Intrepid Announces Third Quarter 2025 Results
DENVER--( BUSINESS WIRE)--Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the third quarter of 2025.
Third Quarter Highlights & Management Commentary
Full realization of first half 2025 price increases, steady demand for potash and Trio ®, and solid unit economics led to another quarter of strong financial results, highlighted by:
Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "We delivered another quarter of solid financial results and I want to thank our entire team for their commitment to safety and hard work. Our third quarter net income of $3.7 million and adjusted EBITDA of $12.0 million brings our respective year-to-date figures to $12.6 million and $45.0 million, which except for the record pricing in 2022, is the best performance since 2015.
Although our third quarter potash and Trio ® sales volumes experienced normal seasonality, we saw pricing for both products move higher as we captured the entirety of first half price increases, which drove higher gross margins compared to the prior year. Trio ® continues to be a clear standout for the Company, and we had another quarter of improved production, lower unit costs, and significant margin improvements.
Overall, potash market fundamentals remain solid and the U.S. agriculture market is showing signs of improvement which should support solid fertilizer demand going forward. I'm very pleased with our results and strong financial position, and want to again thank our team for their dedication to Intrepid."
Key Financial & Operational Metrics Summary
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in millions unless otherwise stated)
Total sales
$
53.2
$
57.5
$
222.5
$
198.9
Gross margin
$
10.6
$
7.7
$
39.5
$
21.8
Net income (loss)
$
3.7
$
(1.8
)
$
11.6
$
(5.8
)
Net income (loss) per diluted share
$
0.28
$
(0.14
)
$
0.88
$
(0.45
)
Adjusted net income (loss) (1)
$
1.5
$
(0.3
)
$
12.6
$
(2.3
)
Adjusted net income (loss) per diluted share (1)
$
0.11
$
(0.02
)
$
0.95
$
(0.18
)
Adjusted EBITDA (1)
$
12.0
$
10.0
$
45.0
$
26.9
Cash flow from operations*
$
(4.0
)
$
(4.3
)
$
46.9
$
64.9
Potash sales volumes (in thousands and tons)
62
54
234
183
Average potash net realized sales price per ton (1)
$
381
$
356
$
345
$
387
Trio ® sales volumes (in thousands and tons)
36
45
216
200
Average Trio ® net realized sales price per ton (1)
$
402
$
312
$
362
$
305
*Please note that cash flow from operations for the nine months ended September 30, 2024 includes a $45 million payment we received pursuant to the terms of the Third Amendment to the Cooperative Development Agreement between Intrepid and XTO.
Project Updates
Capital Expenditures
Liquidity
Segment Highlights
Potash
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in thousands, except per ton data)
Sales
$
32,479
$
28,356
$
110,050
$
95,966
Gross margin
$
6,264
$
4,066
$
13,625
$
12,952
Potash sales volumes (in tons)
62
54
234
183
Potash production volumes (in tons)
41
51
178
178
Average potash net realized sales price per ton (1)
$
381
$
356
$
345
$
387
In the third quarter of 2025, our potash segment sales increased $4.1 million compared to the same prior year period. This was primarily driven by a 15% increase in our potash sales volumes to 62 thousand tons and a 7% increase in our average net realized sales price per ton (1) to $381.
We sold more tons of potash compared to the same prior year period owing to a 15% increase in production over the last twelve months. Our average net realized sales price per ton increased compared to the prior year as Midwest warehouse prices increased throughout the first half of the year owing to resilient U.S. potash demand, which was supported by an increase in planted corn acres in 2025, as well as solid global potash market fundamentals.
In the third quarter of 2025, our potash production of 41 thousand tons was 10 thousand tons lower than the same prior year period, as we delayed production at our HB facility for approximately three weeks to maximize late season evaporation. Despite the above average rainfall at HB this summer, our focus on operational efficiencies and cost discipline led to an improvement in our potash segment cost of goods sold ("COGS") per ton, which totaled $340 in the third quarter of 2025. This compares to $348 per ton in the third quarter of 2024 and $337 per ton in the second quarter of 2025.
Our segment gross margin increased by $2.2 million compared to the same prior year period, which was primarily driven by the higher sales volumes and pricing.
Trio ®
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in thousands, except per ton data)
Sales
$
18,094
$
18,928
$
101,148
$
81,938
Gross margin
$
4,370
$
604
$
22,890
$
1,647
Trio ® sales volume (in tons)
36
45
216
200
Trio ® production volume (in tons)
70
62
202
184
Average Trio ® net realized sales price per ton (1)
$
402
$
312
$
362
$
305
In the third quarter of 2025, Trio ® segment sales decreased $1 million, or 4% compared to the same prior year period. Our Trio ® sales decreased due to a 20% decrease in tons sold to 36 thousand tons, which was partially offset by a 29% increase in our average net realized sales price per ton (1) to $402.
The decrease in our Trio ® sales volumes in the third quarter of 2025 was attributable to two factors: first, our Trio ® demand was heavily weighted to the first half of 2025, where we sold a record 181 thousand tons; and second, normal seasonality as customers focused exclusively on third quarter application needs. Our Trio ® average net realized sales price increased as first half price increases were fully realized and further supported by strengthening sulfate and potassium components of Trio ® during the spring season. More specifically, sulfate products were in tight supply throughout the spring, but we do expect this to moderate as we end the year.
We continue to see strong efficiencies and lower operating expenses related to the continuous miners we commissioned, as well as from last year's restart of our fine langbeinite recovery system. Our Trio ® production of 70 thousand tons represents an increase of eight thousand tons compared to the same prior year period, while our Trio ® segment COGS per ton totaled $257, which compares to $272 per ton in the third quarter of 2024, and $235 per ton in the second quarter of 2025. Our third quarter 2025 COGS per ton increased compared to the second quarter of 2025 due to a higher mix of premium Trio ® sales, which have higher associated costs, as well as lower sales volumes.
Our Trio ® segment generated gross margin of $4.4 million in the third quarter of 2025, which compares to $0.6 million in the same prior year period, with the increase primarily attributable to the higher average net realized sales price per ton, as well as an improvement in our Trio ® segment COGS per ton.
Oilfield Solutions
Three Months Ended
September 30,
Nine Months Ended September
30,
2025
2024
2025
2024
(in thousands)
Sales
$
2,686
$
10,324
$
11,410
$
21,186
Gross (deficit) margin
$
(60
)
$
3,062
$
2,948
$
7,191
In the third quarter of 2025, our oilfield solutions segment sales decreased $7.6 million compared to the same prior year period, which was driven by a $7.4 million decrease in water sales. Our water sales reflect lower oilfield activity on and around the Intrepid South Ranch, as well as from lower sales on our Caprock well system, while our third quarter of 2024 also had the largest frac job in company history. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements, which also contributed to the decrease in our third quarter 2025 revenue.
In the third quarter of 2025, our COGS decreased by $4.5 million compared to the same prior year period, which was primarily attributable to reduced purchases of third party water. We had a segment gross deficit of $60 thousand, which represents a decrease of $3.1 million, due to the factors discussed above.
Notes
1 Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information.
Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds.
Conference Call Information
Intrepid will host a conference call on Thursday, November 6, 2025, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. The call will also be streamed on the Intrepid website, intrepidpotash.com. A recording of the conference call will be available approximately two hours after the completion of the call by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or at intrepidpotash.com. The replay of the call will require the input of the replay access code 1179359. The recording will be available through November 13, 2025.
About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio ®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid's mineral production comes from three solar solution potash facilities and one conventional underground Trio ® mine.
Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.
Forward-looking Statements
This press release contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this press release relate to, among other things, statements about Intrepid's future financial performance, cash flow from operations expectations, water sales, production costs, operating plans, its market outlook, and statements regarding future production. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following:
In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events.
INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Sales
$
53,219
$
57,549
$
222,451
$
198,891
Less:
Freight costs
6,579
8,022
35,081
30,275
Warehousing and handling costs
2,609
3,058
9,213
8,733
Cost of goods sold
33,051
38,266
136,534
135,767
Lower of cost or net realizable value inventory adjustments
406
471
2,160
2,326
Gross Margin
10,574
7,732
39,463
21,790
Selling and administrative
9,000
9,154
27,128
25,448
Accretion of asset retirement obligation
657
623
1,972
1,867
Impairment of long-lived assets
—
874
1,866
3,082
(Gain) loss on sale of assets
(2,239
)
134
(3,695
)
626
Other operating income
(1,145
)
(1,370
)
(3,651
)
(4,029
)
Other operating expense
970
540
4,220
2,953
Operating Income (Loss)
3,331
(2,223
)
11,623
(8,157
)
Other Income (Expense)
Equity in (loss) earnings of unconsolidated entities
(86
)
(289
)
(318
)
(256
)
Interest expense, net
(36
)
—
(207
)
—
Interest income
776
536
1,802
1,327
Other income (expense)
24
136
(796
)
204
Income (Loss) Before Income Taxes
4,009
(1,840
)
12,104
(6,882
)
Income Tax (Expense) Benefit
(264
)
7
(490
)
1,086
Net Income (Loss)
$
3,745
$
(1,833
)
$
11,614
$
(5,796
)
Weighted Average Shares Outstanding:
Basic
13,031
12,908
12,978
12,871
Diluted
13,190
12,908
13,150
12,871
Income (Loss) Per Share:
Basic
$
0.29
$
(0.14
)
$
0.89
$
(0.45
)
Diluted
$
0.28
$
(0.14
)
$
0.88
$
(0.45
)
INTREPID POTASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(In thousands, except share and per share amounts)
September 30,
December 31,
2025
2024
ASSETS
Cash and cash equivalents
$
77,207
$
41,309
Short-term investments
—
989
Accounts receivable:
Trade, net
25,024
22,465
Other receivables, net
3,184
763
Inventory, net
110,860
112,968
Prepaid expenses and other current assets
5,259
5,269
Total current assets
221,534
183,763
Property, plant, equipment, and mineral properties, net
334,150
344,338
Water rights
19,184
19,184
Long-term parts inventory, net
30,423
33,775
Long-term investments
236
3,571
Other assets, net
11,010
9,889
Total Assets
$
616,537
$
594,520
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable
$
9,241
$
8,616
Accrued liabilities
12,516
9,483
Accrued employee compensation and benefits
10,398
9,842
Other current liabilities
10,087
10,062
Total current liabilities
42,242
38,003
Asset retirement obligation, net of current portion
34,326
32,354
Operating lease liabilities
1,790
780
Finance lease liabilities
1,921
1,838
Deferred other income, long-term
43,797
45,489
Other non-current liabilities
1,729
1,664
Total Liabilities
125,805
120,128
Commitments and Contingencies
Common stock, $0.001 par value; 40,000,000 shares authorized;
13,116,675 and 12,908,078 shares outstanding
at September 30, 2025, and December 31, 2024, respectively
14
14
Additional paid-in capital
673,171
668,445
Accumulated deficit
(160,441
)
(172,055
)
Less treasury stock, at cost
(22,012
)
(22,012
)
Total Stockholders' Equity
490,732
474,392
Total Liabilities and Stockholders' Equity
$
616,537
$
594,520
INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
Three Months Ended
September 30,
Nine Months Ended September
30,
2025
2024
2025
2024
Cash Flows from Operating Activities:
Net income (loss)
$
3,745
$
(1,833
)
$
11,614
$
(5,796
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization
9,431
9,033
29,482
26,931
Accretion of asset retirement obligation
657
623
1,972
1,867
Amortization of deferred financing costs
75
75
226
226
Amortization of intangible assets
82
82
246
246
Stock-based compensation
1,380
178
3,774
2,735
Lower of cost or net realizable value inventory adjustments
406
471
2,160
2,326
Impairment of long-lived assets
—
874
1,866
3,082
(Gain) loss on disposal of assets
(2,239
)
134
(3,695
)
626
Allowance for doubtful accounts
—
—
62
—
Allowance for parts inventory obsolescence
294
171
2,335
643
Loss on equity investment
—
101
888
101
Equity in loss (earnings) of unconsolidated entities
86
289
318
256
Changes in operating assets and liabilities:
Trade accounts receivable, net
(4,276
)
(10,605
)
(2,622
)
(10,146
)
Other receivables, net
(950
)
(995
)
(2,432
)
(1,245
)
Inventory, net
(12,636
)
(9,774
)
965
(448
)
Prepaid expenses and other current assets
(2,396
)
(2,501
)
(1,569
)
(226
)
Deferred tax assets, net
—
(65
)
—
(1,179
)
Accounts payable, accrued liabilities, and accrued employee compensation and benefits
6,118
10,901
4,339
4,009
Operating lease liabilities
(357
)
(334
)
(847
)
(1,074
)
Deferred other income
(564
)
(564
)
(1,692
)
43,308
Other liabilities
(2,843
)
(603
)
(517
)
(1,306
)
Net cash (used in) provided by operating activities
(3,987
)
(4,342
)
46,873
64,936
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties and other assets
(7,748
)
(9,609
)
(20,157
)
(32,583
)
Proceeds from sale of assets
2,361
5
5,843
4,656
Proceeds from redemptions/maturities of investments
—
500
1,000
2,000
Other investing, net
—
—
2,129
416
Net cash used in investing activities
(5,387
)
(9,104
)
(11,185
)
(25,511
)
Cash Flows from Financing Activities:
Repayments of short-term borrowings on credit facility
—
—
—
(4,000
)
Payments of financing lease
(235
)
(180
)
(735
)
(680
)
Employee tax withholding paid for restricted stock upon vesting
(34
)
—
(890
)
(775
)
Proceeds from exercise of stock options
1,804
—
1,842
—
Net cash provided by (used in) financing activities
1,535
(180
)
217
(5,455
)
Net Change in Cash, Cash Equivalents and Restricted Cash
(7,839
)
(13,626
)
35,905
33,970
Cash, Cash Equivalents and Restricted Cash, beginning of period
85,642
52,247
41,898
4,651
Cash, Cash Equivalents and Restricted Cash, end of period
$
77,803
$
38,621
$
77,803
$
38,621
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions.
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share
Adjusted net income (loss) and adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations.
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in thousands)
Net Income (Loss)
$
3,745
$
(1,833
)
$
11,614
$
(5,796
)
Adjustments
Impairment of long-lived assets
—
874
1,866
3,082
(Gain) loss on sale of assets
(2,239
)
134
(3,695
)
626
CEO separation costs, net
—
1,050
—
1,050
Employee separation costs
—
—
638
—
Unpermitted discharge penalty
—
—
2,155
—
Calculated income tax effect (1)
—
(535
)
—
(1,237
)
Total adjustments
(2,239
)
1,523
964
3,521
Adjusted Net Income (Loss)
$
1,506
$
(310
)
$
12,578
$
(2,275
)
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) per Share:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net Income (Loss) Per Diluted Share
$
0.28
$
(0.14
)
$
0.88
$
(0.45
)
Adjustments
Impairment of long-lived assets
—
0.07
0.14
0.24
(Gain) loss on sale of assets
(0.17
)
0.01
(0.28
)
0.05
CEO separation costs, net
—
0.08
—
0.08
Employee separation costs
—
—
0.05
—
Unpermitted discharge penalty
—
—
0.16
—
Calculated income tax effect (1)
—
(0.04
)
—
(0.10
)
Total adjustments
(0.17
)
0.12
0.07
0.27
Adjusted Net Income (Loss) Per Diluted Share
$
0.11
$
(0.02
)
$
0.95
$
(0.18
)
(1) Assumes an annual effective tax rate of 0% and 26% for 2025 and 2024, respectively.
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income (loss) adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance.
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in thousands)
Net Income (Loss)
$
3,745
$
(1,833
)
$
11,614
$
(5,796
)
Impairment of long-lived assets
—
874
1,866
3,082
(Gain) loss on sale of assets
(2,239
)
134
(3,695
)
626
CEO separation costs, net
—
1,050
—
1,050
Employee separation costs
—
—
638
—
Unpermitted discharge penalty
—
—
2,155
—
Interest expense
36
—
207
—
Income tax expense (benefit)
264
(7
)
490
(1,086
)
Depreciation, depletion, and amortization
9,431
9,033
29,482
26,931
Amortization of intangible assets
82
82
246
246
Accretion of asset retirement obligation
657
623
1,972
1,867
Total adjustments
8,231
11,789
33,361
32,716
Adjusted EBITDA
$
11,976
$
9,956
$
44,975
$
26,920
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
Average Potash and Trio ® Net Realized Sales Price per Ton
Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio ® is calculated as Trio ® segment sales less Trio ® segment byproduct sales and Trio ® freight costs and then dividing that difference by Trio ® tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio ® average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio ® sales and price trends.
Reconciliation of Sales to Average Net Realized Sales Price per Ton:
Three Months Ended September 30,
2025
2024
(in thousands, except per ton amounts)
Potash
Trio ®
Potash
Trio ®
Total Segment Sales
$
32,479
$
18,094
$
28,356
$
18,928
Less: Segment byproduct sales
6,155
161
6,664
41
Freight costs
2,673
3,473
2,488
4,864
Subtotal
$
23,651
$
14,460
$
19,204
$
14,023
Divided by:
Tons sold
62
36
54
45
Average net realized sales price per ton
$
381
$
402
$
356
$
312
Nine Months Ended September 30,
2025
2024
(in thousands, except per ton amounts)
Potash
Trio ®
Potash
Trio ®
Total Segment Sales
$
110,050
$
101,148
$
95,966
$
81,938
Less: Segment byproduct sales
18,604
345
17,724
354
Freight costs
10,669
22,646
7,505
20,498
Subtotal
$
80,777
$
78,157
$
70,737
$
61,086
Divided by:
Tons sold
234
216
183
200
Average net realized sales price per ton
$
345
$
362
$
387
$
305
INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
Three Months Ended September 30, 2025
Product
Potash
Segment
Trio ®
Segment
Oilfield
Solutions
Segment
Intersegment
Eliminations
Total
Potash
$
26,324
$
—
$
—
$
(40
)
$
26,284
Trio ®
—
17,933
—
—
17,933
Water
—
—
558
—
558
Salt
2,516
161
—
—
2,677
Magnesium Chloride
1,966
—
—
—
1,966
Brine Water
1,673
—
987
—
2,660
Other
—
—
1,141
—
1,141
Total Revenue
$
32,479
$
18,094
$
2,686
$
(40
)
$
53,219
Nine Months Ended September 30, 2025
Product
Potash
Segment
Trio ®
Segment
Oilfield
Solutions
Segment
Intersegment
Eliminations
Total
Potash
$
91,446
$
—
$
—
$
(157
)
$
91,289
Trio ®
—
100,803
—
—
100,803
Water
—
—
2,617
—
2,617
Salt
8,820
345
—
—
9,165
Magnesium Chloride
4,737
—
—
—
4,737
Brine Water
5,047
—
3,221
—
8,268
Other
—
—
5,572
—
5,572
Total Revenue
$
110,050
$
101,148
$
11,410
$
(157
)
$
222,451
Three Months Ended September 30, 2024
Product
Potash
Segment
Trio ®
Segment
Oilfield
Solutions
Segment
Intersegment
Eliminations
Total
Potash
$
21,692
$
—
$
—
$
(59
)
$
21,633
Trio ®
—
18,887
—
—
18,887
Water
—
—
7,918
—
7,918
Salt
2,720
41
—
—
2,761
Magnesium Chloride
2,116
—
—
—
2,116
Brine Water
1,808
—
943
—
2,751
Other
20
—
1,463
—
1,483
Total Revenue
$
28,356
$
18,928
$
10,324
$
(59
)
$
57,549
Nine Months Ended September 30, 2024
Product
Potash
Segment
Trio ®
Segment
Oilfield
Solutions
Segment
Intersegment
Eliminations
Total
Potash
$
78,242
$
—
$
—
$
(199
)
$
78,043
Trio ®
—
81,584
—
—
81,584
Water
—
—
12,659
—
12,659
Salt
9,199
354
—
—
9,553
Magnesium Chloride
3,467
—
—
—
3,467
Brine Water
4,975
—
3,236
—
8,211
Other
83
—
5,291
—
5,374
Total Revenue
$
95,966
$
81,938
$
21,186
$
(199
)
$
198,891
INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands)
September 30, 2025
Potash
Trio ®
Oilfield
Solutions
Other
Consolidated
Sales
$
32,479
$
18,094
$
2,686
$
(40
)
$
53,219
Less: Freight costs
3,146
3,473
—
(40
)
6,579
Warehousing and handling costs
1,613
996
—
—
2,609
Cost of goods sold
21,050
9,255
2,746
—
33,051
Lower of cost or net realizable value inventory adjustments
406
—
—
—
406
Gross Margin (Deficit)
$
6,264
$
4,370
$
(60
)
$
—
$
10,574
Depreciation, depletion, and amortization incurred 1
$
7,275
$
824
$
945
$
469
$
9,513
Nine Months Ended September 30, 2025
Potash
Trio ®
Oilfield
Solutions
Other
Consolidated
Sales
$
110,050
$
101,148
$
11,410
$
(157
)
$
222,451
Less: Freight costs
12,592
22,646
—
(157
)
35,081
Warehousing and handling costs
5,142
4,071
—
—
9,213
Cost of goods sold
76,531
51,541
8,462
—
136,534
Lower of cost or net realizable value inventory adjustments
2,160
—
—
—
2,160
Gross Margin
$
13,625
$
22,890
$
2,948
$
—
$
39,463
Depreciation, depletion, and amortization incurred 1
$
22,828
$
2,538
$
2,907
$
1,455
$
29,728
Three Months Ended
September 30, 2024
Potash
Trio ®
Oilfield
Solutions
Other
Consolidated
Sales
$
28,356
$
18,928
$
10,324
$
(59
)
$
57,549
Less: Freight costs
3,217
4,864
—
(59
)
8,022
Warehousing and handling costs
1,819
1,239
—
—
3,058
Cost of goods sold
18,783
12,221
7,262
—
38,266
Lower of cost or net realizable value inventory adjustments
471
—
—
—
471
Gross Margin
$
4,066
$
604
$
3,062
$
—
$
7,732
Depreciation, depletion, and amortization incurred 1
$
6,670
$
864
$
1,134
$
447
$
9,115
Nine Months Ended September 30, 2024
Potash
Trio ®
Oilfield
Solutions
Other
Consolidated
Sales
$
95,966
$
81,938
$
21,186
$
(199
)
$
198,891
Less: Freight costs
9,976
20,498
—
(199
)
30,275
Warehousing and handling costs
4,889
3,844
—
—
8,733
Cost of goods sold
65,823
55,949
13,995
—
135,767
Lower of cost or net realizable value inventory adjustments
2,326
—
—
—
2,326
Gross Margin
$
12,952
$
1,647
$
7,191
$
—
$
21,790
Depreciation, depletion and amortization incurred 1
$
19,819
$
2,599
$
3,400
$
1,359
$
27,177
(1) Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory.