The headline GAAP loss and cash burn are alarming, but the market is likely to look through the non-cash RINs/derivative charges and focus on the operational catalysts: MaxSAF 150 startup and the EPA SET2 RVO tailwind for renewable diesel margins. Monitor Q2 2026 results for evidence of margin recovery and cash flow improvement. The Shreveport outage is resolved, removing a near-term headwind.
Price Chart
Executive Summary
Calumet reported Q1 2026 GAAP net loss of $317.0M ($3.64/share), widening from a $162.0M loss a year ago, driven by $147.4M in non-cash RINs expense and $102.7M in unrealized derivative losses. Adjusted EBITDA with Tax Attributes fell to $50.1M from $55.0M, with operational downtime at Shreveport and the Montana Renewables turnaround weighing on results. Management highlighted a transformative EPA SET2 RVO announcement and the commencement of MaxSAF 150 operations as catalysts for improved biofuel margins going forward.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net loss of $317.0M vs $162.0M loss in Q1 2025
- GAAP EPS of -$3.64 vs -$1.87 in prior year period
- Adjusted EBITDA with Tax Attributes of $50.1M, down from $55.0M in Q1 2025
- Sales of $1,029.7M, up 3.6% from $993.9M in Q1 2025
- Operating cash flow was -$86.2M vs -$29.3M in Q1 2025
- Shreveport plant experienced unplanned outage due to organic chloride contamination, losing ~750,000 barrels of production
- Montana Renewables completed turnaround and commenced MaxSAF 150 operations in early May 2026
- EPA's SET2 RVO announcement in March 2026 cited as transformative for biofuel margins
- Net loss includes $147.4M non-cash RINs expense and $102.7M unrealized derivative losses
- Total debt increased to $2,332.0M from $2,233.5M at year-end 2025
Financial Impact
GAAP net loss widened by $155.0M year-over-year; Adjusted EBITDA with Tax Attributes declined $4.9M; operating cash flow worsened by $56.9M
Risk Factors
- Persistent negative operating cash flow could pressure liquidity despite $138.6M cash on hand
- RINs obligation ballooned to $316.7M from $169.3M at year-end, a significant near-term liability
- Renewable diesel margin recovery depends on regulatory implementation of SET2 RVO, which carries execution risk
- High debt load ($2.3B) with $32.6M current portion; interest expense of $51.1M per quarter is a fixed burden
- Stockholders' equity turned more negative to -$1,043.2M from -$732.7M, signaling balance sheet strain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002013745-26-000013 |
| Document: clmt-20260331x8k.htm | 0002013745-26-000013 |
| Document: 0002013745-26-000013-index-headers.html | 0002013745-26-000013 |
| Document: 0002013745-26-000013-index.html | 0002013745-26-000013 |
| Document: 0002013745-26-000013.txt | 0002013745-26-000013 |
| 8-K Data (Synthetic) | 0002013745-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $39.48 | awaiting T+60 | — | $52.17 (+32.14%) |
Jul 1, 2026 16w ago | 144 | $36.42 $53.85 | ▲ +47.86% | ▲ +44.85% | $52.17 (+43.25%) |
Jun 4, 2026 20w ago | 3 | $35.17 $49.73 | ▲ +41.40% | ▲ +37.40% | $52.17 (+48.34%) |
May 8, 2026 24w ago | 8-K | $32.08 $41.56 | ▼ −29.55% | ▼ −24.71% | $52.17 (−62.62%) |
Apr 20, 2026 27w ago | DEFA14A | $32.53 $41.08 | ▲ +26.28% | ▲ +19.38% | $52.17 (+60.38%) |
Apr 1, 2026 29w ago | 144 | $35.06 $36.02 | ▲ +2.74% | ▼ −11.42% | $52.17 (+48.80%) |
Mar 12, 2026 32w ago | 8-K | $28.74 $35.17 | ▲ +22.37% | ▲ +11.68% | $52.17 (+81.52%) |
Feb 27, 2026 34w ago | 8-K | $26.96 $33.97 | ▲ +26.00% | ▲ +16.61% | $52.17 (+93.51%) |
US Market Status
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