Calumet restates Q1/Q2 2025 cash flows; misclassification of ~$81M; material weakness

Calumet, Inc. /DE

• Non-reliance on unaudited interim financials for Q1 and Q2 2025 due to cash flow classification error.
• Error misclassified debt extinguishment costs between operating and financing activities; no impact on net income or cash balance.
• Q1 2025 operating cash flow revised from $110.6M used to $29.3M used; financing cash flow reduced by $81.3M.
• Six-month June 30, 2025 operating cash flow revised from $108.0M used to $31.1M used; financing reduced by $76.9M.
• Material weakness identified in internal control over financial reporting; disclosure controls deemed ineffective.