High Tide Inc. (HITI): Financial results for Q3 2026
High Tide Inc. (HITI) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 High Tide Announces Preliminary Q3 2026 Guidance The Company Expects Record Revenue, Gross Profit and Adjusted EBITDA Ahead of Analyst Forecasts The Company Also Announces Record Quarterly Distribution of Over 10 Tonnes of Medical Cannabis Flower Through Remexian Pha
How this was made
The 30-second read
Why it matters
The guidance exceeds consensus, likely prompting short‑term buying pressure ahead of the detailed earnings release.
Market read
New guidance for a cannabis company with dual listings, offering a fresh catalyst for traders.
What to watch
Potential regulatory delays in Germany and commodity price volatility could affect margins.
High Tide Announces Preliminary Q3 2026 Guidance
Management guided to record revenue, gross profit and Adjusted EBITDA, with implied sequential growth of 9% to 12%, 5% to 11%, and 9% to 19%, respectively, and implied year-over-year growth of 30% to 34%, 27% to 33%, and 43% to 55%, respectively.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue guidance, lowother | $195.0 (C$, MM) | 9 % | 30 % |
| Revenue guidance, highother | $200.0 (C$, MM) | 12 % | 34 % |
| Gross Profit guidance, lowother | $51.0 (C$, MM) | 5 % | 27 % |
| Gross Profit guidance, highother | $53.5 (C$, MM) | 11 % | 33 % |
| Adjusted EBITDA guidance, lownon-GAAP | $15.2 (C$, MM) | 9 % | 43 % |
| Adjusted EBITDA guidance, highnon-GAAP | $16.5 (C$, MM) | 19 % | 55 % |
| Remexian medical cannabis flower distributionother | over 10 tonnes | 33% | 60% |
third fiscal quarter ended July 31, 2026 outlook
- Revenue$195.0 to $200.0 (C$, MM)
- NoteGross Profit: $51.0 to $53.5 (C$, MM)
- NoteAdjusted EBITDA: $15.2 to $16.5 (C$, MM)
- NoteRevenue implied sequential change: 9 % to 12 %
- NoteRevenue implied year over year change: 30 % to 34 %
- NoteGross Profit implied sequential change: 5 % to 11 %
- NoteGross Profit implied year over year change: 27 % to 33 %
- NoteAdjusted EBITDA implied sequential change: 9 % to 19 %
- NoteAdjusted EBITDA implied year over year change: 43 % to 55 %
- NoteAnalyst Expectations 1, Revenue: Low $180.8; Consensus $183.4; High $185.3 (C$, MM)
- NoteAnalyst Expectations 1, Gross Profit: Low $49.1; Consensus $49.3; High $49.7 (C$, MM)
- NoteAnalyst Expectations 1, Adjusted EBITDA: Low $13.0; Consensus $14.0; High $14.4 (C$, MM)
- Note1 Based on FactSet as at August 3, 2026.
What drove it
- Management said its Canadian bricks-and-mortar business returned to positive year-over-year same-store sales in June and remained positive in July.
- Remexian Pharma GmbH shipped over 10 tonnes of medical cannabis flower, which management described as another all-time quarterly distribution record.
- Management attributed expected performance to Canadian retail strengthening and rapid scaling in German medical cannabis distribution.
- Canna Cabana had 229 domestic and 1 international location.
- The Company stated that its Canadian bricks-and-mortar operations held a growing 12% share of the market.
- Remexian Pharma GmbH had a 14% share of the German medical cannabis market.
Concerns
- This filing provides preliminary guidance estimates rather than full financial and operational results.
- Adjusted EBITDA is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers.
- Actual results may differ materially from forward-looking statements due to regulatory approvals, competitive, market or consumer conditions, operational risks associated with opening and operating new stores, and other risk factors cited by the Company.
- No gross-margin guidance was reported. The filing guided gross profit instead.
What to watch
- Full financial and operational results for the third fiscal quarter ended July 31, 2026, expected on Monday, September 14, 2026, after markets close.
- Whether reported revenue falls within the preliminary range of $195.0 to $200.0 (C$, MM).
- Whether reported Gross Profit falls within the preliminary range of $51.0 to $53.5 (C$, MM).
- Whether reported Adjusted EBITDA falls within the preliminary range of $15.2 to $16.5 (C$, MM).
- Sustainability of positive year-over-year same-store sales in the Canadian bricks-and-mortar business.
- Further Remexian distribution volumes following the reported over 10 tonnes of medical cannabis flower shipped during the quarter.
Analysis
This Form 6-K is a preliminary Q3 2026 guidance release, not High Tide's full earnings report. For the third fiscal quarter ended July 31, 2026, management guided revenue to $195.0 to $200.0 (C$, MM), Gross Profit to $51.0 to $53.5 (C$, MM), and Adjusted EBITDA to $15.2 to $16.5 (C$, MM). The company characterized each measure as a record, with revenue expected to grow 9 % to 12 % sequentially and 30 % to 34 % year over year.
The outlook indicates accelerating profitability alongside revenue growth. Gross Profit is guided to rise 5 % to 11 % sequentially and 27 % to 33 % year over year, while Adjusted EBITDA is expected to increase 9 % to 19 % sequentially and 43 % to 55 % year over year. The higher guided growth range for Adjusted EBITDA relative to revenue and Gross Profit points to the operating leverage described by management. Adjusted EBITDA is a non-IFRS measure.
Management identified two growth engines. Canadian bricks-and-mortar operations returned to positive year-over-year same-store sales in June and remained positive in July. In Germany, Remexian Pharma GmbH distributed over 10 tonnes of medical cannabis flower, up 33% sequentially and 60% year over year, which the company called an all-time quarterly record. These operating indicators support management's view that Canadian retail is strengthening while German medical-cannabis distribution is scaling.
The release also states that the low end of each company guidance range is above the highest analyst expectation listed in the filing. Revenue guidance begins at $195.0 (C$, MM) versus a listed high expectation of $185.3 (C$, MM); Gross Profit begins at $51.0 (C$, MM) versus $49.7 (C$, MM); and Adjusted EBITDA begins at $15.2 (C$, MM) versus $14.4 (C$, MM). These comparisons are based on FactSet as at August 3, 2026.
The key limitation is that none of the guided figures are reported actual results in this filing. High Tide expects to release full financial and operational results on Monday, September 14, 2026, after markets close. The full release will be needed to assess realized revenue, gross margin, IFRS operating and net income, EPS, cash flow, liquidity, debt, and capital allocation.
Management, verbatim
This quarter's guidance demonstrates the growing earnings power of the global platform we have built. We expect to set new company records for revenue, gross profit and Adjusted EBITDA, with year-over-year growth of at least 30%, 27% and 43%, respectively. Importantly, even the low end of our guidance exceeds the highest current analyst estimate across all three metrics. We believe this provides clear evidence that current market expectations have not yet caught up with the strength, scale and operating leverage of our business.
Raj Grover, Founder and Chief Executive Officer of High Tide
Our performance is being driven by two increasingly powerful growth engines. In Canada, our bricks-and-mortar business returned to positive year-over-year same-store sales in June and remained positive in July, which we believe compares favourably with broader market trends and reinforces the resilience of our discount-club model. In Germany, Remexian achieved another all-time quarterly distribution record, shipping over 10 tonnes of medical cannabis, an increase of 33% sequentially, 60% year over year. Together, these results demonstrate that our Canadian retail platform is strengthening while our German medical cannabis business is scaling rapidly, creating a more diversified and increasingly profitable global enterprise.
Raj Grover, Founder and Chief Executive Officer of High Tide
Not in the filing
stated, not guessed- Actual Q3 2026 reported revenue, gross profit and Adjusted EBITDA
- Gross margin
- Operating expenses
- IFRS operating income or loss
- IFRS net income or loss
- Earnings per share
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Capital returns, including share repurchases and dividends
- Segment revenue
- Prior-year and prior-quarter absolute figures for revenue, Gross Profit and Adjusted EBITDA
- Detailed same-store sales percentage
- Full financial statements and reconciliations for Adjusted EBITDA
- Previous-release outlook for comparison with actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
High Tide Inc., a Nasdaq‑listed cannabis operator, issued its first‑report Q3 2026 guidance via a Form 6‑K filing.
Ticker impact
High Tide released preliminary Q3 2026 guidance: revenue $195‑200M, gross profit $51‑53.5M, adjusted EBITDA $15.2‑16.5M, all above analyst forecasts.
Potential price appreciation ahead of the full results release on Sep 14.
Guidance beats consensus across all metrics, indicating stronger operating leverage and growth.
Market effects
Positive signal for the cannabis sector, especially Canadian retail and German medical markets.
May boost sentiment for Canadian cannabis retailers and German medical cannabis distributors.
Highlights growth in global cannabis supply chain, could influence related stocks.
Counterpoint
Guidance may be optimistic; execution risk in new German market could temper upside.
Key entities
- ExecutiveRaj Grover
Founder and CEO of High Tide, provided the guidance statements.
- PartnerRemexian Pharma GmbH
German medical cannabis distributor achieving record quarterly distribution.
