04:32 PM EDT, 03/17/2025 (MT Newswires) -- High Tide (HITI.V, HTI) was last seen down nearly 5% in after-hours Nasdaq trade Monday after the cannabis retailer said its fiscal first-quarter loss widened despite record quarterly revenues, as the company pointed to a "purposeful shift in our strategy to win market share in our ancillary business line."

For the quarter ended Jan.31, the company lost $2.69 million, widened from a year-prior loss of $5.0 million. Per share results were not disclosed.

Revenue increased to a record $142.5 million, up from $128.1 million during the same period last year, representing an increase of 11% year over year and 3% sequentially. .

Among highlights, revenue generated in the company's retail stores was $135.7 million, up 17% year over year, and the fastest growth rate in five quarters. The segment accounts for 95% of the company's consolidated revenue. Also, same store sales in the first fiscal quarter increased by 5%. It said between October 2021 and December 2024, same store sales at Canna Cabana were up 142%, while the average operator in the five provinces where the company operates experienced a 4% decline.

"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," chief executive Raj Grover said..

Adjusted EBITDA fell 32% to $7.09 million

"I also want to address the lower EBITDA number head on," Grover added. "This was due to a purposeful shift in our strategy to win market share in our ancillary business lines, which will provide long-term benefits by expanding our Cabana Club globally and diversifying our customer base. International opportunities in the medical cannabis space are very exciting and can contribute meaningfully to our bottom line acting as a hedge against short to medium-term volatility in our e-commerce platforms."

High Tide shares were last seen down US$0.12 to US$2.31 after hours. They closed down $0.03 to $3.45 on the TSX Venture Exchange.