High Tide Inc.
For the period ended Jul 31, 2026. Filed Sep 14, 2026.
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Jul 31, 2026 · Filed Sep 14, 2026
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Contents
EX-99.2 · Performance by operational segment:
Performance by operational segment:
High Tide Inc.
Management's Discussion and Analysis
For the three and nine months ended July 31, 2026 and 2025
(In thousands of Canadian dollars, except share and per share amounts or otherwise stated)
The following table presents the financial position of the operating segments:
| Bricks-and- mortar | Bricks-and- mortar | Medical cannabis distribution | Medical cannabis distribution | Total | Total | |
|---|---|---|---|---|---|---|
| As at July 31, 2026 and October 31, 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| $ | $ | $ | $ | $ | $ | |
| Current assets | 90,776 | 92,028 | 55,235 | 44,857 | 146,011 | 136,885 |
| Non-current assets | 162,631 | 146,626 | 60,707 | 65,551 | 223,338 | 212,177 |
| Current liabilities | 49,951 | 58,990 | 47,619 | 40,929 | 97,569 | 99,919 |
| Non-current liabilities | 127,786 | 136,098 | 24,065 | 10,258 | 151,851 | 146,356 |
High Tide Inc.
Management's Discussion and Analysis
For the three and nine months ended July 31, 2026 and 2025
(In thousands of Canadian dollars, except share and per share amounts or otherwise stated)
The following tables present the segment results for the three and nine months ended July 31, 2026 and 2025.
| Bricks-and-mortar | Bricks-and-mortar | Medical cannabis distribution | Medical cannabis distribution | Total | Total | |
|---|---|---|---|---|---|---|
| For the three months ended July 31, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| $ | $ | $ | $ | $ | $ | |
| Revenue | 160,589 | 149,690 | 38,229 | — | 198,818 | 149,690 |
| Gross profit | 42,734 | 40,091 | 10,012 | — | 52,746 | 40,091 |
| Gross margin(i) | 27% | 27% | 26% | — | 27% | 27% |
| Adjusted gross margin(ii) | 27% | 27% | 26% | — | 27% | 27% |
| Operating expense(iii) | 30,916 | 29,448 | 5,598 | — | 36,514 | 29,448 |
| Income (loss) from operations | 6,362 | 3,739 | 2,348 | — | 8,710 | 3,739 |
| Adjusted EBITDA(iv) | 11,818 | 10,643 | 4,414 | — | 16,232 | 10,643 |
| Adjusted EBITDA margin(v) | 7% | 7% | 12% | — | 8% | 7% |
| Bricks-and-mortar | Bricks-and-mortar | Medical cannabis distribution | Medical cannabis distribution | Total | Total | |
| For the nine months ended July 31, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| $ | $ | $ | $ | $ | $ | |
| Revenue | 461,596 | 429,955 | 94,847 | — | 556,443 | 429,955 |
| Gross profit (loss) | 125,519 | 111,002 | 20,027 | — | 145,546 | 111,002 |
| Gross margin(i) | 27% | 26% | 21% | — | 26% | 26% |
| Adjusted gross margin(ii) | 27% | 26% | 23% | — | 26% | 26% |
| Operating expense(iii) | 91,255 | 85,208 | 14,168 | — | 105,423 | 85,208 |
| Income (loss) from operations | 17,332 | 4,738 | (154) | — | 17,178 | 4,738 |
| Adjusted EBITDA(iv) | 34,265 | 25,794 | 7,340 | — | 41,605 | 25,794 |
| Adjusted EBITDA margin(v) | 7% | 6% | 8% | — | 7% | 6% |
(ii)Adjusted gross margin is a non-IFRS measure. This metric is calculated as gross margin excluding non-cash inventory fair value related to Remexian inventory.
(iii)Operating expense is a non-IFRS measure and includes salaries, wages and benefits, general & administration, professional fees, advertising & promotion, and interest & bank charges.
(iv)Adjusted EBITDA is a non-IFRS financial measure. A reconciliation of the Adjusted EBITDA to net income (loss) is provided under “Selected financial highlights and operating
performance".
(v)Adjusted EBITDA margin is a non-IFRS financial measure. This metric is calculated as Adjusted EBITDA divided by revenue.
Corporate overhead is allocated to the bricks-and-mortar and medical cannabis distribution segments based on each segment’s percentage of revenue. For the three months ended July 31, 2026, allocations were 81% to bricks-and-mortar and 19% to medical cannabis distribution (July 31, 2025: 100% and nil, respectively). For thenine months ended July 31, 2026, allocations were 83% and 17%, respectively (July 31, 2025: 100% and nil, respectively).
Bricks-and-Mortar Segment– Revenue increased by 7% for both the three- and nine-month periods ended July 31, 2026, while gross margin remained consistent at 27%for the three months ended July 31, 2026, and improved to 27% from 26% for the nine months ended July 31, 2026, reflecting the Company's continued focus on margin-accretive initiatives, including the expansion of white-label product offerings and Elite memberships, which contributed to strong growth in Adjusted EBITDA.
Medical Cannabis Distribution Segment – The segment made a meaningful contribution to the Company's consolidated results, driving significant improvements in gross profit and Adjusted EBITDA.
High Tide Inc.
Management's Discussion and Analysis
For the three and nine months ended July 31, 2026 and 2025
(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.