CLMTHIGH SIGNALOPERATIONAL10-K

CLMT achieved a dramatic operational turnaround with operating income surging 1,242% to $108.7M while significantly improving cash generation and liquidity positions.

This represents a fundamental transformation in CLMT's business performance, moving from operating losses to strong profitability while generating substantial positive cash flow. The company has simultaneously strengthened its balance sheet with cash increasing over 200%, providing much greater financial flexibility and reduced distress risk.

Comparing 2026-02-27 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

CLMT delivered exceptional financial improvement across all key metrics, with operating income exploding from $8.1M to $108.7M and operating cash flow swinging from negative $46.4M to positive $108.9M. While net losses persisted, they narrowed dramatically by 85% to $33.8M, and the company tripled its cash position to $125.1M while reducing capital expenditures by 32%. This comprehensive financial turnaround signals a successful operational transformation and significantly improved financial stability.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+1242%
$8.1M$108.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+334.7%
-$46.4M$108.9M

Operating cash flow surged 334.7% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+228.3%
$38.1M$125.1M

Cash position surged 228.3% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+84.8%
-$222.0M-$33.8M

Net income grew 84.8% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
-31.8%
$76.7M$52.3M

Capex reduced 31.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+12%
$766.0M$857.8M

Current assets grew 12% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-03
ADDED
/DE_December 31, 2025 http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations 0002013745 --12-31 2025 FY false 0 0 0 0 http://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSold Calumet, Inc.
On February 27, 2026, there were 86,776,552 common shares outstanding.
The availability and cost of renewable identification numbers and results of litigation related to our SRE petitions could have a material adverse effect on our results of operations and financial condition and our ability to make payments on our debt obligations.
Montana Renewables is subject to a number of statutes and regulations that could have a material adverse effect on Montana Renewables operations.
Risks Related to Our Common Stock The price of our common stock may experience volatility.
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REMOVED
/DE_December 31, 2024 http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations 0002013745 --12-31 2024 FY false 0 0 0 0 Calumet, Inc.
On February 28, 2025, there were 86,207,118 common shares outstanding.
We are subject to compliance with stringent environmental and occupational health and safety laws and regulations.
Risks Related to Our Common Stock The price of our common stock may experience volatility Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make it more difficult for a third party to acquire control of us.
Our business is organized into the following reportable segments: Specialty Products and Solutions; Montana/Renewables; Performance Brands; and Corporate.
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