Why Is High Tide Stock Down Today?
High Tide reported record Q3 revenue of C$198.8 million and adjusted EBITDA of C$16.2 million, both inside ranges it published on August 4. The stock was 2.044% lower after hours, 10 minutes after the 16:04:11 ET release.
- Third-quarter revenue rose 33% to a record C$198.8 million, adjusted EBITDA rose 53% to C$16.2 million, and net income reached C$12.7 million.
- All three headline figures fell inside the preliminary ranges High Tide published on August 4, when it said the low end already beat analyst estimates.
- The stock rose 0.775% in the first minute after the 16:04:11 ET release and was 2.044% lower 10 minutes later, after hours.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| HITI | 2.84 | 2.84 | 2.86 | 2.78 | +0.78% | -2.04% |
High Tide stock is down after hours even though the cannabis retailer reported record third-quarter revenue of C$198.8 million, up 33%, because the figures landed inside the preliminary ranges it had already published on August 4. The stock ticked up from $2.838 to $2.86 in the first minute after the 16:04:11 ET release, a 0.775% gain, then turned lower and was 2.044% down after hours, 10 minutes after the 16:04:11 ET release. In the regular session the stock closed at $2.63, up 3.95% on the day (session close).
High Tide Q3 2026 results vs the August 4 preliminary guidance
| Canadian dollars | Q3 FY2026 actual | Aug 4 preliminary range | Q3 FY2025 |
|---|---|---|---|
| Revenue | C$198.8M | C$195.0M to C$200.0M | C$149.7M |
| Gross profit | C$52.7M | C$51.0M to C$53.5M | — |
| Adjusted EBITDA | C$16.2M | C$15.2M to C$16.5M | — |
| Net income | C$12.7M | — | C$0.8M |
The quarter ended July 31, 2026. Revenue rose 33% from a year earlier and 11% from the second quarter, adjusted EBITDA rose 53% to an 8.2% margin, and gross margin held at 27%.
Why a record quarter met a flat-to-lower stock
The surprise came six weeks earlier. On August 4, High Tide published preliminary third-quarter ranges and said even the low end sat above the highest analyst estimates tracked by FactSet as of August 3. By September 14 the market already had revenue of C$195 million to C$200 million in hand, and the reported C$198.8 million sat near the top of that range. Adjusted EBITDA of C$16.2 million and gross profit of C$52.7 million also fell within their ranges, so the release confirmed numbers the market had held since August.
What drove the quarter
- Canna Cabana, Canada's largest cannabis retail chain, operated 232 stores and held a 14% market share in the provinces where it operates, excluding British Columbia.
- Remexian, the German medical cannabis subsidiary, distributed a record 10.2 tonnes and generated C$38.2 million of revenue.
- Net income rose to C$12.7 million from C$0.8 million a year earlier.
How the stock traded after the release
| Time (ET), Nasdaq price in US dollars | Price | Change from before |
|---|---|---|
| 16:00 (session close, vs prior close) | $2.63 | +3.95% |
| Before 16:04 (after hours) | $2.838 | — |
| 16:05 (after hours) | $2.86 | +0.775% |
| 16:14 (after hours, 10 minutes after the release) | $2.78 | -2.044% |
The first minute was positive and the next nine erased it, on 505,217 shares in ten minutes.
Why is High Tide stock down after hours?
High Tide reported record Q3 revenue of C$198.8 million, but the result sat inside the preliminary range of C$195 million to C$200 million it published on August 4. The stock rose 0.775% in the first minute and was 2.044% lower after hours, 10 minutes after the 16:04:11 ET release.
What did High Tide report for Q3 2026?
Revenue of C$198.8 million, up 33%, adjusted EBITDA of C$16.2 million at an 8.2% margin, gross profit of C$52.7 million and net income of C$12.7 million for the quarter ended July 31, 2026.
Did High Tide pre-announce its Q3 2026 results?
Yes. On August 4, 2026 it guided to revenue of C$195 million to C$200 million, gross profit of C$51 million to C$53.5 million and adjusted EBITDA of C$15.2 million to C$16.5 million.
Sources
-
High Tide Reports Record-Breaking Third Quarter 2026 Financial Results
— PR Newswire
Q3 FY2026 revenue C$198.8 million vs C$149.7 million (+33%, +11% q/q); adjusted EBITDA C$16.2 million (+53%, 8.2% margin); gross profit C$52.7 million (27% margin); net income C$12.7 million vs C$0.8 million; 232 stores; 14% share ex-BC; Remexian 10.2 tonnes, C$38.2 million.
-
High Tide's revenue hit $199 million, a fifth straight quarterly record
— StockTitan
High Tide's quarterly revenue of about C$199 million was its fifth straight quarterly record.
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