Calumet prelim Q4 net loss $54M-$24M; DOE secures up to $1.44B loan for SAF

Calumet, Inc. /DE

Expected Q4 net loss between $54M and $24M; Adjusted EBITDA between $45M and $60M.
DOE Loan Guarantee of up to $1.44B structured in two tranches: $782M in Jan 2025, $658M delayed draw.
MaxSAF project targets SAF capacity of ~150M gal/yr within 2 years and ~300M gal/yr within 3-4 years.
Second tranche funding tied to milestone conditions and subject to administration changes.

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