Cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) released first-quarter results Friday, posting a 64% year-over-year revenue increase.
"Our Q1 earnings numbers represent the best quarter ever in High Tide’s history in terms of revenue, adjusted EBITDA, and market share growth. Q1 is now our second consecutive quarter of record revenue and adjusted EBITDA and saw a meaningful improvement in our free cash flow position," said CEO Raj Grover.
HITI Financial Highlights
- Revenue increased to $118.1 million in the first fiscal quarter of 2023 compared to $72.2 million during the same period in 2022, representing an increase of 64% year-over-year and 9% sequentially.
- Gross profit increased to $32.2 million in the first fiscal quarter of 2023 compared to $23 million during the same period in 2022, representing an increase of 40% year-over-year and 9% sequentially.
- The gross profit margin in the three months ended Jan. 31, 2023, was 27%, consistent with the previous three quarters. Gross margins earned in High Tide's brick-and-mortar stores ticked higher sequentiallym the company said.
- Adjusted EBITDA increased to $5.5 million in the first fiscal quarter of 2023 compared to $3 million …