CLMT · Calumet, Inc.

Calumet’s Q1 2026 results reflect a pronounced divergence between GAAP and Non-GAAP performance: the $317.0 million net loss was heavily influenced by three large non-cash items — $147.4 million in RINs-related expense, $102.7 million in unrealized derivative losses (including $46.0 million tied to inventory valuation under the Supply and Offtake financing arrangement), and $37.9 million in equity-based compensation. These items collectively account for over 90% of the year-over-year deterioration in net loss versus Q1 2025. Operationally, segment performance varied: Specialty Products and Solutions delivered $44.3 million Adjusted EBITDA (down from $56.3 million), constrained by feedstock cost inflation and the Shreveport outage; Performance Brands reported $12.6 million Adjusted EBITDA (down from $15.8 million), excluding divested Royal Purple® Industrial; and Montana/Renewables generated $10.2 million Adjusted EBITDA with Tax Attributes (up from $3.3 million), though its contribution was muted by the March–April turnaround. Management explicitly attributes the improved renewables outlook to the EPA’s March 2026 SET2 RVO announcement — a regulatory catalyst expected to sustain elevated biofuel margins — and highlights successful commissioning of MaxSAF® 150 in early May as a near-term value inflection point. With corporate costs improving to $(17.0) million (from $(20.4) million), and integrated specialties entering an 'extremely strong margin environment,' the company signals readiness to accelerate deleveraging and execute on long-term growth, though no formal forward guidance is provided in the release.