High Tide Reports Second Quarter 2024 Financial Results Featuring Record Free Cash Flow of $9.4 Million and Positive Net Income
High Tide reported its second quarter 2024 financial results, highlighting record free cash flow of $9.4 million and positive net income of $0.2 million.
Revenue increased to $124.3 million, a 5% year-over-year increase, with a 12-month trailing revenue exceeding $500 million for the first time. Gross profit rose to $35.3 million, a 12% year-over-year increase, while adjusted EBITDA surged 52% to $10.0 million.
The company, which remains the largest non-franchised cannabis retailer in Canada, also noted significant growth in its Cabana Club and ELITE memberships.
High Tide opened 5 new stores in the quarter and announced strategic acquisitions, while maintaining a strong cash position of $34.5 million.
- Record free cash flow of $9.4 million in Q2 2024, up from $(1.9) million in Q2 2023.
- Positive net income of $0.2 million, compared to a loss of $1.6 million the previous year.
- Revenue increased by 5% year-over-year to $124.3 million.
- 12-month trailing revenue exceeded $500 million for the first time.
- Gross profit increased by 12% year-over-year to $35.3 million.
- Adjusted EBITDA rose by 52% year-over-year to $10.0 million.
- Cabana Club membership increased by 38% year-over-year to over 1.43 million members.
- ELITE memberships grew by 226% year-over-year to over 44,000 members.
- Strong cash position of $34.5 million, up 54% year-over-year.
- Opened 5 new Canna Cabana locations in Ontario.
- Market share increased in Alberta to 20% and Ontario to 10%.
- Sequential revenue decline of 3% due to a seasonally slower quarter with two fewer days.
- Sequential gross profit decline of 2%, influenced by the same seasonal factors.
- Adjusted EBITDA decreased by 4% sequentially.
- Salaries, wages, and benefits represented 12.4% of revenue, consistent year-over-year and sequentially, indicating no improvement in operational efficiency.
- General and administrative expenses were 4.5% of revenue, showing no sequential improvement.
- Earnings per share were break-even for Q2 2024, unchanged sequentially.
- Same-store sales declined by 2% sequentially, despite a 4% year-over-year increase.
Insights
The financial performance of High Tide Inc. for Q2 2024 shows significant improvement. Revenue increased to $124.3 million, a rise of
Improved gross profit margins (28.4% compared to 26.7% year-over-year) and positive net income of
A key highlight is the consistent positive adjusted EBITDA for the 17th consecutive quarter, suggesting stable operational profitability. The company's strategic initiatives, such as store expansions and enhanced loyalty programs, bolster its strong market position. However, challenges remain in keeping up with industry changes and maintaining this growth trajectory.
Overall, High Tide’s financial health appears robust, reflecting sound management and strategic planning. Investors should keep an eye on future revenue growth and profitability, especially as the company expands its store count and taps into emerging markets.
The cannabis market is notoriously volatile, but High Tide Inc.'s recent results point towards stability and growth potential. The Cabana Club loyalty program has exceeded 1.43 million members, a substantial increase of
The ELITE membership growth of
Additionally, the acquisition of IP from the Queen of Bud brand and full interest in NuLeaf Naturals, LLC, align with the company’s strategy to strengthen its brand portfolio and vertical integration. These moves not only diversify their product offerings but also enhance their market reach.
However, investors should remain cautious about the broader regulatory landscape, which can affect market dynamics. The company's solid performance amidst these conditions makes it a compelling case, but due diligence is necessary given the inherent market risks.
The Company Remains the Largest Non-Franchised Cannabis Retailer in
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 31, 2023, to its short form base shelf prospectus dated August 3, 2023.
- The Company Generated
$9.4 Million $22.7 Million 8% Compared to the Company's Enterprise Value - The Company Generated Positive Net Income of
$0.2 Million ( Year-Over-Year and Break-Even Sequentially$1.6) Million - High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars3, and for the First Time, has Reached 12-Month Trailing Revenue Level Exceeding
$500 Million - The Company Now Exceeds More than 1.43 Million Members of the Cabana Club, an Increase of over
38% Year-Over-Year and8% Sequentially - The Company Has Surpassed 44,000 ELITE Members, an Increase of
226% Year-Over-Year and38% Sequentially, Representing its Fastest Pace of Growth Since Inception - 17th Consecutive Quarter of Positive Adjusted EBITDA4 of
$10.0 Million 52% Increase Year-Over-Year and (4% ) Sequentially, Driven by a Seasonally Slower Quarter, With Two Fewer Days - The Company Reported Adjusted EBITDA Margin of
8.1% , Marking a45% Increase Year-Over-Year and Consistent Sequentially, Despite Two Fewer Days in the Second Fiscal Quarter - The Company's Market Share was
20% inAlberta and10% in Ontario During the Second Fiscal Quarter of 2024. Across the Five Provinces Where It Operates, its Market Share Reached10.9% , an Increase from9.9% Year-over-Year and10.4% Sequentially5, While Only Representing4.8% of the Total Cannabis Retail Store Count6 - Annualized Retail Sales Represented Over
$1,500
Second Fiscal Quarter 2024 – Financial Highlights:
- Revenue increased to
$124.3 million $118.1 million 5% year-over-year and (3)% sequentially, given this quarter had two fewer days and is also a seasonally slower quarter. 12-month trailing revenue exceeded$500 million - Gross profit increased to
$35.3 million $31.6 million 12% year-over-year and (2)% sequentially, given this quarter had two fewer days - Gross profit margin in the three months ended April 30, 2024, was
28.4% , representing its highest level in the past nine quarters. This compares to26.7% during the same period in 2023 and28.1% sequentially - Adjusted EBITDA increased to
$10.0 million $6.6 million 52% year-over-year and (4)% sequentially, given this quarter had two fewer days - Adjusted EBITDA margin increased to
8.1% in the second fiscal quarter of 2024, compared to5.6% during the same period in 2023 and was consistent sequentially - Salaries, wages, and benefits represented
12.4% of revenue in the second fiscal quarter of 2024, which was largely consistent year-over-year and sequentially - Given the strong cost controls the Company has been implementing, general and administrative expenses represented
4.5% of revenue in the second fiscal quarter of 2024, which improved from5.2% year-over-year and was consistent sequentially - The Company generated positive net income of
$0.2 million $7.5 million $(1.6) million - Earnings per fully diluted share were (
$0.00 $(0.02) - Cabanalytics Business Data and Insights platform, advertising revenue, and other revenue, which includes management fees, interest income and rental income, was a record
$9.0 million $6.7 million $7.8 million 35% and15% respectively - For locations operational throughout the second fiscal quarter of 2024 and 2023, same-store sales increased by
4% year-over-year. Given this quarter had two fewer days, same-store sales were (2% ) sequentially. Calculated daily, same-store sales ticked slightly higher than the previous quarter. The Company notes that it significantly outperformed total cannabis industry retail sales across the five provinces where it operates, which were (4.4% ) sequentially, including the impact of new store growth7 - The Company continued the rollout of ELITE, the first-of-its-kind cannabis paid loyalty program in
Canada , with membership surpassing 44,000, representing an increase of226% year-over-year and38% since March 15, 2024, which is the fastest pace of onboarding since ELITE was launched in late 2022 - Cash on hand as of April 30, 2024, totaled
$34.5 million $22.5 million $28.7 million 54% year-over-year and20% sequentially
"I am thrilled to report that in an environment where many cannabis companies, including some of our retail competitors, have been forced to seek bankruptcy protection, our team has been able to deliver positive net income in Q2, while also generating record-breaking free cash flow. In fact, over the past four quarters, we have generated
We remain the highest revenue-generating cannabis company reporting in Canadian dollars with Adjusted EBITDA up
"On top of achieving net profitability and record free cash flow, our Cabana Club continues to expand and remains the largest bricks-and-mortar loyalty program in
It is also worth noting that investors seem to be catching onto High Tide's superior operational performance, something that is reflected in our 12-month stock trajectory and the fact that High Tide is amongst the best-performing Canadian cannabis stocks over this time frame. Our Canadian scale and experience position us well to participate in the German commercial cannabis pilot projects once they are launched. All of this, combined with continuing regulatory reform in the U.S. and
Second Quarter 2024 – Operational Highlights (Feb 1- Apr 30):
- The Company opened 5 new Canna Cabana locations in
Ontario - For the second time in three years, High Tide was recognized as a top 10 ranked company in the diversified industries sector by the TSX Venture 50
- The Company announced that it has entered into a definitive agreement pursuant to which it has acquired all IP, including trademarks and other assets of the Queen of Bud cannabis and lifestyle brand
- The Company is pleased to announce that it has closed on the remaining interest of NuLeaf Naturals, LLC ("NuLeaf"), not held by High Tide. As described in the Company's news release dated November 29, 2021, NuLeaf's members were granted an option to put to High Tide the remaining shares in NuLeaf not held by High Tide (the "Put Option") at an enterprise value equal to the trailing twelve months of EBITDA multiplied by 7.1. Notice of the intention to exercise the Put Option was delivered by NuLeaf's members on June 2, 2023, and the transaction was completed on April 5, 2024. High Tide had previously assigned its ownership interest in NuLeaf to it's subsidiary, High Tide
USA , Inc., so the remaining20% interest was also acquired by High TideUSA , Inc. The aggregate purchase price for the remaining20% interest in NuLeaf was One MillionFive Hundred Seventy-Five Thousand U.S. Dollars ($1,575,000 USDFive Thousand U.S. Dollars ($105,000 USD - The Company also announced that on April 20, 2024 '4/20', it generated just under
$2 million 35% increase from the previous Saturday. The Company's Canadian bricks-and-mortar stores reported a30% increase, while sales across its e-commerce platforms (Grasscity.com, Smokecartel.com, Dailyhighclub.com, Dankstop.com, Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk, and BlessedCBD.de) reported an increase of119% over the previous Saturday - Various Executives of the Company participated in the International Cannabis Business Conference in
Berlin, Germany and the Benzinga Capital Conference inHollywood, Florida
Subsequent Events (May 1 - present):
- The Company opened an additional 4 Canna Cabana locations in
Ontario since April 30, 2024 - The Company grew its World Vision sponsorship support to 344 children internationally after committing to sponsoring two additional children for every new store that opens in
Canada - On May 1, 2024, the Company announced the appointment of Mayank Mahajan to the role of Chief Financial Officer
- As of June 13, 2024, memberships in the Cabana Club loyalty program increased to over 1.43 million, up from 1,040,000 members as of June 14, 2023, and 1.32 million as of March 15, 2024, representing increases of
38% and8% , respectively - As of June 13, 2024, ELITE memberships have grown to over 44,000 members, up from 32,000 as of March 15, 2024, representing increases of
226% year-over-year and38% sequentially - Fastendr retail kiosks have been installed in 130 Canna Cabana locations, up from 120 in the previous quarter, with more installations underway
- The Company has entered into a binding subscription agreement with arm's length institutional credit providers for
$15 million $10 million $5 million - The Company sold 1,055,900 common shares to one institutional investor through the ATM program for gross proceeds in the amount of
$3.2 million
Selected financial information for the second quarter ended April 30, 2024:
(Expressed in thousands of Canadian Dollars)
Three Months Ended April 30 | Six Months Ended April 30 | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
$ | $ | $ | $ | |||
Free cash flow | 9,383 | (1,951) | 581 % | 12,991 | (2,798) | 564 % |
Revenue | 124,259 | 118,136 | 5 % | 252,327 | 236,212 | 7 % |
Gross Profit | 35,299 | 31,569 | 12 % | 71,293 | 63,751 | 12 % |
Gross Profit Margin | 28 % | 27 % | 1 % | 28 % | 27 % | 1 % |
Total Operating Expenses | (33,312) | (34,211) | (3) % | (66,514) | (70,314) | (5) % |
Income (loss) from operations | 1,987 | (2,642) | 175 % | 4,779 | (6,563) | 173 % |
Adjusted EBITDA | 10,041 | 6,589 | 52 % | 20,476 | 12,089 | 69 % |
Adjusted EBITDA margin | 8 % | 6 % | 2 % | 8 % | 5 % | 3 % |
Net income (loss) | 171 | (1,568) | 111 % | 166 | (5,429) | 103 % |
Loss per share (Basic) | (0.00) | (0.02) | 50 % | (0.01) | (0.07) | 86 % |
The following is a reconciliation of Adjusted EBITDA to Net Loss:
Three Months Ended April 30 | Six Months Ended April 30 | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income (loss) | 171 | (1,568) | 166 | (5,430) | ||||||||
Income/deferred tax (recovery) expense | (878) | (2,041) | (1,111) | (3,277) | ||||||||
Accretion and interest | 1,712 | 1,759 | 3,455 | 3,573 | ||||||||
Depreciation and amortization | 7,505 | 7,699 | 14,353 | 15,685 | ||||||||
EBITDA (1) | 8,510 | 5,849 | 16,863 | 10,551 | ||||||||
Foreign exchange (gain) loss | (5) | 2 | - | (13) | ||||||||
Finance, transaction and other costs | 1,314 | 435 | 1,829 | 1,099 | ||||||||
(Gain) loss revaluation of put option liability | (110) | (1,288) | (410) | (2,549) | ||||||||
Other loss | 337 | - | 337 | - | ||||||||
Share-based compensation | 549 | 1,532 | 1,344 | 2,968 | ||||||||
Loss (gain) on revaluation of marketable securities | - | (19) | 77 | (27) | ||||||||
(Gain) loss on revaluation of debenture | (240) | - | 515 | - | ||||||||
Gain on extinguishment of financial liability | (314) | 78 | (79) | 60 | ||||||||
Adjusted EBITDA (1) | 10,041 | 6,589 | 20,476 | 12,089 | ||||||||
Note: |
(1) Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and, therefore highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company. |
Free Cash Flow (²) | Q2 2024 | Q1 2024 | Q2 2023 |
Cash flow from operating activities | 8,032 | 9,363 | 5,493 |
Changes in non-cash working capital | 4,777 | (2,490) | (4,128) |
Net cash provided by operating activities | 12,809 | 6,873 | 1,365 |
Sustaining capex | (528) | (511) | (625) |
Lease liability payments | (2,898) | (2,754) | (2,691) |
Free cash flow | 9,383 | 3,608 | (1,951) |
Note: |
(2) The Company defines free cash flow as net cash provided by (used in) operating activities, minus sustaining capex, minus lease liability payments. Sustaining Capex is defined as leasehold improvements and maintenance spending required in the existing business. The most directly comparable financial measure is net cash provided by operating activities, as disclosed in the condensed interim consolidated statements of cash flows. It should not be viewed as a measure of liquidity or a substitute for comparable metrics prepared in accordance with IFRS. The Company has revised how it calculates Free Cash Flow from the previously disclosed definition to further clarify for investors the subset of Capex that relates to growth versus sustaining Capex and to better reflect the cash flow generation from ongoing operations of the existing business. The Company believes this new calculation more accurately represents the cash generation activities of the Company from ongoing operations and Free Cash Flow available for growth. These measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and therefore highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company. |
Outlook
High Tide is the largest non-franchised cannabis retailer in
The Company's Cabana Club loyalty program continues to expand across the country, currently exceeding 1.43 million members, which is up
The Company's market share in Q2 rose to
The recent regulatory change in
The Company has proven its free cash flow capabilities, having generated over
The Company continues to monitor legislative and regulatory developments in
High Tide Earnings Event Webcast
The Company will host a webcast and conference call to discuss the Financial Statements at 11:30 AM (Eastern Time) on Friday, June 14, 2024.
Webcast Link for High Tide Earnings Event: https://events.q4inc.com/attendee/433539943
Participants may pre-register for the webcast by clicking on the link above prior to the beginning of the live webcast. Three hours after the live webcast, a webcast replay will be available at the same link above.
Participants who wish to ask questions during the event may do so through the call-in line, the access information for which is as follows:
Participant Details:
Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=65906
Participant Access Code: 301725
*Participants will need to enter the participant access code before being met by a live operator*
ATM PROGRAM QUARTERLY UPDATE
Pursuant to the Company's at-the-market equity offering program (the "ATM Program") that allows the Company to issue up to
Pursuant to an equity distribution agreement dated August 31, 2023, entered into among the Company, ATB Capital Markets Inc. and ATB Capital Markets
The Company intends to use the net proceeds of the ATM Program at the discretion of the Company, to fund strategic initiatives it is currently developing, to support the growth and development of the Company's existing operations, funding future acquisitions as well as working capital and general corporate purposes.
Common Shares issued pursuant to the ATM Program are issued pursuant to a prospectus supplement dated August 31, 2023 (the "Canadian Prospectus Supplement") to the Company's final base shelf prospectus dated August 3, 2023, filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of
The ATM Program is effective until the earlier of (i) the date that all Common Shares available for issue under the ATM Program have been sold, (ii) the date the Canadian Prospectus Supplement in respect of the ATM Program or Canadian Shelf Prospectus is withdrawn and (iii) the date that the ATM Program is terminated by the Company or Agents.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer in
Bricks & Mortar Retail: Canna Cabana™ is the largest non-franchised cannabis retail chain in
Retail Innovation: Fastendr™ is a unique and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing, ordering and pickup.
E-commerce Platforms: High Tide operates a suite of leading accessory sites across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud, Cabana Cannabis Co, Daily High Club, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Silipipe, Evolution and more.
CBD: High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
High Tide consistently moves ahead of the currents, having been named one of
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding:
The Company's business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, proposed acquisitions, expansions and store openings); the Company's future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company's business and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory, or competitive factors related to the Company or the cannabis industry generally; the market for the Company's current and proposed product offerings, as well as the Company's ability to capture market share; the distribution methods expected to be used by the Company to deliver its product offerings; the Company's strategic investments and capital expenditures, and related benefits; changes in general and administrative expenses; future business operations and activities and the timing and performance thereof; the future tax liability of the Company; the estimated future contractual obligations of the Company; the future liquidity and financial capacity of the Company and its ability to fund its working capital requirements and forecasted capital expenditures; the competitive landscape within which the Company operates and the Company's market share or reach; the Company adding the number of additional cannabis retail store locations the Company proposes to add to the Company's business upon the timelines indicated herein, and the Company remaining on a positive growth trajectory; same-store sales continuing to increase; the Company making meaningful increases to its revenue profile; the Company completing the development of its cannabis retail stores; the announcement of new
Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information ("FOFI") within the meaning of applicable securities legislation about prospective results of operations, financial position or cash flows, which is subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above "Cautionary Note Regarding Forward-Looking Statements". FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. FOFI does not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as of the applicable date. However, because this information is highly subjective and subject to numerous risks, readers are cautioned not to place undue reliance on the FOFI as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI.
Importantly, the FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company's products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business, (iii) the Company's ongoing inventory levels, and operating cost estimates, and (iv) the Company's net proceeds from the ATM Program and future financings. The FOFI or financial outlook contained in this press release do not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Cautionary Note Regarding Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
____________________________ |
1As reported by ATB Capital Markets based on store counts as of February 8, 2024 |
2 The Company defines free cash flow as net cash provided by (used in) operating activities minus sustaining capex minus lease liability payments. Sustaining Capex is defined as leasehold improvements and maintenance spending required in the existing business. The most directly comparable financial measure is net cash provided by operating activities, as disclosed in the consolidated statement of cash flows. It should not be viewed as a measure of liquidity or a substitute for comparable metrics prepared in accordance with IFRS. |
3 Based on reporting by New Cannabis Ventures as of June 13, 2024. For the New Cannabis Ventures' senior listing, segmented cannabis-only sales must generate more than |
4 Adjusted EBITDA is a non-IFRS financial measure |
5 Based on data for the months of February and March 2024 from Statistics Canada and Hifyre data for April 2024 |
6 Based on data from industry sources and provincial regulators |
7 Based on data for the months of February and March 2024 from Statistics Canada and Hifyre data for April 2024 |
8 As reported by ATB Capital Markets based on store counts as of February 8, 2024 |
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SOURCE High Tide Inc.
FAQ
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