Key Takeaways:
- Total sales of $53.2 million, with net income of $3.7 million or $0.28 per diluted share
- Adjusted net income of $1.5 million and adjusted EBITDA of $12.0 million
- Trio segment achieved higher pricing, improved production, and lower unit costs
- Year-to-date adjusted EBITDA of $45.0 million, strongest performance since 2015 excluding 2022 price peaks
- Strong liquidity with $74 million in cash and no outstanding borrowings as of October 31, 2025
Intrepid Potash Financial overview
Intrepid Potash, Inc. (NYSE: IPI) reported total third quarter 2025 sales of $53.2 million and net income of $3.7 million, or $0.28 per diluted share. Adjusted net income was $1.5 million, or $0.11 per diluted share, and adjusted EBITDA was $12.0 million.
For the first nine months of 2025, the company generated $222.5 million in total sales, $12.6 million in adjusted net income, and $45.0 million in adjusted EBITDA—its best year-to-date results since 2015, excluding the record pricing year of 2022.
CEO Kevin Crutchfield stated that strong potash and Trio performance, along with the full realization of earlier price increases, supported higher gross margins. He highlighted stable market fundamentals and improving U.S. agricultural conditions as positive indicators for continued fertilizer demand.
Intrepid Segment performance
Potash
Third quarter potash sales rose to $32.5 million, up $4.1 million from the prior year. Sales volumes increased 15 percent to 62 thousand tons, while the average realized sales price rose 7 percent to $381 per ton.
Production totaled 41 thousand tons, lower than last year due to a planned three-week delay at the HB facility to optimize evaporation. Despite weather-related challenges, cost control measures improved unit economics, with cost of goods sold per ton declining to $340 from $348 in 2024. Gross margin for the segment rose to $6.3 million, driven by higher volumes and pricing.
Trio
Trio segment sales were $18.1 million, slightly lower than $18.9 million in the prior-year quarter, reflecting a 20 percent decrease in tons sold to 36 thousand tons. However, the average realized sales price rose 29 percent to $402 per ton, resulting in higher profitability.
Trio production increased to 70 thousand tons from 62 thousand tons last year, supported by operational efficiencies and lower costs from continuous miners and a fine langbeinite recovery system. The segment’s cost of goods sold per ton decreased to $257 from $272 in 2024, contributing to a gross margin improvement to $4.4 million from $0.6 million a year earlier.
Oilfield solutions
Oilfield segment sales declined to $2.7 million from $10.3 million in the same quarter last year, largely due to lower water sales and reduced oilfield activity near the Intrepid South Ranch and Caprock systems. The segment reported a gross margin deficit of $60 thousand compared to a $3.1 million gross profit in 2024.
Intrepid Project and operations update
HB Solar Solution Mine and AMAX Cavern project
Intrepid is advancing its AMAX Cavern project at the HB Solar Solution Mine in Carlsbad, New Mexico. The company expects to secure permits to drill the injection well and connect the cavern system by the end of the first quarter of 2026.
East Mine operations
At the Carlsbad East Mine, operational efficiencies remain strong. Intrepid plans to commission another continuous miner in the first quarter of 2026, supporting targeted Trio production of 70 to 75 thousand tons per quarter next year.
Intrepid Potash Capital expenditures and liquidity
Capital expenditures totaled $7.7 million for the third quarter and $20.2 million year-to-date. The company expects total 2025 capital spending of $30 to $34 million, including about $5 million related to the AMAX Cavern project.
As of October 31, 2025, Intrepid held $74 million in cash and cash equivalents and had no outstanding borrowings under its $150 million revolving credit facility, which matures in August 2027.
