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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tidewater Renewables
Tidewater Renewables (LCFS) investor relations material
Tidewater Renewables Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Combined Q3 2026 adjusted EBITDA reached a record CAD 96.9 million; renewable diesel throughput and margins supported standalone adjusted EBITDA of $54.6 million.
Standalone net debt fell $71.5 million from December 31, 2025, to $134.7 million at September 30, 2026; debt to Adjusted EBITDA was 1.04x.
Standalone Q3 net loss was $15.6 million, including a non-cash $38.7 million warrant revaluation loss.
Financial highlights
Standalone Q3 revenue was $239.9 million versus $62.0 million year over year; nine-month revenue was $494.1 million versus $193.3 million.
Standalone adjusted EBITDA was $54.6 million in Q3 and $134.7 million in 9M, versus $16.4 million and $29.6 million in 2025.
Q3 operating cash flow was $62.8 million versus $13.5 million; distributable cash flow was $51.6 million versus negative $1.8 million.
Consolidated net debt declined CAD 139 million in 9M 2026; standalone net debt declined $71.5 million from year-end 2025.
Outlook and guidance
Combined FY 2026 adjusted EBITDA guidance rose to CAD 300 million-CAD 320 million; standalone guidance increased to $165 million-$175 million from $130 million-$140 million.
Standalone FY 2026 sales-volume guidance increased to 165-175 million litres from 150-170 million litres; capex remains $2 million-$3 million.
Guidance excludes proposed CFR amendments; if finalized, proposed multipliers could contribute CAD 30 million-CAD 40 million from 2026 credits and CAD 40 million-CAD 50 million from expected 2027 production.
SAF project FID was deferred to H1 2027 while regulatory review, project economics, offtake and financing are assessed.
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Latest events from Tidewater Renewables
- A 0.88-share all-stock deal unifies midstream and renewable fuels, targeting a December 2026 close.LCFS
M&A announcement - HDRD returned to design capacity, but losses and refinancing needs remain key constraints.LCFSQ4 2023
- Record Q2 2026 EBITDA and throughput led to raised guidance amid strong market conditions.LCFSQ2 2026
- All motions, including director elections and auditor appointment, passed by majority vote.LCFSAGM 2026
- Q1 2026 net income and EBITDA surged, prompting a raised full-year outlook and debt focus.LCFSQ1 2026
- 2026 guidance projects strong EBITDA growth and debt reduction, supported by regulatory incentives.LCFSQ4 2025
- Q3 2025 featured improved adjusted EBITDA, narrowed net loss, and positive biofuels outlook.LCFSQ3 2025
- Record Q2 results and asset sales address liquidity amid BC LCFS credit price collapse.LCFSQ2 2024
- All resolutions passed with strong support, and four directors were elected.LCFSAGM 2024
Tidewater Renewables
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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.