Calumet Reports Second Quarter 2025 Results

Calumet, Inc., a manufacturer and marketer of specialty branded products and renewable fuels, has released its financial results for the second quarter of 2025. The company reported a net loss, but also highlighted significant operational achievements and strategic initiatives.

Financial Highlights

For the second quarter of 2025, Calumet reported a net loss of $147.9 million, translating to a basic loss per common share of $1.70. This is a substantial increase from the net loss of $39.1 million, or $0.48 per share, reported in the same period last year. The company's revenue for the quarter was $1.03 billion, down from $1.13 billion in the second quarter of 2024.

Adjusted EBITDA for the quarter was $55.1 million, a decrease from $74.8 million in the same period last year. However, when including tax attributes, Adjusted EBITDA was $76.5 million, slightly up from $74.8 million in the previous year.

Business and Operational Highlights

Calumet's Specialty Products and Solutions (SPS) segment reported an Adjusted EBITDA of $66.8 million, down from $72.7 million in the same quarter last year. The Performance Brands (PB) segment reported an Adjusted EBITDA of $13.5 million, slightly down from $14.1 million in the second quarter of 2024. The Montana/Renewables (MR) segment showed significant improvement with an Adjusted EBITDA with Tax Attributes of $16.3 million, up from $8.7 million in the prior year period.

The company also highlighted its cost reduction initiatives, which have delivered $42 million in year-over-year operating cost savings through the first half of 2025. Additionally, Montana Renewables is on track to achieve 120–150 million gallons of annualized SAF production by the second quarter of 2026.

Strategic Initiatives and Corporate Developments

Calumet has been actively working on enhancing its capital structure, including calling $230 million of 2026 Senior Notes over the past four months. The company also completed a planned, month-long turnaround at its Shreveport facility, which was executed successfully.

Management's Perspective

CEO Todd Borgmann commented on the results, stating, "Our second quarter results reflect continued strength in our Specialties business, record operational performance at Montana Renewables, and meaningful cost reductions across the portfolio." He also emphasized the company's progress on strategic objectives, including the supportive regulatory environment for renewables and the ongoing MaxSAF™ expansion.

Future Outlook

Looking ahead, Calumet expects to continue its focus on cost reductions and operational efficiencies. The company is optimistic about the regulatory environment for renewables and anticipates achieving its SAF production targets by the second quarter of 2026. Additionally, Calumet aims to further improve its cash flow profile through disciplined operations and consistent commercial execution.

SEC Filing: Calumet, Inc. /DE [ CLMT ] - 8-K - Aug. 08, 2025