High Tide (HITI) financial statements

· Market cap $230M

High Tide reported revenue of 594M CAD in fiscal 2025, up 48.1% a year over 5 years.

Net income was -51M CAD and the operating margin -2.4%, against 0.1% in 2020.

Free cash flow was 14M CAD, and the company returned 1M CAD in dividends.

The diluted share count rose 438% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

-0.200.20.40.6202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, in CAD, from High Tide's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Revenue83M CAD181M CAD357M CAD488M CAD522M CAD594M CAD
Cost of revenue52M CAD117M CAD256M CAD356M CAD380M CAD440M CAD
Gross profit31M CAD64M CAD101M CAD131M CAD143M CAD154M CAD
Selling, general and admin6M CAD15M CAD26M CAD27M CAD22M CAD26M CAD
Operating income91,000 CAD-19M CAD-72M CAD-41M CAD5M CAD-14M CAD
Interest expense—0 CAD2M CAD1M CAD——
Pre-tax income-6M CAD-36M CAD-74M CAD-49M CAD-4M CAD-51M CAD
Income tax229,000 CAD-730,000 CAD-3M CAD-8M CAD-593,000 CAD-25,000 CAD
Net income-7M CAD-34M CAD-72M CAD-39M CAD-4M CAD-51M CAD
EPS (diluted)-0.46 CAD-0.84 CAD-1.14 CAD-0.53 CAD-0.05 CAD-0.62 CAD
Diluted shares15M42M63M74M80M82M
Gross margin37.0%35.3%28.3%26.9%27.3%25.8%
Operating margin0.1%-10.3%-20.3%-8.5%1.0%-2.4%
Net margin-8.4%-19.0%-20.1%-8.1%-0.8%-8.5%

Balance sheet

Fiscal years, in CAD, from High Tide's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Cash and short-term investments8M CAD14M CAD25M CAD30M CAD47M CAD48M CAD
Receivables3M CAD7M CAD8M CAD8M CAD3M CAD6M CAD
Inventory6M CAD17M CAD23M CAD26M CAD29M CAD67M CAD
Total current assets19M CAD46M CAD64M CAD69M CAD86M CAD137M CAD
Property, plant and equipment13M CAD25M CAD31M CAD27M CAD27M CAD29M CAD
Goodwill18M CAD80M CAD————
Total assets70M CAD246M CAD275M CAD233M CAD246M CAD349M CAD
Total current liabilities27M CAD41M CAD60M CAD58M CAD61M CAD100M CAD
Long-term debt3M CAD12M CAD12M CAD13M CAD65,000 CAD12M CAD
Total liabilities58M CAD94M CAD113M CAD100M CAD101M CAD246M CAD
Shareholders' equity10M CAD147M CAD156M CAD132M CAD143M CAD88M CAD
Net debt-5M CAD2M CAD4M CAD-1M CAD-34M CAD-20M CAD

Cash flow

Fiscal years, in CAD, from High Tide's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Operating cash flow9M CAD-3M CAD4M CAD21M CAD36M CAD24M CAD
Capital spending3M CAD11M CAD9M CAD6M CAD9M CAD10M CAD
Free cash flow6M CAD-14M CAD-5M CAD15M CAD27M CAD14M CAD
Stock-based compensation129,000 CAD5M CAD8M CAD5M CAD3M CAD4M CAD
Dividends paid—500,000 CAD2M CAD462,000 CAD200,000 CAD1M CAD
Free cash flow margin7.3%-7.5%-1.3%3.0%5.1%2.3%
Dividends per share—0.01 CAD0.03 CAD0.01 CAD0.00 CAD0.02 CAD
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for HITI.
Open HITI in Investingly

Questions

What was High Tide's revenue in 2025?

594M CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does High Tide generate?

14M CAD in fiscal 2025 (operating cash flow minus capital spending).

From High Tide's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.