卡路美 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 FOR THE QUARTERLY PERIOD ENDED March31,2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Calumet, Inc. (Exact Name of Registrant as Specified in Its Charter) (Former Name, Former Address and Former FiscalYear, If Changed Since Last Report) Name of each exchange on which registered Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒On May 8, 2026, the registrant had 87,147,147 shares of common stock outstanding. CALUMET, INC.QUARTERLY REPORTFor the Three Months Ended March31,2026 Table of Contents Part I Item 1. Financial StatementsCalumet, Inc. 44Unaudited Condensed Consolidated Balance Sheets4Unaudited Condensed Consolidated Statements of Operations5Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)6Unaudited Condensed Consolidated Statements of Stockholders' Equity7Unaudited Condensed Consolidated Statements of Cash Flows8Notes to Unaudited Condensed Consolidated Financial Statements9Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3. Quantitative and Qualitative Disclosures About Market Risk51Item 4. Controls and Procedures53 Part II Item 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits 54545454545455 FORWARD-LOOKING STATEMENTS This Quarterly Report on Form10-Q (this “Quarterly Report”) includes certain “forward-lookingstatements.” These statements can be identified by the use of forward-looking terminology including“will,” “may,” “intend,” “believe,” “expect,” “outlook,” “anticipate,” “estimate,” “continue,” “plan,”“should,” “could,” “would,” or other similar words. The statements regarding (i) demand for finishedproducts in markets we serve; (ii)estimated capital expenditures as a result of required audits or requiredoperational changes or other environmental and regulatory liabilities; (iii)our anticipated levels of, use andeffectiveness of derivatives to mitigate our exposure to crude oil price changes, natural gas price changesand fuel products price changes; (iv)estimated costs of complying with the U.S. Environmental ProtectionAgency’s(“EPA”)Renewable Fuel Standard(“RFS”),including the prices paid for RenewableIdentification Numbers (“RINs”) and the amount of RINs we may be required to purchase in any givencomplianceyear, and the outcome of any litigation concerning our existing small refinery exemption(“SRE”) petitions; (v)our ability to monetize federal clean fuel production tax credits (“CFPCs” underSection 45Z of the Internal Revenue Code and the price we expect to receive for CFPCs; (vi) our ability tomeet our financial commitments, debt service obligations, debt instrument covenants, contingencies andanticipated capital expenditures; (vii)our access to capital to fund capital expenditures and our workingcapital needs and our ability to obtain debt or equity financing on satisfactory terms; (viii)our access toinventory financing under our supply and offtake agreements; (ix)the effect, impact, potential duration orother implications of supply chain disruptions and global energy shortages on our business and operations;(x) general economic and political conditions, including inflationary pressures, changes in global tradepolicy and tariffs, instability in financial institutions, the shutdown of the U.S. federal government, generaleconomic slowdown or a recession, political tensions, conflicts and war (such as