Episode Details

High Tide Inc. (HITI) Q3 FY2026 — Reference price US$2.63 at the September 14 regular close; no completed post-release reaction is claimed. Germany is lifting High Tide’s operating earnings, but derivative gains dominate its reported profit. Follow the ownership, reinvestment and financing bridge to see how much becomes shareholder cash. THE CALL: HOLD (3/5, MODERATE) — base-case value ~$2.60 vs ~$2.63 today. KEY METRICS: - Revenue C$198.818M, +32.82% YoY - Operating income C$8.710M, +132.95% YoY - Reported net income C$12.748M includes net C$10.502M fair-value benefit - Company adjusted net income C$2.246M; consolidated - Company FCF C$7.017M; all-capex after-lease cash proxy C$5.611M - Base fair value US$2.60; probability-weighted scenario value US$2.486 - Remexian ownership 51%; current common shares 88.897395M What to watch: Sustain at least C$4M quarterly German adjusted EBITDA, 5% legacy-segment revenue growth and C$6M full-capex cash with stable working capital; verify control remediation. Full research packet: https://chargedalpha.com/research/hiti-q3-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.