<\/p>\n
Intrepid Announces First Quarter 2026 Results<\/b><\/p>\n
DENVER–(BUSINESS WIRE<\/a>)– First Quarter Highlights & Management Commentary<\/b><\/p>\n \nSupportive prices, resilient demand for potash and Trio\u00ae<\/sup>, and continued improvement in Trio\u00ae<\/sup> margins led to another quarter of strong financial results, highlighted by:<\/p>\n \nKevin Crutchfield, Intrepid’s Chief Executive Officer, commented: “We started 2026 with a great quarter and I want to thank our entire team for their commitment to safety and hard work. Our first quarter net income from continuing operations of $6.9 million and adjusted EBITDA of $19.0 million validates our focus on consistent execution across our core fertilizer business.<\/i><\/p>\n Combined potash and Trio\u00ae<\/sup> sales volumes were 211 thousand tons, our second highest quarterly sales total since idling the West mine in 2016. Trio\u00ae<\/sup> continues to be our strongest segment, as we posted the highest quarterly margin for the segment since 2022. Prices remained supportive in the spring and our investments in operational efficiency showed their worth as per-ton costs improved 5% compared to Q4.<\/i><\/p>\n Overall, potash market fundamentals remain constructive and the U.S. agriculture market has shown resiliency despite uncertainty from rising input costs. As we redouble our focus on core operations to serve these markets and to unlock the value of all the critical minerals we produce, the future is bright for Intrepid.”<\/i><\/p>\n Key Financial & Operational Metrics Summary<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (in millions unless otherwise stated)<\/b><\/p>\n<\/td>\n<\/tr>\n \nSales from continuing operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n98.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n94.5<\/p>\n<\/td>\n<\/tr>\n \nGross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13.3<\/p>\n<\/td>\n<\/tr>\n \nNet income from continuing operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.4<\/p>\n<\/td>\n<\/tr>\n \nNet income from continuing operations per diluted share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.26<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income from continuing operations(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.9<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income from continuing operations per diluted share(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.30<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14.6<\/p>\n<\/td>\n<\/tr>\n \nCash flow from continuing operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n21.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPotash sales volumes (in thousands and tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103<\/p>\n<\/td>\n<\/tr>\n \nAverage potash net realized sales price per ton(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n353<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n312<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTrio\u00ae<\/sup> sales volumes (in thousands and tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n106<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n110<\/p>\n<\/td>\n<\/tr>\n \nAverage Trio\u00ae<\/sup> net realized sales price per ton(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n387<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n345<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Project Updates<\/b><\/p>\n Sale of Intrepid South Ranch<\/span><\/i><\/b><\/p>\n Increased Production at East Underground Mine<\/span><\/i><\/b><\/p>\n Wendover Lithium Project<\/span><\/i><\/b><\/p>\n Capital Expenditures<\/b><\/p>\n Liquidity<\/b><\/p>\n Segment Highlights<\/b><\/p>\n Potash<\/span><\/i><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(in thousands, except per ton data)<\/p>\n<\/td>\n<\/tr>\n \nSales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n46,119<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n43,577<\/p>\n<\/td>\n<\/tr>\n \nGross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,067<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,503<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPotash sales volumes (in tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103<\/p>\n<\/td>\n<\/tr>\n \nPotash production volumes (in tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n104<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage potash net realized sales price per ton(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n353<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n312<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the first quarter of 2026, our potash segment sales increased $2.5 million compared to the same prior year period. This was primarily driven by a 13% increase in our average net realized sales price per ton(1)<\/sup> to $353, as 2026 winter fill prices were $40 per ton higher than the 2025 winter fill program.<\/p>\n \nIn the first quarter of 2026, our potash production of 104 thousand tons was 11 thousand tons higher than the same prior year period, as we benefited from efficiency improvements across all our mines. Increased production from our higher-cost sites led to an increase in our average potash segment cost of goods sold (“COGS”) per ton, which totaled $334 in the first quarter of 2026. This compares to $313 per ton in the first quarter of 2025 and $332 per ton in the fourth quarter of 2025.<\/p>\n \nOur segment gross margin increased by $0.6 million compared to the same prior year period, which was primarily a result of higher sales pricing partially offset by higher costs on a similar volume.<\/p>\n \nIn the first quarter of 2026, we recorded $0.8 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 for certain products. In first quarter of 2025, we recorded $1.3 million in lower of cost or net realizable value inventory adjustments<\/p>\n Trio<\/span>\u00ae<\/sup><\/i><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(in thousands, except per ton data)<\/p>\n<\/td>\n<\/tr>\n \nSales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n52,538<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n49,842<\/p>\n<\/td>\n<\/tr>\n \nGross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,434<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTrio\u00ae <\/sup><\/i>sales volume (in tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n106<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n110<\/p>\n<\/td>\n<\/tr>\n \nTrio\u00ae<\/sup> production volume (in tons)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage Trio\u00ae<\/sup> net realized sales price per ton(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n387<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n345<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the first quarter of 2026, Trio\u00ae<\/sup> segment sales increased $2.7 million, or 5% compared to the same prior year period. This was largely driven by a 12% increase in our average net realized sales price per ton(1)<\/sup> to $387 due to continued supportive prices of the individual nutrient components of Trio\u00ae<\/sup>, particularly sulfate and potassium, partially offset by a 4% decline in tons sold.<\/p>\n \nOur Trio\u00ae<\/sup> production of 69 thousand tons was 10% higher than the first quarter last year despite weather-related production interruptions early in the quarter, showing the benefit of the new continuous miner commissioned earlier this year and ongoing plant optimization projects. Our Trio\u00ae<\/sup> segment COGS per ton totaled $229, which compares to $235 per ton in the first quarter of 2025, and $242 per ton in the fourth quarter of 2025.<\/p>\n \nOur Trio\u00ae <\/sup>segment generated gross margin of $14.8 million in the first quarter of 2026, which compares to $10.4 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\u00ae<\/sup> segment COGS per ton, which helped offset a slight decline in sales volume.<\/p>\n Notes<\/b><\/p>\n 1<\/sup> 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.<\/p>\n \nUnless 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.<\/p>\n Conference Call Information<\/b><\/p>\n \nIntrepid will host a conference call on Thursday, May 7, 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 357989383. The call will also be streamed on the Intrepid website, intrepidpotash.com<\/a>. 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.<\/p>\n About Intrepid<\/b><\/p>\n
\nIntrepid Potash, Inc. (“Intrepid”, “the Company”, “we”, “us”, or “our”) (NYSE:IPI) today reported its results for the first quarter of 2026.<\/p>\n\n
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