08:40 AM EDT, 05/09/2024 (MT Newswires) -- Tidewater Renewables ( TDWRF ) on Thursday reported a swing to net income for the first quarter.

The company posted attributable net income of $7.7 million, or $0.21 per diluted share, reversing a loss of $21.5 million, or a $0.62 per diluted share.

Revenue jumped to $111.2 million from $19.9 million while adjusted EBITDA surged to $25.3 million from $12.6 million.

"I believe that Tidewater Renewables' ( TDWRF ) first-quarter performance highlights our focus on operational excellence and continuous improvement," CEO Jeremy Baines said.

Tidewater said it remains focused on maintaining a high and consistent utilization rate at the HDRD complex. The company expects the complex to exceed an average 2024 throughput of 2,550 barrels per day (bbl/d), inclusive of the approximate 2,120 bbl/d of throughput in the first quarter.

Tidewater also expects to execute a restrained 2024 capital program significantly offset by government funding, estimating its 2024 maintenance capital expenditures at $7.0 million.