Tidewater Renewables (LCFS) Q3 2026 earnings summary

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.