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Tidewater Renewables (LCFS) investor relations material
Tidewater Renewables 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
Advanced strategic initiatives, including the acquisition and integration of the Western Pipeline and the sale of the Sylvan Lake Gas Processing Facility for CAD 5.5 million.
Maintained strong operational performance across midstream assets and renewables, despite planned and unplanned outages, including a scheduled turnaround and a minor fire at the HDRD Complex.
Benefited from regulatory developments, including a CAD 370 million federal biofuels incentive and BC-LCFS credits, with the government announcing a major biofuels incentive program.
Increased contracted offtakes to cover 100% of forecasted renewable diesel production for the remainder of 2025 and over 80% of 2026 production.
Q3 2025 net loss was CAD 1 million, a significant improvement from a CAD 367.1 million loss in Q3 2024, but down from net income of CAD 13 million in Q2 2025.
Financial highlights
Q3 2025 revenue was $62.0 million, down from $91.6 million in Q3 2024; nine months revenue was $193.3 million.
Adjusted EBITDA for Q3 2025 was CAD 16.5 million, up 54% from Q2 2025 and 21% year-over-year, driven by higher equity investment and joint venture contributions.
Tidewater Midstream posted a consolidated net loss attributable to shareholders of CAD 34.1 million, compared to a net loss of CAD 16.3 million in Q2 2025.
Consolidated adjusted EBITDA for Tidewater Midstream was CAD 16.2 million, consistent with Q2 2025.
Net cash from operating activities in Q3 2025 was $13.6 million, with net debt at $191.9 million as of September 30, 2025.
Outlook and guidance
HDRE complex expected to return to full capacity in December 2025, with next turnaround planned for spring 2028, maximizing 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.
Expects to benefit from the Canadian government's $370 million Biofuels Production Incentive starting January 2026.
Maintenance capital guidance for 2025 remains $8–10 million.
Anticipated annual cost savings of CAD 10–15 million from Western Pipeline integration.
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Next Tidewater Renewables earnings date
Q4 20259 Mar, 2026
Next Tidewater Renewables earnings date
Q4 20259 Mar, 2026
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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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