Calumet, Inc. (CLMT) SEC Filings & Earnings Calls

Increased debt commitments may increase leverage; subject to borrowing base limitations.

“Increase in commitments from $500.0 million to $600.0 million, subject to borrowing base limitations.” · word for word

Project scope reduced from large new-build to repurposing existing equipment, indicating potential delays or cost overruns.

“Changes the nature of the expansion project from a large new-build project to a project that is primarily repurposing existing equipment.” · word for word

Non-cash RINs expense of $163.6M significantly impacted net loss.

“non-cash RINs related expense of $163.6 million” · word for word

Performance Brands segment margin pressure due to feedstock cost escalation and LIFO impact.

“compressed margins as price increases were implemented during the quarter after a normal price lag, and feedstock costs escalated immediately with $7.3 million of LIFO impact” · word for word

RINs Obligation / Regulatory Risk

“As of June 30, 2026 and December 31, 2025, the Company had a RINs Obligation recorded on the unaudited condensed consolidated balance sheets of $480.2 million and $169.3 million, respectively.” · word for word

High Leverage / Debt Service Risk

“Total debt $2,258.7 million; interest expense $52.0 million for the quarter.”

Negative Working Capital

“Total current liabilities $1,216.8 million exceed total current assets $1,022.8 million.”

Significant non-cash RINs expense and mark-to-market volatility impacting reported earnings.

“Non-cash RINs related expense of $147.4 million; unrealized loss of $102.7 million for derivatives.” · word for word

Operational downtime at Shreveport facility due to organic chloride contamination; loss of 750,000 barrels production.

“Unplanned outage at Shreveport site due to organic chloride contamination; loss of approximately 750,000 barrels of production.”

RINs compliance cost escalation

“As of March 31, 2026 and December 31, 2025, the Company had a RINs Obligation recorded on the unaudited condensed consolidated balance sheets of $316.7 million and $169.3 million, respectively.” · word for word

Negative gross margin

“Gross profit (loss) $(87.5) million for Q1 2026 vs $(81.4) million for Q1 2025.”

High leverage and debt service burden

“Total debt $2,332.0 million as of March 31, 2026, with interest expense of $51.1 million for Q1 2026.”

Derivative losses

“Loss on derivative instruments $ (115.4) million for Q1 2026 vs $ (7.2) million for Q1 2025.”

Net Loss in 2025

“In fiscal year 2025, Calumet recorded net loss of $33.8 million.” · word for word

Renewable Fuels Market Volatility

“Montana Renewables demonstrated its differentiated competitive position in one of the most challenging renewable diesel environments on record.” · word for word

Safety Performance Below Expectations

“Safety performance was evaluated on a Company-wide basis and did not meet expectations for the year.” · word for word

Loss of board member with extensive specialty products experience; but transition appears orderly.

“Straumins has served on the Board since July 2024, previously served on the board of Calumet GP, LLC from February 2021 to July 2024, and was also an employee of the Partnership for 13 years.” · word for word

Increased leverage with $150M additional notes; high coupon (9.75%) indicates credit risk.

“9.75% Senior Notes due 2031; $150M additional principal.”

Increased leverage with $150M additional notes; high coupon (9.75%) indicates credit risk.

“9.75% Senior Notes due 2031; $150M additional principal.”

High-yield debt issuance increases leverage and interest expense.

“9.75% coupon on $150M additional notes; total debt now $555M from these notes alone.”

Commodity price volatility

“Our business has exposure to some commodities which are volatile, and a reduction in our margins will adversely affect the amount of cash we will have available to operate our business and for payments of our debt obligations.” · word for word

Subsidy and regulatory dependency for renewable fuels

“A significant component of our product margin consists of a variety of government subsidies, incentives and mandates.” · word for word

Substantial indebtedness

“We have a substantial amount of indebtedness, which may adversely affect our cash flow and our ability to operate our business.” · word for word

Supplier concentration

“We depend on certain key suppliers and third-party pipelines for transportation of feedstocks and products, and if these suppliers or pipelines become unavailable to us, our revenues and cash available for payment of our debt obligations could decline.” · word for word

Montana/Renewables segment continues to report negative adjusted EBITDA, impacted by low renewable diesel margins

“Montana/Renewables segment reported $(5.4) million of Adjusted EBITDA with Tax Attributes during Q4 2025”

Potential reduction in revolver capacity if inventory financing is consummated.

“Commitments may reduce to $425M if inventory financing transaction is consummated.”

High interest rate of 9.75% increases interest expense.

“9.75% Senior Notes due 2031” · word for word

High interest rate of 9.75% increases interest expense.

“9.75% Senior Notes due 2031” · word for word

Refinancing risk: new notes may have higher interest costs or restrictive covenants

“intend to offer $350.0 million in aggregate principal amount of senior unsecured notes due 2031 ... to redeem all of the Issuers’ outstanding 11.00% Senior Notes due 2026 ... and $275.0 million aggregate principal amount of the Issuers’ outstanding 8.125% Senior Notes due 2027” · word for word

Execution risk on Montana Renewables expansion and SAF production targets

“Our next step in completing the MaxSAF TM 150 expansion is expected to deliver 120 to 150 million gallons of annualized SAF” · word for word

Preliminary results subject to material change; audit not completed.

“The Company’s normal financial reporting processes with respect to the preliminary financial data have not been fully completed and the Company’s independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data.” · word for word

Net loss expected for FY2025; profitability uncertain.

“the Company currently expects to report a net loss between $69.0 million and $12.0 million” · word for word

Material weakness in internal control over financial reporting

“The Company's management determined that the misclassification error and the related restatements were the result of a material weakness in the Company's internal control over financial reporting, and concluded that disclosure controls and procedures as of June 30, 2025 were ineffective.” · word for word

Material weakness in internal control over financial reporting

“The Company's management determined that the misclassification error and the related restatements were the result of a material weakness in the Company's internal control over financial reporting, and concluded that disclosure controls and procedures as of March 31, 2025 were ineffective.” · word for word

Material weakness in internal control over financial reporting

“We identified a material weakness related to the preparation and review of the unaudited condensed consolidated statements of cash flows.” · word for word

RINs compliance cost exposure

“Expenses related to RFS compliance have the potential to remain a significant expense for the Specialty Products and Solutions and Montana/Renewables segments.” · word for word

Feedstock sourcing restriction for clean fuel credit

“requirement that feedstocks for fuel produced after December 31, 2025 must be produced or grown exclusively in the U.S., Mexico, or Canada in order for such fuel to be eligible for the clean fuel production credit” · word for word

SAF credit rate elimination

“elimination of the special clean fuel production credit rate for SAF produced after December 31, 2025” · word for word

Material weakness in internal control over financial reporting related to cash flow statement preparation; restatement of Q1 and Q2 2025 financials.

“the Company’s management determined that the misclassification error and the related restatements were the result of a material weakness in the Company’s internal control over financial reporting” · word for word

Restatement of cash flow statements for prior periods

“Restatement of unaudited interim consolidated financial statements for periods ended March 31, 2025 and June 30, 2025 due to misclassification of cash flows”

Low industry renewable diesel margins impacting Montana/Renewables

“Partially offset by low industry renewable diesel margins” · word for word