High Tide Clocks 98% Revenue Growth In Q2

High Tide Inc HITI reported second-quarter revenue growth of 98% year-over-year to C$81.03 million, and loss per share improved to C$(0.14) from C$(0.30) in 2Q21.
Geographically revenue of C$63.5 million was earned in Canada, C$15.9 million was earned in the United States, and $1.6 million was earned internationally.
The gross profit margin reduced to 28% from 37% a year ago.
Adjusted EBITDA was C$2.4 million compared to C$3 million in the previous quarter ended January 31, 2022.
As of April 30, 2022, cash on hand totaled C$15 million.
HITI’s organic retail store expansion continued with five new Canna Cabana locations: 3 in Alberta and 2 in Ontario.
Through organic growth and accretive M&A, the Company expects to continue to increase its revenue through the third fiscal quarter of 2022 and for the remainder of the year. With 126 stores, the Company is well on its way to increasing its Canadian retail store portfolio to at least 150 locations by the end of 2022.
Price Action: HITI shares are trading lower by 10.62% at $2.02 during the post-market session on Tuesday.

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