Prnewswire·2025-08-08 11:00Core Insights - Calumet, Inc. reported a net loss of $147.9 million for Q2 2025, compared to a loss of $39.1 million in Q2 2024, reflecting significant challenges in financial performance [3][26] - Adjusted EBITDA with Tax Attributes for Q2 2025 was $76.5 million, showing a slight increase from $74.8 million in the same quarter last year [3][29] - The company achieved approximately $42 million in year-over-year operating cost reductions through disciplined operational execution [3][4] Financial Performance - The total sales volume for Q2 2025 was 88,766 barrels per day, a decrease from 90,242 barrels per day in Q2 2024 [7] - The Specialty Products and Solutions segment reported Adjusted EBITDA of $66.8 million in Q2 2025, down from $72.7 million in Q2 2024, attributed to a planned turnaround [2][3] - The Performance Brands segment's Adjusted EBITDA was $13.5 million in Q2 2025, compared to $14.1 million in Q2 2024, reflecting strong margin performance despite the divestiture of the Royal Purple® Industrial business [2][3] Segment Analysis - The Montana/Renewables segment reported Adjusted EBITDA with Tax Attributes of $16.3 million in Q2 2025, up from $8.7 million in the prior year, benefiting from lower operating costs and record volumes [4][31] - The gross profit (loss) for the Specialty Products and Solutions segment was $(14.9) million in Q2 2025, compared to a profit of $39.1 million in Q2 2024 [3][26] - The Montana/Renewables segment's gross profit (loss) per barrel was $(20.78) in Q2 2025, compared to $(0.18) in Q2 2024, indicating significant challenges in profitability [3][21] Operational Highlights - The company completed a month-long turnaround at its Shreveport facility, which contributed to operational performance improvements [3] - Operating costs at Montana Renewables fell to $0.43 per gallon in Q2 2025, the lowest since the platform's launch, enhancing its competitive position [3][4] - The company is on track to achieve 120–150 million gallons of annualized SAF production by Q2 2026, supported by a favorable regulatory environment [3][4]