Core Insights - Calumet, Inc. reported strong financial results for Q3 2025, with a net income of $313.4 million, compared to a net loss of $100.6 million in Q3 2024, reflecting a significant turnaround in profitability [3][25] - The company achieved an Adjusted EBITDA with Tax Attributes of $92.5 million for Q3 2025, up from $59.8 million in the same quarter last year, indicating improved operational efficiency [3][30] - Year-to-date, Calumet has reduced operating costs by $61 million compared to the previous year, showcasing effective cost management strategies [3][2] Financial Performance - Q3 2025 net income was $313.4 million, or $3.61 per share, compared to a loss of $100.6 million, or $(1.18) per share, in Q3 2024 [3][25] - Adjusted EBITDA for Q3 2025 was $69.6 million, up from $59.8 million in Q3 2024, while Adjusted EBITDA with Tax Attributes reached $92.5 million, compared to $59.8 million in the prior year [3][30] - The company reported a gross profit of $373.7 million for Q3 2025, significantly higher than the $4.9 million reported in Q3 2024 [25] Segment Performance - The Specialty Products and Solutions (SPS) segment achieved an Adjusted EBITDA of $80.2 million in Q3 2025, compared to $50.7 million in Q3 2024, driven by strong specialty product sales and fixed cost reductions [2][3] - The Performance Brands (PB) segment reported Adjusted EBITDA of $13.2 million in Q3 2025, slightly down from $13.6 million in Q3 2024, with strong margins particularly in the TruFuel® brand [3][2] - The Montana/Renewables (MR) segment reported Adjusted EBITDA with Tax Attributes of $17.1 million in Q3 2025, up from $14.6 million in the prior year, benefiting from operating cost reductions and strong fuels and asphalt results [2][3] Strategic Initiatives - Calumet is on track to expand its Montana Renewables facility, aiming to increase sustainable aviation fuel (SAF) production significantly by the second quarter of 2026, with approximately 100 million gallons of SAF already contracted or in final review [3][2] - The company is focused on enhancing its SAF marketing program, expecting to complete contracting at strong premiums ahead of the expansion [3][2] Restatement of Financial Results - Calumet announced a restatement of its unaudited interim consolidated financial statements for the periods ended March 31, 2025, and June 30, 2025, due to misclassification in cash flow statements, resulting in an upward adjustment of approximately $80 million to operating cash flows [2][3]