Intrepid Potash (IPI) Q2 2026 earnings summary

Executive summary

• Achieved year-over-year earnings growth and margin expansion, driven by improved Trio® unit economics, process control, and supportive pricing, despite slightly lower sales from continuing operations.

• Completed the sale of Intrepid South/South Ranch for $68.9 million, generating $62 million in Q2 cash proceeds and a $13.2 million after-tax gain in discontinued operations, sharpening focus on core fertilizer business.

• Net income for Q2 2026 was $15.6 million, up from $3.3 million in Q2 2025, driven by the gain on sale and improved operating results; net income from continuing operations was $2.4 million, up from $1.4 million year-over-year.

• Maintained strong liquidity with $185 million cash, no revolver borrowings, and $149.8 million revolver availability at quarter end.

• Potash and Trio® segments remain the core business following the divestiture of oilfield solutions.

Financial highlights

• Q2 2026 sales from continuing operations were $66.7 million, nearly flat year-over-year; six-month sales rose 2% to $165.4 million.

• Gross margin increased 35% to $16.6 million (up from $12.4 million); six-month gross margin rose to $34.3 million from $25.7 million.

• Adjusted EBITDA rose to $17.5 million from $13.8 million year-over-year.

• Net income from continuing operations was $2.4 million ($0.18 per diluted share); adjusted net income per diluted share was $0.56, up from $0.30.

• Capital spending was $8.5 million in Q2 and $13.6 million year-to-date.

Outlook and guidance

• Increased full-year 2026 production guidance: Trio® to 295,000–305,000 tons and potash to 290,000–300,000 tons.

• Q3 2026 potash sales volumes expected at 55,000–65,000 tons, average net realized price $380–$390/ton; Trio® sales volumes at 30,000–40,000 tons, average net realized price $400–$410/ton.

• Reduced full-year 2026 capital expenditure guidance to ~$40 million, primarily for sustaining capital.

• Operating plans and capital programs anticipated to be funded from operating cash flows and existing cash.

• Potash and Trio® pricing expected to remain supported by healthy agricultural demand and favorable market fundamentals.