Intrepid Potash (IPI) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and FY 2025 results with adjusted net income of $19.1M, adjusted EBITDA of $63.1M, and total sales of $298.3M, all significantly improved year-over-year.

• Achieved record Trio® sales volumes of 303,000 tons and strong unit economics, with increasing pricing throughout the year.

• Ended 2025 with $83.5M in cash and no debt, including an $8M deposit for a potential asset sale.

• Achieved best-in-class safety with only one recordable incident in 2025 across 1.1M hours worked.

Financial highlights

• FY 2025 sales reached $298.3M, up from $254.1M in 2024, with net income of $11.2M and adjusted EBITDA of $63.1M.

• Combined Potash and Trio® sales volumes exceeded 590,000 tons in 2025, up 20% year-over-year; Trio® sales hit a company record at 303,000 tons.

• Potash COGS per ton improved by ~5% and Trio® COGS per ton by over 10% versus 2024.

• Potash segment Q4 gross margin was $4.6M, flat year-over-year; full-year gross margin was $18.2M, modestly higher despite a $25/ton price decline.

• Trio® segment Q4 gross margin reached $10.5M; full-year gross margin was $33.4M, the best outside of 2022.

Outlook and guidance

• 2026 production expected to be modestly higher, with a roughly equal split between potash and Trio®.

• Potash production expected at 270,000–285,000 tons and Trio® at 285,000–300,000 tons in 2026.

• Q1 2026 Potash sales volumes expected at 95,000–105,000 tons, with realized prices of $345–$355/ton; Trio® at 105,000–115,000 tons, with realized prices of $380–$390/ton.

• 2026 capital investment planned at $40M–$50M, mainly for sustaining capital and Wendover expansion.

• 2027 Potash production projected to recover to 300,000–310,000 tons.