Intrepid Potash, Inc. SEC 10-Q Report

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2025.11.06 18:03
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Intrepid Potash, Inc. has released its Q3 2025 Form 10-Q report, revealing total revenue of $53.2 million, an 8% decrease from 2024, primarily due to a drop in oilfield solutions sales. However, gross margin improved to $10.6 million, and net income turned positive at $3.7 million. The potash segment saw a 15% increase in sales volume, while Trio® sales decreased by 4%. The company is exploring new production options and anticipates stable potash pricing supported by global demand.

Intrepid Potash, Inc., a leading producer of potash and langbeinite (marketed as Trio®), has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial and operational performance, showcasing significant improvements in profitability and strategic business initiatives despite challenges in certain segments.

Financial Highlights

  • Total Revenue: $53.2 million, decreased by 8% compared to the same period in 2024 due to a significant drop in oilfield solutions segment sales.
  • Gross Margin: $10.6 million, increased from $7.7 million in the same period in 2024, driven by higher average net realized sales prices for both potash and Trio®.
  • Operating Income (Loss): $3.3 million, improved from a loss of $2.2 million in the same period in 2024, reflecting better cost management and pricing strategies.
  • Net Income (Loss): $3.7 million, compared to a net loss of $1.8 million in the same period in 2024, indicating a positive turnaround in profitability.
  • Diluted EPS: $0.28, compared to a loss of $0.14 per share in the same period in 2024, reflecting improved earnings performance.

Business Highlights

  • Revenue Segments: The potash segment saw a 15% increase in sales volume for the three months ended September 30, 2025, compared to the same period in 2024, driven by strong production volumes. Trio® segment sales decreased by 4% due to a 20% reduction in sales volume as customers deferred purchases. The oilfield solutions segment experienced a significant 74% decrease in sales, primarily due to reduced water sales.
  • Sales Units: Potash sales volumes increased by 15% in the three months ended September 30, 2025, compared to the same period in 2024, due to improved production volumes. Trio® sales volumes decreased by 20% in the same period, reflecting deferred purchases by customers.
  • New Production Launches: The company is evaluating options for a new injection well and pipeline to connect the AMAX mine to the HB injection system, with permits expected to be completed in the first quarter of 2026.
  • Future Outlook: Potash pricing is expected to remain stable, supported by a balanced global outlook and contract settlements with China and India. Trio® pricing is anticipated to be supported by a balanced global potash outlook and constructive sulfate values. The company is also pursuing opportunities to supply or source water for additional fracs on or near Intrepid South, although the timing is uncertain.

SEC Filing: Intrepid Potash, Inc. [ IPI ] - 10-Q - Nov. 06, 2025

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