High Tide Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data High Tide Inc. files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	83.3	181	357	488	522	594
Cost of revenue	52.5	117	256	356	380	440
Gross profit	30.8	64	101	131	143	154
Operating income	0.09	-18.7	-72.3	-41.4	5	-14.4
Pre-tax income	-6.13	-35.8	-73.8	-48.6	-4.4	-51.4
Income tax	0.23	-0.73	-2.92	-7.64	-0.59	-0.03
Net income to minority interests	0.61	-0.68	0.91	-1.64	0.53	-0.66
Net income	-6.97	-34.4	-71.8	-39.3	-4.34	-50.7
EBITDA	6.89	4.89	-42.1	-8.66	30.4	9.86
EPS, basic	-0.46	-0.84	-1.14	-0.53	-0.05	-0.62
EPS, diluted	-0.46	-0.84	-1.14	-0.53	-0.05	-0.62

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.52	14	25.1	30.1	47.3	47.9
Receivables	2.86	7.18	8.2	7.57	3.31	5.62
Inventory	5.7	17	23.4	26	29.3	67.4
Total current assets	19.3	46.3	64.1	68.6	85.8	137
Property, plant and equipment	13.1	24.8	31.5	27.1	27.5	29.4
Lease right-of-use assets	16.4	28	30.5	30.6	36.5	47.8
Goodwill	18	79.9
Total assets	69.8	246	275	233	246	349
Accounts payable		8.74	7.67	8.35	22.2	47.3
Short-term debt		4	16.4	16.1	12.9	16.2
Total current liabilities	27.5	40.8	59.9	58.1	61.5	99.9
Lease liabilities	14.5	24	26.1	27.8	31.4	40
Total liabilities	58.1	94.2	113	99.7	101	246
Total debt	4.53	13.5	12.3	12.6	14	13.4
Paid-in capital	4.7	15.2	23.1	30.7	40.5	42
Retained earnings	-34.4	-87.8	-168	-206	-209	-260
Shareholders' equity	10.2	147	156	132	143	87.6
Minority interests	1.55	4.8	5.68	2.11	2.24	15.2
Total equity	11.7	152	162	134	146	103
Total liabilities and equity	69.8	246	275	233	246	349

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.35	-35	-70.8	-41	-3.81	-51.4
Depreciation and amortization	6.8	23.6	30.2	32.8	25.4	24.3
Cash from operations	8.85	-2.83	4.5	20.7	35.5	23.9
Capital expenditures	-2.3	-10.6	-7.76	-5.79	-8.22	-10.1
Cash from investing	-3.3	-28.5	-8.59	-5.72	-11	-22.3
Stock issued					3.15	0.05
Dividends paid		-0.5	-1.96	-0.46	-0.2	-1.4
Cash from financing	1.17	37.8	15.2	-9.26	-7.72	0.2
Exchange rate effect				-0.65	0.33	-1.16
Net change in cash	6.72	6.49	11.1	5.04	17.1	0.62
Free cash flow	6.56	-13.4	-3.26	14.9	27.3	13.8

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	25.8%	Gross profit / revenue.
Operating margin	-2.4%	Operating income / revenue.
EBITDA margin	1.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.7%	Pre-tax income / revenue.
Net margin	-8.5%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.0%	Cash from operations / revenue.
Return on equity (ROE)	-44.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-17.1%	Net income / average total assets.
Return on invested capital (ROIC)	-14.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	48.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	37.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-388.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-67.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	7.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-32.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-49.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	16.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-38.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	53.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	41.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	38.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.9%	Total debt / total assets.
Liabilities / assets	70.6%	Total liabilities / total assets.
Net debt	-CA$34.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.49x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	CA$37.0M	Current assets - current liabilities.
Tangible book value	CA$87.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.00x	Revenue / average total assets.
Fixed asset turnover	20.9x	Revenue / average property, plant and equipment.
Inventory turnover	9.09x	Cost of revenue / average inventory.
Days inventory	40 days	365 x average inventory / cost of revenue.
Receivables turnover	133x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	14 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	42.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-CA$0.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-CA$0.62	Net income per basic share, as reported (split-adjusted).
Dividends / FCF	10.2%	Dividends paid / free cash flow, when free cash flow is positive.

What was High Tide Inc.'s revenue in fiscal 2025?

High Tide Inc. reported revenue of CA$594.0M for fiscal 2025, 13.7% higher than the year before.

Was High Tide Inc. profitable in fiscal 2025?

No. It reported a net loss of CA$50.7M.

How much free cash flow did High Tide Inc. generate in fiscal 2025?

Cash from operations of CA$23.9M minus capital expenditures of CA$10.1M left free cash flow of CA$13.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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