High Tide posts C$3.8 million loss for fiscal year 2024 | Where to order Skittles Moonrock online

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Canadian cannabis operator High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) on Wednesday reported a net loss of C$3.8 million for its 2024 fiscal year, which ended Oct. 31, a significant year-over-year improvement from its losses of C$40.9 million in 2023.

In a press release, High Tide attributed the shrunken losses to its “all-time record” revenue for the year of C$522.3 million, up 7% year-over-year from revenues of C$487.6 million the year prior. Revenue for the fourth quarter alone was C$138.3 million, up sequentially from C$131.7 million.

CEO Raj Grover said that the fourth quarter of last year marked “our sixth consecutive quarter of positive free cash flow,” with the C$5.9 million for the quarter, an increase of 4%, and C$21.9 million for the full fiscal year, an uptick of 217%. Grover said that the company has more expansion plans in the works, not just in Canada but also in Germany, where it just purchased a majority stake in Purecan GmbH.

“We are diversifying our revenue streams to fuel future growth. This diversification will further enhance the competitiveness of our Canadian discount model and solidify High Tide’s position as an industry leader,” Grover said.

Among highlights for the quarter and the fiscal year, High Tide:

• Held an 11% market share with its Canna Cabana dispensaries in the five Canadian provinces in which it operated in the fourth quarter, despite owning only 5% of all licensed dispensaries.
• Opened 30 new stores during the 2024 fiscal year across Canada, bringing its retail footprint to 191 dispensaries.
• Grew its loyalty Cabana Club membership by 34% year-over-year to over 5.3 million in its home country, including 76,000 “elite” members, and expanded its membership internationally.

Still, despite High Tide’s more than half a billion in revenue and ongoing growth, it was unable to escape the red ink in its ledger for the fiscal year, likely in part due to stagnating or declining same-store sales in Canada. High Tide reported that its same-store sales increased just 0.4% year-over-year and 4% sequentially.

If not for “non-cash impairment charges,” High Tide reported, it would have ended the year in the black, with C$1.2 million in net income.

After the close of the quarter, High Tide also nabbed a new C$15 million line of credit to fund more expansion. The company’s goal is to open another 20-30 retail dispensaries during the coming 2025 calendar year, with a long-term goal of reaching 300 shops in Canada.

At the close of October, High Tide had C$246.2 million in total assets, including C$47.2 million in cash, against C$100.6 million in total liabilities.