Calumet reports Q1 basic EPS ($1.87) vs. (51c) last year

Reports Q1 revenue $993.9M vs. $1B last year. “The first quarter of 2025 reflected significant progress on multiple strategic fronts,” said Todd Borgmann, CEO. “Most importantly, we closed – and received funding – of our DOE loan under the new administration setting the stage for transformational growth in our Renewables business. Further, we commenced our deleveraging program with a sale of the Royal Purple Industrial business and announced a partial redemption notice for $150 million of our 2026 Notes. Further today, we’re announcing a plan to accelerate the MaxSAF(TM) expansion and take the first step of our SAF capacity increase at a fraction of the initially expected costs. For $20 million to $30 million of capital, we expect to increase our SAF capacity to 120 million to 150 million gallons by the second quarter of 2026. This breakthrough was achieved as our team in Montana deployed learnings from our first two years of operations to debottleneck existing MRL assets and better utilize our technology, as opposed to transporting and installing additional major equipment on site. While this first step is a major expediter, our ultimate plan of producing up to 300 million gallons of SAF by 2028 remains unchanged.”