High Tide Inc. reported $142.5 million in revenue for the three months ended January 31, 2025 (Q1 2025), with $35.4 million in gross profit and a $2.7 million net loss. 

Revenue was up 11% from the same period in the previous year, while the cost of sales increased 16%. Gross profit remained relatively stable (-2%) while losses were up year-over-year from just a $5,000 loss in Q1 2024. 

While net losses were up year-over-year, High Tide’s decreased from a $4.8 million loss in the previous quarter of Q4 2025.

“I am pleased to report yet another quarter featuring record revenue,” said Raj Grover, Founder and CEO of High Tide. “This continued momentum is supported by our core Canadian brick-and-mortar business which is generating double digit growth, and continues to get stronger every day. This is demonstrated by the fact that Q1 same store sales experienced their fastest pace of growth in four quarters. At the same time, Canadian Cabana Club membership has exceeded 1.76 million, with ELITE memberships also growing at their fastest rate since the club’s inception.” 

Sales of cannabis and CBD products represented $123.6 million of High Tide’s revenue, a 14% year-over-year increase compared to Q1 2024. Consumption accessories were another $7.5 million in revenue, down 35% from Q1 2024, while the company’s data analytics, advertising and other revenue was $11.3 million, a 49% year-over-year increase.

Organic growth of same-store sales contributed to a nearly $7.8 million increase in revenue. In contrast, new stores accounted for nearly $8.6 million, accompanied by an increase in data analytics, advertising and other revenue for $3.7 million. This was offset by an almost $5.7 million reduction in revenue related to High Tide’s e-commerce.

E-commerce was 5% of High Tide’s business in Q1 2025, compared to 10% in Q1 2024. The company’s losses were driven by online sales. Income from the company’s brick-and-mortar stores was $2.3 million, while online sales were a $2.2 million loss. 

The brick-and-mortar revenue growth was primarily due to continued same-store sales growth and new store build-outs. High Tide grew from 163 stores as of January 31, 2024, to 191 as of January 31, 2025. As of January 31, 2025, 191 stores were operational, and same store sales increased by 5% compared to the same period ended January 31, 2024.

Most of High Tide’s stores are under the Canna Cabana moniker (189) while two are branded cannabis stores under the Meta Cannabis Supply Co brand. High Tide also operates Canadian warehouse operations, which primarily services its retail locations. In addition, the company operates a warehouse which primarily services the e-commerce consumption accessories operations. High Tide says it plans to add another 20-30 retail locations during the 2025 calendar year.

The company also operates its e-commerce platforms including Smoke Cartel, Grasscity, Daily High Club, DankStop, NuLeaf Naturals and FABCBD in the United States, and USA sales on the international e-commerce platforms. High Tide also operates its e-commerce platform Blessed CBD, as well as international sales on its e-commerce platforms.

High Tide saw $11.2 million in revenue from its proprietary data analytics service, which it calls the ‘Cabanalytics Business Data and Insights Platform’, among other revenues. The Cabanalytics Business Data and Insights Platform “provides subscribers with a monthly report of anonymized consumer purchase data, in order to assist them with forecasting and planning their future product decisions and implementing appropriate marketing initiatives.”

In January 2025, High Tide tentatively announced its intention to enter the German medical cannabis market by acquiring a 51% interest in Purecan GmbH for approximately €4.8 Million. 

However, during ongoing due diligence, the company reassessed the optimal structure for this transaction in February. It says it is now exploring alternative arrangements to allow High Tide to keep its planned commercial exposure in the German market.

A notice of High Tide Inc. issuing the 4,350,000 shares to SNDL Inc. was posted on March 10, 2025. This is 5.4% of class, based on 80,896,105 common shares reported by the Issuer to be outstanding as of January 29, 2025.

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