Board Change • May 20
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Jeremy Baines is the most experienced director on the board, commencing their role in 2024. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 16
Tidewater Renewables Ltd., Annual General Meeting, May 26, 2026 Tidewater Renewables Ltd., Annual General Meeting, May 26, 2026. Announcement • Mar 17
Tidewater Renewables Ltd., Annual General Meeting, May 27, 2025 Tidewater Renewables Ltd., Annual General Meeting, May 27, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: CA$10.46 loss per share (vs CA$0.27 loss in 3Q 2023) Third quarter 2024 results: CA$10.46 loss per share (further deteriorated from CA$0.27 loss in 3Q 2023). Revenue: CA$91.6m (up 278% from 3Q 2023). Net loss: CA$367.1m (loss widened CA$357.7m from 3Q 2023). Revenue is expected to fall by 37% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. New Risk • Nov 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CA$9.5m Forecast net loss in 1 year: CA$2.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$2.3m net loss next year). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (€28.2m market cap, or US$29.7m). New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$1.1m net loss in 2 years). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (€48.9m market cap, or US$54.6m). New Risk • Sep 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: CA$9.5m Forecast net loss in 2 years: CA$1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$1.1m net loss in 2 years). Market cap is less than US$100m (€61.2m market cap, or US$67.6m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: CA$0.14 (vs CA$0.076 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.14 (up from CA$0.076 in 2Q 2023). Revenue: CA$147.2m (up CA$134.1m from 2Q 2023). Net income: CA$4.94m (up 86% from 2Q 2023). Profit margin: 3.4% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 36% growth forecast for the Oil and Gas industry in Germany. New Risk • Aug 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.1m (US$95.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$75m). Market cap is less than US$100m (€87.1m market cap, or US$95.8m). Board Change • Jun 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Greta Raymond is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • May 11
Tidewater Renewables Ltd. Announces Board and Committee Changes Tidewater Renewables Ltd. named Todd Moser to its board of directors. Moser brings over 35 years of refining, biofuel and environmental experience to Tidewater Renewables. Moser's previous roles include senior leadership positions at Petro-Canada, Maple Leaf Foods and most recently as president and CEO of Terrapure Environmental. Moser also has extensive board experience including service with the Canadian Renewable Fuels Association and the National Renderers Association. Moser has agreed to serve as an independent member on the company’s audit committee, independence committee, and governance, compensation, safety and sustainability committee. In conjunction with Moser's appointment, Jeremy Baines is relinquishing his temporary position on the audit committee. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$0.22 (vs CA$0.62 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.22 (up from CA$0.62 loss in 1Q 2023). Revenue: CA$111.2m (up 459% from 1Q 2023). Net income: CA$7.72m (up CA$29.2m from 1Q 2023). Profit margin: 6.9% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Announcement • Apr 12
Tidewater Renewables Ltd., Annual General Meeting, May 30, 2024 Tidewater Renewables Ltd., Annual General Meeting, May 30, 2024. Board Change • Apr 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Lead Independent Director John Adams is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 16
Tidewater Renewables Ltd. Appoints Jeffery Hamilton to Its Board of Directors Tidewater Renewables Ltd. named Jeffery Hamilton to its board of directors. Hamilton brings over 25 years of experience as a business leader and strategic advisor to Tidewater Renewables, with previous roles including senior leadership positions at Bank of America Securities (head, investment banking – Canada) and J.P. Morgan (head, energy & power investment banking – Asia Pacific). He is currently the founder and CEO of Longwing Capital Advisors, where he provides strategic and financial advisory services to businesses focused on energy, cleantechand renewables. Hamilton holds an MBA from Columbia Business School and a juris doctor from the University of Toronto, Faculty of Law. On March 13, 2024, Jeremy Baines was appointed as chair of the Tidewater Renewables board of directors. Reported Earnings • Mar 14
Full year 2023 earnings released: CA$1.18 loss per share (vs CA$0.75 profit in FY 2022) Full year 2023 results: CA$1.18 loss per share (down from CA$0.75 profit in FY 2022). Revenue: CA$97.7m (up 28% from FY 2022). Net loss: CA$41.0m (down 258% from profit in FY 2022). Revenue is forecast to grow 66% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Board Change • Feb 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Lead Independent Director John Adams is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Lead Independent Director John Adams is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Announcement • Nov 10
Tidewater Midstream and Infrastructure Ltd. and Tidewater Renewables Ltd. Appoints Robert Colcleugh as Chief Executive Officer Tidewater Midstream and Infrastructure Ltd. announced that on November 8, 2023, Mr. Robert Colcleugh was appointed Chief Executive officer of both Tidewater and Tidewater Renewables. Mr. Colcleugh joined Tidewater's board of directors in 2017 and has served as interim Chief Executive Officer since November 28, 2022. Announcement • Oct 05
Tidewater Renewables Ltd. to Report Q3, 2023 Results on Nov 09, 2023 Tidewater Renewables Ltd. announced that they will report Q3, 2023 results on Nov 09, 2023 New Risk • Aug 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$0.08 (vs CA$0.29 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.08 (up from CA$0.29 loss in 2Q 2022). Revenue: CA$13.2m (down 33% from 2Q 2022). Net income: CA$2.65m (up CA$12.7m from 2Q 2022). Profit margin: 20% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 74% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Oil and Gas industry in Germany. Announcement • Aug 11
Tidewater Renewables Ltd. Appoints Andrea Decore as Executive Vice-President, Strategy & Corporate Development Tidewater Renewables Ltd. announced the appointment of Andrea Decore as executive vice-president, strategy & corporate development. Before joining Tidewater Renewables, Decore spent over 19 years at Suncor Energy Inc., most recently as vice-president, low carbon fuels & GHG offsets. Additionally, she has served as a board member for several low carbon fuel technology development companies across North America. Decore holds a bachelor of laws degree from the University of Calgary. The company also named Simon Bregazzi to its board of directors. Bregazzi brings 30 years of finance and industry experience to Tidewater Renewables. He spent the first half of his career in finance, ultimately establishing and leading Goldman Sachs's Calgary investment banking office. He spent the second half of his career in energy and energy transition, as a co-founder and CEO of Jupiter Resources, which grew to become Canada's ninth largest natural gas producer, and more recently as co-founder and CEO of Carbon Alpha, a leading provider of carbon capture and storage solutions. Bregazzi holds a bachelor of science in actuarial science from Western University and began his career as a Chartered Accountant. 
