Intrepid Announces Fourth Quarter and Full Year 2025 Results
DENVER--( BUSINESS WIRE)--Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we", "us" and "our") today reports its financial results for the fourth quarter and full year ("FY") 2025.
Fourth Quarter and FY 2025 Highlights & Management Commentary
In 2025, we experienced steady demand for our fertilizer products underscored by record Trio ® sales volumes, solid unit economics, and increasing pricing throughout the year, with our key financial highlights including:
Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "2025 was a very strong year for Intrepid and I want to thank all of our employees for their dedication and hard work in helping us achieve one of the best periods of operating and financial performance in recent history. Our strong results were primarily the result of our continued reinvestment in our core assets with the goal of increasing our production and further improving our unit economics, while we also had the benefit of supportive fertilizer pricing throughout the year.
"Our Trio ® segment was the clear key standout in 2025, where our 303 thousand tons sold was another company record. Moreover, with its pricing essentially at parity with potash, forecasted higher Trio ® production is expected to help offset what should be a relatively flat potash production year in 2026. We expect this year's total fertilizer production to be modestly higher compared to 2025, with a roughly equal split between potash and Trio ®, where the trend of solid demand and supportive pricing should continue.
"Overall, we're optimistic on the outlook, and the renewed focus on domestic critical mineral production should also help provide tailwinds for both our core operations and new projects like lithium. It's a very exciting time for Intrepid, and we look forward to continue capitalizing on our unique positioning as a producer of critical minerals in the United States."
Key Financial and Operational Metrics Summary
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(in millions, unless otherwise stated)
Total sales
$
75.9
$
55.8
$
298.3
$
254.7
Gross margin
$
15.4
$
7.3
$
54.8
$
29.1
Net (loss) income
$
(0.4
)
$
(207.0
)
$
11.2
$
(212.8
)
Net (loss) income per diluted share
$
(0.03
)
$
(16.04
)
$
0.85
$
(16.53
)
Adjusted net income (loss) (1)
$
6.5
$
(1.4
)
$
19.1
$
(3.7
)
Adjusted net income (loss) per diluted share (1)
$
0.49
$
(0.11
)
$
1.44
$
(0.30
)
Adjusted EBITDA (1)
$
18.1
$
8.6
$
63.1
$
35.5
Cash flow from operations *
$
8.9
$
7.6
$
55.8
$
72.5
Potash sales volumes (in thousands and tons)
55
57
289
240
Average potash net realized sales price per ton (1)
$
387
$
347
$
353
$
377
Trio ® sales volumes (in thousands and tons)
87
54
303
254
Average Trio ® net realized sales price per ton (1)
$
379
$
330
$
367
$
311
* Please note that cash flow from operations for the year ended December 31, 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.
First Quarter 2026 Sales Guidance
Potash sales volumes (in thousands and tons)
95 to 105
Average potash net realized sales price per ton (1)
$345 to $355
Trio ® sales volumes (in thousands and tons)
105 to 115
Average Trio ® net realized sales price per ton (1)
$380 to $390
2026 Production Guidance
Potash production (in thousands and tons)
270 to 285
Trio ® production (in thousands and tons)
285 to 300
Liquidity
Capital Expenditures
Key Projects and Operational Focus for 2026
Wendover Lithium Project
Wendover Primary Pond 8 Project
Increased Production at East Underground Mine
Potential Sale of Intrepid South Ranch
Deferred Project for 2026
AMAX Cavern Project
Segment Highlights
Potash
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(in thousands, except per ton data)
Sales
$
29,533
$
28,867
$
139,583
$
124,833
Gross margin
$
4,592
$
4,468
$
18,218
$
17,420
Potash production volume (in tons)
102
117
280
295
Potash sales volume (in tons)
55
57
289
240
Average potash net realized sales price per ton (1)
$
387
$
347
$
353
$
377
In the fourth quarter of 2025, our potash segment sales increased $0.7 million compared to the same prior year period, which was driven by our average net realized sales price per ton (1) increasing by $40 to $387, although we did have slightly lower sales volumes compared to the prior year. Our fourth quarter potash production totaled 102 thousand tons, bringing our FY 2025 production to 280 thousand tons, which compares to 117 thousand tons and 295 thousand tons, respectively, in the same prior year periods. We produced less tons in the fourth quarter and FY 2025, which was driven by a delayed startup at our HB facility following summer evaporation; Wendover production remaining below historical levels while Primary Pond 7 ramps up; and slightly lower mill feed grades at Moab, as well as from above-average Moab rainfall in the fall of 2025.
Our FY 2025 potash sales increased $14.8 million, or 15%, compared to the prior year, which was driven by a sales volume increase of 49 thousand tons to 289 thousand tons, as we had significantly more tons available to sell to start the year given the higher inflection in our 2024 potash production. Higher sales volumes more than offset a $24 decrease in our average net realized sales price per ton (1) to $353 per ton, although we did benefit from a trend of higher pricing throughout 2025.
Compared to the prior year, our FY 2025 potash COGS per ton decreased by approximately $22 per ton to $328 per ton, which was driven by the significant increase in sales volumes resulting from the higher production that started in 2024 (i.e., higher 2024 production, which continued in 2025, drove higher sales volumes and better full-year unit economics). A significant portion of our production costs are fixed and an increase in tons produced and sold results in better unit economics.
During 2025, we recorded $4.4 million in lower of cost or net realizable value inventory adjustments for certain potash products as our weighted average carry cost per ton exceeded our expected net realizable value per potash ton. During 2024, we recorded $4.0 million in lower of cost or net realizable value inventory adjustments.
Our FY 2025 potash segment gross margin was relatively flat compared to FY 2024, due to the factors discussed above.
Trio ®
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(in thousands, except per ton data)
Sales
$
43,314
$
23,490
$
144,463
$
105,428
Gross margin
$
10,494
$
2,791
$
33,386
$
4,438
Trio ® production volume (in tons)
71
67
273
251
Trio ® sales volume (in tons)
87
54
303
254
Average Trio ® net realized sales price per ton (1)
$
379
$
330
$
367
$
311
In the fourth quarter of 2025, our Trio ® segment sales increased $19.8 million, or 84%, compared to the same prior year period, which was driven by a 33 thousand ton increase in sales volumes and a $49 per ton increase in our average net realized sales price per ton (1). We continued to see very strong demand for Trio ® during the fourth quarter and the changing market structure allowed us to capture additional market share. Pricing remained robust primarily owing to the strengthening sulfate and potassium components seen throughout the year, while sulfate products remained in relatively tight supply.
Our fourth quarter Trio ® production of 71 thousand tons brought our FY 2025 production to 273 thousand tons - a company record - which compares to 67 thousand tons and 251 thousand tons, respectively, in the same prior year periods. We continued to see strong efficiencies and higher production during the year driven by the relatively new continuous miners, an increase in our operating hours, and from the restart of our fine langbeinite recovery system.
Our FY 2025 Trio ® segment sales increased $39.0 million, or 37%, compared to the same prior year period. Compared to FY 2024, our FY 2025 Trio ® sales increased $39.2 million, or 37%, as we sold 49 thousand more tons of Trio ® and from a $56 per ton increase in our average net realized sales price per ton (1). Our FY 2025 sales volumes of 303 thousand tons was a company record, which was driven by our higher production, strong demand, and by capturing more market share.
Compared to the prior year, our FY 2025 Trio ® COGS per ton decreased by approximately $36 per ton to $240 per ton, which was driven by the significant increase in sales volumes resulting from the higher production. A significant portion of our production costs are fixed and an increase in tons produced and sold results in better unit economics.
During 2025 and 2024, we did not record any lower of cost or net realizable value inventory adjustments in Trio ®.
Our Trio ® segment gross margin increased $28.9 million in FY 2025, compared to FY 2024, due to the factors discussed above.
Oilfield Solutions
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(in thousands)
Sales
$
3,031
$
3,499
$
14,440
$
24,685
Gross margin
$
266
$
33
$
3,212
$
7,224
In the fourth quarter of 2025, our oilfield solutions segment sales decreased by $0.5 million compared to the same prior year period, primarily due to lower water sales. For FY 2025, our oilfield solutions segment sales decreased $10.2 million or 42%, compared to 2024, which was also primarily driven by a $10.4 million decrease in water sales. Our lower 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 2024 also had the largest frac job in company history.
Our oilfield solutions cost of goods sold decreased 36% in FY 2025 compared to FY 2024, as we purchased less third-party water for resale. Gross margin decreased $4.0 million, or 56%, in FY 2025 compared to the prior year, due to the factors described above.
Notes
1 Adjusted net income (loss), average net realized sales price per ton and adjusted EBITDA 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, March 5, 2026, 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 conference identification number 1179359. The recording will be available through March 12, 2026.
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 document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance and cash flows, water sales, production costs, and its market outlook. 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 duty 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 TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands, except share and per share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Sales
$
75,876
$
55,803
$
298,328
$
254,694
Less:
Freight costs
13,196
8,490
48,277
38,765
Warehousing and handling costs
3,002
2,742
12,215
11,475
Cost of goods sold
42,044
35,648
178,578
171,415
Lower of cost or net realizable value inventory adjustments
2,282
1,631
4,442
3,957
Gross Margin
15,352
7,292
54,816
29,082
Selling and administrative
9,576
7,518
36,705
32,966
Accretion of asset retirement obligation
631
622
2,603
2,489
Impairment of long-lived assets
—
7,626
1,866
10,708
Loss (gain) on sale of assets
2,520
1,326
(1,175
)
1,952
Other operating income
(1,160
)
(1,186
)
(4,811
)
(5,215
)
Other operating expense
4,743
3,087
8,963
6,040
Operating (Loss) Income
(958
)
(11,701
)
10,665
(19,858
)
Other Income (Expense)
Equity in (loss) earnings of unconsolidated entities
(57
)
(43
)
(374
)
(299
)
Interest expense, net
(25
)
(112
)
(232
)
(112
)
Interest income
631
385
2,432
1,712
Other income (expense)
35
(159
)
(762
)
45
(Loss) Income Before Income Taxes
(374
)
(11,630
)
11,729
(18,512
)
Income Tax Expense
(55
)
(195,419
)
(544
)
(194,333
)
Net (Loss) Income
$
(429
)
$
(207,049
)
$
11,185
$
(212,845
)
Weighted Average Shares Outstanding:
Basic
13,121,562
12,908,078
13,014,205
12,880,026
Diluted
13,121,562
12,908,078
13,174,001
12,880,026
Net (Loss) Income Per Share:
Basic
$
(0.03
)
$
(16.04
)
$
0.86
$
(16.53
)
Diluted
$
(0.03
)
$
(16.04
)
$
0.85
$
(16.53
)
INTREPID POTASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2025 AND 2024
(In thousands, except share and per share amounts)
December 31,
2025
2024
ASSETS
Cash and cash equivalents
$
83,537
$
41,309
Short-term investments
—
989
Accounts receivable:
Trade, net
33,776
22,465
Other receivables, net
159
763
Inventory, net
112,305
112,968
Other current assets
5,355
5,269
Total current assets
235,132
183,763
Property, plant, equipment, and mineral properties, net
334,773
344,338
Water rights
19,184
19,184
Long-term parts inventory, net
31,506
33,775
Long-term investments
179
3,571
Other assets, net
11,405
9,889
Non-current deferred tax asset, net
—
—
Total Assets
$
632,179
$
594,520
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable
$
9,844
$
8,616
Accrued liabilities
10,596
9,483
Accrued employee compensation and benefits
12,651
9,842
Other current liabilities
20,564
10,062
Total current liabilities
53,655
38,003
Asset retirement obligation
38,841
32,354
Operating lease liabilities
1,550
780
Finance lease liabilities
1,741
1,838
Deferred other income, long-term
43,233
45,489
Other non-current liabilities
1,730
1,664
Total Liabilities
140,750
120,128
Commitments and Contingencies
Common stock, $0.001 par value; 40,000,000 shares authorized:
and 13,131,663 and 12,908,078 shares outstanding
at December 31, 2025 and 2024, respectively
14
14
Additional paid-in capital
674,297
668,445
Accumulated deficit
(160,870
)
(172,055
)
Less treasury stock, at cost
(22,012
)
(22,012
)
Total Stockholders' Equity
491,429
474,392
Total Liabilities and Stockholders' Equity
$
632,179
$
594,520
INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Cash Flows from Operating Activities:
Net (loss) income
$
(429
)
$
(207,049
)
$
11,185
$
(212,845
)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, and amortization
10,759
10,430
40,241
37,361
Amortization of intangible assets
82
82
328
328
Accretion of asset retirement obligation
631
622
2,603
2,489
Amortization of deferred financing costs
75
75
301
301
Stock-based compensation
1,311
848
5,085
3,583
Reserve for obsolescence
87
1,200
2,422
1,843
Allowance for doubtful accounts
—
120
62
120
Impairment of long-lived assets
—
7,626
1,866
10,708
Loss on disposal of assets
2,520
1,326
(1,175
)
1,952
Loss on equity investments
—
165
888
266
Equity in earnings of unconsolidated entities
57
43
374
299
Distribution of earnings from unconsolidated entities
—
—
—
—
Lower of cost or net realizable value inventory adjustments
2,282
1,631
4,442
3,957
Changes in operating assets and liabilities:
Trade accounts receivable, net
(8,752
)
9,638
(11,373
)
(508
)
Other receivables, net
3,025
1,887
593
642
Inventory, net
(4,897
)
(10,385
)
(3,932
)
(10,833
)
Other current assets
(645
)
(136
)
(2,214
)
(362
)
Deferred tax assets
—
195,402
—
194,223
Accounts payable, accrued liabilities, and accrued employee compensation and benefits
385
(7,528
)
4,724
(3,519
)
Operating lease liabilities
(264
)
(345
)
(1,111
)
(1,419
)
Deferred other income
(564
)
(564
)
(2,256
)
42,744
Other liabilities
3,243
2,471
2,726
1,165
Net cash provided by operating activities
8,906
7,559
55,779
72,495
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties and other assets
(10,082
)
(6,123
)
(30,239
)
(38,706
)
Deposit received
8,000
—
8,000
—
Proceeds from sale of property, plant, equipment, and mineral properties
1
183
5,844
4,839
Additions to intangible assets
—
(200
)
—
(200
)
Proceeds from redemptions/maturities of investments
—
1,000
1,000
3,000
Other investing, net
—
1,120
2,129
1,536
Net cash used in investing activities
(2,081
)
(4,020
)
(13,266
)
(29,531
)
Cash Flows from Financing Activities:
Payments of financing leases
(308
)
(262
)
(1,043
)
(942
)
Repayments of borrowings on credit facility
—
—
—
(4,000
)
Employee tax withholding paid for restricted shares upon vesting
(185
)
—
(1,075
)
(775
)
Proceeds from exercise of stock options
—
—
1,842
—
Net cash used in financing activities
(493
)
(262
)
(276
)
(5,717
)
Net Change in Cash, Cash Equivalents, and Restricted Cash
6,332
3,277
42,237
37,247
Cash, Cash Equivalents, and Restricted Cash, beginning of period
77,803
38,621
41,898
4,651
Cash, Cash Equivalents, and Restricted Cash, end of period
$
84,135
$
41,898
$
84,135
$
41,898
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands, except per share amounts)
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.
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 (Loss) Income to Adjusted Net Income (Loss):
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net (Loss) Income
$
(429
)
$
(207,049
)
$
11,185
$
(212,845
)
Adjustments
Impairment of long-lived assets
—
7,626
1,866
10,708
Loss (gain) on sale of assets
2,520
1,326
(1,175
)
1,952
CEO separation costs, net
—
—
—
1,050
Employee separation costs
458
—
1,096
—
Unpermitted discharge penalty
—
—
2,155
—
Employment class action lawsuit
4,000
—
4,000
—
Valuation allowance for deferred tax assets
—
199,026
—
199,026
Calculated income tax effect (1)
—
(2,328
)
—
(3,565
)
Total adjustments
6,978
205,650
7,942
209,171
Adjusted Net Income (Loss)
$
6,549
$
(1,399
)
$
19,127
$
(3,674
)
Reconciliation of Net (Loss) Income per Share to Adjusted Net Income (Loss) per Share:
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net (Loss) Income Per Diluted Share
$
(0.03
)
$
(16.04
)
$
0.85
$
(16.53
)
Adjustments
Impairment of long-lived assets
—
0.59
0.14
0.83
Loss (gain) on sale of assets
0.19
0.10
(0.09
)
0.15
CEO separation costs, net
—
—
—
0.08
Employee separation costs
0.03
—
0.08
—
Unpermitted discharge penalty
—
—
0.16
—
Employment class action lawsuit
0.30
—
0.30
—
Valuation allowance for deferred tax assets
—
15.42
—
15.45
Calculated income tax effect (1)
—
(0.18
)
—
(0.28
)
Total adjustments
0.52
15.93
0.59
16.23
Adjusted Net Income (Loss) Per Diluted Share
$
0.49
$
(0.11
)
$
1.44
$
(0.30
)
(1) - Assumes an annual effective tax rate of 0% and 26% for 2025 and 2024, respectively.
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net (loss) income 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 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 (Loss) Income to Adjusted EBITDA:
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net (Loss) Income
$
(429
)
$
(207,049
)
$
11,185
$
(212,845
)
Adjustments
Impairment of long-lived assets
—
7,626
1,866
10,708
Loss (gain) on sale of assets
2,520
1,326
(1,175
)
1,952
CEO separation costs, net
—
—
—
1,050
Employee separation costs
458
—
1,096
—
Unpermitted discharge penalty
—
—
2,155
—
Employment class action lawsuit
4,000
—
4,000
—
Interest expense
25
112
232
112
Income tax expense
55
195,419
544
194,333
Depreciation, depletion, and amortization
10,759
10,430
40,241
37,361
Amortization of intangible assets
82
82
328
328
Accretion of asset retirement obligation
631
622
2,603
2,489
Total adjustments
18,530
215,617
51,890
248,333
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization
$
18,101
$
8,568
$
63,075
$
35,488
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 Potash and Trio ® Net Realized Sales Price per Ton:
Potash Segment
Three Months Ended
December 31,
(in thousands, except per ton amounts)
2025
2024
Total Segment Sales
$
29,533
$
28,867
Less: Segment byproduct sales
5,976
6,910
Potash freight costs
2,295
2,170
Subtotal
$
21,262
$
19,787
Divided by:
Potash tons sold
55
57
Average net realized sales price per ton
$
387
$
347
Potash Segment
Year Ended December 31,
(in thousands, except per ton amounts)
2025
2024
Total Segment Sales
$
139,583
$
124,833
Less: Segment byproduct sales
24,580
24,634
Potash freight costs
12,964
9,675
Subtotal
$
102,039
$
90,524
Divided by:
Potash tons sold
289
240
Average net realized sales price per ton
$
353
$
377
Trio ® Segment
Three Months Ended
December 31,
(in thousands, except per ton amounts)
2025
2024
Total Segment Sales
$
43,314
$
23,490
Less: Segment byproduct sales
151
301
Trio ® freight costs
10,172
5,343
Subtotal
$
32,991
$
17,846
Divided by:
Trio ® tons sold
87
54
Average net realized sales price per ton
$
379
$
330
Trio ® Segment
Year Ended December 31,
(in thousands, except per ton amounts)
2025
2024
Total Segment Sales
$
144,463
$
105,428
Less: Segment byproduct sales
497
655
Trio ® freight costs
32,818
25,841
Subtotal
$
111,148
$
78,932
Divided by:
Trio ® tons sold
303
254
Average net realized sales price per ton
$
367
$
311
INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands)
Three Months Ended December 31, 2025
Product
Potash Segment
Trio ® Segment
Oilfield Solutions Segment
Intersegment Eliminations
Total
Potash
$
23,557
$
—
$
—
$
(2
)
$
23,555
Trio ®
—
43,163
—
—
43,163
Water
—
—
555
—
555
Salt
2,837
151
—
—
2,988
Magnesium Chloride
1,453
—
—
—
1,453
Brines
1,686
—
1,095
—
2,781
Other
—
—
1,381
1,381
Total Revenue
$
29,533
$
43,314
$
3,031
$
(2
)
$
75,876
Year Ended December 31, 2025
Product
Potash Segment
Trio ® Segment
Oilfield Solutions Segment
Intersegment Eliminations
Total
Potash
$
115,003
$
—
$
—
$
(158
)
$
114,845
Trio ®
—
143,966
—
—
143,966
Water
—
—
3,173
—
3,173
Salt
11,657
497
—
—
12,154
Magnesium Chloride
6,191
—
—
—
6,191
Brines
6,732
—
4,316
—
11,048
Other
—
—
6,951
—
6,951
Total Revenue
$
139,583
$
144,463
$
14,440
$
(158
)
$
298,328
Three Months Ended December 31, 2024
Product
Potash Segment
Trio® Segment
Oilfield Solutions Segment
Intersegment Eliminations
Total
Potash
$
21,957
$
—
$
—
$
(53
)
$
21,904
Trio ®
—
23,189
—
—
23,189
Water
—
—
943
—
943
Salt
3,179
301
—
—
3,480
Magnesium Chloride
1,857
—
—
—
1,857
Brines
1,874
—
968
—
2,842
Other
—
—
1,588
1,588
Total Revenue
$
28,867
$
23,490
$
3,499
$
(53
)
$
55,803
Year Ended December 31, 2024
Product
Potash Segment
Trio® Segment
Oilfield Solutions Segment
Intersegment Eliminations
Total
Potash
$
100,199
$
—
$
—
$
(252
)
$
99,947
Trio ®
—
104,773
—
—
104,773
Water
—
—
13,602
—
13,602
Salt
12,378
655
—
—
13,033
Magnesium Chloride
5,324
—
—
—
5,324
Brines
6,932
—
4,204
—
11,136
Other
—
—
6,879
—
6,879
Total Revenue
$
124,833
$
105,428
$
24,685
$
(252
)
$
254,694
Three Months Ended December 31, 2025
Potash
Trio ®
Oilfield Solutions
Other
Consolidated
Sales (1)
$
29,533
$
43,314
$
3,031
$
(2
)
$
75,876
Less: Freight costs
3,026
10,172
—
(2
)
13,196
Warehousing and handling costs
1,387
1,615
—
—
3,002
Cost of goods sold
18,246
21,033
2,765
—
42,044
Lower of cost or net realizable value inventory adjustments
2,282
—
—
—
2,282
Gross Margin
$
4,592
$
10,494
$
266
$
—
$
15,352
Depreciation, depletion, and amortization incurred (2)
$
8,649
$
815
$
906
$
471
$
10,841
Year Ended December 31, 2025
Potash
Trio ®
Oilfield Solutions
Other
Consolidated
Sales (1)
$
139,583
$
144,463
$
14,440
$
(158
)
$
298,328
Less: Freight costs
15,617
32,818
—
(158
)
48,277
Warehousing and handling costs
6,530
5,685
—
—
12,215
Cost of goods sold
94,776
72,574
11,228
—
178,578
Lower of cost or net realizable value inventory adjustments
4,442
—
—
—
4,442
Gross Margin
$
18,218
$
33,386
$
3,212
$
—
$
54,816
Depreciation, depletion, and amortization incurred (2)
$
31,478
$
3,353
$
3,813
$
1,925
$
40,569
Three Months Ended December 31, 2024
Potash
Trio ®
Oilfield Solutions
Other
Consolidated
Sales (1)
$
28,867
$
23,490
$
3,499
$
(53
)
$
55,803
Less: Freight costs
3,200
5,343
—
(53
)
8,490
Warehousing and handling costs
1,417
1,325
—
—
2,742
Cost of goods sold
18,151
14,031
3,466
—
35,648
Lower of cost or net realizable value inventory adjustments
1,631
—
—
—
1,631
Gross Margin
$
4,468
$
2,791
$
33
$
—
$
7,292
Depreciation, depletion, and amortization incurred (2)
$
8,136
$
901
$
1,031
$
444
$
10,512
Year Ended December 31, 2024
Potash
Trio ®
Oilfield Solutions
Other
Consolidated
Sales (1)
$
124,833
$
105,428
$
24,685
$
(252
)
$
254,694
Less: Freight costs
13,176
25,841
—
(252
)
38,765
Warehousing and handling costs
6,306
5,169
—
—
11,475
Cost of goods sold
83,974
69,980
17,461
—
171,415
Lower of cost or net realizable value inventory adjustments
3,957
—
—
—
3,957
Gross Margin
$
17,420
$
4,438
$
7,224
$
—
$
29,082
Depreciation, depletion and, amortization incurred (2)
$
27,955
$
3,500
$
4,431
$
1,803
$
37,689
(1) Segment sales include the sales of byproducts generated during the production of potash and Trio ®.
(2) Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation and depletion amounts absorbed in or (relieved from) inventory.