High Tide Inc. (CSE:HITI) shares rose after the closing bell in New York as the cannabis firm reported positive free cash flow of $4.1 million for the fiscal first quarter, achieving this milestone ahead of its year-end target.
The improvement from negative free cash flow of $2 million in the year-ago quarter was driven by increases in the company’s same-store sales growth.
The Calgary, Alberta-based company also achieved record revenue for 3Q. Revenue rose 30% year-over-year from $95.4 million to $124.4 million.
It reported a loss per share of $0.04, in line with the Street estimate per Zacks Consensus Estimate.
High Tide also maintained its Canadian cannabis retail excluding Quebec market share of 9.5%.
“I'm thrilled to report that our third fiscal quarter was the best in High Tide's history since our inception, as we met our goal of generating positive free cash flow of $4.1 million this quarter, five months ahead of our previously communicated timeline and hence becoming less reliant on macro and industry conditions,” High Tide CEO Raj Grover said in a statement.
High Tide shares added 2% to US$2 shortly following the release of its financial results.
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