Tidewater Renewables Ltd. (TSE:LCFS)
TSX:LCFS
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Earnings Data
Report Date
Aug 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.44Last Year’s EPS
0.35Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and financial momentum: strong Q1 results across Renewables and Midstream (notably HDRD running at 95% utilization, Prince George throughput +9% YoY, robust crack spreads, and increased full-year adjusted EBITDA guidance). Favorable U.S. EPA decisions and higher D4 RIN prices materially improved realized renewables margins and helped secure multiyear offtakes. Management also strengthened near-term liquidity via a credit facility amendment and maintained disciplined capital allocation. Key risks include the curtailed Ram River plant, exposure to commodity and geopolitical volatility (only ~50% of refinery crack exposure hedged), pending execution of incentive agreements and asset sales, and a relatively short extension on credit facility maturities. On balance, the positive operational execution, upgraded guidance, and supportive regulatory tailwinds outweigh the outstanding execution and market risks.Company Guidance
Tidewater Renewables Strong Start and Incentive Funding
Tidewater Renewables reported Q1 adjusted EBITDA of $24.1 million and recognized $6.1 million of expected funding from the Canadian biofuel production incentive. Management received additional NRCan approval confirming incentive funding aligned with full annual HDRD production capacity; contribution agreement expected to be executed in Q2 2026 with quarterly cash payments thereafter.
High HDRD Utilization and Throughput
HDRD complex achieved average daily throughput of 2,837 barrels per day in Q1, representing a 95% utilization rate and near nameplate operation, enabling capture of improving market pricing via U.S. import-indexed offtake contracts.
Strong Prince George Refinery Performance
Prince George Refinery throughput averaged 10,784 barrels per day in Q1 2026, a 9% increase versus Q1 2025. Q1 crack spread averaged $102 per barrel, up $8/boe from Q4 2025, with continued strengthening into April/early May and refinery returned to design capacity (12,000 bpd) after a planned April outage.
Improved Midstream Results and Increased Consolidated Guidance
Tidewater Midstream generated consolidated Q1 adjusted EBITDA of $49.7 million (a significant increase from 2025). Management raised full-year 2026 consolidated adjusted EBITDA guidance to $190 million–$210 million and Tidewater Renewables guidance to $100 million–$110 million.
Offtake and Contracting Progress
For 2026, over 90% of forecasted renewable diesel production is committed under offtake agreements; over 40% of forecasted production for each of 2027 and 2028 is also under contract. Many contracts are indexed to U.S. import pricing benchmarks, accelerating cash flow relative to selling isolated Canadian credits.
Stronger Biofuels Market Signals (RINs)
U.S. EPA finalized record renewable volume obligations for 2026–2027 and maintained the renewable diesel RIN multiplier at 1.7x for 2026. D4 RIN prices rose from under USD 1.20 per RIN in early 2026 to over USD 2 per RIN in May, materially increasing realized renewable diesel pricing under U.S. import parity offtakes.
BRC Gas Plant and Fractionation Throughput Growth
BRC gas processing averaged 114 million cubic feet per day in Q1, a 12% increase over the previous quarter, supported by long-term agreements (65 mmcf/d extended for 5 years plus contracted additional 10 mmcf/d). BRC fractionation utilization was ~90% in Q1.
Balance Sheet and Liquidity Actions
Amendment to Tidewater Midstream senior credit facility extended maturities of $175 million operating and syndicated facilities from Sept 2026 to Aug 2027 and allowed annualized deconsolidated covenant calculation for Q1–Q3 2026. Both companies were in full covenant compliance at Q1-end and forecasted to remain compliant through 2026. Management plans free cash flow to be directed primarily to debt reduction.
Disciplined CapEx and Asset Sale Progress
2026 capital expenditure guidance unchanged: Tidewater Renewables $2–3 million; consolidated $20–25 million (net of expected BC LCFS credits). Non-core asset disposition process ongoing with management targeting an announcement before end of Q2 to unlock liquidity.
TSE:LCFS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:LCFS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | C$9.65 | C$10.69 | +10.78% |
Mar 26, 2026 | C$6.55 | C$6.62 | +1.07% |
Nov 13, 2025 | C$4.39 | C$4.00 | -8.88% |
Aug 14, 2025 | C$3.01 | C$3.01 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tidewater Renewables Ltd. (TSE:LCFS) report earnings?
Tidewater Renewables Ltd. (TSE:LCFS) is schdueled to report earning on Aug 06, 2026, Before Open (Confirmed).
What is Tidewater Renewables Ltd. (TSE:LCFS) earnings time?
Tidewater Renewables Ltd. (TSE:LCFS) earnings time is at Aug 06, 2026, Before Open (Confirmed).
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What is TSE:LCFS EPS forecast?
TSE:LCFS EPS forecast for the fiscal quarter 2026 (Q2) is 0.44.