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 · Performance by operational segment:
Performance by operational segment:
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)
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 following is a representation of these operational segments:
| Bricks-and-Mortar · Bricks-and-Mortar · E-commerce · E-commerce · Medical cannabis distribution · Total · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the three months ended October 31, · 2025 · 2024 · 2025 · 2024 · 2025 · 2025 · 2024 | ||||||||
| $ · $ · $ · $ · $ · $ · $ | ||||||||
| Revenue | 150,719 | 130,522 | 3,502 | 7,773 | 9,810 | 164,031 | 138,295 | |
| Gross profit | 41,266 | 31,309 | 874 | 4,446 | 388 | 42,528 | 35,755 | |
| Gross profit margin(i) | 27% | 24% | 25% | 57% | 4% | 26% | 26% | |
| Adjusted gross profit margin(ii) | 27% | 24% | 25% | 57% | 13% | 26% | 26% | |
| Income (loss) from operations | 9,902 | 5,446 | (27,025) | (8,277) | (2,063) | (19,186) | (2,831) | |
| Adjusted EBITDA(iii) | 14,122 | — | 10,067 | (1,690) | (1,822) | (18) | 12,414 | 8,245 |
| Adjusted EBITDA margin(iv) | 9% | 8% | (48)% | (23)% | 0 | 8% | 6% | |
| Bricks-and-Mortar | Bricks-and-Mortar | E-commerce | E-commerce | Medical cannabis distribution | Total | Total | |
|---|---|---|---|---|---|---|---|
| For the year ended October 31, | 2025 | 2024 | 2025 | 2024 | 2025 | 2025 | 2024 |
| $ | $ | $ | $ | $ | $ | $ | |
| Revenue | 565,316 | 484,444 | 18,860 | 37,862 | 9,810 | 593,986 | 522,306 |
| Gross profit | 147,427 | 124,651 | 5,715 | 17,851 | 388 | 153,530 | 142,502 |
| Gross profit margin(i) | 26% | 26% | 30% | 47% | 4% | 26% | 27% |
| Adjusted gross profit margin | 26% | 26% | 30% | 47% | 13% | 26% | 27% |
| Income (loss) from operations | 22,582 | 12,180 | (34,967) | (7,177) | (2,063) | (14,448) | 5,003 |
| Adjusted EBITDA(ii) | 45,227 | 36,618 | (7,001) | 1,717 | (18) | 38,208 | 38,335 |
| Adjusted EBITDA margin(iii) | 8% | 8% | (37)% | 5% | —% | 6% | 7% |
| Bricks-and-Mortar | Bricks-and-Mortar | E-commerce | E-commerce | Medical cannabis distribution | Total | Total | |
| As at October 31, | 2025 | 2024 | 2025 | 2024 | 2025 | 2025 | 2024 |
| $ | $ | $ | $ | $ | $ | $ | |
| Current assets | 84,396 | 75,161 | 7,632 | 10,628 | 44,857 | 136,885 | 85,789 |
| Non-current assets | 143,861 | 128,719 | 2,765 | 31,700 | 65,551 | 212,177 | 160,419 |
| Current liabilities | 54,458 | 56,741 | 4,532 | 4,739 | 40,928 | 99,918 | 61,480 |
| Non-current liabilities | 131,594 | 35,788 | 4,504 | 3,428 | 10,258 | 146,356 | 39,216 |
(i)Gross profit margin - a non-IFRS financial measure. Gross profit margin is calculated by dividing gross profit by revenue.
(ii)Adjusted gross profit margin - a non-IFRS measure. This metric is calculated as gross profit margin excluding non-cash inventory fair value related to Remexian inventory acquired.
(iii)Adjusted EBITDA - a non-IFRS financial measure. A reconciliation of the Adjusted EBITDA to Net loss is found under “Select financial highlights and operating performance".
(iv)Adjusted EBITDA margin - a non-IFRS financial measure. This metric is calculated as Adjusted EBITDA divided by revenue.
Corporate overhead is allocated to the bricks-and-mortar, medical cannabis distribution and e-commerce segments based on each segment’s percentage of revenue and number of months of results included in the consolidated financial statements in the current fiscal year. For the year ended October 31, 2025, allocations were 95% to bricks-and-mortar and 3% to e-commerce, and 2% to medical cannabis distribution (October 31, 2024 - 93% bricks-and-mortar, 7% e-commerce, and nil medical cannabis).
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.