High Tide Inc (HITI): High Tide Reports First Quarter 2021 Fin...

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Sunday, 04/04/2021 4:24:40 PM

Sunday, April 04, 2021 4:24:40 PM

High Tide Reports First Quarter 2021 Financial Results Featuring a 179% Increase in Revenue:

- On March 31st, High Tide released the revenue results for the First Quarter of 2021 and they were nothing short of spectacular.

- Revenue increased by 179% to $38.3 million in the first quarter of 2021 compared to $13.7 million in the same quarter last year.

- Gross profit increased by 208% to $14.8 million in the first quarter of 2021 compared to $4.8 million in the same quarter last year.

- Gross profit margin in the first quarter of 2021 was 39% compared to 35% in the same quarter last year.

- In the first quarter of 2021, $34.2 million of revenue was earned in Canada, $3.9 million in the United States and $0.2 million internationally.

- Segment-wise in the first quarter of 2021, $36.8 million of revenue was generated by Retail, $1.5 million by Wholesale, and an immaterial amount by Corporate.

- Cash on hand as at January 31, 2021 totaled $16.6 million compared to $7.5 million as at October 31, 2020. The Company’s cash balance has subsequently increased to approximately $33 million as of today. 33 MILLION CASH ON HAND!