High Tide Reports Q4 and Full FY 2025 Financial Results

CALGARY – High Tide Inc., the Canadian Cannabis retailer operating the Canna Cabana dispensary chain, released its audited financial results for the fourth quarter and full fiscal year ended October 31, 2025, reporting record revenue levels and improved operational metrics in its core retail business.

For the fourth quarter, revenue reached $164 million, marking a company high for any three-month period and reflecting continued top-line expansion. Gross profit stood at $42.5 million, up 19% from the prior-year quarter. Adjusted EBITDA hit a record $12.4 million for the period, while the company generated $1.3 million in free cash flow, though this figure declined from prior periods due to working capital investments.

Full-year revenue totaled approximately $594 million (implying a run rate above $650 million based on the strong Q4 finish), with gross profit at $153.6 million. The company remained free cash flow positive for the year at $12 million, even as it opened 27 new Canna Cabana stores to bring its total to 218 locations across Canada. Same-store sales grew 4.1% for the full year and 5.5% in Q4, supporting a 12% market share in the provinces where it operates. Brick-and-mortar EBITDA margins improved to a record 9.4%, with management targeting further gains toward 12% over time.

The loyalty program continued to expand, surpassing 2.4 million Cabana Club members and 151,000 ELITE members, which the company views as a durable advantage in a competitive retail environment.

On the international front, High Tide solidified its position in the German medical Cannabis market through the majority acquisition of Remexian Pharma GmbH, positioning it as a key importer and distributor. The business faced temporary supply-chain issues but has shown signs of recovery, with potential for further growth through partnerships, including in the United Kingdom.

Net results included a $14.4 million loss for the full year and a larger $46.7 million net loss in Q4, driven primarily by non-cash impairment charges and fair value adjustments on derivative liabilities. Adjusted for these items, the company reported positive net income in the quarter.

High Tide’s performance underscores steady retail momentum in Canada and strategic steps abroad, even as the broader Cannabis sector contends with pricing pressures and regulatory variations. The results highlight the value of its store network and customer base in generating consistent cash flow.

Overall, High Tide demonstrates operational discipline in a maturing market by posting sequential records in revenue and adjusted profitability while funding expansion and maintaining positive cash flow. The German entry adds diversification, though its contributions remain early-stage. Investors would do well to monitor sustained same-store growth and margin progress as indicators of the company’s long-term stability.