Intrepid Potash (IPI) Company Report

Intrepid Potash reported strong Q4 2025 results with adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, contributing to a full-year 2025 adjusted EBITDA of $63 million, an almost 80% improvement over 2024.
The company achieved record Trio sales of 303,000 tons in 2025 and projects Trio production to increase by about 7% at the midpoint in 2026 to 285,000-300,000 tons. Potash production for 2026 is guided to be 270,000-285,000 tons, with a recovery projected for 2027 to 300,000-310,000 tons.
For Q1 2026, Intrepid expects potash sales volumes of 95,000-105,000 tons at an average net realized price of $345-$355 per ton, and Trio sales volumes of 105,000-115,000 tons at $380-$390 per ton.
The Wendover lithium project has a measured and indicated resource of approximately 119,000 tons of lithium carbonate equivalent, supporting a project life of roughly 25 years at an estimated 5,000 tons per year production capacity, with a definitive feasibility study targeted for later in 2026.
Intrepid is under exclusivity for the sale of the South Ranch, holding an $8 million deposit, with the deal expected to close in the first half of 2026. The 2026 capital program is projected to be $40 million-$50 million.

6 days ago

Transcript

Intrepid Potash Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Production Guidance

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash reported strong Q4 2025 adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, contributing to a full-year 2025 adjusted EBITDA of $63 million, an almost 80% improvement over 2024.
Combined Potash and Trio sales volumes for 2025 increased 20% year-over-year to 590,000 tons, with Trio sales reaching a record 303,000 tons.
For 2026, Trio production is guided to 285,000-300,000 tons (a 7% increase at midpoint), while Potash production is expected to be 270,000-285,000 tons.
The company's Wendover lithium project will include maiden resource estimates of approximately 119,000 tons of lithium carbonate equivalent in its 2025 10-K.
Intrepid is under exclusivity for the sale of its South Ranch, holding an $8 million deposit, with the transaction anticipated to close in the first half of 2026.

6 days ago

Transcript

Intrepid Potash Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Advances Lithium Project

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash delivered strong Q4 2025 results with adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, contributing to a full-year 2025 adjusted EBITDA of $63 million, an almost 80% improvement over 2024.
The company achieved record combined potash and Trio sales volumes of over 590,000 tons in 2025, a 20% increase from 2024, driven by strong demand for core fertilizer products.
For 2026, Intrepid expects Trio production to increase by approximately 7% year-over-year to 285,000-300,000 tons, while potash production is projected to be 270,000-285,000 tons. Capital investment for 2026 is guided between $40 million-$50 million.
Strategic initiatives include advancing the Wendover lithium project, which has a measured and indicated resource of approximately 119,000 tons of lithium carbonate equivalent , and the potential sale of the South Ranch, with an $8 million deposit received and a likely closing in the first half of 2026.

6 days ago

Transcript

Intrepid Potash's White Silver Lithium Project Clears Key Technical Milestone

IPI

New Projects/Investments

An updated Technical Report Summary has confirmed the long-term viability of the White Silver Lithium Project, which will recover 5,000 tons per year of battery-grade lithium carbonate from an industrial brine by-product stream at Intrepid's Potash facility in Wendover, Utah. This project is expected to be the first in the USA to deliver high-purity lithium at scale from an existing industrial process.
The project is being developed by White Silver LLC, a wholly owned subsidiary of Aquatech, under a joint development agreement with Intrepid Potash, Aquatech, and Adionics. Aquatech will design, build, and operate the facility, leveraging its PEARL™ technology and Adionics' direct lithium extraction (DLE) technology.
The estimated measured and indicated lithium carbonate equivalent (LCE) mineral resources total approximately 119,000 tons, with the brine mineral resources theoretically producible in perpetuity due to the recharging nature of the shallow and deep brine aquifers.

6 days ago

Press Release

Intrepid Potash Announces Q4 and Full Year 2025 Results

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash reported total sales of $75.9 million for Q4 2025 and $298.3 million for FY 2025, with a net loss of $0.4 million in Q4 and net income of $11.2 million for the full year.
The company achieved record Trio® sales volumes of 303 thousand tons for FY 2025 and ended the year in a strong financial position with $83.5 million in cash and cash equivalents and no debt.
For 2026, Intrepid expects capital expenditures of $40 to $50 million and provided sales volume guidance of 95 to 105 thousand tons for potash and 105 to 115 thousand tons for Trio®.
The Wendover Lithium Project demonstrated progress, with tests achieving a 92.9% lithium extraction rate and 99.5% lithium chloride purity.

6 days ago

8-K

Intrepid Potash Announces Fourth Quarter and Full Year 2025 Results

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash reported total sales of $75.9 million in the fourth quarter and $298.3 million for the full year 2025.
The company achieved a net loss of $0.4 million in the fourth quarter and net income of $11.2 million for the full year 2025, which included a $4.0 million charge for a pending legal settlement and a $2.4 million charge related to the disposal of an extraction well.
Intrepid Potash recorded Adjusted EBITDA of $18.1 million in the fourth quarter and $63.1 million for the full year 2025.
The company ended 2025 in a strong financial position with $83.5 million in cash and cash equivalents and no outstanding debt.
For the first quarter of 2026, Intrepid Potash expects Potash sales volumes between 95 to 105 thousand tons at an average price of $345 to $355 per ton, and Trio® sales volumes between 105 to 115 thousand tons at an average price of $380 to $390 per ton.

6 days ago

Press Release

Intrepid Potash, Aquatech, and Adionics Announce Progress on Utah Lithium Project

IPI

New Projects/Investments

Intrepid Potash, Aquatech International, and Adionics announced progress on their lithium development project in Wendover, Utah, with the successful completion of test work to produce battery-grade lithium carbonate from byproduct brine.
The testing achieved a lithium extraction rate of 92.9% and an overall lithium chloride purity above 99.5%, with Aquatech successfully converting the lithium-rich brine to a ≥99.5% lithium carbonate product.
Under their Joint Development Agreement, the parties will continue to evaluate a lithium facility in Wendover, aiming to complete feasibility studies and detailed engineering for a 5,000 metric tonne lithium extraction facility with a goal of reaching a final investment decision in 2026.
Intrepid's CEO stated that monetizing lithium from their byproduct magnesium chloride brine will constitute an important step forward in driving margin improvement at Wendover, while the company plans to limit its capital exposure and risk.

Jan 5, 2026, 11:12 PM

Press Release

Intrepid Potash, Aquatech, and Adionics Announce Progress on Utah Lithium Project

IPI

New Projects/Investments

Intrepid Potash, Aquatech International, and Adionics have successfully completed test work at Intrepid's Wendover, Utah potash facility, producing battery-grade lithium carbonate from byproduct brine.
The testing achieved a lithium extraction rate of 92.9% and an overall lithium chloride purity above 99.5%, with Aquatech further converting it to a ≥99.5% lithium carbonate product meeting key battery manufacturing specifications.
Under their Joint Development Agreement (JDA), the parties will continue evaluating a lithium facility in Wendover, aiming to complete feasibility studies and detailed engineering for a 5,000 metric tonne lithium extraction facility with a goal of reaching a final investment decision in 2026.
Intrepid's CEO, Kevin Crutchfield, stated the company plans to limit its capital exposure and risk while monetizing lithium from byproduct brine to drive margin improvement at Wendover.

Jan 5, 2026, 10:00 PM

Press Release

Intrepid Potash Reports Strong Q3 2025 Results with Improved Profitability and Positive Outlook

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash reported net income of $3.7 million and Adjusted EBITDA of $12 million for Q3 2025, a significant improvement compared to a net loss of $1.8 million and Adjusted EBITDA of $10 million in the prior year period.
The company's strong performance was primarily driven by higher pricing in potash and trio and increased production, leading to improved unit economics, with year-to-date potash cost of goods sold improving by 9% to $327 per ton and trio by 15% to $238 per ton.
For Q4 2025, Intrepid expects potash sales volumes between 50,000-60,000 tons at an average net realized sales price of $385-$395 per ton, and trio sales volumes between 80,000-90,000 tons at $372-$382 per ton.
Looking into 2026, the company forecasts annual potash production of 270,000-280,000 tons and annual trio production of 285,000-295,000 tons, with trio expected to see a 5%-7% improvement in per unit costs.
Intrepid maintains a debt-free balance sheet and a cash position of approximately $74 million, with a 2025 capital program spend projected between $30 million-$34 million.

Nov 6, 2025, 5:00 PM

Transcript

Intrepid Potash, Inc. Announces Third Quarter 2025 Results

IPI

Earnings

Guidance Update

New Projects/Investments

Intrepid Potash, Inc. reported total sales of $53.2 million, net income of $3.7 million, and adjusted EBITDA of $12.0 million for the third quarter of 2025.
Year-to-date Q3 2025 net income reached $12.6 million and adjusted EBITDA was $45.0 million, which the CEO noted as the best performance since 2015, excluding record pricing in 2022.
The Potash segment saw sales increase by $4.1 million in Q3 2025 compared to the prior year, driven by a 15% increase in sales volumes to 62 thousand tons and a 7% increase in average net realized sales price per ton to $381.
The company projects 2025 capital expenditures to be between $30 and $34 million and maintained a strong liquidity position with $74 million in cash and cash equivalents and no outstanding borrowings on its $150 million revolving credit facility as of October 31, 2025.
Looking forward, Intrepid expects higher Trio® production rates of approximately 70 to 75 thousand tons per quarter in 2026 from its East Mine.