High Tide Inc (TSXV: HITI) (NASDAQ: HITI) last night released its second quarter 2021 financial results. The company posted revenues of $40.9 million for the three month period, along with a net loss of $12.3 million and adjusted EBITDA of $4.7 million.
Revenues were up marginally on a quarter over quarter basis, climbing 6.7% from $38.3 million in the first quarter. Gross profits however were effectively flat, improving 1.6% to $15.0 million during the quarter on cost of sales of $25.9 million.
Expenses for the quarter meanwhile amounted to $19.5 million, resulting in a loss from operations of $4.5 million. Other expenses meanwhile pushed this figure further, with an additional $7.9 million in other expenses recorded, including $3.7 million in finance and other costs. Net loss for the period totaled out at $12.3 million, as compared to $16.8 million in the first quarter.
Looking at the balance sheet briefly, the company reported a cash position of $29.4 million and total current assets of $56.3 million. Accounts payable meanwhile amounted to $12.4 million, with total current liabilities coming in at $43.0 million.
In terms of outlook, the company indicated that it intends to open roughly 12 stores in Ontario by the end of September, while also following developments in the US closely related to the federal status of Canada. Here, the company has plainly stated that it is “just one transaction away from entering the bricks and mortar retail market in the US when federally permissible.”
High Tide last traded at $10.07 on the TSX Venture.
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