Calumet, Inc

Filing receipts

“Net loss in the first quarter of 2026 was significantly impacted by the following non-cash items: ● $37.9 million of non-cash equity based compensation expense; ● $102.7 million unrealized loss on derivatives; and ● $147.4 million of non-cash RINs related expense The increase in equity-based compensation expense is driven by the remeasurement of Long-Term Incentive Plan (“LTIP”) awards granted from 2017 through March 31, 2026 that are classified as liability awards.”

“The increase was due primarily to a $58.8 million increase in stock-based compensation related expenses as a result of an increase in the Company’s stock price in the current year period, as compared to a decrease in the Company’s stock price in the prior year period.”

“RINs) ​ 6.3 Sales price ​ 19.5 Three months ended March 31, 2026 reported gross profit (loss) ​ $ (45.6) ​ The increase in Montana/Renewables segment gross profit (loss) for the three months ended March 31, 2026, as compared to the prior period, was driven by favorable sales pricing, which was partially offset by the impact of lower sales volumes resulting from a planned outage to complete the MaxSAF ® 150 expansion project and higher material costs.”