Key Takeaways
- Intrepid Potash reported Q1 2026 sales from continuing operations of $98.7 million, net income from continuing operations of $6.9 million ($0.52 diluted EPS), and adjusted EBITDA of $19.0 million – up from $14.6 million in Q1 2025.
- Combined potash and Trio sales volumes of 211 thousand tons were the second highest quarterly total since the company idled its West mine in 2016.
- The Trio segment posted its highest quarterly gross margin since 2022 at $14.8 million, driven by a 12% increase in average net realized price per ton to $387 and improved cost per ton of $229.
- Potash average net realized price rose 13% year-over-year to $353 per ton, supported by winter fill prices $40 per ton higher than the prior year program.
- The company sold the South Ranch assets to HydroSource Logistics for $70 million on April 1, 2026, exiting the oilfield solutions segment; the Wendover Lithium Project continues FEL-3 engineering and permitting.
Intrepid Potash Reports Q1 2026 Results on Strong Trio and Potash Pricing
Intrepid Potash, Inc. (NYSE: IPI) reported first quarter 2026 sales from continuing operations of $98.7 million, up from $94.5 million in Q1 2025. Net income from continuing operations was $6.9 million, or $0.52 per diluted share, compared to $3.4 million ($0.26 diluted EPS) in the prior year period. Adjusted net income from continuing operations was $8.2 million ($0.62 diluted EPS), and adjusted EBITDA reached $19.0 million, up from $14.6 million a year ago. Cash flow from continuing operations was $21.3 million, more than triple the $6.8 million generated in Q1 2025.
“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. Trio 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. Overall, potash market fundamentals remain constructive and the U.S. agriculture market has shown resiliency despite uncertainty from rising input costs,” said Kevin Crutchfield, CEO of Intrepid Potash.
Segment Highlights
The Trio segment was the standout performer, generating gross margin of $14.8 million – the highest quarterly result since 2022 – compared to $10.4 million in Q1 2025. Sales reached $52.5 million on volumes of 106 thousand tons. Average net realized price per ton rose 12% to $387, supported by strong pricing in sulfate and potassium components. Trio production of 69 thousand tons was 10% higher year-over-year despite weather interruptions early in the quarter, benefiting from a newly commissioned continuous miner and ongoing plant optimization. Cost of goods sold per ton improved to $229 from $235 in Q1 2025 and $242 in Q4 2025.
The Potash segment reported sales of $46.1 million on volumes of 105 thousand tons. Average net realized price per ton increased 13% to $353, reflecting winter fill prices $40 per ton above the prior year program. Production of 104 thousand tons was 11 thousand tons higher year-over-year on efficiency improvements across all mines. Gross margin reached $3.1 million, up from $2.5 million in Q1 2025. Cost of goods sold per ton was $334, slightly above the $332 recorded in Q4 2025 and up from $313 in Q1 2025, reflecting higher output from higher-cost sites.
Project and Asset Updates
On April 1, 2026, Intrepid completed the sale of the majority of its South Ranch assets to HydroSource Logistics LLC for $70 million in total consideration, including an $8 million deposit received in December 2025. The sale included approximately 21,793 acres of fee land, 27,858 acres of federal grazing leases, water rights, and related assets. As the divested assets comprised the majority of the oilfield solutions segment, that segment is no longer reportable and prior results are classified as discontinued operations.
At the East Underground Mine, a new continuous miner commissioned in early 2026 has already improved operational efficiencies and increased Trio production. Combined with extended operating hours and mill improvements, full-year Trio production is expected at 285 to 300 thousand tons. The Wendover Lithium Project remains in FEL-3 engineering and permitting with partners, with further updates expected later in 2026.
Liquidity and Capital Expenditures of Intrepid Potash
As of March 31, 2026, Intrepid held $99.3 million in cash and cash equivalents with no outstanding borrowings on its $150 million revolving credit facility, which has been extended to mature in March 2031. Capital expenditures in Q1 2026 totaled $5.1 million, with full-year 2026 capex guidance of $40 to $50 million.
Read the complete financials here.
