Cannabis retailer High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA) released its year-end unaudited 2021 financial results Thursday, with yearly revenue of CA$181.1 million ($141.9 million), up by 118% from the previous year. For the fourth quarter, the company disclosed revenues of CA$53.9 million, up by 117% year-over-year.
Due to personnel challenges arising from the pandemic, the company has not been able to finalize its income tax provision to date. However, it does not expect any balances to be materially changed from the ones reported Thursday with the exception of the income tax expense, net loss and comprehensive loss.
Full Year And Q4 Financial Highlights
- Gross profit increased by 108% to CA$64.0 million for the year ended October 31, 2021, and increased sequentially by 5% to CA$17.6 million in the fourth quarter of 2021.
- Gross profit margin was 35% for the year ended October 31, 2021 and was 33% in the fourth quarter of 2021. Note that the Company strategically launched a discount club model for its retail stores on October 20, 2021, which resulted in a slight decline in the gross profit margin for the fourth quarter of 2021.
- Adjusted EBITDA was a record CA$12.4 million for the year ended October 31, 2021, and was CA$1.6 million for the fourth quarter of 2021.
- Cash on hand as of October 31, 2021 totaled CA$14.0 million, compared to CA$7.5 million as of October 31, 2020.
“I'm very pleased to report that High Tide continued to raise the bar in the Canadian and International cannabis industry throughout last year by achieving exponential revenue growth, record EBITDA generation, market share gains and adding top tier entrepreneurial talent to our Company,” Raj Grover, president and CEO of High Tide stated. “Our continued growth in THC sales is especially impressive given the increasingly competitive Canadian retail landscape. With the launch of our innovative discount club model, which is the first of its kind in North America and is tailored to our Company's retail ecosystem, we continue to rapidly gain Canadian retail market share. Given the current growth trajectory, we believe that our Cabana Club loyalty program can eventually reach 750,000 members."
More recent news from High Tide:
High Tide To Raise Up To CA$40M Through Newly Established ATM Program
Cannabis Retailer: High Tide's Stock Slightly Up On Closing Of $31.24M NuLeaf Acquisition
High Tide Expands US Reach Via $31.24M Acquisition Of 80% Stake In NuLeaf Naturals
Cannabis Retailer High Tide Ramps Up Its Retail Presence In Saskatchewan And Ontario
Price Action
High Tide share were trading 7.42% higher at $4.2 during Friday’s pre-market session.
Photo: Courtesy of Avery Meeker on Unsplash
