Calumet, Inc. reported a net loss of $162.0 million for the first quarter ended March 31, 2025, compared to a net loss of $41.6 million in Q1 2024. Adjusted EBITDA was $38.1 million, up from $28.1 million in Q1 2024, while Adjusted EBITDA with Tax Attributes increased to $55.0 million from $28.1 million.
The company announced a plan to accelerate its MaxSAF expansion, aiming to increase Sustainable Aviation Fuel (SAF) capacity to 120 million to 150 million gallons by the second quarter of 2026. This expansion is expected to cost only $20 million to $30 million in capital, achieved through debottlenecking existing Montana Renewables assets, demonstrating a breakthrough in capital efficiency. The ultimate goal of 300 million gallons of SAF capacity by 2028 remains unchanged.
The Specialty Products and Solutions (SPS) segment reported Adjusted EBITDA of $56.3 million, an increase from $47.2 million in Q1 2024, driven by strong specialty product sales and fixed cost reductions. Montana Renewables (MR) reported $3.3 million of Adjusted EBITDA with Tax Attributes, a significant improvement from a $(13.4) million loss in Q1 2024, benefiting from dramatic operating cost reductions.
Calumet also issued a notice of partial redemption for $150 million aggregate principal amount of its outstanding 11.00% Senior Notes due 2026, with a redemption date of May 24, 2025. This action, along with the Royal Purple Industrial business sale and DOE loan funding, marks significant progress in the company's deleveraging program and capital structure optimization.
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