Canadian Cannabis Retail Giant High Tide Narrows Net Loss YoY, Reports 37% Revenue Growth In 2023
Portfolio Pulse from Jelena Martinovic
High Tide Inc. (NASDAQ:HITI) reported a 37% year-over-year revenue growth for 2023, with total revenue reaching CA$487.7 million. The company also saw a 40% quarter-over-quarter increase in free cash flow in Q4, and a reduction in net loss from CA$52.5 million in Q4 2022 to CA$31.8 million in Q4 2023. Adjusted EBITDA for the year was up 110% compared to 2022. After the announcement, HITI shares traded 2.59% higher at $1.98 per share after hours.
January 30, 2024 | 2:13 pm
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POSITIVE IMPACT
High Tide Inc. reported significant revenue growth, improved free cash flow, and a reduced net loss for the fiscal year 2023. The company's stock price increased after hours following the announcement.
The positive financial results, including revenue growth and reduced net loss, are likely to instill investor confidence and could lead to a short-term positive impact on HITI's stock price. The after-hours trading already indicates a positive investor reaction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100