08:58 AM EDT, 03/27/2025 (MT Newswires) -- Tidewater Renewables ( TDWRF ) on Thursday reported net loss narrowing in the fourth quarter due to an unrealized gain on derivative contracts and income from the company's joint venture investment in the Rimrock Cattle Company, while revenues nearly doubled.

The company reported net loss attributable to shareholders for the three months ended Dec. 31, of near $3.4 million or $0.09 loss per share, compared with $12.75 million or $0.37 loss per share, a year earlier. It said the decrease was partially offset by lower deferred tax recoveries and higher financing costs.

Revenue for the fourth quarter increased to $76.4 million compared with $40.4 million, a year-ago.

Among other highlights for Q4, it had Adjusted EBITDA of $6.0 million during the fourth quarter of 2024, a decrease of 44% from the fourth quarter of 2023 and a decrease of 56% from the third quarter of 2024. It said the decrease was attributed 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 Ltd. ( TWMIF ) , partially offset by the sale of BC LCFS Credits in the fourth quarter pursuant to forward sales contracts that were entered into and priced during the first half of 2024 prior to the significant decline in the market price for BC LCFS Credits.

LCFS said that it sold $52.7 million of BC LCFS Credits to Tidewater Midstream, from Sept. 12, 2024, to Dec. 31, 2024. Tidewater Renewables ( TDWRF ) used proceeds from the BC LCFS Credit Purchase Agreement during the year ended Dec. 31, to repay amounts on its Senior Credit Facility.

Shares of the company closed down 1.2% to $2.41 on Wednesday on the Toronto Stock Exchange.