High Tide Inc. (HITI) delivered impressive third-quarter financial results, exceeding analyst expectations and demonstrating continued growth. The company reported quarterly GAAP earnings of 74 cents per share and revenue of $97 million, surpassing the consensus estimate of $92 million. This marks the 18th consecutive quarter where High Tide has achieved positive Adjusted EBITDA, a testament to their financial stability and consistent performance.
The company highlighted its strong gross profit margin of 27% for the quarter, a slight dip from the previous year and quarter but still indicating a healthy financial position. Raj Grover, CEO of High Tide, emphasized their unique approach to retail and commitment to delivering value for shareholders. He stated, “Over the last year, the High Tide team has presented investors with compelling proof points as to how we’re different than other retailers, and our third quarter results offer even further evidence of this. Our numbers continue to drive home the fact that we are a well-managed, innovative company that has grown responsibly while continuing to build value for shareholders.”
Following the release of these positive earnings, HITI shares experienced a significant surge in after-hours trading, climbing 8.68% to $2.38 at the time of publication. This strong performance reflects investor confidence in the company’s future prospects and its ability to navigate the evolving cannabis industry.
