Monitor Montana Renewables segment margin recovery and the successful integration of the MaxSAF150 expansion in Q2 2026. The refinancing improves near-term liquidity but increases long-term interest costs. The company's cost reduction initiatives appear to be driving improved cash flow despite ongoing segment challenges.
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Executive Summary
Calumet reported a fiscal year 2025 net loss of $33.8 million but achieved $293.3 million in Adjusted EBITDA with Tax Attributes, driven by $100 million in cost reductions and $222 million in debt reduction. The Specialty Products & Solutions segment showed strong growth, while Montana Renewables faced margin pressure despite record production. The company also completed a refinancing in January 2026 to extend debt maturities.
Key Financial Metrics
Key Facts
- Fiscal year 2025 net loss of $33.8 million vs. $222.0 million loss in 2024
- Adjusted EBITDA with Tax Attributes of $293.3 million in 2025 vs. $222.3 million in 2024
- Specialty Products & Solutions segment Adjusted EBITDA grew 31% YoY to $291.8 million
- Montana/Renewables segment Adjusted EBITDA with Tax Attributes was $31.3 million in 2025 vs. $22.3 million in 2024
- Company reduced recourse debt by $222 million in 2025
- Completed $405 million private placement of 9.75% Senior Notes due 2031 in January 2026
- Amended ABL facility to extend maturity to January 2031 with $500 million commitments
Financial Impact
Adjusted EBITDA with Tax Attributes increased 31.7% YoY to $293.3 million, while net loss improved significantly from $222.0 million to $33.8 million
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Specialty Products and Solutions | $2.6B | -5.6% |
| Performance Brands | — | — |
| Montana/Renewables | — | — |
Risk Factors
- Montana Renewables segment continues to face low industry renewable diesel margins
- The $405 million senior notes issuance increases long-term debt and interest expense
- Adjusted EBITDA with Tax Attributes includes $82.1 million in tax attributes, which may not be sustainable
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002013745-26-000003 |
| Document: clmt-20260227x8k.htm | 0002013745-26-000003 |
| Document: 0002013745-26-000003-index-headers.html | 0002013745-26-000003 |
| Document: 0002013745-26-000003-index.html | 0002013745-26-000003 |
| Document: 0002013745-26-000003.txt | 0002013745-26-000003 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $39.48 | awaiting T+60 | — | $52.64 (+33.33%) |
Jul 1, 2026 16w ago | 144 | $36.42 $53.85 | ▲ +47.86% | ▲ +44.85% | $52.64 (+44.54%) |
Jun 4, 2026 20w ago | 3 | $35.17 $49.73 | ▲ +41.40% | ▲ +37.40% | $52.64 (+49.67%) |
May 8, 2026 24w ago | 8-K | $32.08 $41.56 | ▼ −29.55% | ▼ −24.71% | $52.64 (−64.09%) |
Apr 20, 2026 26w ago | DEFA14A | $32.53 $41.08 | ▲ +26.28% | ▲ +19.38% | $52.64 (+61.82%) |
Apr 1, 2026 29w ago | 144 | $35.06 $36.02 | ▲ +2.74% | ▼ −11.42% | $52.64 (+50.14%) |
Mar 12, 2026 32w ago | 8-K | $28.74 $35.17 | ▲ +22.37% | ▲ +11.68% | $52.64 (+83.16%) |
Feb 27, 2026 34w ago | 8-K | $26.96 $33.97 | ▲ +26.00% | ▲ +16.61% | $52.64 (+95.25%) |
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