CLMTMEDIUM SIGNALREGULATORY10-K

CLMT added specific regulatory risk warnings around renewable identification numbers and litigation related to SRE petitions, while financial performance improved meaningfully.

The addition of material adverse effect language regarding renewable identification numbers and regulatory compliance suggests heightened regulatory scrutiny in the renewable fuels space. However, the company's substantial improvement in net losses indicates operational momentum despite these regulatory headwinds.

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

CLMT showed meaningful improvement in profitability with net losses substantially reduced year-over-year, while capital expenditures declined modestly to $52.3M, suggesting more disciplined spending. Current assets grew 12% to $857.8M, indicating a stronger liquidity position. The overall financial picture signals operational progress despite ongoing regulatory challenges in the renewable fuels business.

FINANCIAL STATEMENT CHANGES
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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