11:57 AM EDT, 03/14/2024 (MT Newswires) -- National Bank said Thursday that Tidewater Renewables Ltd. ( TDWRF ) reported fourth-quarter results that were "below expectations."

The company reported Q4 revenue of $40.4 million, which was up 67% quarter over quarter, but below the consensus estimate of $43.2 million.

The company reported adjusted EBITDA of $9.8 million (after SBC), down 30% quarter over quarter, and below the consensus estimate of $13.2 million.

"While the quarter saw drag through initial startup of its HDRD facility, the outlook projects towards an improving complexion of utilization and returns, which should serve to support progression of its value proposition," the analysts said.

National Bank has a sector perform rating and a price target of C$12.

The company's stock slipped 2.2% on last look on Thursday.

Price: 6.30, Change: -0.14, Percent Change: -2.17