)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Tidewater Midstream and Infrastructure (TWM) investor relations material
Tidewater Midstream and Infrastructure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Closed acquisition of the Western Pipeline, focusing on integration and operational synergies with anticipated annual cost savings of $10–15 million; acquisition of the north segment of Pembina's Western Pipeline System for $1.2 million plus $30 million in assumed liabilities, expected to yield cost improvements and enhance feedstock procurement.
Advanced strategic initiatives, including non-core asset sales and increased contracted offtakes for renewable diesel.
Maintained consistent operational performance across midstream assets and solid results at the renewables segment.
Reported a consolidated net loss attributable to shareholders of $34.1 million for Q3 2025, up from a $7.3 million loss in Q3 2024, mainly due to lower refined product sales, emission credit pricing, and unfavorable derivative contract valuations, partially offset by lower depreciation and higher equity investment income.
Executed an agreement with the Government of British Columbia to receive BC LCFS Credits, expected to fund about 50% of renewable feedstock costs for 2026-2027.
Financial highlights
Q3 2025 net loss attributable to shareholders: $34.1 million (Q3 2024: $7.3 million); net loss for Renewables was CAD 1 million in Q3 2025, down from net income of CAD 13 million in Q2 2025, mainly due to non-cash items.
Adjusted EBITDA: $16.2 million in Q3 2025 (Q3 2024: $29.2 million); Renewables adjusted EBITDA was CAD 16.5 million, up 54% sequentially.
Distributable cash flow attributable to shareholders: $(14.8) million (Q3 2024: $(1.2) million).
Net debt: $587.8 million as of September 30, 2025 (September 30, 2024: $566.5 million); deconsolidated net debt at $395.9 million.
Maintenance capital expenditures for Q3 2025: $7.3 million, mainly for the HDRD Complex turnaround.
Outlook and guidance
HDRD complex expected to return to full capacity in December 2025, with next turnaround planned for spring 2028 to maximize production during the biofuels incentive period.
Over 80% of 2026 renewable diesel production expected to be sold as R100, benefiting from U.S. import parity pricing.
Management expects to benefit from the Government of Canada’s $370 million Biofuels Production Incentive, supporting improved cash flow and returns for renewable diesel production from 2026-2027.
Full-year 2025 capital program expected to range between $15 million and $20 million, including maintenance capital for the Western Pipeline.
Anticipates revenue growth and margin expansion for the remainder of 2025 and beyond.
Biofuels incentive program: certainty of benefit
PGR 5-year turnaround: risk mitigation strategy
R100 sales: impact of Canadian mandate change
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Tidewater Midstream and Infrastructure earnings date
Q4 20259 Mar, 2026
Next Tidewater Midstream and Infrastructure earnings date
Q4 20259 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Tidewater Midstream and Infrastructure Ltd. is a Canadian company engaged in the development, construction, and operation of energy infrastructure. The company focuses on the transportation, processing, storage, and marketing of natural gas, natural gas liquids (NGLs), and crude oil. Tidewater Midstream operates a network of pipelines, gas processing plants, and storage facilities, providing services to producers and customers in the energy industry. The company also engages in the marketing and trading of hydrocarbons. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage