues to be the Largest Non-Franchised Cannabis Retailer in Canada With 153 Locations and Surpasses 1,040,000 Cabana Club Members, While High Tide’s Global Customer Database Exceeds 4.5 Million
CALGARY, AB, June 14, 2023 /PRNewswire/ – High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, released today its financial results for the second fiscal quarter of 2023 ended April 30, 2023, the highlights of which are included in this news release. The full set of consolidated financial statements for the three and six months ended April 30, 2023, and the accompanying management’s discussion and analysis can be accessed by visiting the Company’s website at www.hightideinc.com, its profile pages on SEDAR at www.sedar.com, and EDGAR at www.sec.gov.
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