Calumet, Inc. reported a net loss of $147.9 million for the second quarter of 2025, a significant increase from the $39.1 million loss recorded in the same period last year. The company's revenue for the quarter was $1.03 billion, down 9.4% from $1.13 billion in the second quarter of 2024. This decline in sales was attributed to lower commodity prices and reduced production volumes, particularly due to a planned turnaround at the Shreveport facility. The gross loss for the quarter was $43.6 million, compared to a gross profit of $63.8 million in the prior year, reflecting a 168.3% decrease.
In the first half of 2025, Calumet's total revenue was $2.02 billion, down from $2.14 billion in the same period of 2024. The company experienced a gross loss of $125 million for the six months ended June 30, 2025, compared to a gross profit of $142.3 million in the previous year. The decline in gross profit was primarily driven by increased costs associated with Renewable Identification Numbers (RINs), which rose to $116.1 million in the current period from a benefit of $39.5 million in the prior year. The company also recorded a $62.2 million gain from the sale of assets related to the industrial portion of its Royal Purple business.
Operationally, Calumet's Montana Renewables facility achieved a quarterly production record during the second quarter, contributing to a 9.1% increase in sales for the Montana/Renewables segment, which totaled $318 million. The segment benefited from higher production volumes, although this was partially offset by lower fuel prices. The Specialty Products and Solutions segment, however, saw a 15.9% decrease in sales, totaling $627.9 million, primarily due to lower crude oil prices and production disruptions.
As of June 30, 2025, Calumet reported total liquidity of $379.2 million, consisting of $110.6 million in unrestricted cash, $80 million in restricted cash, and $188.6 million available under credit facilities. The company has a robust capital structure, with total long-term debt amounting to $2.11 billion, which includes a $795.7 million loan from the U.S. Department of Energy aimed at funding the expansion of its renewable fuels facility. Looking ahead, Calumet anticipates continued strong demand for its products, particularly in the renewable fuels market, driven by federal policies and sustainability initiatives.
About Calumet, Inc. /DE
Calumet, Inc. manufactures and markets diversified specialty and renewable fuels, including lubricants, solvents, waxes, asphalt, and sustainable aviation fuel. Operating across North America, it serves industrial, consumer, and renewable markets with a broad product portfolio, advanced flexible facilities, and long-term customer relationships. Its business emphasizes asset optimization, stable cash flows, and leadership in North America’s energy transition through innovative renewable fuel production.
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