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High Tide Reports Record Q3 Earnings, Eyes Expansion

By Shadd Dales On Sep 18, 2025

High Tide (NASDAQ: HITI) just posted another standout quarter for Q3 2025, and the numbers tell the story. CEO Raj Grover joins the Trade to Black podcast to discuss the results, noting that Q3 is traditionally High Tide’s strongest quarter, but this year delivered record revenue, adjusted EBITDA, and net income.

Here’s the highlights: Same-store sales were up 7.4% year-over-year — the fastest growth rate in two years. Free Cash Flow came in at $7.7 million in Q3 2025, up 148% YoY and 57% sequentially. The company also reported positive Net Income of $832,000, a 1% increase YoY and a meaningful turnaround from a net loss of $2.8 million last quarter. Market share continues to expand, with Canna Cabana holding 12% of cannabis retail sales in its five core provinces during May and June 2025, up from 11% the previous year. High Tide also remains the highest revenue-generating Canadian cannabis company reporting in CAD, with a Q3 annualized revenue run rate of $600 million.

Grover attributes the performance to the company’s discount club retail model, disciplined site selection, and strong customer loyalty. Membership in the Canna Cabana Club rose to 2.15 million, including 115,000 elite members, a segment that grew 102% year over year. Grover says membership growth remains the company’s “supreme focus,” with a long-term goal of surpassing 3 million members.

We’ll cover what these Q3 2025 results mean for High Tide’s competitive position — from membership growth and market share expansion to new opportunities in hemp-derived cannabinoids in the U.S. and the German market through Remexian, where the company has a 16% share of grams sold. We’ll also break down recent share price action, which saw High Tide surge above $3.62 to $4.68 before settling around $3.70.

How should investors interpret High Tide’s performance heading into 2026? We’ll share our thoughts in this interview with Raj Grover.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.