Calumet Inc posted a challenging QQ1 2025 with negative GAAP profitability but meaningful strategic progress that supports a longer-term deleveraging and growth trajectory. Revenue reached $993.9 million, but cost of revenue exceeded sales at $1,075.3 million, producing a gross loss of $81.4 million and an EBITDA of negative $48.7 million. The company’s earnings were weighed down by structural leverage and accelerated non-operational charges, while management highlighted several catalysts that could unlock value over the next 12–24 months. Key drivers include: (1) the strategic restructurings and asset-sale execution (Royal Purple industrial sale completed, ~ $100 million of cash proceeds), (2) balance-sheet transformation via the DOE loan tranche that reduces annual debt service by ~ $80 million, and (3) a reinforced MaxSAF roadmap (MaxSAF 150) with potential to produce 120–150 million gallons of SAF in early 2026 for a modest capex footprint of $20–$30 million. In the near term, Calumet focuses on strengthening cash generation through cost-out initiatives (notably in Montana Renewables and the Specialty Products segment) and optimizing SAF production economics via PTC-based cash attributes. Management retains a confident stance on resilient cash flow across cycles, while signaling that a successful monetization of Montana Renewables and SAF scale-up could materially reshape the risk/return profile and accelerate deleveraging toward the $800 million restricted-debt target. Investors should monitor RVO regulatory developments, SAF demand/margins, ramp timing for Montana Renewables, and the interplay between PTC monetization and broader tax-advantaged cash flows.