Calumet Reports Substantial Q1 Net Loss of $317M, Citing Non-Cash Items and Operational Downtime

summarizeSummary

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.

check_boxKey Events

• 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.

• Adjusted EBITDA Decline

  Adjusted EBITDA for Q1 2026 was $27.6 million, down from $38.1 million in the prior year period.

• 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.

• 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.

auto_awesomeAnalysis

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.