Cannabis retailer High Tide Inc (NASDAQ:HITI) reported financial results for the first quarter after the market close on Monday. Here’s a look at the key details from the quarter.

Q1 Earnings: High Tide reported first-quarter revenue of 142.46 million Canadian dollars ($99.76 million), up 11% year-over-year. The cannabis company reported a fourth-quarter loss of three cents (Canadian dollars) per share, according to Benzinga Pro.

High Tide said it now has more than 5.66 million members in its Cabana Club globally. The company noted ELITE members crossed 85,500 in the quarter, up approximately 13% on a quarter-over-quarter basis. Canna Cabana held 11% market share across the five provinces it’s located in during the quarter.

Same-store sales were up 5% year-over-year. High Tide reported negative CA$1.9 million of free cash flow during the quarter. The company ended the period with CA$33.3 million in cash and cash equivalents and CA$26.4 million in total debt.

“I am pleased to report yet another quarter featuring record revenue. This continued momentum is supported by our core Canadian bricks-and-mortar business which is generating double-digit growth, and continues to get stronger every day,” said Raj Grover, founder and CEO of High Tide.

“This is demonstrated by the fact that Q1 same-store sales experienced their fastest pace of growth in four quarters. At the same time, Canadian Cabana Club membership has exceeded 1.76 million, with ELITE memberships also growing at their fastest rate since the club’s inception.”

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Guidance: High Tide expects to be free cash flow positive for the remainder of the fiscal year. The company also noted it plans to add between 20 and 30 Canna Cabana locations during 2025. High Tide raised its long-term target to exceed 2.5 million members in Canada, up from prior long-term guidance of greater than two million.

High Tide executives will further discuss the quarter on a call with investors and analysts at 11:30 a.m. Tuesday morning.

HITI Price Action: High Tide shares were down approximately 22% year-to-date heading into the report. The cannabis stock was down 7.81% after hours, trading at $2.24 at the time of publication Monday, according to Benzinga Pro.

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