High Tide Inc ( HITI ) reported financial results for the second quarter Monday after the bell. Here’s a rundown of the cannabis retailer’s report.

Q2 Earnings: High Tide reported second-quarter revenue of 137.8 million Canadian dollars ($96.94 million versus estimates of $96.73 million), up 11% year-over-year. Converted to U.S. dollars in order to compare to estimates, the company reported a loss of three cents per share versus estimates for a loss of two cents per share, according to Benzinga Pro.

High Tide said it now operates 200 Canna Cabana locations across Canada and reached 1.9 million members in its Cabana Club in Canada during the quarter, up 33% year-over-year. Global memberships surpassed 5.87 million in the quarter.

Same-store sales climbed 6.2% year-over-year and the company generated CA$4.9 million of free cash flow in the second quarter. High Tide closed out the period with CA$34.7 million in cash and cash equivalents and CA$25.4 million of total debt.

“I’m incredibly proud of the continued momentum we are seeing in our core bricks-and-mortar business, which once again led the pack in retail market share, same-store sales growth, and free cash flow generation — even in a seasonally slower quarter with three fewer days. Our success is a testament to the strength of our loyalty-focused retail model, which is unmatched in the cannabis industry,” said Raj Grover, founder and CEO of High Tide.

Looking Ahead: High Tide reiterated expectations for adding between 20 and 30 Canna Cabana locations in 2025. The company also said it continues to target total memberships of more than 2.5 million over the long term.

High Tide expects to remain free cash flow positive for the remainder of fiscal 2025.

The company said it has been engaged in ongoing discussions with a leading German medical cannabis importer and wholesaler regarding a potential transaction. Due diligence is in its final stages and High Tide said it’s working to complete the transaction in the near term.

High Tide’s management team 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 initially traded up to around $2.32 when the report was released. The stock was down 0.89% in after-hours, trading at $2.20 at the time of publication Monday, according to Benzinga Pro.

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