Table of Contents _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Specified ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated adjusted EBITDA of $16.6 million and adjusted net income of $4.6 million, compared to adjusted EBITDA of $7.7 million and an adjusted net loss of $3.1 million in the prior year, marking significant improvements in profitability [5][6] - Cost of Goods Sold (COGS) per ton for potash improved by 17% from the 2023 baseline and by 25% from the peak in Q4 2023, coming in at $313 per ton [6] - COGS per ton for Trio was $235, representing a 22% improvement compared to the previous year's first quarter [6] Business Line Data and Key Metrics Changes - Potash production totaled 93,000 tons in Q1 2025, an increase of 6,000 tons year-over-year, with a 40% increase in tons sold despite a 20% decrease in average net realized pricing [11] - Trio achieved a quarterly sales record of 110,000 tons, with an average pricing increase to $345 per ton [7] - The Oilfield Solutions segment generated revenue of $4.4 million with a gross margin of approximately 38% [13] Market Data and Key Metrics Changes - Potash prices increased by $55 per ton and Trio prices by $40 per ton during Q1 2025 due to strong demand and tight supplies [8] - Global potash consumption is returning to a trend line growth of approximately 2% per year, with a balanced outlook heading into the second half of 2025 [9] - U.S. agriculture exports for corn are up by about 25% year-to-date, supporting forecasts of low crop inventories [9] Company Strategy and Development Direction - The company is focused on revitalizing core assets and improving unit economics, which has positively impacted production and profitability [6][10] - The strategy includes maintaining consistent production levels and cost structures to ensure resilience and predictability in operations [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potash and agriculture markets, citing beneficial tariff treatments and a weakening dollar supporting U.S. agriculture exports [9][10] - The company anticipates continued improvements in cash flow and reduced COGS per ton, despite broader market uncertainties [16] Other Important Information - The company expects potash production for 2025 to be between 285,000 to 295,000 tons, with Trio production projected at 235,000 to 245,000 tons [12][13] - Capital expenditures for 2025 are guided at $36 million to $42 million, primarily for sustaining capital [15] Q&A Session Summary Question: Potash pricing expectations for Q2 - Management explained that Q2 pricing is projected at around $355 per ton, reflecting a differential of about $43 per ton compared to Q1 pricing, capturing most of the price uptick [20][21] Question: Production volume expectations for the rest of the year - Management indicated that production forecasts are based on recent projects and the Wendover facility, with a focus on maintaining production levels despite potential variability [23] Question: Outlook for Trio cost improvements - Management noted that while cost improvements are expected to moderate, the current cost structure reflects significant operational efficiencies achieved [27][28] Question: Assessment of company performance and focus areas - Management highlighted the importance of maintaining focus on core assets and consistent performance to drive improvements over the next one to two years [30][32] Question: Cash flow generation and capital allocation - Management confirmed that Q2 is typically the best cash flow generation quarter, with discussions on capital allocation becoming more relevant as performance improves [42]

Intrepid Announces First Quarter 2025 Results Denver, CO, May 5, 2025 - Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the first quarter of 2025. First Quarter Highlights & Management Commentary Improving potash and Trio unit economics, strong Trio pricing, and our highest quarterly sales volumes since 2016 led to strong first quarter 2025 results, highlighted by: ® ® Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "Since j ...

Company Overview - Intrepid Potash (IPI) currently holds a Momentum Style Score of B, indicating a favorable position in momentum investing [2][11] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3][11] Price Performance - IPI shares have increased by 14.34% over the past week, outperforming the Zacks Fertilizers industry, which rose by 5.63% during the same period [5] - Over the past month, IPI's price change is 13.58%, compared to the industry's 8.07% [5] - In the last quarter, IPI shares have gained 25.15%, and over the past year, they have increased by 66.7%, while the S&P 500 has moved -7.64% and 10.16%, respectively [6] Trading Volume - The average 20-day trading volume for IPI is 194,374 shares, which serves as a baseline for price-to-volume analysis [7] Earnings Estimates - In the past two months, one earnings estimate for IPI has moved higher, while none have moved lower, resulting in an increase in the consensus estimate from -$0.45 to -$0.16 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions [9] Conclusion - Considering the positive price trends and earnings outlook, IPI is positioned as a promising momentum pick, making it a stock to watch for potential near-term gains [11]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Now you can get access to the latest and highest-quality analysis of recent Wall Street buying and selling ideas with just one subscription to Beyond the Wall Investing ! There is a free trial and a special discount of 10% for you. Join us today!I published my previous analysis on Intrepid Potash, Inc. (NYSE: IPI ) stock many months ago with a "Buy" rating, which hasn't aged well because the Russia-Ukraine war's consequences didn't lead to the setup in the fertilizerDaniel Sereda is chief investment analyst ...

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Intrepid Potash (IPI) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.Intrepid Potash is one of 232 individual stocks in the Basic Materials sector. Collectively, these companies sit at #15 in the Zacks Sector Rank. The Zacks Sector Ra ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Intrepid Potash (IPI) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.Intrepid Potash is one of 232 companies in the Basic Materials group. The Basic Materials group currently sits at #14 within the Zacks Sector Rank. The Zacks Secto ...

Financial Data and Key Metrics Changes - In Q4 2024, the company generated adjusted EBITDA of $8.6 million, compared to $7.1 million in the prior year, reflecting an improvement driven by higher production and operational execution [8][10] - The adjusted net loss for Q4 2024 was $1.4 million, an improvement from a loss of $5.2 million in the same quarter last year [8] Business Line Data and Key Metrics Changes - Potash production in Q4 2024 was 117,000 tons, marking a nearly 50% increase year-over-year, with full-year production reaching 295,000 tons, up over 30% from 2023 [10][17] - Trio production increased by 16% year-over-year, with 2024 production at 251,000 tons, the highest since 2016, and a gross margin improvement of over $5 million compared to Q4 2023 [11][20] Market Data and Key Metrics Changes - The company noted a strong demand for Trio, with sales volumes reaching a record 254,000 tons and pricing higher than potash for the first time since 2016 [11] - The potash market saw a reduction of approximately 1.3 million tons in supply, primarily from Eastern Europe, contributing to firm pricing expectations [28] Company Strategy and Development Direction - The company aims to sustain higher production levels as the only domestic potash producer in the U.S., leveraging its logistics advantage for better netbacks compared to peers [12] - Capital spending will be disciplined, focusing on core fertilizer assets, with plans to drill a sample well in the HB AMEX cavern in H1 2025 [13][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the production improvements and unit cost reductions achieved in 2024, with expectations for continued momentum into 2025 [23] - The potential for a second guaranteed $50 million payment from XTO could catalyze discussions on capital returns to shareholders [14] Other Important Information - A valuation allowance was recorded against deferred tax assets due to projected pre-tax book losses [16] - The company anticipates a capital expenditure of $36 to $42 million for 2025, primarily for sustaining capital [23] Q&A Session Summary Question: Thoughts on product pricing dynamics - Management noted recent global price increases for potash, driven by steady demand and reduced supply, expecting firm pricing to continue [27][28] Question: Cost leverage in a flat production environment - Management indicated that while production may be flat in 2025, improvements in cash costs are expected, particularly from the Wendover facility [32][34] Question: Impact of Canadian tariffs on pricing - Management stated it is early to assess the specific impact of tariffs, with most first-quarter volumes already contracted [36] Question: Unit economics and cost improvements - Management confirmed significant cost improvements, with expectations for further reductions as production ramps up in 2025 [41][44] Question: Brine grades and long-term expectations - Management reported positive brine grades from the Eddy Shaft project and anticipates continued benefits from the IP30B well [46][47] Question: Asset sales and capital allocation strategy - Management acknowledged interest in surface acreage and emphasized the focus on core fertilizer assets to generate steady free cash flow before considering capital returns [52][55]