12:06 PM EDT, 05/08/2025 (MT Newswires) -- Tidewater Renewables ( TDWRF ) was at last look down 4.2% on Thursday after it reported lower profit for the first quarter.

The company said it earned $5.25 million, or $0.14 per share, in the period, down from $7.72 million, or $0.21, a year earlier, missing the consensus estimate compiled by FactSet of $0.19 per share.

The company said the drop was "primarily due to the sale of certain co-processing assets and the termination of take-or-pay contracts in connection with the related party transaction with Tidewater Midstream and Infrastructure in Q3 of 2024, partially offset by unrealized gains on derivatives, higher income from the joint venture investment in Rimrock Cattle Company, and lower depreciation, financing, and deferred tax expenses".

Revenue for the quarter fell to $57.7 million from $111.2 million, a year-ago, missing the FactSet consensus estimate of $59.5 million.

The company also highlighted notable increases in emissions credit value and the demand for Canadian renewable diesel after the Government of British Columbia announced changes to the Low Carbon Fuels Act. Tidewater Renewables ( TDWRF ) had earlier raised challenges posed by the competitive advantages enjoyed by U.S. renewable diesel producers, who benefit from U.S. subsidies at the point of production and emissions credit generation at the point of sale.

Shares of the company were last seen down $0.11 to $2.54 on the Toronto Stock Exchange.

Price: 2.54, Change: -0.11, Percent Change: -4.15