Intrepid Potash, Inc. Reports Strong FY2025 Results and Provides Optimistic 2026 Outlook

DENVER, CO – March 4, 2026 – Intrepid Potash, Inc. (NYSE: IPI) has released its financial results for the fourth quarter and full year 2025, delivering record operational achievements, a strong financial position, and providing guidance for 2026 that positions the company as a potential leader in domestic critical minerals.

Key Financial Highlights

• Full Year 2025 Sales: \$298.3 million, up from \$254.7 million in 2024.
• Q4 2025 Sales: \$75.9 million, compared to \$55.8 million in Q4 2024.
• Net Income: \$11.2 million for FY2025 (versus a net loss of \$212.8 million in 2024).
• Adjusted Net Income: \$19.1 million for FY2025; \$6.5 million for Q4 2025.
• Adjusted EBITDA: \$63.1 million for FY2025; \$18.1 million for Q4 2025.
• Cash Flow from Operations: \$55.8 million for FY2025, with Q4 at \$8.9 million.
• Cash and Equivalents: Ended 2025 with \$83.5 million (including an \$8 million deposit related to a potential asset sale); as of February 27, 2026, cash increased to \$93.3 million.
• No Debt: Intrepid remains debt-free, with no outstanding borrowings on its \$150 million credit facility.

Operational and Segment Performance

• Trio® Segment: Record sales of 303,000 tons in 2025, up from 254,000 tons in 2024. Average net realized sales price per ton rose to \$367 (from \$311).
• Potash Segment: Sales volumes increased to 289,000 tons (from 240,000 in 2024), though production slightly decreased to 280,000 tons due to operational delays and weather impacts. Average net realized sales price per ton was \$353 (down from \$377 in 2024), but improved throughout the year.
• Oilfield Solutions: Segment sales declined to \$14.4 million (from \$24.7 million) due to lower water sales and decreased oilfield activity, with gross margin falling 56% year-over-year.

2026 Guidance

• Potash Sales Volumes (Q1 2026): Projected at 95,000–105,000 tons; Average net realized price per ton: \$345–\$355.
• Trio® Sales Volumes (Q1 2026): Projected at 105,000–115,000 tons; Average net realized price per ton: \$380–\$390.
• 2026 Production: Potash: 270,000–285,000 tons; Trio®: 285,000–300,000 tons.
• Capital Expenditures: Expected \$40–\$50 million, primarily for Wendover expansion and sustaining capital at East Mine.

Strategic Projects and Corporate Developments

• Wendover Lithium Project: Progress continues via a Joint Development Agreement with Aquatech and Adionics. Successful demonstration produced battery-grade lithium carbonate with 92.9% extraction and 99.5% purity. Design aims for 5,000 tons/year capacity. Maiden resource estimate: 119,000 tons lithium carbonate equivalent and 1.5 million tons magnesium.
• Wendover Expansion: Construction of Primary Pond 8 to increase evaporative area by 35%, sustaining potash capacity (~75,000 tons/year). Commissioning in 2027, with production ramping in 2028. Increased byproduct lithium and magnesium production expected.
• East Mine Upgrades: Replacement of a continuous miner and increased operating hours expected to drive higher Trio® production (FY2026 guidance: 285,000–300,000 tons).
• Potential Asset Sale: An \$8 million deposit received for the potential sale of the majority of Intrepid South’s assets. Exclusivity period in place; closing anticipated in H1 2026, pending Board approval. If not closed, deposit may be retained.
• AMAX Cavern Project: Decision deferred to at least 2027 for further geological study. No near-term impact on production expected.

Risks and Forward-Looking Statements

Intrepid highlights several risks, including changes in product pricing and demand, legal proceedings (notably a \$4 million charge for a pending legal settlement in Q4 2025), operational disruptions, weather impacts, costs of strategic projects, and regulatory/environmental factors. The company also cautions about the inherent uncertainties in forward-looking statements.

Shareholder-Relevant and Price-Sensitive Issues

• Record Trio® sales and shift towards higher lithium production may attract investor attention as the company leverages its position in critical minerals.
• Potential sale of Intrepid South (with an \$8 million deposit already received) could significantly impact financials and operational focus.
• Strong cash position, no debt, and robust free cash flow strengthen the investment case and may allow for future growth or shareholder returns.
• Progress in lithium extraction and resource estimates at Wendover could be transformative, positioning Intrepid as a key domestic lithium supplier at a time of increasing demand for battery metals.
• Deferred AMAX cavern investment suggests management discipline and focus on capital allocation rather than aggressive expansion.
• Legal and operational charges (notably the \$4 million legal settlement and \$2.4 million asset disposal in Q4) impacted reported earnings but are largely non-recurring.

Conference Call Details

Investors can join the management conference call on March 5, 2026, at 12:00 p.m. Eastern Time using the toll-free number 1 (800) 715-9871 or international dial-in 1 (646) 307-1963 with conference ID 1179359. A replay will be available online and via phone through March 12, 2026.

Conclusion

Intrepid Potash has delivered a strong financial and operational performance for 2025, positioning itself for further growth in 2026. The company’s increasing focus on critical minerals, particularly lithium, combined with its solid balance sheet, record sales, and ongoing strategic projects, offers significant potential for shareholder value creation. The pending sale of Intrepid South and the progress on lithium projects are especially noteworthy and could be catalysts for future share price movement.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult with financial advisors before making investment decisions. All forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from projections.

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