High Tide Files 2021 Audited Annual Financial Statements, Confirms Adjusted EBITDA Of CA$12.5M

High Tide Inc. HITI HITI (FSE:2LYA) confirmed it has completed the process of filing its audited annual financial statements and management discussion and analysis for the financial years ended October 31, 2021 and 2020.

With the filing of these annual financials, the company has now taken care of all the documents that were late, bringing it back into good standing with applicable securities commissions and stock exchanges, and avoiding any regulatory actions, including the possible management cease trade order outlined in the news release dated February 1, 2022.

High Tide, a retail-focused cannabis company, is in a position to confirm the financial results announced on January 27, 2022, on an audited basis, other than an adjustment to the following selected financial information for the fourth quarter and year ended October 31, 2021, which now includes impairment losses within total operating expenses.

Financial Highlights

• Yearly revenue of CA$181.1 million ($141.9 million), grew by 118% from the previous year.
• For the fourth quarter, the company disclosed revenues of CA$53.9 million, up by 117% year-over-year.
• Gross profit increased by 108% to CA$64.0 million for the year ended October 31, 2021, and increased sequentially by 5% to CA$17.6 million in the fourth quarter of 2021.
• Adjusted EBITDA was a record CA$12.4 million for the year ended October 31, 2021, and was CA$1.6 million for the fourth quarter of 2021.
• Full year net loss amounted to CA$35.04 million, compared to a loss of CA$6.35 million in the prior year.

"I would like to apologize to all of High Tide's shareholders for the delay in completing the filing of our 2021 audited annual financial statements, which confirmed the unaudited results that we shared last week," Raj Grover, president and CEO of High Tide stated. "Although this delay occurred due to personnel shortages related to the ongoing COVID-19 pandemic, I have never been one to make excuses, and I will be taking steps to ensure that systems are put in place to prevent this from occurring in the future."

The company intends to file its Q1 2022 financial statement, for the period ending January 31, 2022, on or before the deadline of March 17, 2022, and as disclosed in the January 27, 2022 news release, the company expects to report over $70 million in sales which would result in High Tide achieving the third-highest quarterly revenue level amongst all Canadian cannabis companies.

Photo: Courtesy of Elsa Olofsson on Unsplash