High Tide Guides to Record Quarter With Ranges Above Analyst Estimates

High Tide Inc. (HITI ) expects the strongest quarter in its history. The Calgary-based cannabis retailer and medical distributor released preliminary guidance on August 4, 2026 for its third fiscal quarter, ended July 31, 2026, projecting record revenue, gross profit and Adjusted EBITDA, with even the bottom of each guided range sitting above the highest current analyst estimate.

The company guided revenue of C$195 million to C$200 million for the quarter, implying growth of 9% to 12% sequentially and 30% to 34% year over year. Analyst expectations compiled by FactSet as of August 3, 2026 ran from a low of C$180.8 million to a high of C$185.3 million, with consensus at C$183.4 million. Gross profit is guided at C$51 million to C$53.5 million, against a C$49.7 million top-end estimate. Adjusted EBITDA is guided at C$15.2 million to C$16.5 million, implying 43% to 55% year-over-year growth, where the highest analyst estimate stands at C$14.4 million.

Founder and Chief Executive Officer Raj Grover framed the guidance as a gap between market expectations and the business’s actual trajectory:

“This quarter’s guidance demonstrates the growing earnings power of the global platform we have built. We expect to set new company records for revenue, gross profit and Adjusted EBITDA, with year-over-year growth of at least 30%, 27% and 43%, respectively. Importantly, even the low end of our guidance exceeds the highest current analyst estimate across all three metrics,” Grover said in the company’s announcement.

Grover attributed the quarter to two engines. In Canada, the bricks-and-mortar business returned to positive year-over-year same-store sales in June 2026 and stayed positive through July. In Germany, subsidiary Remexian Pharma GmbH shipped more than 10 tonnes of medical cannabis flower in the quarter, an all-time distribution record that represents a 33% sequential increase and 60% growth year over year.

The company plans to release full third-quarter results on September 14, 2026, after markets close, with a conference call the following morning.

The guidance versus the Street

The full guidance table published with the announcement lays out all three metrics against the FactSet analyst range:

• Revenue: guided C$195.0–C$200.0 million; analyst range C$180.8–C$185.3 million, consensus C$183.4 million
• Gross profit: guided C$51.0–C$53.5 million; analyst range C$49.1–C$49.7 million, consensus C$49.3 million
• Adjusted EBITDA: guided C$15.2–C$16.5 million; analyst range C$13.0–C$14.4 million, consensus C$14.0 million
• Remexian distribution: over 10 tonnes of medical cannabis flower, up 33% sequentially and 60% year over year

The gap is widest on the profit line. The low end of the Adjusted EBITDA guidance, C$15.2 million, sits roughly 9% above consensus and clears the most bullish estimate on the Street by C$0.8 million.

How the new quarter stacks up against the records it would break

Every guided figure would set a company record, and the existing marks were set recently. In the second fiscal quarter ended April 30, 2026, High Tide reported record revenue of C$179.3 million, record gross profit of C$48.4 million and record Adjusted EBITDA of C$13.9 million. The new guidance implies sequential growth of 9% to 12% on revenue, 5% to 11% on gross profit and 9% to 19% on Adjusted EBITDA from those levels.

The year-ago comparison is the quarter Remexian did not yet exist inside High Tide. In the three months ended July 31, 2025 — the last quarter before Remexian joined High Tide — the guidance implies year-ago revenue of roughly C$150 million and gross profit of roughly C$40 million, based on the guided 30%–34% and 27%–33% growth ranges. High Tide closed its acquisition of the German importer in September 2025, and the medical distribution segment has scaled from C$25.0 million in revenue in the first fiscal quarter of 2026 to C$31.6 million in the second, with segment gross margins doubling from 12% to 27% over the same span. Remexian’s share of the German medical cannabis market reached 14% for the three months ended March 2026, up from 6.5% for the three months ended September 2025, based on BfArM import data the company cites.

The same-store sales turn matters for the other half of the story. Same-store sales declined 1.2% in the second fiscal quarter, so a return to positive territory in June and July 2026 would mark the Canadian retail business’s first growth reading since the discount-club model’s recent soft patch. The Canna Cabana network now stands at 229 Canadian locations plus one international store, holding what the company describes as a 12% share across the five provinces where it operates.

High Tide has made a habit of pre-announcing quarters it expects to beat, and the pattern has held so far. The July 2026 quarter also comes with fresh capital behind it: the company secured credit approval from the Bank of Montreal for C$40 million in senior secured credit facilities (BMO ) in May 2026, and earlier this summer adopted a shareholder rights plan aimed at protecting its cannabis retail licenses.

Reading the fine print on the guidance

The figures are management estimates, not reported results, and the company has not yet filed the quarter’s financial statements. Adjusted EBITDA carries the company’s own caveat: the measure has no standardized meaning under International Financial Reporting Standards and is unlikely to be comparable to similarly named measures from other issuers. The company notes the metric is meant to highlight trends in its core business that IFRS measures alone may not show.

The forward-looking statement section of the release flags the usual dependencies: regulatory approvals, competitive and consumer conditions, and the operational risks of opening and running new stores. It also commits the company to nothing beyond the September 14, 2026 reporting date, after which unaudited interim financial statements and management’s discussion and analysis will be filed on SEDAR+ and EDGAR.

What the record will show on September 14, 2026 is whether the C$195 million floor holds, and whether the German distribution business, which has set a new volume record in each of the last two quarters, keeps compounding at the 33% sequential clip management just reported.