High Tide stock falls despite record third-quarter revenue

High Tide stock stood at USD 2.72 on Nasdaq on September 23, 2026, down 1.45 percent from the prior close and 30.6 percent below its 52-week high of USD 3.92. The company reported record fiscal third-quarter revenue of CAD 198.818 million for the period ended July 31, 2026, according to PR Newswire on September 14, 2026.

Revenue reaches a fifth record

High Tide's quarterly revenue increased 33 percent from CAD 149.690 million in the third quarter of 2025. The sequential comparison was also positive, with revenue up 11 percent from CAD 179.296 million in the second quarter of fiscal 2026.

Gross profit reached CAD 52.746 million, up 32 percent year over year from CAD 40.091 million. Gross margin held at 27 percent in both comparable quarters, showing that the expansion came with stable gross profitability.

EBITDA growth outpaces sales

Adjusted EBITDA climbed 53 percent year over year to CAD 16.232 million from CAD 10.643 million. The adjusted EBITDA margin reached 8 percent, compared with 7 percent a year earlier, while the company reported CAD 8.710 million of operating income, up 133 percent.

Net income was CAD 12.748 million, compared with CAD 0.832 million in the prior-year quarter. Basic earnings per share reached CAD 0.13, versus CAD 0.01 in the same period of 2025, according to the September 14 release.

Stock remains below yearly high

The September 23 Nasdaq snapshot places High Tide at USD 2.72, with a session range of USD 2.66 to USD 2.75 and market capitalization of USD 239,006,879. The 52-week range runs from USD 2.02 to USD 3.92, making the distance to the upper boundary a more important market measure than the single-day decline.

For investors, the central contrast is clear: quarterly operating income rose 133 percent and adjusted EBITDA advanced 53 percent, while the stock remained 30.6 percent below its yearly high. That gap puts greater weight on whether the company can sustain margin expansion alongside its revenue growth.