High Tide Inc. (HITI) Income Statement
HITI FY2025 at a glance
Fiscal year ended October 31, 2025 · Canadian dollarsHITI revenue and net income
Where HITI's revenue goes
FY2025Each bar shows an amount and its share of revenue. HITI kept −8.5% of revenue as net income.
HITI profit margins
HITI growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.7% | +18.5% | +48.1% | — |
| Gross profit | +7.7% | +15.0% | +37.9% | — |
| Operating income | −388.8% | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HITI income statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$594.0M | C$522.3M | C$487.7M | C$356.9M | C$181.1M | C$83.3M | C$31.3M | C$8.7M | C$9.8M | C$8.3M |
| Cost of revenue | C$440.5M | C$379.8M | C$356.4M | C$255.9M | C$117.1M | C$52.5M | C$20.0M | C$5.6M | C$5.3M | C$4.0M |
| Gross profit | C$153.5M | C$142.5M | C$131.3M | C$101.0M | C$64.0M | C$30.8M | C$11.3M | C$2.9M | C$4.5M | C$4.3M |
| Sales, general & admin | C$113.8M | C$101.8M | C$101.2M | C$90.9M | C$54.3M | C$22.6M | C$29.5M | C$6.6M | C$3.6M | C$1.3M |
| Total operating expenses | C$168.0M | C$137.5M | C$172.7M | C$173.3M | C$82.7M | C$30.7M | C$31.2M | C$6.6M | C$3.6M | C$2.6M |
| Operating income | −C$14.4M | C$5.0M | −C$41.4M | −C$72.3M | −C$18.7M | C$91,000 | −C$19.9M | −C$3.7M | C$958,839 | C$1.7M |
| Interest income | — | — | — | — | C$0 | C$131,000 | — | — | — | — |
| Interest expense | C$13.4M | C$12.8M | C$11.6M | C$9.9M | C$10.2M | C$7.8M | C$3.3M | C$147,540 | C$138,747 | — |
| Income before taxes | −C$51.4M | −C$4.4M | −C$48.6M | −C$73.8M | −C$35.8M | −C$6.1M | −C$27.0M | −C$6.0M | C$561,383 | C$1.7M |
| Income taxes | −C$25,000 | −C$593,000 | −C$7.6M | −C$2.9M | −C$730,000 | C$229,000 | −C$708,000 | −C$1.5M | C$265,067 | C$468,153 |
| Net income | −C$50.7M | −C$4.3M | −C$39.3M | −C$71.8M | −C$34.4M | −C$7.0M | −C$26.3M | −C$4.5M | C$296,316 | C$1.2M |
| EBITDA | −C$13.7M | C$33.8M | −C$4.2M | −C$33.6M | −C$2.0M | C$8.7M | −C$22.3M | −C$5.8M | C$728,420 | C$1.7M |
| Gross margin | 25.8% | 27.3% | 26.9% | 28.3% | 35.3% | 37.0% | 36.2% | 32.8% | 46.2% | 51.5% |
| Operating margin | −2.4% | 1.0% | −8.5% | −20.3% | −10.3% | 0.1% | −63.5% | −42.7% | 9.8% | 20.3% |
| Net margin | −8.5% | −0.8% | −8.1% | −20.1% | −19.0% | −8.4% | −84.0% | −51.7% | 3.0% | 14.6% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$201.0M | C$179.3M | C$178.6M | C$164.0M | C$149.7M | C$137.8M | C$138.3M | C$131.7M | C$124.3M | C$128.1M | C$127.1M | C$124.4M |
| Cost of revenue | C$178.1M | C$130.9M | C$163.7M | C$121.5M | C$109.6M | C$102.3M | C$102.5M | C$96.2M | C$89.0M | C$92.1M | C$94.1M | C$89.8M |
| Gross profit | C$22.9M | C$48.4M | C$14.9M | C$42.5M | C$40.1M | C$35.5M | C$35.8M | C$35.5M | C$35.3M | C$36.0M | C$33.0M | C$34.6M |
| Sales, general & admin | C$10.2M | C$34.1M | C$31.3M | C$29.9M | C$28.6M | C$27.2M | C$26.6M | C$25.3M | C$24.7M | C$25.2M | C$23.2M | C$25.4M |
| Total operating expenses | C$12.2M | C$40.3M | C$10.8M | C$61.7M | C$36.4M | C$34.5M | C$38.6M | C$32.4M | C$33.3M | C$33.2M | C$67.2M | C$35.2M |
| Operating income | C$10.7M | C$8.1M | C$4.1M | −C$19.2M | C$3.7M | C$932,000 | −C$2.8M | C$3.1M | C$2.0M | C$2.8M | −C$34.2M | −C$662,000 |
| Interest expense | C$5.5M | C$5.0M | C$4.9M | C$3.0M | C$2.5M | C$3.4M | C$3.9M | C$3.1M | C$2.8M | C$2.9M | C$2.7M | C$3.2M |
| Income before taxes | C$12.8M | C$319,000 | −C$312,490 | −C$46.9M | C$901,000 | −C$2.8M | −C$5.0M | C$1.5M | −C$707,000 | −C$238,000 | −C$36.4M | −C$3.4M |
| Income taxes | −C$94,027 | C$295,000 | C$40,063 | −C$178,000 | C$69,000 | C$46,000 | −C$153,000 | C$671,000 | −C$878,000 | −C$233,000 | −C$4.6M | C$204,000 |
| Net income | C$11.4M | −C$197,000 | C$1.2M | −C$45.6M | C$598,000 | −C$2.9M | −C$4.7M | C$717,000 | −C$25,000 | −C$340,000 | −C$30.8M | −C$2.9M |
| EBITDA | C$17.4M | C$11.5M | C$12.6M | −C$37.2M | C$10.3M | C$6.4M | C$4.4M | C$10.3M | C$9.6M | C$9.5M | −C$25.1M | C$8.4M |
| Gross margin | 11.4% | 27.0% | 8.4% | 25.9% | 26.8% | 25.7% | 25.9% | 26.9% | 28.4% | 28.1% | 26.0% | 27.8% |
| Operating margin | 5.3% | 4.5% | 2.3% | −11.7% | 2.5% | 0.7% | −2.0% | 2.3% | 1.6% | 2.2% | −26.9% | −0.5% |
| Net margin | 5.7% | −0.1% | 0.7% | −27.8% | 0.4% | −2.1% | −3.4% | 0.5% | −0.0% | −0.3% | −24.2% | −2.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in HITI's financial statements (latest annual report filed January 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HITI financial results
In fiscal year 2025 (ended October 31, 2025), High Tide reported revenue of C$594.0 million, up 13.7% from the year before. It had a net loss of C$50.7 million, a net profit margin of −8.5%. Over five years revenue grew at an average rate of 48.1% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the HITI stock overview for the latest quote and news, or the HITI chart for price history and technical indicators.
HITI income statement FAQ
What is High Tide's annual revenue?
High Tide reported total revenue of C$594.0 million for fiscal year 2025, which ended on October 31, 2025. That was up 13.7% from C$522.3 million the previous year.
Is High Tide profitable?
No. High Tide reported a net loss of C$50.7 million in fiscal 2025, a net profit margin of −8.5%; its operating margin was −2.4%.
What is High Tide's gross margin?
High Tide's gross margin was 25.8% in fiscal 2025: for every $100 of revenue, High Tide kept $26 after the direct cost of its products and services.
How fast is High Tide growing?
Revenue grew 48.1% a year on average over the last five fiscal years, from C$83.3 million to C$594.0 million.
When does High Tide's fiscal year end?
High Tide's fiscal year ends in October. The latest annual report covers the year ended October 31, 2025 and was filed on January 29, 2026.