01:38 PM EDT, 03/27/2025 (MT Newswires) -- (Adds National Bank of Canada comments in paragraph 6 and updates shares.)

Tidewater Renewables ( TDWRF ) were last seen up 27% after the company on Thursday reported it fourth-quarter revenue nearly doubled, while its loss narrowed on an unrealized gain on derivative contracts and income from the company's joint-venture investment in the Rimrock Cattle Company.

The company said it lost $3.39 million, or $0.09 per share, in the period, compared with a loss of $12.75 million or $0.37 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 from $40.4 million, a year-ago.

Among other highlights for the quarter, the company reported adjusted EBITDA of $6.0 million, a drop of 44% from the fourth quarter of 2023. It attributed the decrease on 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 ( TWMIF ) , partially offset by the sale of B.C. 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.

National Bank of Canada noted that the company's outlook "remains cloudy, as credit transactions are set to expire to the detriment of medium-term liquidity, and alternatives will continue to be required to be sought - the full value recognition of a sound asset in the HDRD requires a restoration of the market, and for which, we have little visibility in the current environment." Analyst Dan Payne maintained the underperform rating on the company's shares and a target of $3.50.

Shares of the company were last seen up $0.64 to $3.05 on the Toronto Stock Exchange.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 3.05, Change: +0.64, Percent Change: +26.56