$CLMT

Calumet, Inc. /DE

CIK:0002013745|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 1,445.1	$ 1,026.6	$ 2,474.9	$ 2,020.5
Cost of sales	1,426.8	1,070.2	2,544.0	2,145.5
Gross profit (loss)	18.3	(43.6)	(69.1)	(125.0)
Operating costs and expenses:
Selling	13.5	12.2	25.8	24.5
General and administrative	39.4	41.1	105.4	53.2
Gain on sale of business	0.0	0.0	0.0	(62.2)
Other operating expense	5.4	4.1	11.0	9.2
Operating loss	(40.0)	(101.0)	(211.3)	(149.7)
Other income (expense):
Interest expense	(52.0)	(52.9)	(103.1)	(111.4)
Debt extinguishment costs	0.0	(0.1)	(1.7)	(47.7)
Gain (loss) on derivative instruments	(26.0)	4.3	(141.4)	(2.9)
Other income (expense)	0.9	2.0	2.5	2.4
Total other income (expense)	(77.1)	(46.7)	(243.7)	(159.6)
Net loss before income taxes	(117.1)	(147.7)	(455.0)	(309.3)
Income tax (benefit) expense	(21.2)	0.2	(42.1)	0.6
Net loss	$ (95.9)	$ (147.9)	$ (412.9)	$ (309.9)
Earnings per share:
Basic (in USD per share)	$ (1.09)	$ (1.70)	$ (4.73)	$ (3.58)
Diluted (in USD per share)	$ (1.09)	$ (1.70)	$ (4.73)	$ (3.58)
Weighted average number of common shares outstanding:
Basic (in shares)	87,586,284	86,797,123	87,292,705	86,613,896
Diluted (in shares)	87,586,284	86,797,123	87,292,705	86,613,896

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (412.9)	$ (309.9)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	67.6	73.7
Amortization of turnaround costs	19.2	20.8
Non-cash interest expense	23.9	18.0
Debt extinguishment costs	1.7	47.7
RINs expense	310.9	211.6
Unrealized (gain) loss on derivative instruments	93.7	(7.1)
Gain on sale of business	0.0	(62.2)
Equity based compensation	44.9	(17.0)
Lower of cost or market inventory adjustment	(21.8)	(2.0)
Other adjustments to reconcile net loss to cash flow from operating activities	(0.2)	3.6
Changes in assets and liabilities
Accounts receivable	(185.5)	(18.1)
Inventories	(14.0)	47.8
Prepaid expenses and other current assets	3.8	4.0
Turnaround costs	(18.5)	(8.5)
Other assets	(0.2)	5.4
Accounts payable	101.3	(48.2)
Accrued interest payable	6.2	2.3
Accrued salaries, wages and benefits	(13.6)	(1.4)
Other taxes payable	0.4	5.6
Other liabilities	(0.8)	2.9
Net cash provided by (used in) operating activities	6.1	(31.1)
Investing activities
Additions to property, plant and equipment	(51.5)	(31.2)
Proceeds from sale of business, net	0.0	95.4
Other	(1.5)	0.0
Net cash provided by (used in) investing activities	(53.0)	64.2
Financing activities
Proceeds from borrowings — revolving credit facility	846.8	1,357.7
Repayments of borrowings — revolving credit facility	(923.1)	(1,435.9)
Proceeds from borrowings — MRL revolving credit agreement	0.0	26.6
Repayments of borrowings — MRL revolving credit agreement	0.0	(26.7)
Proceeds from borrowings — senior notes	557.7	100.0
Repayments of borrowings — senior notes	(449.4)	(150.0)
Proceeds from inventory financing	188.2	174.7
Payments on inventory financing	(193.7)	(231.5)
Proceeds from DOE Loan	0.0	781.8
Proceeds from asset financing arrangements	0.0	40.0
Payments on asset financing arrangements	(15.4)	(10.8)
Repayments of borrowings - MRL Asset Financing Arrangements	0.0	(396.1)
Repayments of borrowings - MRL Term Loan Credit Agreement	0.0	(86.0)
Debt issuance costs, debt discounts and premiums	(12.9)	(24.9)
Payments on other financing obligations	(6.6)	(7.3)
Net cash provided by (used in) financing activities	(8.4)	111.6
Net increase (decrease) in cash, cash equivalents and restricted cash	(55.3)	144.7
Cash, cash equivalents and restricted cash at beginning of period	205.1	45.9
Cash, cash equivalents and restricted cash at end of period	149.8	190.6
Supplemental disclosure of cash flow information
Interest paid, net of capitalized interest	70.3	91.1
Capital expenditures included in accounts payable	$ 5.3	24.1
Maximum
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on sale of business		$ (62.3)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 109.8	$ 125.1
Restricted cash	40.0	80.0
Accounts receivable, less allowance for credit losses of $1.9 and $1.1, respectively	417.0	232.5
Inventories	421.0	385.2
Derivative assets	0.0	6.7
Prepaid expenses and other current assets	35.0	28.3
Total current assets	1,022.8	857.8
Property, plant and equipment, net	1,321.2	1,353.0
Other noncurrent assets, net	458.8	478.1
Total assets	2,802.8	2,688.9
Current liabilities:
Accounts payable	372.1	281.5
Accrued interest payable	55.0	46.1
Accrued salaries, wages and benefits	101.9	84.6
Current portion of RINs obligation	480.2	169.3
Derivative liabilities	64.9	0.0
Other current liabilities	109.2	103.0
Current portion of long-term debt	33.5	156.2
Total current liabilities	1,216.8	840.7
Other long-term liabilities	247.3	258.0
Long-term debt, less current portion	2,225.2	2,077.3
Total liabilities	3,689.3	3,176.0
Commitments and contingencies
Redeemable noncontrolling interest and other equity instruments	250.6	245.6
Stockholders' equity:
Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 87,843,035 and 86,776,552 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	0.9	0.9
Additional paid-in capital	854.5	838.8
Warrants: 2,000,000 warrants issued and outstanding December 31, 2025	0.0	7.8
Accumulated deficit	(1,986.3)	(1,573.4)
Accumulated other comprehensive loss	(6.2)	(6.8)
Total stockholders' equity	(1,137.1)	(732.7)
Total liabilities and stockholders' equity	$ 2,802.8	$ 2,688.9