Calumet, Inc. reported a net loss of $162.0 million for the first quarter of 2025, a significant increase from the $41.6 million loss recorded in the same period of 2024. The company's revenue for the quarter was $993.9 million, down 1.2% from $1,005.8 million a year earlier. The decline in revenue was attributed to lower sales prices in the Specialty Products and Solutions segment, which saw a decrease in gross profit of $119.3 million, primarily due to increased costs associated with Renewable Identification Numbers (RINs) and a weakened commodity margin environment for fuel products.
In terms of operational performance, Calumet's Specialty Products and Solutions segment generated $650.1 million in sales, down from $681.6 million in the previous year, while the Montana/Renewables segment saw an increase in sales to $261.7 million from $244.5 million, driven by higher production volumes and favorable renewable diesel prices. The Performance Brands segment also experienced growth, with sales rising to $82.1 million from $79.7 million, reflecting strong demand for high-performance products.
Strategically, Calumet completed the sale of assets related to the industrial portion of its Royal Purple business for $110.0 million, resulting in a gain of $62.2 million. The proceeds from this sale were utilized to reduce the company's debt. Additionally, Calumet secured a $1.44 billion loan guarantee from the U.S. Department of Energy to fund the construction and expansion of its renewable fuels facility, with the first tranche of approximately $781.8 million disbursed in February 2025.
As of March 31, 2025, Calumet's total liquidity stood at $542.7 million, comprising $123.4 million in unrestricted cash, $80.0 million in restricted cash, and $339.3 million available under credit facilities. The company reported cash used in operating activities of $110.6 million, compared to $94.0 million in the prior year, while investing activities generated $77.8 million, primarily from the sale of the Royal Purple assets. Looking ahead, Calumet anticipates continued strong demand for its renewable fuel products and expects to maintain operational efficiency despite potential economic challenges.
About Calumet, Inc. /DE
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