Tidewater Midstream and Infrastructure Ltd.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Total Revenue | 353.9M | 340.6M | 309.9M | 362.0M | 377.7M |
| Operating Revenue | 338.5M | 314.5M | 283.6M | 362.0M | 345.5M |
| Cost Of Revenue | 358.0M | 340.3M | 321.3M | 358.8M | 348.9M |
| Gross Profit | -4.1M | 300,000 | -11.4M | 3.2M | 28.8M |
| Selling General And Administration | 8.3M | 4.6M | 8.1M | 4.6M | 12.3M |
| General And Administrative Expense | 8.3M | 4.6M | 8.1M | 4.6M | 12.3M |
| Operating Expense | 8.3M | 4.6M | 8.1M | 4.6M | 12.3M |
| Operating Income | -12.4M | -4.3M | -19.5M | -1.4M | 16.5M |
| EBIT | -18.3M | 5.6M | -14.9M | 14.4M | 14.9M |
| Interest Expense | 16.2M | 17.9M | 17.0M | 19.5M | 20.2M |
| Interest Expense Non Operating | 16.2M | 17.9M | 17.0M | 19.5M | 20.2M |
| Net Interest Income | -16.2M | -17.9M | -17.0M | -19.5M | -20.2M |
| Other Income Expense | -5.9M | 9.9M | 4.6M | 15.8M | -1.6M |
| Other Non Operating Income Expenses | -- | -- | -- | -2.3M | -2.0M |
| Special Income Charges | -2.9M | -100,000 | -300,000 | 22.0M | -6.7M |
| Restructuring And Mergern Acquisition | 100,000 | 100,000 | 200,000 | 400,000 | 3.0M |
| Write Off | 0.00 | -- | -- | -24.3M | 4.6M |
| Gain On Sale Of Security | -5.9M | 8.5M | -1.7M | -7.7M | 5.8M |
| Earnings From Equity Interest | 2.9M | 1.5M | 6.6M | 3.8M | -700,000 |
| Pretax Income | -34.5M | -12.3M | -31.9M | -5.1M | -5.3M |
| Tax Provision | -- | -- | -- | -1.6M | 0.00 |
| Tax Effect Of Unusual Items | 0.00 | 0.00 | 0.00 | 4.5M | 0.00 |
| Net Income From Continuing And Discontinued Operation | -34.1M | -16.3M | -31.8M | -3.3M | -7.3M |
| Net Income From Continuing Operation Net Minority Interest | -34.1M | -16.3M | -31.8M | -3.3M | -7.3M |
| Net Income Including Noncontrolling Interests | -34.5M | -12.3M | -31.9M | -3.5M | -5.3M |
| Minority Interests | 400,000 | -4.0M | 100,000 | 200,000 | -2.0M |
| Net Income Common Stockholders | -34.1M | -16.3M | -31.8M | -3.3M | -7.3M |
| Net Income | -34.1M | -16.3M | -31.8M | -3.3M | -7.3M |
| EBITDA | -1.4M | 20.9M | 100,000 | 39.2M | 36.1M |
| Normalized EBITDA | 7.4M | 12.5M | 2.1M | 24.9M | 37.0M |
| Reconciled Depreciation | 16.9M | 15.3M | 15.0M | 24.8M | 21.2M |
| Basic EPS | -1.58 | -0.80 | -1.40 | -- | -0.34 |
| Diluted EPS | -1.58 | -0.80 | -1.40 | -- | -0.34 |
| Basic Average Shares | 21.6M | 21.6M | 21.6M | -- | 21.5M |
| Diluted Average Shares | 21.6M | 21.6M | 21.6M | -- | 21.5M |
| Total Unusual Items | -8.8M | 8.4M | -2.0M | 14.3M | -900,000 |
| Total Unusual Items Excluding Goodwill | -8.8M | 8.4M | -2.0M | 14.3M | -900,000 |
| Tax Rate For Calcs | 0.00 | 0.00 | 0.00 | 0.31 | 0.00 |
| Normalized Income | -25.3M | -24.7M | -29.8M | -13.1M | -6.4M |
| Diluted NI Availto Com Stockholders | -34.1M | -16.3M | -31.8M | -3.3M | -7.3M |
| Gain On Sale Of Ppe | -2.8M | 0.00 | -100,000 | -1.9M | 900,000 |
| Insurance And Claims | -- | -- | -- | 500,000 | 1.0M |
| Net Income Continuous Operations | -34.5M | -12.3M | -31.9M | -3.5M | -5.3M |
| Net Non Operating Interest Income Expense | -16.2M | -17.9M | -17.0M | -19.5M | -20.2M |
| Other Gand A | 6.9M | 3.1M | 6.8M | 1.5M | 10.5M |
| Reconciled Cost Of Revenue | 358.0M | 340.3M | 321.3M | 358.8M | 348.9M |
| Rent And Landing Fees | -- | -- | -- | 400,000 | 400,000 |
| Rent Expense Supplemental | -- | -- | -- | 400,000 | 400,000 |
| Salaries And Wages | 1.4M | 1.5M | 1.3M | 2.2M | 1.8M |
| Total Expenses | 366.3M | 344.9M | 329.4M | 363.4M | 361.2M |
| Total Operating Income As Reported | -12.4M | -4.3M | -19.5M | -3.7M | 16.5M |
| Total Other Finance Cost | -- | -- | -- | -- | -- |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 2.1M | 300,000 | 100,000 | 100,000 | 100,000 |
| Cash Cash Equivalents And Short Term Investments | 2.1M | 300,000 | 100,000 | 100,000 | 100,000 |
| Other Short Term Investments | -- | -- | -- | 0.00 | 0.00 |
| Accounts Receivable | 117.4M | 115.8M | 145.1M | 159.1M | 177.2M |
| Receivables | 117.4M | 115.8M | 145.1M | 159.1M | 177.2M |
| Inventory | 109.1M | 96.0M | 137.2M | 132.8M | 133.3M |
| Other Current Assets | 26.5M | 23.3M | 13.0M | 10.0M | 13.2M |
| Current Assets | 259.5M | 240.2M | 298.5M | 348.2M | 347.6M |
| Gross PPE | 1.5B | 1.5B | 1.5B | 1.6B | 1.5B |
| Accumulated Depreciation | -694.3M | -683.3M | -702.1M | -739.2M | -695.6M |
| Net PPE | 791.0M | 787.7M | 803.5M | 815.5M | 830.7M |
| Investments And Advances | 46.4M | 43.5M | 42.1M | 35.4M | 31.7M |
| Long Term Equity Investment | -- | -- | -- | 35.4M | -- |
| Other Non Current Assets | 38.9M | 40.3M | 41.4M | 41.9M | 42.9M |
| Total Non Current Assets | 876.3M | 871.5M | 887.0M | 892.8M | 906.9M |
| Total Assets | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B |
| Current Debt And Capital Lease Obligation | 188.2M | 15.7M | 33.4M | 27.5M | 27.8M |
| Accounts Payable | 145.3M | 131.5M | 161.3M | 178.6M | 186.4M |
| Payables | 145.3M | 131.5M | 161.3M | 178.6M | 186.4M |
| Payables And Accrued Expenses | 153.5M | 135.8M | 169.5M | 182.1M | 195.3M |
| Current Accrued Expenses | 8.2M | 4.3M | 8.2M | 3.5M | 8.9M |
| Current Deferred Revenue | 33.6M | 26.0M | 16.5M | 17.0M | 17.1M |
| Other Current Liabilities | 12.7M | 12.7M | 27.3M | 37.7M | 35.8M |
| Current Liabilities | 396.2M | 198.4M | 254.9M | 271.3M | 283.0M |
| Long Term Debt | 385.8M | 535.4M | 530.4M | 531.0M | 520.4M |
| Long Term Debt And Capital Lease Obligation | 395.4M | 544.3M | 542.2M | 545.3M | 534.3M |
| Long Term Capital Lease Obligation | 9.6M | 8.9M | 11.8M | 14.3M | 13.9M |
| Other Non Current Liabilities | -- | -- | -- | -- | -4.7M |
| Total Non Current Liabilities Net Minority Interest | 488.5M | 628.8M | 635.1M | 636.7M | 627.2M |
| Total Liabilities Net Minority Interest | 884.7M | 827.2M | 890.0M | 908.0M | 910.2M |
| Common Stock | 543.7M | 543.7M | 543.6M | 543.5M | 543.4M |
| Capital Stock | 543.7M | 543.7M | 543.6M | 543.5M | 543.4M |
| Retained Earnings | -361.7M | -327.6M | -311.3M | -279.5M | -276.2M |
| Gains Losses Not Affecting Retained Earnings | 29.6M | 28.5M | 27.3M | 26.6M | -- |
| Other Equity Adjustments | 29.6M | 28.5M | 27.3M | 26.6M | -- |
| Common Stock Equity | 211.6M | 244.6M | 259.6M | 290.6M | 301.7M |
| Stockholders Equity | 211.6M | 244.6M | 259.6M | 290.6M | 301.7M |
| Total Equity Gross Minority Interest | 251.1M | 284.5M | 295.5M | 333.0M | 344.3M |
| Minority Interest | 39.5M | 39.9M | 35.9M | 42.4M | 42.6M |
| Total Capitalization | 597.4M | 780.0M | 790.0M | 821.6M | 822.1M |
| Net Tangible Assets | 211.6M | 244.6M | 259.6M | 290.6M | 301.7M |
| Tangible Book Value | 211.6M | 244.6M | 259.6M | 290.6M | 301.7M |
| Working Capital | -136.7M | 41.8M | 43.6M | 76.9M | 64.6M |
| Invested Capital | 597.4M | 780.0M | 790.0M | 821.6M | 822.1M |
| Total Debt | 583.6M | 560.0M | 575.6M | 572.8M | 562.1M |
| Net Debt | 383.7M | 535.1M | 530.3M | 530.9M | 520.3M |
| Share Issued | 21.6M | 21.6M | 21.6M | 21.6M | 21.5M |
| Ordinary Shares Number | 21.6M | 21.6M | 21.6M | 21.6M | 21.5M |
| Assets Held For Sale Current | 3.4M | 3.4M | 0.00 | 38.3M | 14.3M |
| Capital Lease Obligations | 20.7M | 19.7M | 23.7M | 27.0M | 31.8M |
| Construction In Progress | 15.7M | 8.9M | 6.1M | 5.0M | 6.3M |
| Current Capital Lease Obligation | 11.1M | 10.8M | 11.9M | 12.7M | 17.9M |
| Current Deferred Liabilities | 33.6M | 26.0M | 16.5M | 17.0M | 17.1M |
| Current Provisions | 8.2M | 8.2M | 8.2M | 7.0M | 7.0M |
| Derivative Product Liabilities | 2.4M | 2.6M | 4.8M | 3.7M | 10.7M |
| Financial Assets | -- | -- | -- | 0.00 | 1.6M |
| Finished Goods | 26.9M | 17.6M | 46.8M | 44.6M | 58.2M |
| Hedging Assets Current | 1.0M | 1.4M | 3.1M | 7.9M | 9.5M |
| Interest Payable | 8.2M | 4.3M | 8.2M | 3.5M | 8.9M |
| Long Term Provisions | 90.7M | 81.9M | 88.1M | 87.7M | 86.9M |
| Machinery Furniture Equipment | 1.5B | 1.4B | 1.5B | 1.5B | 1.5B |
| Other Equity Interest | -- | -- | -- | -- | 34.5M |
| Other Inventories | 72.1M | 68.4M | 80.0M | 78.2M | 65.5M |
| Other Properties | 16.9M | 15.2M | 17.4M | 11.4M | 22.8M |
| Raw Materials | 10.1M | 10.0M | 10.4M | 10.0M | 9.6M |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | -3.6M | 47.8M | -14.7M | 16.9M | -48.9M |
| Cash Flow From Continuing Operating Activities | -3.6M | 47.8M | -14.7M | 16.9M | -48.9M |
| Depreciation And Amortization | 16.9M | 15.3M | 15.0M | 24.8M | 21.2M |
| Depreciation Amortization Depletion | 16.9M | 15.3M | 15.0M | 24.8M | 21.2M |
| Stock Based Compensation | 1.1M | 1.3M | 800,000 | -1.5M | 1.4M |
| Deferred Tax | -- | -- | -- | -1.6M | 0.00 |
| Deferred Income Tax | -- | -- | -- | -1.6M | 0.00 |
| Change In Working Capital | -2.3M | 43.4M | -3.8M | 8.5M | -70.2M |
| Other Non Cash Items | 14.9M | 17.5M | 16.2M | 16.9M | 18.7M |
| Capital Expenditure | -7.4M | -4.9M | -3.6M | -11.2M | -3.9M |
| Purchase Of Business | -1.2M | -- | -- | -- | 0.00 |
| Purchase Of Investment | -- | -- | -- | 0.00 | 0.00 |
| Net Investment Purchase And Sale | -- | -- | -- | 0.00 | 0.00 |
| Investing Cash Flow | -4.4M | -8.0M | 21.8M | 300,000 | 7.1M |
| Cash Flow From Continuing Investing Activities | -4.4M | -8.0M | 21.8M | 300,000 | 7.1M |
| Issuance Of Debt | 19.5M | 0.00 | -- | 0.00 | 58.9M |
| Repayment Of Debt | -3.0M | -23.5M | -3.8M | 1.7M | -9.5M |
| Net Issuance Payments Of Debt | 16.5M | -23.5M | 200,000 | 1.7M | 49.4M |
| Issuance Of Capital Stock | 0.00 | 0.00 | -- | 0.00 | 1.3M |
| Repurchase Of Capital Stock | -- | -- | 0.00 | -- | -- |
| Net Common Stock Issuance | 0.00 | 0.00 | 0.00 | 0.00 | 1.3M |
| Common Stock Dividend Paid | -- | -- | -- | -- | 0.00 |
| Common Stock Payments | -- | -- | 0.00 | -- | -- |
| Financing Cash Flow | 9.8M | -39.6M | -7.1M | -17.2M | 40.0M |
| Cash Flow From Continuing Financing Activities | 9.8M | -39.6M | -7.1M | -17.2M | 40.0M |
| Changes In Cash | 1.8M | 200,000 | -- | -- | -1.8M |
| Beginning Cash Position | 300,000 | 100,000 | 100,000 | 100,000 | 1.9M |
| End Cash Position | 2.1M | 300,000 | 100,000 | 100,000 | 100,000 |
| Free Cash Flow | -11.0M | 42.9M | -18.3M | 5.7M | -52.8M |
| Asset Impairment Charge | 0.00 | -- | -- | -24.3M | 4.6M |
| Capital Expenditure Reported | -7.4M | -4.9M | -3.6M | -11.2M | -3.9M |
| Cash Dividends Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Stock Issuance | 0.00 | 0.00 | -- | 0.00 | 1.3M |
| Depreciation | 16.9M | 15.3M | 15.0M | 24.8M | 21.2M |
| Earnings Losses From Equity Investments | -2.9M | -1.5M | -6.6M | -3.8M | 700,000 |
| Gain Loss On Investment Securities | 100,000 | -15.1M | -4.5M | -1.9M | -18.9M |
| Interest Paid Cff | -11.0M | -12.1M | -11.9M | -13.6M | -16.5M |
| Long Term Debt Issuance | 19.5M | 0.00 | -- | 0.00 | 58.9M |
| Long Term Debt Payments | -3.0M | -23.5M | -3.8M | 1.7M | -9.5M |
| Net Business Purchase And Sale | -1.2M | -- | -- | -- | 0.00 |
| Net Foreign Currency Exchange Gain Loss | 300,000 | -800,000 | 0.00 | 1.4M | -200,000 |
| Net Income From Continuing Operations | -34.5M | -12.3M | -31.9M | -3.5M | -5.3M |
| Net Long Term Debt Issuance | 16.5M | -23.5M | 200,000 | 1.7M | 49.4M |
| Net Other Financing Charges | 4.3M | -4.0M | 4.6M | -5.3M | 5.8M |
| Net Other Investing Changes | 4.2M | -3.1M | 25.4M | 11.5M | 11.0M |
| Operating Gains Losses | 300,000 | -17.4M | -11.0M | -2.4M | -19.3M |