High Tide Inc.
For the period ended Oct 31, 2024. Filed Jan 29, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Jan 29, 2025
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Contents
EX-99.2 · E-commerce segment performance
E-commerce segment performance
| Three months ended October 31 | Year Ended October 31 | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| $ | $ | ∆ | $ | $ | ∆ | |
| Cannabis and CBD products | 3,946 | 5,230 | (25)% | 17,150 | 22,101 | (22)% |
| Consumption accessories | 3,745 | 5,443 | (31)% | 20,037 | 33,791 | (41)% |
| Data analytics, advertising and other revenue | 82 | 22 | 273% | 675 | 83 | 713% |
| Total revenue | 7,773 | 10,695 | (27)% | 37,862 | 55,975 | (32)% |
| Cost of goods sold | 3,327 | 5,158 | (36)% | 20,011 | 29,793 | (33)% |
| Gross profit | 4,446 | 5,537 | (20)% | 17,851 | 26,182 | (32)% |
| Gross profit margin(i) | 57% | 52% | 6% | 47% | 47% | —% |
| Operating expenses | 12,723 | 39,427 | (68)% | 25,028 | 58,573 | (57)% |
| Loss from operations | (8,277) | (33,890) | 76% | (7,177) | (32,391) | (78)% |
| Depreciation and amortization | 1,464 | 1,424 | 3% | 3,729 | 3,852 | (3)% |
| Share-based compensation | 27 | (284) | (110)% | 201 | 578 | (65)% |
| Impairment | 4,964 | 34,265 | (86)% | 4,964 | 34,265 | (86)% |
| Adjusted EBITDA(i) | (1,822) | 1,515 | (220)% | 1,717 | 6,304 | (73)% |
| Adjusted EBITDA margin(i) | (23)% | 14% | (38)% | 5% | 11% | (7)% |
(i) Gross profit margin, adjusted EBITDA and adjusted EBITDA margin are non-IFRS measure
Revenues in the Company’s E-commerce segment decreased 32% to $37,862 for the year ended October 31, 2024, (October 31, 2023: $55,975). The decrease in revenue is due to a change in consumers preferences to purchase products in store rather than online, as well as increased competition within the CBD and Smoking Accessories industries.
For the year ended October 31, 2024, the Company continued experience declines in revenues within the E-commerce segment. Despite having reduction in the revenue for the current year the Company has managed operating expenses allowing it to maintain a positive Adjusted EBITDA of $1,717 in the current year (October 31, 2023: $6,304).
High Tide Inc.
Management's Discussion and Analysis
For the years ended October 31, 2024 and 2023
(In thousands of Canadian dollars, except share and per share amounts or otherwise stated)
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