Calumet Inc. (NASDAQ: CLMT) is a manufacturer and marketer of a diversified portfolio of specialty branded products and renewable fuels, serving various consumer and industrial markets. The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America.

For the first quarter of 2025, Calumet reported a net loss of $162.0 million, a significant decline compared to the net loss of $41.6 million during the same period in 2024. Basic loss per share for the quarter was $1.87, compared to a loss of $0.51 per share a year ago.

Calumet’s Adjusted EBITDA with Tax Attributes for the quarter was $55.0 million, influenced by a $30.4 million adjustment for RINs incurrence expense and $16.9 million from the Production Tax Credit (PTC). This reflects an increase from the $28.1 million Adjusted EBITDA reported in the first quarter of 2024. The company ended the quarter with $542.7 million in consolidated liquidity.

The Specialty Products and Solutions segment generated Adjusted EBITDA of $56.3 million during the first quarter of 2025, up from $47.2 million in the prior year. This segment recorded one of its highest sales volume periods, with roughly 23,000 barrels per day. The Performance Brands segment reported Adjusted EBITDA of $15.8 million, an increase from $13.4 million in Q1 2024, driven by a 7% year-over-year growth in sales volume.

The Montana/Renewables segment reported Adjusted EBITDA with Tax Attributes of $3.3 million, a recovery from a negative $13.4 million in the prior year. This change was attributed to dramatic operating cost reductions, which resulted in an adjusted gross profit improvement, despite the challenging industry margin environment.

Operating costs for Q1 2025 decreased by over $22 million compared to the same period in the previous year. During the first quarter, Calumet launched a $150 million partial redemption notice for its 2026 Notes and closed the sale of its Royal Purple Industrial business for approximately $110 million. The restructuring efforts are intended to enhance the company’s balance sheet and improve cash flows.

Montana Renewables achieved adjusted EBITDA of $2.4 million in the first quarter, securing its position amid the industry’s lowest margin environment. The company is currently progressing on its MaxSAF project, with a revised target to achieve an additional 120 million to 150 million gallons of SAF capacity sooner than initially projected, at a significantly lower capital cost than previously expected.

Calumet’s total sales revenue for the first quarter stood at $993.9 million, a decline from $1,005.8 million in the prior year, primarily influenced by broader economic conditions. The company has positioned itself to remain resilient, with improved operational reliability and continued strategic growth initiatives.