High Tide Reports 2020 Financial Results with 166% Revenue Increase and Record Adjusted EBITDA of $ 8.0 Million

High Tide Reports 2020 Financial Results with 166% Revenue Increase and Record Adjusted EBITDA of $ 8.0 Million

The company will hold a conference call to discuss the results at 8:30 a.m. Eastern Time on March 2, 2021.

Fiscal year 2020 – Financial highlights:

Revenue increased 118% to $ 24.9 million in the fourth quarter of 2020 and 166% to $ 83.3 million for the fiscal year ended October 31, 2020. Note that the quarter does not include any contributions of META Growth Corp., whose acquisition closed after the end of the quarter. Gross margin increased 112% to $ 8.7 million in the fourth quarter of 2020 and 172% to $ 30.8 million for the year ended October 31, 2020. Gross profit in the fourth quarter was 35%Source

and 37% for the year ended October 31, 2020. Adjusted EBITDA (1) for the fourth quarter was $ 3.6 million and $ 8.0 million for the year ended October 31, 2020. Geographically In the fourth quarter of 2020, $ 20.6 million in revenue was earned in Canada, $ 4.1 million in the United States, and $ 0.2 million abroad. For the fiscal year ended October 31, 2020, $ 68.4 million in revenues were generated in Canada, $ 14.3 million in the United States and $ 0.6 million internationally. By segment in the fourth quarter of 2020, $ 22.6 million in revenue was generated by Retail, $ 2.2 million by Wholesale and an insignificant amount by Corporate. For the fiscal year ended October 31, 2020, $ 75.0 million in revenue was generated by retail, $ 7.9 million by wholesale and $ 0.4 million by business, compared at $ 24 million, $ 6.69 million and $ 0.6 million,…

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