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Tidewater Renewables (LCFS) investor relations material
Tidewater Renewables Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Net income for Q2 2025 reached $13M, up 165% year-over-year and $8M quarter-over-quarter, with adjusted EBITDA at $10.7M, up $8M sequentially but down 63% year-over-year due to lower revenue and utilization.
Over 70% of HDRD facility's 2025 forecasted production is contracted, mainly for R100 renewable diesel, with the remainder to be sold on the spot market.
Strong momentum in renewables driven by BC's Low Carbon Fuels Act amendments, doubling renewable diesel requirements and mandating Canadian production from April 2025.
Senior credit facility capacity increased by $7M and maturity extended to February 2027, improving financial flexibility.
Received government support to amend the SAF project agreement, unlocking additional BC LCFS credits.
Financial highlights
Q2 2025 revenue was $73.6M, down from $147.2M in Q2 2024, while net income per share (basic) was $0.36, up from $0.14.
Distributable cash flow for Q2 2025 was $0.8M, down from $20.3M in Q2 2024.
Total assets as of June 30, 2025, were $397.2M; net debt stood at $198.8M.
$20M of consolidated debt repaid, with $55M available capacity on credit facilities as of June 30, 2025.
Tidewater Midstream posted a consolidated net loss of $16.3M and adjusted EBITDA of $16M, both down year-over-year due to lower refined product margins.
Outlook and guidance
HDRD complex on track to meet full-year throughput guidance of 2,200–2,400 barrels/day, including Q3 turnaround.
Expectation for refinery throughput to normalize post-maintenance in October, as lower density feedstocks are sourced.
SAF project final investment decision targeted for 2026, contingent on offtake agreements and financing.
Maintenance capital for 2025 estimated at $8–10M, mainly for HDRD Complex turnaround.
Focus remains on operational efficiency, margin expansion, and advancing non-core asset sales.
How will BC government amendment impact low carbon fuels?
What's the target for asset sale proceeds this year?
How is the oversupplied diesel market improving?
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Next Tidewater Renewables earnings date
Q3 202513 Nov, 2025
Next Tidewater Renewables earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Tidewater Renewables Ltd is a multi-faceted energy transition company focused on the production of low carbon fuels. The company's product portfolio includes renewable diesel, renewable hydrogen, and renewable natural gas, alongside initiatives in carbon capture. Its projects and operating assets are strategically located in Alberta and British Columbia, Canada, aiming to address the growing demand for cleaner fuel solutions across North America. Key projects highlighted include the Renewable Diesel & Renewable Hydrogen Complex at the PGR and a renewable natural gas digestor facility in Foothills County, Alberta. The company's shares are listed on the Toronto Stock Exchange.
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