Restatement of Previously Issued Financial Statements

3 Months Ended

Mar. 31, 2025

Restatement of Previously Issued Financial Statements

Restatement of Previously Issued Financial Statements

1. Restatement of Previously Issued Financial Statements

The Company has restated its unaudited interim condensed consolidated financial statements for the period ended March 31, 2025. This restatement corrects the error related to the Statement of Cash Flow for the restated period. The error was a misclassification related to the Company’s debt extinguishment costs from its refinancing activities for its outstanding indebtedness and one of its inventory financing arrangements.  This error had no impact on revenue, net income (loss) or cash, cash equivalents or restricted cash.

The effects of the restatement on the condensed consolidated statement of cash flow for the three months ended March 31, 2025 are summarized in the following table:

	Three Months Ended March 31, 2025
	As Previously Reported		Effect of Restatement		As Restated
	(In millions)
Operating activities
Net loss	$	(162.0)	$	—	$	(162.0)
Non-cash RINs (gain) expense		117.2		—		117.2
Unrealized (gain ) loss on derivative instruments		(5.4)		—		(5.4)
Other non-cash activities		(19.9)		40.5		20.6
Changes in assets and liabilities		(40.5)		40.8		0.3
Net cash used in operating activities		(110.6)		81.3		(29.3)
Investing activities
Additions to property, plant and equipment		(17.6)		—		(17.6)
Proceeds from sale of business		95.4		—		95.4
Net cash used in investing activities		77.8		—		77.8
Financing activities
Proceeds from borrowings — revolving credit facility		838.2		—		838.2
Repayments of borrowings — revolving credit facility		(1,071.2)		—		(1,071.2)
Proceeds from borrowings — MRL revolving credit agreement		26.6		—		26.6
Repayments of borrowings — MRL revolving credit agreement		(26.6)		(0.1)		(26.7)
Proceeds from borrowings — senior notes		100.0		—		100.0
Repayments of borrowings — senior notes		—		—		—
Proceeds from inventory financing		108.4		(20.4)		88.0
Payments on inventory financing		(126.6)		(20.4)		(147.0)
Proceeds from DOE Loan		781.8		—		781.8
Proceeds from other financing obligations		40.0		—		40.0
Repayments of borrowings - MRL Asset Financing Arrangements		(368.0)		(28.1)		(396.1)
Repayments of borrowings - MRL Term Loan Credit Agreement		(73.7)		(12.3)		(86.0)
Payments on other financing obligations		(38.6)		—		(38.6)
Net cash provided by financing activities		190.3		(81.3)		109.0
Net decrease in cash, cash equivalents and restricted cash		157.5		—		157.5
Cash, cash equivalents and restricted cash at beginning of period		45.9		—		45.9
Cash, cash equivalents and restricted cash at end of period	$	203.4	$	—	$	203.4
Cash and cash equivalents	$	123.4	$	—	$	123.4
Restricted cash	$	80.0	$	—	$	80.0
Supplemental disclosure of non-cash investing activities
Non-cash property, plant and equipment additions	$	27.0	$	—	$	27.0