Calumet to Attend H.C. Wainwright Renewable Fuels Virtual Day Accessibility StatementSkip NavigationINDIANAPOLIS, March 18, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the H.C. Wainwright Renewables Fuels Virtual Day on March 25th and will hold virtual one-on-one investor meetings throughout the day.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to ...

Core Viewpoint - Calumet, Inc. has successfully completed a private placement of $150 million in additional 9.75% Senior Notes due 2031, aimed at enhancing liquidity and reducing outstanding borrowings [1][2][3] Group 1: Offering Details - The additional notes were issued at 105% of par, resulting in net proceeds of approximately $154.9 million after deducting expenses [1] - This issuance is a continuation of the existing 9.75% Senior Notes, with a total of $405 million already issued on January 12, 2026 [2] Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay outstanding borrowings under the company's revolving credit facility [2] - The transaction is expected to provide flexibility in a volatile commodity environment and may also be used to reduce 2028 notes when the call premium decreases in July [3] Group 3: Company Overview - Calumet, Inc. manufactures and markets a diverse range of specialty branded products and renewable fuels across various consumer and industrial markets [4]

Core Viewpoint - Calumet, Inc. has announced a private placement of $150 million in additional 9.75% Senior Notes due 2031, aimed at repaying outstanding borrowings under its revolving credit facility [1] Group 1: Offering Details - The private placement is priced at 105% of par and is expected to close on March 17, 2026, subject to customary closing conditions [1] - The additional notes will mature on February 15, 2031, and will form a single series with existing notes issued on January 12, 2026, totaling $405 million [1] Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to repay outstanding borrowings under Calumet's revolving credit facility [1] Group 3: Regulatory Information - The securities will not be registered under the Securities Act or any state securities laws and will be offered only to qualified institutional buyers and non-U.S. persons outside the United States [1]

Core Viewpoint - Calumet, Inc. plans to conduct a private placement of $150 million in additional 9.75% Senior Notes due 2031 to repay outstanding borrowings under its revolving credit facility [1][1][1] Group 1: Offering Details - The offering will be made by Calumet's wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. [1] - The additional notes will be a further issuance of the existing 9.75% Senior Notes due 2031, of which $405 million was previously issued on January 12, 2026 [1][1] - The additional notes will have the same terms as the existing notes, except for the initial offering price [1] Group 2: Regulatory Information - The securities will not be registered under the Securities Act or any state securities laws and can only be offered to qualified institutional buyers and non-U.S. persons outside the United States [1][1] - The offering is subject to market conditions and will be conducted under Rule 144A and Regulation S of the Securities Act [1][1] Group 3: Company Overview - Calumet, Inc. manufactures, formulates, and markets a diverse range of specialty branded products and renewable fuels across various consumer and industrial markets [1] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [1]

INDIANAPOLIS, March 4, 2026 /PRNewswire/ -- TRUFUEL®, an industry leader in precision-engineered fuel, has achieved the highest monthly sales volume in the company's history, eclipsing the brands' previous monthly high by over 10%. This milestone, which comes on the heels of a record sales year in 2025, reflects the growing reliance on TRUFUEL by customers who depend on their equipment to perform when it matters most. ...

Core Insights - Crossroads Capital LLC reported a 2.7% net return in Q4 2025, with an annual return of 37.7% net, and a compounded rate of 21.2% gross and 17.1% net since inception [1] - The fund's overall non-delta adjusted gross and net exposure were 89.7% and 72.1% respectively by the end of December 2025 [1] - Market sentiment shifted rapidly in Q4 2025 due to concerns over the AI bubble, Federal Reserve uncertainty, and bearish positioning, highlighting market volatility [1] - The firm remains cautiously optimistic about market breadth and interest in small-cap stocks carrying into 2026 [1] Company-Specific Insights - Calumet, Inc. (NASDAQ:CLMT) is highlighted as a specialty products and renewable fuels manufacturer, with a market capitalization of $2.34 billion [2] - Calumet, Inc. stock closed at $26.96 on February 27, 2026, with a one-month return of 18.61% and a 52-week gain of 100.30% [2] - Crossroads Capital sold its position in Calumet, Inc. due to a disastrous DOE loan announcement and an ATM offering that undermined confidence in management [3] - Calumet, Inc. was held by 17 hedge fund portfolios at the end of Q4, down from 18 in the previous quarter, indicating a slight decrease in popularity among hedge funds [4] - The firm believes that certain AI stocks present greater upside potential compared to Calumet, Inc., despite acknowledging its investment potential [4]

Core Insights - Calumet's stock experienced a significant decline of nearly 11% following an earnings report that did not meet profitability expectations [1] - The company reported fourth-quarter and full-year 2025 sales of just under $1.04 billion, reflecting a 9% year-over-year increase, but net loss was $37 million, or $0.43 per share, which was worse than the previous year's loss of $40.7 million [2][4] - Despite exceeding revenue estimates, Calumet's per-share net loss was significantly higher than the consensus estimate of $0.22 [4] Financial Performance - Revenue for the fourth quarter was reported at just under $1.04 billion, a 9% increase year-over-year [2] - The net loss for the quarter was $37 million, or $0.43 per share, compared to a loss of $40.7 million in the same quarter of the previous year [2] - Two out of three reporting divisions saw a decline in non-GAAP adjusted EBITDA, with Montana/Renewables reporting a loss of $5.4 million compared to a profit of $12.4 million the previous year, and Performance Brands declining to $5.4 million from $16.3 million [5] Operational Improvements - CEO Todd Borgmann characterized 2025 as a "defining year" for Calumet, highlighting significant operational improvements, including $100 million in cost reductions and a cleaner balance sheet [6] - The company aims to position itself for future growth, although there are concerns about the lack of evidence for a solid growth trajectory despite revenue increases [6] Market Sentiment - Analysts from The Motley Fool Stock Advisor have identified ten stocks they believe are better investment opportunities than Calumet, indicating a cautious sentiment towards Calumet's stock at this time [7]

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2x to 4.9x [5] - The company eliminated its 2026 and 2027 debt maturities, significantly improving its financial durability [6] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million in adjusted EBITDA for the quarter and $291.8 million for the full year, reflecting strong commercial excellence initiatives [16] - Montana Renewables segment had an adjusted EBIT of -$5.4 million for Q4 and positive $31.3 million for the full year, despite challenging market conditions [19] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth [18] Market Data and Key Metrics Changes - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [10] - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, indicating strong market demand [9] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [12] Company Strategy and Development Direction - The company aims to execute the MaxSAF 150 project safely, on time, and on budget, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [23] - The focus remains on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the MaxSAF 150 strategy [23] - The company is committed to operational excellence and anticipates further opportunities for earnings expansion through reliability gains and customer-focused growth [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory uncertainties and emphasized the importance of being a low-cost provider [27] - The outlook for the renewable diesel market is cautiously optimistic, with expectations for a thoughtful ramp-up in production as the RVO is clarified [36] - Management highlighted the importance of maintaining operational efficiency and cost discipline to sustain margins in a volatile market [22] Other Important Information - The company plans capital expenditures of $115 million to $145 million for 2026, primarily due to a heavy turnaround year [15] - The Montana Asphalt segment is expected to continue producing in the $30 million to $50 million EBIT range, supported by improved asphalt margins [21] Q&A Session Summary Question: Can you talk about the macro setup and operational level at MaxSAF? - Management acknowledged regulatory uncertainty but emphasized their position as a low-cost provider and the durability added by the MaxSAF project [27][29] Question: What are your views on the RINs market and utilization? - Management noted that the industry is currently running at variable margins and that the return of idle plants will depend on the RVO [33][36] Question: When should we expect capacity ramp-up at full scale for MaxSAF? - Management indicated that they expect to ramp up to the 120-150 million gallon run rate in the second half of the year following the turnaround [44] Question: How does feedstock pricing impact SAF contracts? - Management explained that they have successfully linked feedstock pricing to contracts and have access to a broad range of feedstocks [48] Question: What is enabling the Specialty margin to sustain higher levels? - Management attributed the strong specialty margins to commercial excellence initiatives and improving production reliability [54]

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2 times to 4.9 times [5][14] - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [10] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million for the quarter and $291.8 million for the full year, reflecting continued benefits from commercial excellence initiatives [16] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth despite the divestiture of Royal Purple Industrial [18] - Montana Renewables reported adjusted EBIT with tax attributes of negative $5.4 million for the fourth quarter and positive $31.3 million for the full year [19] Market Data and Key Metrics Changes - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, reflecting strong demand and operational improvements [9] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [12] Company Strategy and Development Direction - The company aims to execute the Max SAF 150 project safely, on time, and on budget in the second quarter of 2026, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [22][23] - Capital allocation priorities remain disciplined, focusing on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the Max SAF 150 strategy [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory uncertainties and emphasized the importance of being a low-cost provider in a volatile market [27] - The outlook for 2026 includes expectations for increased production and operational efficiencies despite a heavy turnaround year [15][22] Other Important Information - The company plans to invest $115 million to $145 million in capital expenditures for 2026, primarily due to scheduled maintenance [15] - The Montana Asphalt segment is expected to continue producing in the $30 million-$50 million EBIT range, supported by improved asphalt margins and cost reduction initiatives [21] Q&A Session Summary Question: Can you talk about the macro setup and operational level at Max SAF? - Management acknowledged regulatory uncertainty but emphasized their position as a low-cost provider and the durability of the Max SAF project [27][28] Question: What are your views on the RINs market and utilization? - Management noted that the industry is currently running at variable margins and that the restart of idle plants will depend on the final RVO [33][36] Question: What is the expected ramp-up for the Max SAF project? - The company expects to ramp up to a run rate of 120-150 million gallons annually, with improvements in cost efficiency as production increases [43] Question: How are SAF contracts structured regarding pricing? - Management clarified that SAF contracts are designed to be robust against market dynamics, with a fixed premium over renewable diesel [59][65]

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2 times to 4.9 times [5][6] - The company eliminated its 2026 and 2027 debt maturities, significantly improving its financial durability [6] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million in adjusted EBITDA for the quarter and $291.8 million for the full year, reflecting strong commercial excellence initiatives [17] - Montana Renewables segment had an adjusted EBIT of negative $5.4 million for Q4 and positive $31.3 million for the full year, with significant cost reduction efforts [20][21] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth despite the divestiture of Royal Purple Industrial [19] Market Data and Key Metrics Changes - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [11] - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, indicating strong market demand [10] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [13] Company Strategy and Development Direction - The company aims to execute the Max SAF 150 project safely, on time, and on budget, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [25] - The focus remains on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the Max SAF 150 strategy [25] - The company is committed to operational excellence and cost discipline, expecting further opportunities for earnings expansion through reliability gains and customer-focused growth [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainties but emphasized the importance of being a low-cost provider and being well-positioned to adapt quickly [28] - The company is optimistic about the future, expecting to see improved margins and operational performance as the market stabilizes and regulatory frameworks become clearer [13][31] - Management expressed confidence in the ability to capture margins through strategic contracts and operational efficiencies, particularly in the SAF market [66] Other Important Information - The company plans capital expenditures of $115 million to $145 million for 2026, primarily due to a heavy turnaround year [16] - The Montana Asphalt segment is expected to continue producing in the $30 million to $50 million EBIT range, benefiting from improved asphalt margins [22] Q&A Session Summary Question: Can you talk about the macro setup and operational level at Max SAF? - Management noted that regulatory uncertainty is a feature of the landscape, but they feel well-positioned as a low-cost provider [28][30] Question: What are your views on the RINs market and demand? - Management indicated that the industry is currently running at variable margins, and the return of idle plants will depend on the RVO [34][36] Question: What is the expected ramp-up for the Max SAF project? - The company expects to ramp up to a run rate of 120-150 million gallons annually, with improvements in efficiency as production increases [46] Question: How are the SAF contracts structured regarding pricing? - Management clarified that the contracts are designed to be robust against market dynamics, with a fixed premium over renewable diesel [62][66]