The company posted a profit of C$24,000 for the period ending April 30, a sharp turnaround from the C$2.8 million loss recorded during the same quarter last year. On a per-share basis, earnings reached C$0.01, defying Wall Street projections that anticipated a loss of C$0.02. Revenue growth of 30% surpassed the C$171.2 million consensus estimate, marking an all-time high for the firm even with three fewer days in the quarter.
In section Market Quotes
High Tide Shares Surge as Cannabis Retailer Posts Surprise Profit
A 13% jump in premarket trading greeted High Tide on Tuesday after the cannabis company flipped a year-ago loss into a quarterly profit. The Calgary-based retailer reported record revenue of C$179.3 million for its fiscal second quarter, comfortably outpacing analyst expectations despite facing a seasonally challenging three-month period.
Chief Executive Raj Grover credited the performance to disciplined cost-cutting measures and improved supply chain logistics. He noted that the company’s Canadian bricks-and-mortar locations continue to outperform the wider industry, generating sustained free cash flow. While the stock has faced a 15% decline since the start of the year, this latest result anchors a strategy focused on deepening domestic market share and pursuing potential expansion opportunities across Europe.
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