Intrepid Announces Fourth Quarter and Full Year 2025 Results (Form 8-K)

Intrepid Announces Fourth Quarter and Full Year 2025 Results

DENVER, CO - (BUSINESS WIRE - March 4, 2026) -- 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:

•Total sales of $75.9 million in the fourth quarter and $298.3 million for FY 2025.

•Net loss of $0.4 million and adjusted net income(1) of $6.5 million in the fourth quarter, and net income of $11.2 million and adjusted net income(1) of $19.1 million for FY 2025.

◦Our fourth quarter net loss and FY 2025 net income include a $4.0 million charge for a pending legal settlement and a $2.4 million charge related to the disposal of an extraction well drilled in 2012 that was plugged-and-abandoned in the fourth quarter.

•Adjusted EBITDA(1) of $18.1 million in the fourth quarter and $63.1 million for FY 2025.

•Cash flow from operations of $8.9 million for the fourth quarter and $55.8 million for FY 2025.

•Ending 2025 in a strong financial position, with no debt or outstanding borrowings on our credit facility and cash and cash equivalents of $83.5 million, which includes an $8 million deposit related to the potential sale of the majority of our assets at Intrepid South.

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."

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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

•We ended 2025 with cash and cash equivalents of $83.5 million with no outstanding borrowings on our $150 million revolving credit facility that matures in August 2027.

•As of February 27, 2026, our cash and cash equivalents totaled approximately $93.3 million with no outstanding borrowings on our credit facility.

Capital Expenditures

•Our capital expenditures for FY 2025 totaled $30.2 million. This mostly comprised sustaining capital, and included the completion of the AMAX test well, the replacement of an aging continuous miner, and various other equipment purchases across our operations.

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•For 2026, we expect our capital expenditures will be in the range of $40 to $50 million, primarily driven by Primary Pond 8 construction at Wendover and sustaining capital at the East Mine.

Key Projects and Operational Focus for 2026

Wendover Lithium Project

•Our lithium project in Wendover continues to make progress under our Joint Development Agreement ("JDA") with Aquatech International, LLC ("Aquatech"), and Adionics. Adionics and Aquatech have successfully produced battery-grade lithium carbonate in a demonstration test of Intrepid's Wendover brine, with the testing results achieving a lithium extraction rate of 92.9%, producing an overall lithium chloride purity above 99.5%, meeting key specifications for battery manufacturing. The project design is expected to be for five thousand tons of lithium carbonate per year. We still plan to limit our capital exposure and operating risk to the lithium industry, and we will continue to maintain our focus on our core fertilizer operations, but successfully monetizing lithium from our byproduct magnesium chloride brine will constitute an important step forward in driving margin improvement at Wendover.

•In our 2025 10-K, we will be including an updated Technical Report Summary for our Wendover, Utah operation, which will include maiden resource estimates for the associated byproduct lithium and magnesium. The estimated measured and indicated maiden mineral resources total approximately 119 thousand tons of lithium carbonate equivalent and 1.5 million tons of magnesium. At the final outflow, the lithium concentration in the magnesium chloride brine has been measured at a median parts per million of approximately 1,360, while the magnesium concentration has been measured at 7.7%.

Wendover Primary Pond 8 Project

•To further expand our evaporative area at Wendover to help sustain our potash productive capacity level of approximately 75 thousand tons, we are progressing with building another new primary pond. We expect the new primary pond will result in higher byproduct production, including lithium and magnesium. Primary Pond 8 will further expand our evaporative area at Wendover by approximately 35%. This project is expected to be commissioned in 2027 and contribute to our potash and byproduct production starting in 2028.

Increased Production at East Underground Mine

•In early 2026, we replaced a continuous miner at our East Mine; three of the five continuous miners are now relatively new and are expected to continue to drive improved operational efficiencies and higher Trio® production. Moreover, we also increased our operating hours per shift and continue to operate our fine langbeinite recovery system, both of which will also help drive higher production. Overall, the improvements in our mill have resulted in increased production of granular and premium products. For FY 2026, we expect to produce 285 to 300 thousand tons of Trio®.

Potential Sale of Intrepid South Ranch

•In December 2025, we received an $8.0 million cash deposit related to the potential sale of the majority of the assets of Intrepid South. As consideration for this deposit, we entered into an exclusivity period with the potential buyer, during which time we will negotiate definitive agreements. This deposit will be credited against the purchase price of the transaction, and in the event we are unable to reach a definitive agreement or

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the buyer is unable to close in a timely manner, we may retain the deposit after the exclusivity period expires. If we are successful in negotiating definitive agreements, we expect the transaction would close in the first half of 2026 subject to approval by our Board of Directors.

Deferred Project for 2026

AMAX Cavern Project

•We have deferred a formal decision for our AMAX cavern project into at least 2027 and will continue our evaluation over the next year. While we remain confident about the potash reserves in the AMAX cavern, we want to further study the surrounding geology before committing additional capital. The deferral is not expected to have an effect on our production as we believe we currently have sufficient potash reserves and brine in the HB cavern system to sustain our production over the next several years.

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

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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.

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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.

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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.