High Tide Reports Q1 2026 Financial Results

CALGARY – High Tide Inc. released its financial results for the first quarter ended January 31, 2026, underscoring steady progress in its Canadian stores and its expanding medical Cannabis distribution business in Germany.

High Tide generated record revenue of $178.3 million in Q1 2026. The figure rose 25% from $142.5 million a year earlier and marked the third straight quarter of all-time highs for the company. The results also showed gross profit climbing to a record $44.4 million, up 25% from the prior-year period. The gross margin held steady at 25%. Adjusted EBITDA came in at $11.5 million, a 62% increase year-over-year.

The company posted a free cash flow of $2.9 million, swinging from an outflow of $1.9 million in the same quarter last year. Its net loss narrowed from $2.7 million a year earlier to $0.4 million. Cash and cash equivalents, including restricted cash, totaled $46.4 million at quarter-end.

Retail operations at Canna Cabana drove most of the growth, accounting for 84% of revenue. The chain operated 218 stores as of January 31 and has since reached 220. Same-store sales rose 0.5% year-over-year despite weather-related softness in Ontario. The company’s Cabana Club loyalty program grew to more than 2.58 million Canadian members, up 47%.

Its medical Cannabis distribution business in Germany, through Remexian Pharma, contributed $25 million in revenue in its first full quarter under High Tide ownership and lifted the company’s import market share there to 10.3%. Margins in that segment faced temporary pressure from older inventory but are expected to improve with fresher supply.

Raj Grover, founder and CEO, said in the release that the discount-club model and store performance remained central to results. He pointed to momentum in Germany and early signs of recovery in U.S. e-commerce as reasons for optimism.

High Tide reiterated plans to open 20 to 30 stores this calendar year, mostly in Canada, and to push past 350 locations over the longer term. It also signaled interest in entering the United Kingdom through acquisition within the next 12 months.

These numbers reflect steady execution in Canadian retail at a time when many operators continue to wrestle with margin compression and slower same-store growth. The shift to positive free cash flow and the narrowing of losses suggest operational discipline is taking hold, even as international segments introduce new variables around supply and regulation. Ultimately, consistent profitability will rest on reaching expansion targets, keeping costs under control, increasing store productivity, and navigating the ever-changing regulatory environment in each market.