Form 8-K

8-K — Intrepid Potash, Inc.

Accession: 0001421461-26-000020

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0001421461

SIC: 1400 (MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ipi-20260804.htm (Primary)

EX-99.1 (ex991q22026pressrelease.htm)

GRAPHIC — LOGO (ipilogoa04a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ipi-20260804.htm · Sequence: 1

ipi-20260804

0001421461false00014214612026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 4, 2026

Intrepid Potash, Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-34025 26-1501877

(State or other jurisdiction

of incorporation) (Commission

file number) (IRS employer

identification no.)

707 17th Street, Suite 4200

Denver, Colorado 80202

(Address of principal executive offices, including zip code)

(303) 296-3006

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of each exchange on which registered

Common Stock, par value $0.001 per share IPI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On August 4, 2026, Intrepid Potash, Inc. issued a press release announcing its financial results and operating highlights for the second quarter of 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information furnished under this Item 2.02, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by specific reference in that filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1

Press Release of Intrepid Potash, Inc. dated August 4, 2026

104 Cover Page Interactive Data File (embedded with the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTREPID POTASH, INC.

Dated: August 4, 2026 By: /s/ Jason Tremblay

Jason Tremblay

Chief Financial Officer

EX-99.1

Filename: ex991q22026pressrelease.htm · Sequence: 2

Document

Intrepid Announces Second Quarter 2026 Results

Denver, CO, August 4, 2026 - Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the second quarter of 2026.

Second Quarter Highlights & Management Commentary

Supportive pricing, stable Trio® sales volumes, and continued improvement in Trio® margins

drove improved profitability in the second quarter of 2026, highlighted by:

•Expanded gross margin by 35% compared with the prior-year quarter despite slightly lower sales from continuing operations.

•Increased full-year 2026 production guidance for potash to 290-300 thousand tons and Trio® to 295-305 thousand tons.

•Lowest Trio® COGS per ton since Q4 2019.

•Increased net income to $15.6 million including $13.2 million gain on sale of Intrepid South, compared with $3.3 million in the second quarter of 2025.

•Reported net income from continuing operations of $2.4 million, up from $1.4 million in the prior year quarter.

•Delivered Adjusted EBITDA(1) from continuing operations of $17.5 million, up from $13.8 million in the second quarter of 2025.

•Completed the sale of Intrepid South for $68.9 million, including $62.0 million of cash proceeds received during the second quarter of 2026.

•Lowered full-year 2026 capital expenditure guidance to approximately $40 million.

•Expanded the Company’s share repurchase authorization to $50 million.

Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: “We delivered improved

profitability in the second quarter, reflecting supportive markets, disciplined execution, and

continued progress across our core fertilizer portfolio. Trio® performed particularly well, with

higher production, improved unit costs, and stronger margins as demand for chloride-free,

sulfate-containing nutrients continued to benefit from supportive market conditions. In potash,

higher production and improved pricing helped offset lower sales volumes. For both Trio® and potash, we are raising our full-year production outlook based on the operating progress achieved to date.

We remain focused on the areas within our control—operating safely, improving reliability and

efficiency, and delivering value from our core assets. With a strong balance sheet, increased

production guidance for both potash and Trio®, lower expected capital expenditures, and an

expanded share repurchase authorization, we believe Intrepid is well positioned to build on our

momentum through the remainder of 2026."

Key Financial Metrics

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions unless otherwise stated)

Sales from continuing operations $ 66.7 $ 67.5 $ 165.4 $ 162.1

Gross margin $ 16.6 $ 12.4 $ 34.3 $ 25.7

Net income from continuing operations $ 2.4 $ 1.4 $ 9.3 $ 4.8

Net income from continuing operations per diluted share $ 0.18 $ 0.10 $ 0.70 $ 0.37

Adjusted net income from continuing operations(1)

$ 7.4 $ 4.1 $ 15.6 $ 8.0

Adjusted net income from continuing operations per diluted share(1)

$ 0.56 $ 0.30 $ 1.18 $ 0.61

Adjusted EBITDA(1)

$ 17.5 $ 13.8 $ 36.5 $ 28.4

Cash flow from continuing operations $ 34.0 $ 36.1 $ 55.3 $ 42.9

Second quarter 2026 sales from continuing operations were generally consistent with the prior year quarter, as higher average realized prices for potash and Trio® and improved Trio® production were offset by lower potash sales volumes. Gross margin increased to $16.6 million in the second quarter of 2026 from $12.4 million in the same prior year period, driven primarily by improved Trio® segment margins, supportive realized pricing, and lower average Trio® COGS per ton. Adjusted net income from continuing operations increased to $7.4 million, or $0.56 per diluted share in the second quarter of 2026, compared with $4.1 million, or $0.30 per diluted share, in the second quarter of 2025, while Adjusted EBITDA increased to $17.5 million in the second quarter of 2026 from $13.8 million in the same prior year period.

Including discontinued operations, net income was $15.6 million, or $1.17 per diluted share, in the second quarter of 2026, compared with $3.3 million, or $0.25 per diluted share, in the same prior year period. Net income from discontinued operations was $13.2 million in the second quarter of 2026, primarily reflecting the completed sale of Intrepid South. We received two payments totaling $70.0 million related to the sale of Intrepid South, with an $8.0 million deposit received in December 2025, and a $62.0 million payment received on April 1, 2026, the closing date of the transaction. The final sales price after customary adjustments was $68.9 million and we recorded a gain, net of taxes, of $13.2 million during the second quarter of 2026.

For the six months ended June 30, 2026, sales from continuing operations increased to $165.4 million from $162.1 million in the same prior year period, while gross margin increased to $34.3 million from $25.7 million in the same prior year period. The year-to-date improvement reflects higher average realized sales prices, stronger Trio® margins, improved production performance, and lower cost of goods sold relative to the prior year period. Net income from continuing operations was $9.3 million, or $0.70 per diluted share in the first half of 2026, compared with $4.8 million, or $0.37 per diluted share, in the first six months of 2025. Adjusted EBITDA(1) increased to $36.5 million in the first half of 2026 from $28.4 million in the same prior year period. Including discontinued operations, net income was $23.0 million, or $1.73 per

diluted share in the first half of 2026, including $13.7 million of net income from discontinued operations, compared with net income of $7.9 million, or $0.60 per diluted share, in the same prior year period.

Cash flow from continuing operations was $34.0 million in the second quarter of 2026,

compared with $36.1 million in the same prior year period. The year-over-year decrease was

primarily due to less favorable working capital movements compared with the prior year quarter,

partially offset by higher earnings from continuing operations. For the six months ended June 30,

2026, cash flow from continuing operations increased to $55.3 million from $42.9 million in the same prior year period, reflecting improved profitability and continued working capital discipline.

Segment Highlights

Potash

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands, except per ton data)

Sales $ 30,602 $ 33,994 $ 76,721 $ 77,571

Gross margin $ 4,918 $ 4,858 $ 7,985 $ 7,361

Potash sales volumes (in tons) 59 69 165 172

Potash production volumes (in tons) 52 44 157 137

Average potash net realized sales price per ton(1)

$ 391 $ 361 $ 365 $ 332

In the second quarter of 2026, potash segment sales decreased $3.4 million compared to

the same prior year period. The decrease was primarily driven by a 14% decline in sales volumes

to 59 thousand tons, partially offset by an 8% increase in our average net realized sales price per

ton(1) to $391. Sales volumes were lower compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter.

Potash production was 52 thousand tons in the second quarter of 2026, an increase of 8 thousand tons compared to the same prior year period, as we benefited from efficiency

improvements across all of our mines. The benefit of higher production was partially offset by a

production mix weighted more heavily toward our higher-cost sites, which increased our average

potash segment cost of goods sold ("COGS") per ton to $359 in the second quarter of 2026,

compared with $337 per ton in the second quarter of 2025 and $334 per ton in the first quarter of

2026.

Potash segment gross margin increased by $0.1 million in the second quarter of 2026 compared to the same prior year period, as higher average net realized sales prices were largely offset by lower sales volumes and higher average COGS per ton.

Trio®

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands, except per ton data)

Sales $ 35,723 $ 33,212 $ 88,261 $ 83,054

Gross margin $ 11,443 $ 8,086 $ 26,281 $ 18,520

Trio® sales volume (in tons)

70 70 176 181

Trio® production volume (in tons)

75 70 144 132

Average Trio® net realized sales price per ton(1)

$ 389 $ 368 $ 388 $ 352

In the second quarter of 2026, Trio® segment sales increased $2.5 million, or 8% compared to the same prior year period. The increase was largely driven by a 6% increase in our average net realized sales price per ton(1) to $389, reflecting continued supportive pricing for Trio®'s individual nutrient components, particularly sulfate and potassium. Sales volumes were flat compared to the same prior year period at 70 thousand tons.

Trio® production of 75 thousand tons in the second quarter of 2026 was 7% higher than the second quarter last year, showing the benefit of the new continuous miner commissioned earlier this year and ongoing plant optimization projects. Our Trio® segment COGS per ton totaled $205 in the second quarter of 2026, which compares to $235 per ton in the second quarter of 2025, and $229 per ton in the first quarter of 2026.

Our Trio® segment generated gross margin of $11.4 million in the second quarter of 2026, which compares to $8.1 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.

Operating Updates, Guidance and Capital Allocation

Potash Segment Production Outlook

•We are increasing our full-year 2026 potash production guidance to a range of 290 thousand to 300 thousand tons, reflecting improved recoveries from focused mill efficiency initiatives and improved brine grade and evaporation which extended the harvest season ahead of our summer shutdown.

Increased Production at East Underground Mine

•In early 2026, we commissioned a new continuous miner at our East Mine, which has improved operating efficiency and increased Trio® production. We also increased operating hours per shift and continue to advance mill improvements that support higher production of granular and premium products. For 2026, we are increasing our Trio® full-year production guidance to a range of 295 thousand to 305 thousand tons.

Wendover Lithium Project

•Our partners continue to advance engineering and related permitting activities for the Wendover lithium project. We expect to provide additional detail as those efforts progress later this year.

Pecos Water Rights Matter

•We recorded a $5.0 million loss contingency during the second quarter of 2026 related to anticipated water repayment and associated obligations. Additional costs may be incurred as the matter is resolved.

Capital Expenditures

•Capital expenditures totaled $8.5 million in the second quarter of 2026. We now expect 2026 capital expenditures of approximately $40 million. The lowered guidance is a result of the removal of AMAX spend and reduction in costs for Primary Pond 8 at Wendover.

Liquidity and Capital Allocation

•As of June 30, 2026, cash and cash equivalents totaled $185.0 million, including $62.0 million of cash proceeds received during the quarter upon completion of the sale of Intrepid South. We had no borrowings and $0.2 million in outstanding letters of credit under our revolving credit facility, leaving $149.8 million available under our $150 million facility, which matures in March 2031.

•In June 2026, Intrepid’s Board approved an expansion of the Company’s share repurchase authorization to $50 million. We expect to evaluate share repurchases opportunistically as part of our disciplined capital allocation framework, while maintaining the flexibility to fund high-return operating and efficiency projects and preserve balance sheet strength.

Guidance Summary

Current Guidance Prior Guidance

2026 Full year potash production 290-300 thousand tons 270-285 thousand tons

2026 Full year Trio® production 295-305 thousand tons 285-300 thousand tons

2026 Full year capital expenditures Approximately $40 million $40-$50 million

Q3 2026 Potash sales volume 55-65 thousand tons

Q3 2026 Potash average net realized sales price(1)

$380-$390 per ton

Q3 2026 Trio® sales volume 30-40 thousand tons

Q3 2026 Trio® average net realized sales price(1)

$400-$410 per ton

Notes

1 Adjusted net income from continuing operations, adjusted net income from continuing operations 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 Wednesday, August 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 (833) 461-5787 or International dial-in number 1 (585) 542-9983; please use meeting ID 800547056. 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 via webcast. The recording will be available for 12 months following the call.

About Intrepid

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. 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 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:

•changes in the price, demand, or supply of our products and services;

•challenges and legal proceedings related to our water rights;

•our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio®, byproducts, and other non-potassium related products or other revenue diversification activities;

•the costs of, and our ability to successfully execute, any strategic projects;

•declines or changes in agricultural production or fertilizer application rates;

•declines in the use of potassium-related products or water by oil and gas companies in their drilling operations;

•our ability to prevail in outstanding legal proceedings;

•our ability to comply with the terms of our revolving credit facility, including any underlying covenants;

•write-downs of the carrying value of assets, including inventories;

•circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems;

•changes in reserve estimates;

•currency fluctuations;

•adverse changes in economic conditions or credit markets;

•the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes;

•the impact of trade tariffs and any potential changes to them we are unable to mitigate;

•adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines;

•increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise;

•changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel;

•changes in the prices of raw materials, including chemicals, natural gas, and power;

•our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations;

•interruptions in rail or truck transportation services, or fluctuations in the costs of these services;

•our ability to fund necessary capital investments;

•the impact of global conflicts including the conflict involving Iran and the blockage of the Strait of Hormuz;

•the timing, amount and impact of any repurchases under our stock repurchase program;

•the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and

•the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q.

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.

Contact:

Ryan Schultz

Interim Investor Relations Manager

Email: ryan.schultz@intrepidpotash.com

INTREPID POTASH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Sales $ 66,685 $ 67,536 $ 165,370 $ 162,063

Less:

Freight costs 11,050 11,011 27,780 28,502

Warehousing and handling costs 3,046 3,114 6,890 6,604

Cost of goods sold 35,670 40,631 95,287 99,521

Lower of cost or net realizable value inventory adjustments 270 419 1,092 1,754

Gross Margin 16,649 12,361 34,321 25,682

Selling and administrative 10,022 8,925 21,295 18,080

Accretion of asset retirement obligation 777 650 1,553 1,299

Impairment of long-lived assets — 1,204 — 1,866

Gain on sale of assets (6) (1,262) (34) (1,422)

Other operating income (1,129) (1,222) (2,289) (2,505)

Other operating expense 5,922 2,654 6,508 3,250

Operating Income 1,063 1,412 7,288 5,114

Other Income (Expense)

Equity in loss of unconsolidated entities (11) (232) (11) (232)

Interest expense, net — (66) — (171)

Interest income 1,327 651 1,994 1,026

Other income (expense) 73 (354) 121 (820)

Income from Continuing Operations Before Income Taxes 2,452 1,411 9,392 4,917

Income tax expense 57 35 116 113

Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804

Net Income from Discontinued Operations, Net of Tax 13,182 1,887 13,719 3,065

Net Income $ 15,577 $ 3,263 $ 22,995 $ 7,869

Net income per share:

Continuing operations - Basic $ 0.18 $ 0.10 $ 0.70 $ 0.37

Discontinued operations - Basic $ 1.00 $ 0.15 $ 1.04 $ 0.24

Net income - Basic $ 1.18 $ 0.25 $ 1.74 $ 0.61

Continuing operations - Diluted $ 0.18 $ 0.10 $ 0.70 $ 0.37

Discontinued operations - Diluted $ 0.99 $ 0.15 $ 1.03 $ 0.23

Net income - Diluted $ 1.17 $ 0.25 $ 1.73 $ 0.60

Weighted Average Shares Outstanding:

Basic 13,195 12,985 13,168 12,951

Diluted 13,272 13,174 13,280 13,131

INTREPID POTASH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025

(In thousands, except share and per share amounts)

June 30, December 31,

2026 2025

ASSETS

Cash and cash equivalents $ 184,994 $ 83,537

Accounts receivable:

Trade, net 18,976 31,979

Other receivables, net 86 159

Inventory, net 104,881 112,191

Prepaid expenses and other current assets 4,158 5,312

Assets held for sale — 59,154

Total current assets 313,095 292,332

Property, plant, equipment, and mineral properties, net 295,412 298,756

Water rights 2,311 2,311

Long-term parts inventory, net 30,222 31,506

Long-term investments 168 179

Other assets, net 8,712 7,095

Total Assets $ 649,920 $ 632,179

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable $ 10,539 $ 9,656

Accrued liabilities 13,059 10,456

Accrued employee compensation and benefits 9,607 12,481

Other current liabilities 16,249 19,811

Liabilities held for sale — 3,370

Total current liabilities 49,454 55,774

Asset retirement obligation, net of current portion 39,930 38,452

Operating lease liabilities 1,067 1,550

Finance lease liabilities 2,176 1,741

Deferred other income, long-term 42,105 43,233

Total Liabilities 134,732 140,750

Commitments and Contingencies

Common stock, $0.001 par value; 40,000,000 shares authorized;

13,207,226 and 13,131,663 shares outstanding

at June 30, 2026, and December 31, 2025, respectively 14 14

Additional paid-in capital 675,061 674,297

Accumulated deficit (137,875) (160,870)

Less treasury stock, at cost (22,012) (22,012)

Total Stockholders' Equity 515,188 491,429

Total Liabilities and Stockholders' Equity $ 649,920 $ 632,179

INTREPID POTASH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Cash Flows from Operating Activities:

Net income $ 15,577 $ 3,263 $ 22,995 $ 7,869

Income from discontinued operations, net of tax (13,182) (1,887) (13,719) (3,065)

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization 9,300 8,946 19,251 18,802

Accretion of asset retirement obligation 777 650 1,553 1,299

Amortization of deferred financing costs 53 76 164 151

Stock-based compensation 1,505 1,295 2,021 2,394

Lower of cost or net realizable value inventory adjustments 270 419 1,092 1,754

Impairment of long-lived assets — 1,204 — 1,866

Gain on disposal of assets (6) (1,262) (34) (1,422)

Allowance for parts inventory obsolescence 585 2,041 598 2,041

Loss on equity investment — 414 — 888

Equity in loss of unconsolidated entities 11 232 11 232

Changes in operating assets and liabilities:

Trade accounts receivable, net 27,454 26,702 13,179 (53)

Other receivables, net 72 (539) 72 (1,079)

Inventory, net (8,957) (5,115) 6,903 11,418

Prepaid expenses and other current assets (144) 489 59 809

Accounts payable, accrued liabilities, and accrued employee

compensation and benefits (3,386) (2,088) (2,042) (1,564)

Operating lease liabilities (253) (112) (499) (490)

Deferred other income (564) (564) (1,128) (1,128)

Other liabilities 4,893 1,957 4,863 2,167

Net cash provided by operating activities of continuing operations 34,005 36,121 55,339 42,889

Net cash provided by operating activities of discontinued operations 360 3,822 2,193 7,971

Net cash provided by operating activities 34,365 39,943 57,532 50,860

Cash Flows from Investing Activities:

Additions to property, plant, equipment, mineral properties and other assets (8,460) (3,423) (13,593) (11,087)

Proceeds from sale of assets — 1,357 9 1,357

Proceeds from redemptions/maturities of investments — 500 — 1,000

Other investing, net — 2,129 — 2,129

Net cash (used in) provided by investing activities of continuing operations (8,460) 563 (13,584) (6,601)

Net cash provided by (used in) investing activities of discontinued operations 60,350 (693) 60,323 803

Net cash provided by (used in) investing activities 51,890 (130) 46,739 (5,798)

Cash Flows from Financing Activities:

Payments of financing lease (275) (257) (869) (500)

Capitalized debt fees (152) — (683) —

Employee tax withholding paid for restricted stock upon vesting (91) (174) (1,271) (856)

Proceeds from exercise of stock options — — 14 38

Net cash used in financing activities (518) (431) (2,809) (1,318)

Net Change in Cash, Cash Equivalents and Restricted Cash 85,737 39,382 101,462 43,744

Cash, Cash Equivalents and Restricted Cash, beginning of period 99,860 46,260 84,135 41,898

Cash, Cash Equivalents and Restricted Cash, end of period $ 185,597 $ 85,642 $ 185,597 $ 85,642

INTREPID POTASH, INC.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(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, adjusted net income 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 SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Adjusted Net Income and Adjusted Net Income Per Diluted Share

Adjusted net income and adjusted net income per diluted share are calculated as net income or net income 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 from Continuing Operations to Adjusted Net Income from Continuing Operations:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands)

Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804

Adjustments

Impairment of long-lived assets — 1,204 — 1,866

Gain on sale of assets (6) (1,262) (34) (1,422)

Employee separation costs — 638 1,367 638

Unpermitted discharge penalty — 2,155 — 2,155

Water rights contingency 5,000 — 5,000 —

Calculated income tax effect(1)

— — — —

Total adjustments 4,994 2,735 6,333 3,237

Adjusted Net Income from Continuing Operations $ 7,389 $ 4,111 $ 15,609 $ 8,041

Reconciliation of Net Income to Adjusted Net Income per Diluted Share:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net Income from Continuing Operations Per Diluted Share $ 0.18 $ 0.10 $ 0.70 $ 0.37

Adjustments

Impairment of long-lived assets — 0.09 — 0.14

Gain on sale of assets — (0.10) — (0.11)

Employee separation costs — 0.05 0.10 0.05

Unpermitted discharge penalty — 0.16 — 0.16

Water rights contingency 0.38 — 0.38 —

Calculated income tax effect(1)

— — — —

Total adjustments 0.38 0.20 0.48 0.24

Adjusted Net Income from Continuing Operations Per Diluted Share $ 0.56 $ 0.30 $ 1.18 $ 0.61

(1) Assumes an annual effective tax rate of 0% for 2026 and 2025.

INTREPID POTASH, INC.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Adjusted EBITDA

Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income from continuing operations 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 to Adjusted EBITDA:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands)

Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804

Impairment of long-lived assets — 1,204 — 1,866

Gain on sale of assets (6) (1,262) (34) (1,422)

Employee separation costs — 638 1,367 638

Unpermitted discharge penalty — 2,155 — 2,155

Water rights contingency 5,000 — 5,000 —

Interest expense — 66 — 171

Income tax expense 57 35 116 113

Depreciation, depletion, and amortization 9,300 8,946 19,251 18,802

Accretion of asset retirement obligation 777 650 1,553 1,299

Total adjustments 15,128 12,432 27,253 23,622

Adjusted EBITDA $ 17,523 $ 13,808 $ 36,529 $ 28,426

INTREPID POTASH, INC.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(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 June 30,

2026 2025

(in thousands, except per ton amounts) Potash

Trio®

Potash

Trio®

Total Segment Sales $ 30,602 $ 35,723 $ 33,994 $ 33,212

Less: Segment byproduct sales 5,381 27 6,195 20

Freight costs 2,132 8,459 2,859 7,409

Subtotal $ 23,089 $ 27,237 $ 24,940 $ 25,783

Divided by:

Tons sold 59 70 69 70

Average net realized sales price per ton $ 391 $ 389 $ 361 $ 368

Six Months Ended June 30,

2026 2025

(in thousands, except per ton amounts) Potash

Trio®

Potash

Trio®

Total Segment Sales $ 76,721 $ 88,261 $ 77,571 $ 83,054

Less: Segment byproduct sales 9,570 291 12,449 184

Freight costs 6,962 19,703 7,996 19,173

Subtotal $ 60,189 $ 68,267 $ 57,126 $ 63,697

Divided by:

Tons sold 165 176 172 181

Average net realized sales price per ton $ 365 $ 388 $ 332 $ 352

INTREPID POTASH, INC.

DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Three Months Ended June 30, 2026

Product Potash Segment

Trio® Segment

Corporate and Other Total

Potash $ 25,221 $ — $ — $ 25,221

Trio®

— 35,696 — 35,696

Water — — 332 332

Salt 2,160 27 — 2,187

Magnesium Chloride 1,028 — — 1,028

Brine Water 2,193 — — 2,193

Other — — 28 28

Total Revenue $ 30,602 $ 35,723 $ 360 $ 66,685

Six Months Ended June 30, 2026

Product Potash Segment

Trio® Segment

Corporate and Other Total

Potash $ 67,151 $ — $ — $ 67,151

Trio®

— 87,970 — 87,970

Water — — 343 343

Salt 4,459 291 — 4,750

Magnesium Chloride 1,547 — — 1,547

Brine Water 3,564 — — 3,564

Other — — 45 45

Total Revenue $ 76,721 $ 88,261 $ 388 $ 165,370

Three Months Ended June 30, 2025

Product Potash Segment

Trio® Segment

Corporate and Other Total

Potash $ 27,799 $ — $ (58) $ 27,741

Trio®

— 33,192 — 33,192

Water — — 266 266

Salt 3,169 20 — 3,189

Magnesium Chloride 1,623 — — 1,623

Brine Water 1,403 — — 1,403

Other — — 122 122

Total Revenue $ 33,994 $ 33,212 $ 330 $ 67,536

Six Months Ended June 30, 2025

Product Potash Segment

Trio® Segment

Corporate and Other Total

Potash $ 65,122 $ — $ (117) $ 65,005

Trio®

— 82,870 — 82,870

Water — — 1,355 1,355

Salt 6,304 184 — 6,488

Magnesium Chloride 2,771 — — 2,771

Brine Water 3,374 — — 3,374

Other — — 200 200

Total Revenue $ 77,571 $ 83,054 $ 1,438 $ 162,063

INTREPID POTASH, INC.

DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Three Months Ended

June 30, 2026 Potash

Trio®

Corporate and Other Consolidated

Sales $ 30,602 $ 35,723 $ 360 $ 66,685

Less: Freight costs 2,591 8,459 — 11,050

Warehousing and handling

costs 1,632 1,414 — 3,046

Cost of goods sold 21,191 14,407 72 35,670

Lower of cost or net realizable

value inventory adjustments 270 — — 270

Gross Margin $ 4,918 $ 11,443 $ 288 $ 16,649

Depreciation, depletion, and amortization incurred1

$ 7,727 $ 992 $ 581 $ 9,300

Six Months Ended June 30, 2026 Potash

Trio®

Corporate and Other Consolidated

Sales $ 76,721 $ 88,261 $ 388 $ 165,370

Less: Freight costs 8,077 19,703 — 27,780

Warehousing and handling

costs 3,339 3,551 — 6,890

Cost of goods sold 56,228 38,726 333 95,287

Lower of cost or net realizable

value inventory adjustments 1,092 — — 1,092

Gross Margin $ 7,985 $ 26,281 $ 55 $ 34,321

Depreciation, depletion, and amortization incurred1

$ 16,163 $ 1,951 $ 1,137 $ 19,251

Three Months Ended

June 30, 2025 Potash

Trio®

Corporate and Other Consolidated

Sales $ 33,994 $ 33,212 $ 330 $ 67,536

Less: Freight costs 3,660 7,409 (58) 11,011

Warehousing and handling

costs 1,818 1,296 — 3,114

Cost of goods sold 23,239 16,421 971 40,631

Lower of cost or net realizable

value inventory adjustments 419 — — 419

Gross Margin (Deficit) $ 4,858 $ 8,086 $ (583) $ 12,361

Depreciation, depletion, and amortization incurred1

$ 7,302 $ 871 $ 773 $ 8,946

Six Months Ended June 30, 2025 Potash

Trio®

Corporate and Other Consolidated

Sales $ 77,571 $ 83,054 $ 1,438 $ 162,063

Less: Freight costs 9,446 19,173 (117) 28,502

Warehousing and handling

costs 3,529 3,075 — 6,604

Cost of goods sold 55,481 42,286 1,754 99,521

Lower of cost or net realizable

value inventory adjustments 1,754 — — 1,754

Gross Margin (Deficit) $ 7,361 $ 18,520 $ (199) $ 25,682

Depreciation, depletion and amortization incurred1

$ 15,553 $ 1,715 $ 1,534 $ 18,802

(1) Depreciation, depletion, and amortization incurred for potash and Trio® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory.

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