High Tide Inc. most recently reported annual revenue of $594.0M, a net loss of $51.0M. Revenue grew at an average annual rate of 48.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
High Tide Inc.: Revenue rose from $8.0M in 2016 to $594.0M in 2025, a change of +7325.0% over 9 years; net profit was positive in 1 of 10 reported years; operating margin moved from 20.3% to -2.4%, a shift of -22.8 percentage points; the most recent year shows a net loss of $51.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$8.0M
$10.0M
$9.0M
$31.0M
$83.0M
$181.0M
$357.0M
$488.0M
$522.0M
$594.0M
Operating Expenses
$7.0M
$9.0M
$12.0M
$51.0M
$83.0M
$200.0M
$429.0M
$529.0M
$517.0M
$608.0M
Operating Profit
$2.0M
$1.0M
$-4.0M
$-20.0M
$0
$-19.0M
$-72.0M
$-41.0M
$5.0M
$-14.0M
Operating Margin
20.3%
9.8%
-42.7%
-63.5%
0.1%
-10.3%
-20.3%
-8.5%
1.0%
-2.4%
Other Income
$0
$0
$-2.0M
$-7.0M
$-6.0M
$-17.0M
$-1.0M
$-7.0M
$-9.0M
$-37.0M
Interest
$0
$0
$0
$3.0M
$8.0M
$10.0M
$10.0M
$12.0M
$13.0M
$13.0M
Depreciation
$0
$0
$0
$1.0M
$7.0M
$24.0M
$30.0M
$33.0M
$25.0M
$24.0M
Profit Before Tax
$2.0M
$1.0M
$-6.0M
$-27.0M
$-6.0M
$-36.0M
$-74.0M
$-49.0M
$-4.0M
$-51.0M
Tax
$27.8M
$47.2M
$24.8M
$2.6M
$-3.7M
$2.0M
$4.0M
$15.7M
$13.5M
$50,000
Net Profit
$1.0M
$0
$-5.0M
$-26.0M
$-7.0M
$-34.0M
$-72.0M
$-39.0M
$-4.0M
$-51.0M
EPS
$0.03
$0.02
$-0.35
$-1.99
$-0.45
$-0.83
$-1.13
$-0.53
$-0.05
$-0.62
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$127.0M
$128.0M
$124.0M
$132.0M
$138.0M
$142.0M
$138.0M
$150.0M
$164.0M
$179.0M
$179.0M
$201.0M
Operating Expenses
$161.0M
$125.0M
$122.0M
$129.0M
$141.0M
$142.0M
$137.0M
$146.0M
$183.0M
$174.0M
$171.0M
$190.0M
Operating Profit
$-34.0M
$3.0M
$2.0M
$3.0M
$-3.0M
$0
$1.0M
$4.0M
$-19.0M
$4.0M
$8.0M
$11.0M
Operating Margin
-26.9%
2.2%
1.6%
2.3%
-2.0%
0.1%
0.7%
2.5%
-11.7%
2.3%
4.5%
5.3%
Interest
$3.0M
$3.0M
$3.0M
$3.0M
$4.0M
$4.0M
$3.0M
$2.0M
$3.0M
$5.0M
$5.0M
$5.0M
Profit Before Tax
$-36.0M
$0
$-1.0M
$1.0M
$-5.0M
$-3.0M
$-3.0M
$1.0M
$-47.0M
$0
$0
$13.0M
Tax
$12.6M
$97.9M
$124.2M
$44.9M
$3.1M
$-1.4M
$-1.6M
$7.7M
$380,000
$-12.8M
$92.5M
$-730,000
Net Profit
$-31.0M
$0
$0
$1.0M
$-5.0M
$-3.0M
$-3.0M
$1.0M
$-46.0M
$1.0M
$0
$11.0M
EPS
$-0.41
$0.00
$0.00
$0.01
$0.00
$-0.04
$-0.04
$0.01
$-0.52
$0.01
$0.00
$0.12
Over the 10 years reported for High Tide Inc., borrowings increased from $19.0M in 2016 to $149.0M in 2025, cash stood at $48.0M in the latest year, shareholders' equity was $330.0M, current assets covered current liabilities 1.37 times.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$10.0M
$11.0M
$26.0M
$41.0M
$70.0M
$246.0M
$275.0M
$233.0M
$343.0M
$349.0M
Current Assets
$10.0M
$10.0M
$18.0M
$13.0M
$19.0M
$46.0M
$64.0M
$69.0M
$119.0M
$137.0M
Cash
$1.0M
$1.0M
$8.0M
$1.0M
$8.0M
$14.0M
$25.0M
$30.0M
$66.0M
$48.0M
Inventory
$4.0M
$4.0M
$3.0M
$7.0M
$6.0M
$17.0M
$23.0M
$26.0M
$41.0M
$67.0M
Receivables
$1.0M
$2.0M
$1.0M
$3.0M
$3.0M
$6.0M
$8.0M
$8.0M
$5.0M
$6.0M
Fixed Assets
$0
$0
$4.0M
$12.0M
$29.0M
$53.0M
$62.0M
$58.0M
$89.0M
$77.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$0
$1.0M
$1.0M
$0
$2.0M
$1.0M
$0
$0
$1.0M
$0
Other Assets
$0
$0
$0
$4.0M
$6.0M
$80.0M
$83.0M
$76.0M
$102.0M
$90.0M
Total Liabilities
$20.0M
$21.0M
$3.0M
$31.0M
$58.0M
$94.0M
$113.0M
$100.0M
$140.0M
$246.0M
Current Liabilities
$20.0M
$21.0M
$3.0M
$11.0M
$27.0M
$41.0M
$60.0M
$58.0M
$86.0M
$100.0M
Borrowings
$19.0M
$1.0M
$0
$24.0M
$47.0M
$55.0M
$70.0M
$73.0M
$104.0M
$149.0M
Other Liabilities
$1.0M
$20.0M
$3.0M
$7.0M
$11.0M
$39.0M
$43.0M
$27.0M
$36.0M
$97.0M
Equity
$0
$1.0M
$36.0M
$26.0M
$33.0M
$209.0M
$280.0M
$288.0M
$301.0M
$330.0M
Reserves
$-10.0M
$-10.0M
$23.0M
$10.0M
$10.0M
$147.0M
$156.0M
$132.0M
$199.0M
$88.0M
For High Tide Inc., operating cash flow was positive in 6 of 10 reported years; free cash flow in the latest year was $13.0M; free cash flow was positive in 5 of 10 years.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$0
$1.0M
$-9.0M
$-14.0M
$9.0M
$-3.0M
$4.0M
$21.0M
$36.0M
$24.0M
Investing Cash Flow
$1.0M
$-1.0M
$-8.0M
$-27.0M
$-6.0M
$-39.0M
$-18.0M
$-12.0M
$-21.0M
$-33.0M
Financing Cash Flow
$0
$0
$17.0M
$0
$-2.0M
$9.0M
$-1.0M
$0
$0
$0
Net Cash Flow
$1.0M
$0
$7.0M
$-7.0M
$7.0M
$6.0M
$11.0M
$5.0M
$17.0M
$1.0M
Free Cash Flow
$0
$1.0M
$-13.0M
$-25.0M
$6.0M
$-14.0M
$-5.0M
$15.0M
$26.0M
$13.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.02
EV / EBITDA
96.45
FCF Yield
4.79%
Quick Ratio
0.81
Interest Coverage
1.57
Return 1Y
-10.00%
Return 3Y
68.75%
Return 5Y
-66.41%
High Tide Inc. (HITI) financials — frequently asked questions
What is High Tide Inc.'s annual revenue?
High Tide Inc. (HITI) reported annual revenue of $594.0M in its most recent fiscal year.
What is High Tide Inc.'s net profit?
High Tide Inc. (HITI) reported a net loss of $51.0M in its most recent fiscal year.
What is HITI EV/EBITDA?
High Tide Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 96.45.