High Tide Achieves Record Revenue in Q1 2024
The TDR Three Takeaways for High Tide:
- High Tide’s revenue hit $128.1 million in Q1 2024
- The company achieved a record Adjusted EBITDA of $10.4 million.
- With break-even net income and $3.6 million free cash flow, High Tide underscores its financial health.
High Tide Inc. (NASDAQ: HITI, TSXV: HITI) has announced its financial results for the first quarter of 2024, reporting significant achievements including record revenue, Adjusted EBITDA, and positive free cash flow for the third consecutive quarter. This performance solidifies High Tide’s position as a leading entity in the cannabis retail sector in North America.
The company reported revenue of $128.1 million for Q1 2024, marking an 8% increase year-over-year from its consistent growth strategy. Adjusted EBITDA for the period stood at $10.4 million, up 90% from the previous year, reflecting strong operational efficiency and margin improvements. Furthermore, High Tide achieved break-even net income during the quarter, a significant milestone that illustrates the company’s improved profitability and financial sustainability. High Tide’s strategic focus on generating positive free cash flow has proven effective, with $3.6 million recorded this quarter, despite a reduction in accounts payable and accrued liabilities.
In terms of market presence, High Tide continues to expand its footprint, now operating as the second-largest cannabis retailer in North America by store count. The company’s Canna Cabana outlets held over 19% of the cannabis retail market share in Alberta and 9% in Ontario, showcasing the brand’s strong consumer appeal and market penetration.
Looking ahead, High Tide is committed to expanding its retail network and enhancing its member-exclusive ELITE program, which has seen rapid growth. With plans to open 20-30 new Canna Cabana locations in the current calendar year and a strategic acquisition aimed at enriching its product offerings, High Tide is positioned for continued success. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.
