The following is a summary of the High Tide Inc. (HITI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• High Tide Inc. reported record-breaking revenue of $131.7 million for Q3 2024, marking a 6% increase both sequentially and year-over-year.

• Net income showed significant improvement, rising sequentially from $200,000 in Q2 to $800,000 in Q3.

• The company achieved a free cash flow of $3.1 million in Q3, contributing to a total of $21.8 million over the last four quarters.

Business Progress:

• High Tide successfully opened 11 new stores during Q3, reaching a total of 183 stores nationwide.

• The company has increased its market share to 12%, with a target to reach 15% in the provinces where it operates.

• The Cabana Club membership grew by 8% sequentially to 1.55 million members, highlighting the success of the discount club model.

Opportunities:

• Expanding the store count, High Tide aims to open 20 to 30 new stores within the calendar year, leveraging internal cash flow for growth.

• The strategic approach to maintain and potentially grow market share through innovative retail strategies and market expansions, like potential entry into Germany as regulations evolve.

Risks:

• Experience a gradual growth in some business areas like AI services while managing new store maturation which takes 6 to 12 months.

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