Calumet Reports Substantial Q1 Net Loss of $317M, Citing Non-Cash Items and Operational Downtime
CLMT has more than doubled off its 52-week low of $11.015.
Summary
Calumet, Inc. reported a significant net loss of $317 million for Q1 2026, primarily due to non-cash items and operational disruptions, but anticipates improved performance from renewed operations and favorable market conditions.
Key Events · Earnings and Guidance · CLMT
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Significant Net Loss Reported
Calumet, Inc. reported a net loss of $317.0 million, or $3.64 per basic common share, for the first quarter of 2026, a substantial increase from the $162.0 million net loss in Q1 2025.
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Adjusted EBITDA Decline
Adjusted EBITDA for Q1 2026 was $27.6 million, down from $38.1 million in the prior year period.
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Non-Cash Items Impact Results
The net loss was largely attributed to non-cash items, including $147.4 million in RINs related expense and an unrealized loss of $102.7 million for derivatives.
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Operational Disruptions in Q1
Results were negatively impacted by an unplanned outage at the Shreveport facility, leading to a loss of approximately 750,000 barrels of production, and a planned turnaround at Montana Renewables.
Analysis · CLMT · Energy & Transportation
Calumet, Inc. reported a significant net loss for the first quarter of 2026, driven primarily by non-cash items such as $147.4 million in RINs expense and $102.7 million in unrealized derivative losses. Additionally, operational challenges including an unplanned outage at the Shreveport facility, which resulted in a loss of approximately 750,000 barrels of production, and a planned turnaround at Montana Renewables, negatively impacted Q1 results. While the reported financials are weak, management highlighted a transformed outlook for biofuel margins following the EPA's SET2 RVO announcement and the successful commencement of MaxSAF 150 operations at Montana Renewables in early May. The Shreveport facility also resumed normal operations in early April, suggesting potential tailwinds for future quarters.
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At the time of this filing, CLMT was trading at $33.83 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3B. The 52-week trading range was $11.02 to $36.94. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.