Calumet, Inc. reported a net loss of $147.9 million for the second quarter ended June 30, 2025, compared to a net loss of $39.1 million in Q2 2024. Adjusted EBITDA was $55.1 million, down from $74.8 million in Q2 2024, while Adjusted EBITDA with Tax Attributes increased to $76.5 million from $74.8 million.
The company achieved significant operational efficiencies, with Montana Renewables' operating costs (excluding SG&A) falling to $0.43 per gallon in the second quarter, marking the lowest level since the platform's launch. This establishes MRL as one of the most competitively advantaged producers in the renewable fuels space.
The MaxSAF expansion remains on pace, with 120–150 million gallons of Sustainable Aviation Fuel (SAF) production expected online in the second quarter of 2026. Calumet also enhanced its capital structure by calling $230 million of 2026 Senior Notes over the past four months, demonstrating consistent progress in its deleveraging strategy.
The Specialty Products and Solutions (SPS) segment reported Adjusted EBITDA of $66.8 million, reflecting strong specialty product sales despite a planned, month-long turnaround at the Shreveport facility. Overall, disciplined operational execution drove approximately $42 million in year-over-year operating expense reductions through the first half of 2025.
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