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Tuesday, May 24, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

High Tide posts audited financials after delay

After being hit with impairment charges, the firm posted a Q4 net loss of $4.2M

High Tide posts audited financials after delay
Image via High Tide

Following a reported delay, Canadian pot retailer High Tide Inc. (TSX-V: HITI) (Nasdaq: HITI) (FSE: 2LYA) has published its audited financial results for the fiscal year 2021, avoiding potential consequences.

In a statement Wednesday, the company said it filed its annual financials and information form, as required by continuous disclosure obligations, after missing a Monday deadline.

The firm faced possible regulatory actions, including a management cease trade order, but now says it’s back in good standing with applicable securities commissions and stock exchanges.

High Tide confirms the figures from its unaudited earnings released last week, which includes annual sales climbing 118 per cent to $181.1 million and fourth quarter revenue up 12 per cent to $53.9 million in the three months ended Oct. 30.

Read more: High Tide pushes annual sales up 118% to $181.1M in fiscal 2021

Read more: High Tide switches to discount club model

The new audited results include impairment charges bringing its quarterly operational expenses to $22.3 million. As a result, the company reported a net loss of $4.2 million.

Previously, the firm said the lag was due to “personnel challenges arising from the pandemic.”

On Wednesday, CEO Raj Grover apologized to his shareholders for the delay.

“Although this delay occurred due to personnel shortages related to the ongoing Covid-19 pandemic, I have never been one to make excuses, and I will be taking steps to ensure that systems are put in place to prevent this from occurring in the future.”

High Tide says it intends to file its first-quarter financial statement, for the period ending Jan. 31, on or before a March 17 deadline.

As previously stated, the firm expects to report over $70 million in sales, which would make it third in quarterly revenue among Canadian cannabis companies.

 

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