Calgary, Alberta-based High Tide lost 52.5 million Canadian dollars ($38 million) in its quarter ended Oct. 31, driven largely by noncash impairment charges of CA$48.6 million related to e-commerce platforms.
Excluding the impairment charge, loss from operations amounted to CA$5.3 million for the quarter, more than double the CA$2.1 million loss in the same quarter in the previous year, the company disclosed in a late Monday news release.
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Revenue in the fourth quarter doubled to CA$108.2 million, up from CA$53.8 million a year earlier.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter was CA$5.02 million, up 206% year-over-year, which the company said was a record for any quarter.
High Tide has 151 locations across Canada, which the company says makes it the largest nonfranchised retailer.
The Calgary business also announced that it has entered into a nonbinding letter of intent with
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