Intrepid Potash, Inc (IPI) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead. Good morning, everyone. Thank you for joining us to discuss and review Intrepid's third quarter 2025 results. With me today is Intrepid's CEO, Kevin Crutchfield. and CFO Matt Preston. During the Q&A session, our VP of Sales and Marketing, Zachary Adams, will also be available. Please be advised that comments we'll make today include forward-looking statements as defined by U.S. securities laws. These are based upon information available to us today and are subject to risks and uncertainties that are more fully described in the reports we fly with the SEC. These risks and uncertainties could cause intrepid actual results to be different from those currently anticipated and we assume no obligation to update them. During today's call, we will also refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in yesterday's press release and are available at intrepidpodge.com. I'll now turn the call over to our CEO, Kevin Crutchfield. Thank you, Evan, and good morning, everyone. We appreciate your interest and attendance for today's earnings call. I'm pleased to report that Intrepid sustained its strong financial performance in the third quarter. This was highlighted by net income of $3.7 million and adjusted EBITDA of $12 million, which compares to a net loss of $1.8 million in adjusted EBITDA of $10 million last year. Outside of the record pricing we saw in 2022, our year-to-date adjusted EBITDA of $45 million re...