High Tide Inc.
For the period ended Oct 31, 2025. Filed Jan 29, 2026.
View on SEC.govAbout this filing
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.
FY2025 · Filed Jan 29, 2026
Use the contents to explore the available documents and sections.
Contents
EX-99.2 · E-commerce segment performance
E-commerce segment performance
| Three months ended October 31 | Year Ended October 31 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| $ | $ | ∆ | $ | $ | ∆ | |
| Cannabis and Hemp-derived products | 1,236 | 3,946 | (69)% | 6,800 | 17,150 | (60)% |
| Consumption accessories | 2,077 | 3,745 | (45)% | 11,623 | 20,037 | (42)% |
| Data analytics, advertising and other revenue | 189 | 82 | 130% | 437 | 675 | (35)% |
| Revenue | 3,502 | 7,773 | (55)% | 18,860 | 37,862 | (50)% |
| Cost of goods sold | 2,628 | 3,327 | (21)% | 13,145 | 20,011 | (34)% |
| Gross profit | 874 | 4,446 | (80)% | 5,715 | 17,851 | (68)% |
| Gross profit margin(i) | 25% | 57% | (32)% | 30% | 47% | (17)% |
| Total expenses | 27,898 | 12,723 | 119% | 40,682 | 25,028 | 63% |
| Loss from operations | (27,025) | (8,277) | 227% | (34,967) | (7,177) | 387% |
| Adjusted loss from operations excluding impairment | (3,461) | (3,313) | 4% | (11,403) | (2,213) | 415% |
| Depreciation and amortization | 1,768 | 1,464 | 21% | 4,283 | 3,729 | 15% |
| Share-based compensation | 3 | 27 | (89)% | 119 | 201 | (41)% |
| Impairment | 23,564 | 4,964 | 375% | 23,564 | 4,964 | 375% |
| Adjusted EBITDA(i) | (1,690) | (1,822) | 7% | (7,001) | 1,717 | (508)% |
| Adjusted EBITDA margin(i) | (48)% | (23)% | (25)% | (37)% | 5% | (42)% |
(i) Gross profit margin, Adjusted EBITDA, Adjusted loss from operations excluding impairment and Adjusted EBITDA margin are non-IFRS measures.
The revenue decreases of 55% and 50% for the three months and the year ended October 31, 2025, respectively, are primarily driven by lower search volumes and increased competition in the hemp-derived products and consumption accessories categories. The Company is constantly monitoring the segment's performance and has been evaluating various strategic alternatives as discussed in the United States section of the Company Outlook.
High Tide Inc.
Management's Discussion and Analysis
For the years ended October 31, 2025 and 2024
(In thousands of Canadian dollars, except share and per share amounts or otherwise stated)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.