High Tide Reports Fourth Quarter and 2024 Year End Financial Results

Core Insights - High Tide Inc. reported record annual revenue of $522.3 million for the fiscal year ended October 31, 2024, marking a 7$487.7 million in the previous year [5][6][10] - The company achieved positive free cash flow of $5.9 million in the fourth fiscal quarter and a total of$22.0 million over the trailing four quarters, indicating strong financial health [4][19] - The Cabana Club loyalty program has expanded significantly, reaching 5.32 million members globally, including over 76,000 ELITE members, enhancing customer engagement [7][15][16] Financial Performance - Quarterly revenue for the fourth fiscal quarter was $138.3 million, a record high, representing a 9$142.5 million, up 9% from $131.3 million the previous year, with a gross profit margin of 27$3.8 million for the year, a significant improvement from a net loss of $41.0 million in the prior year [5][10] Market Position - High Tide remains the highest revenue-generating cannabis company in Canada for the third consecutive year, with a market share of 11$36.7 million in revenue for the year, a record high, reflecting the company's diversified revenue streams [10][19] - Cash and cash equivalents reached an all-time high of $47.3 million, a 57% increase from the previous year, providing financial flexibility for future growth [10][19] Strategic Initiatives - High Tide is expanding its Cabana Club membership program internationally, with initial success in the U.S. and Europe, aiming for revenue neutrality within six months of launch [16][17] - The company is entering the German medical cannabis market through the acquisition of a 51% stake in Purecan, enhancing its international presence and revenue diversification [17][18] - The company has implemented strong cost controls, with general and administration expenses improving to 4.2% of revenue for the year, down from 5.5% the previous year [10][19]