CALGARY, AB, May 9, 2024 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX:LCFS) is pleased to announce that it has filed its condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2024. FIRST-QUARTER HIGHLIGHTS During the first quarter of 2024, Tidewater Renewables generated record Adjusted EBITDA(1) of $25.3 million and net income attributable to shareholders of $7.7 million, inclusive of $8.1 million of realized losses on derivative contracts. Net cash provided by operating activities totaled $40.5 million and record distributable cash flow(1) of $12.8 million. Tidewater Renewables' first-quarter 2024 results were driven by the progressive improvements in throughput and reliability at the Renewable Diesel & Renewable Hydrogen ("HDRD Complex"). During the first quarter of 2024, the HDRD Complex averaged daily throughput of approximately 2,120 bbl/d, representing a 71% utilization rate. Initial operating results for April 2024 show continued improvement, with a utilization rate of approximately 95%. Tidewater Renewables expects the HDRD Complex to exceed a full-year 2024 utilization rate of 85%, representing an average daily throughput of 2,550 bbl/d (previously 2,400 – 2,600 bbl/d).The HDRD Complex's operating performance was supported by robust demand for renewable fuels and record Canadian emissions credit pricing. While meeting its customers' requests for renewable fuel blends, Tidewater Renewables synergistically expanded Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream") market access. During the first quarter of 2024, the Corporation blended approximately 9.8 million liters of its renewable diesel with 23.6 million liters of Tidewater Midstream's conventional diesel fuel, offering its customers a sustainable and resource-efficient solution for their ESG and energy needs. During the first quarter of 2024, Tidewater Renewables made significant progress on the front-end engineering design of its proposed 6,500 bbl/d sustainable aviation fuel ("SAF") project. This included integrating lessons learned from the HDRD Complex into the SAF project's design basis. During the first quarter of 2024, the Corporation received emissions credits for achieving its first milestone under an executed incentive agreement. These credits were sold to an investment-grade counterparty under a previously announced purchase commitment. The Corporation continues to progress commercial arrangements and is evaluating potential offtake agreements for the SAF project. The SAF project remains subject to a final investment decision, which is expected in 2025. In the first quarter of 2024, Tidewater Renewables met its financial covenants, repaid $27.7 million of debt under its Senior Credit Facility and significantly improved its liquidity. Tidewater Renewables is working collaboratively with its lenders to extend its Senior Credit Facility. The Corporation is pleased to welcome Mr. Todd Moser to its Board of Directors. Mr. Moser brings over 35 years of refining, biofuel and environmental experience to Tidewater Renewables. Mr. Moser's previous roles include senior leadership positions at Petro-Canada, Maple Leaf Foods and most recently as President & CEO of Terrapure Environmental. Mr. Moser also has extensive board experience including service with the Canadian Renewable Fuels Association and the National Renderers Association.Mr. Moser has agreed to serve as an independent member on the Corporation's Audit Committee, Independence Committee, and Governance, Compensation, Safety and Sustainability Committee. In conjunction with Mr. Moser's appointment, Jeremy Baines is relinquishing his temporary position on the Audit Committee. This ends the Corporation's reliance on Section 3.5 of National Instrument 52-110, following the resignation of John Adams announced on April 22, 2024. The Corporation is pleased to have improved its governance ahead of its annual general meeting."I believe that Tidewater Renewables' first-quarter performance highlights our focus on operational excellence and continuous improvement. During the first quarter of 2024, we stabilized the HDRD Complex's operations, expanded our commercial network and significantly improved our financial position. We are also proud of our renewable diesel, which offers Canadians a viable low-carbon alternative without the need for costly infrastructure replacement. I am confident that these hard-fought achievements and our feasible environmental solution will position Tidewater Renewables for success in the future." – Jeremy Baines, Chief Executive Officer (1) Adjusted EBITDA, distributable cash flow, distributable cash flow per share and net debt used throughout this news release are non-GAAP financial measures or ratios, capital management measures or supplementary financial measures. See the "Non-GAAP and Other Financial Measures" in this press release and the Corporation's MD&A for information on each non-GAAP financial measure or ratio. Selected financial and operating information are outlined below and should be read with the Corporation's condensed interim consolidated financial statements and related MD&A for the three months ended March 31, 2024, which are available under the Corporation's profile on SEDAR+ at www.sedarplus.ca and on its website at www.tidewater-renewables.com. Financial Highlights (in thousands of Canadian dollars except per share information) Three months ended March 31, 2024 2023 Revenue $ 111,239 $ 19,896 Net income (loss) attributable to shareholders $ 7,720 $ (21,477) Net income (loss) attributable to shareholders per share – basic $ 0.22 $ (0.62) Net income (loss) attributable to shareholders per share – diluted $ 0.21 $ (0.62) Adjusted EBITDA (1,2) $ 25,270 $ 12,635 Net cash provided by operating activities $ 40,458 $ 11,449 Distributable cash flow (1) $ 12,781 $ 5,273 Distributable cash flow per common share – basic (1) $ 0.37 $ 0.15 Distributable cash flow per common share – diluted (1) $ 0.35 $ 0.15 Total common shares outstanding (000s) 34,819 34,721 Total assets $ 1,082,666 $ 1,024,265 Net debt (1) $ 306,874 $ 278,552 (1)  Refer to "Non-GAAP and Other Financial Measures". (2)  For the three months ended March 31, 2024, Adjusted EBITDA includes $836 (2023 - $294) from its proportionate share of Rimrock Cattle Company's Adjusted EBITDA. OUTLOOK AND CORPORATE UPDATE  Tidewater Renewables' primary focus continues to be on maintaining a high and consistent utilization rate at the HDRD Complex. The Corporation expects the HDRD Complex to exceed an average 2024 throughput of 2,550 bbl/d, inclusive of the approximate 2,120 bbl/d of throughput in the first quarter of 2024. During 2024, the Corporation also expects to optimize the HDRD Complex's operating costs, extend its Senior Credit Facility and progress the engineering design on its announced SAF project. In line with its objectives, Tidewater Renewables expects to execute a restrained 2024 capital program significantly offset by government funding. The Corporation's 2024 maintenance capital expenditures are expected to be approximately $7.0 million. CONFERENCE CALL In conjunction with the earnings release, investors will have the opportunity to listen to Tidewater Renewables' senior management review its first quarter 2024 results via a conference call on ...