07:51 AM EDT, 03/14/2024 (MT Newswires) -- Tidewater Renewables Ltd. ( TDWRF ) said Thursday that it swung to a fourth-quarter net loss of $12.7 million, or $0.37 per diluted share, from net income of $14.1 million, or $0.40 per diluted share, a year earlier.

Revenue for the quarter ended Dec. 31, 2023, was $40.4 million, up from $19.4 million a year earlier.

Adjusted EBITDA for Q4 was $10.7 million, down from $16.7 million a year earlier.

The company expects the HDRD Complex to achieve an average 2024 throughput of 2,400 to 2,600 barrels per day, inclusive of an expected average throughput of 1,800 to 2,000 bbl/d in the first quarter.

During 2024, the company expects to optimize the HDRD Complex's operating costs, extend or replace its senior credit facility, and progress engineering design on its announced SAF project.

Also, Tidewater Renewables ( TDWRF ) expects to execute a restrained 2024 capital program. The company's 2024 maintenance capital expenditures are expected to be about $7 million.

Jeremy Baines has joined Tidewater Renewables' ( TDWRF ) board as chairman.