This is a strong beat on both revenue and EBITDA with accelerating growth and positive net income, supported by a new $40M credit facility that removes near-term dilution risk. Monitor the earnings call on June 16 for guidance on store expansion (20-30 new locations in 2026) and Remexian margin trajectory. The stock has underperformed historically on prior reports, but the magnitude of this beat may break that pattern.
Price Chart
Executive Summary
High Tide reported record Q2 2026 revenue of $179.3M (+30% YoY) and record adjusted EBITDA of $13.9M (+73% YoY), swinging to positive net income of $24K from a -$2.8M loss a year ago. The company also secured a $40M credit facility from Bank of Montreal to fund non-dilutive growth, while its German medical cannabis subsidiary Remexian posted record revenue of $31.6M with gross margins doubling to 27%.
Key Facts
- Record revenue of $179.3M, up 30% YoY (fastest growth in 11 quarters)
- Record adjusted EBITDA of $13.9M, up 73% YoY (fastest growth in 9 quarters)
- Net income of $24K vs net loss of $2.8M in prior year
- Gross margin improved to 27% from 26% YoY, an eight-quarter high
- Secured $40M senior secured credit facility from Bank of Montreal
- Remexian (German medical cannabis) generated record revenue of $31.6M with 27% gross margin (up from 12% sequentially)
- Canadian Cabana Club membership exceeded 2.65M, up 39% YoY; ELITE members surpassed 178K, up 84% YoY
- Same-store sales declined 1.2% YoY, but the company believes it outperformed peers
- Free cash flow was $1.5M (down from $4.9M YoY) due to working capital investments; trailing twelve-month FCF of $13.4M
- Cash and cash equivalents of $36.5M (down from $46.4M sequentially)
Financial Impact
Revenue +30% YoY to $179.3M, adjusted EBITDA +73% to $13.9M, net income swing of +$2.86M YoY, gross margin +100bps to 27%
Risk Factors
- Same-store sales declined 1.2% YoY, indicating potential retail headwinds
- Free cash flow fell to $1.5M from $4.9M YoY due to working capital build
- Cannabis regulatory risks in Canada, Germany, and U.S. rescheduling uncertainty
- Cash balance declined sequentially from $46.4M to $36.5M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001279569-26-000543 |
| Document: hightide6k.htm | 0001279569-26-000543 |
| Document: 0001279569-26-000543-index-headers.html | 0001279569-26-000543 |
| Document: 0001279569-26-000543-index.html | 0001279569-26-000543 |
| Document: 0001279569-26-000543.txt | 0001279569-26-000543 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 6-K | $2.61 $2.57 | ▼ −1.53% | ▲ +0.44% | $2.61 (−0.19%) |
Oct 1, 2026 26d ago | 6-K | $2.67 $2.58 | ▼ −3.37% | ▼ −4.67% | $2.61 (−2.43%) |
Sep 28, 2026 29d ago | 6-K | $2.81 $2.73 | ▼ −2.85% | ▼ −4.05% | $2.61 (−7.30%) |
Sep 28, 2026 29d ago | Press Release | $2.81 $2.73 | ▲ +2.85% | ▲ +4.05% | $2.61 (+7.30%) |
Sep 23, 2026 4w ago | 6-K | $2.72 $2.73 | ▲ +0.37% | ▲ +1.04% | $2.61 (−4.23%) |
Sep 14, 2026 6w ago | 6-K | $2.63 $2.63 | · 0.00% | ▼ −0.11% | $2.61 (−0.95%) |
Aug 31, 2026 8w ago | 6-K | $2.51 $2.69 | ▲ +7.17% | ▲ +7.31% | $2.61 (+3.78%) |
Aug 25, 2026 9w ago | 6-K | $2.57 $2.48 | ▼ −3.50% | ▼ −2.96% | $2.61 (+1.36%) |
Aug 25, 2026 9w ago | Press Release | $2.57 $2.48 | ▼ −3.50% | ▼ −2.96% | $2.61 (+1.36%) |
Aug 12, 2026 10w ago | 6-K | $2.33 $2.46 | ▲ +5.58% | ▲ +6.02% | $2.61 (+11.80%) |
US Market Status
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