Intrepid Announces Second Quarter 2026 Results

About this update from Intrepid Potash, Inc

Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the second quarter of 2026. Second Quarter Highlights & Management Commentary Supportive pricing, stable Trio ® sales volumes, and continued improvement in Trio ® margins drove improved profitability in the second quarter of 2026, highlighted by: Expanded gross margin by 35% compared with the prior-year quarter despite slightly lower sales from continuing operations. Increased full-year 2026 production guidance for potash to 290-300 thousand tons and Trio ® to 295-305 thousand tons. Lowest Trio ® COGS per ton since Q4 2019. Increased net income to $15.6 million including $13.2 million gain on sale of Intrepid South, compared with $3.3 million in the second quarter of 2025. Reported net income from continuing operations of $2.4 million, up from $1.4 million in the prior year quarter. Delivered Adjusted EBITDA (1) from continuing operations of $17.5 million, up from $13.8 million in the second quarter of 2025. Completed the sale of Intrepid South for $68.9 million, including $62.0 million of cash proceeds received during the second quarter of 2026. Lowered full-year 2026 capital expenditure guidance to approximately $40 million. Expanded the Company’s share repurchase authorization to $50 million. Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: “ We delivered improved profitability in the second quarter, reflecting supportive markets, disciplined execution, and continued progress across our core fertilizer portfolio. Trio ® performed particularly well, with higher production, improved unit costs, and stronger margins as demand for chloride-free, sulfate-containing nutrients continued to benefit from supportive market conditions. In potash, higher production and improved pricing helped offset lower sales volumes. For both Trio ® and potash, we are raising our full-year production outlook based on the operating progress achieved to date. We remain focused on the areas within our control—operating safely, improving reliability and efficiency, and delivering value from our core assets. With a strong balance sheet, increased production guidance for both potash and Trio ® , lower expected capital expenditures, and an expanded share repurchase authorization, we believe Intrepid is well positioned to build on our momentum through the remainder of 2026. " Key Financial Metrics     Three Months Ended June 30,   Six Months Ended June 30,     2026   2025   2026   2025     (in millions unless otherwise stated) Sales from continuing operations   $ 66.7   $ 67.5   $ 165.4   $ 162.1 Gross margin   $ 16.6   $ 12.4   $ 34.3   $ 25.7 Net income from continuing operations   $ 2.4   $ 1.4   $ 9.3   $ 4.8 Net income from continuing operations per diluted share   $ 0.18   $ 0.10   $ 0.70   $ 0.37 Adjusted net income from continuing operations (1)   $ 7.4   $ 4.1   $ 15.6   $ 8.0 Adjusted net income from continuing operations per diluted share (1)   $ 0.56   $ 0.30   $ 1.18   $ 0.61 Adjusted EBITDA (1)   $ 17.5   $ 13.8   $ 36.5   $ 28.4 Cash flow from continuing operations   $ 34.0   $ 36.1   $ 55.3   $ 42.9 Second quarter 2026 sales from continuing operations were generally consistent with the prior year quarter, as higher average realized prices for potash and Trio ® and improved Trio ® production were offset by lower potash sales volumes. Gross margin increased to $16.6 million in the second quarter of 2026 from $12.4 million in the same prior year period, driven primarily by improved Trio ® segment margins, supportive realized pricing, and lower average Trio ® COGS per ton. Adjusted net income from continuing operations increased to $7.4 million, or $0.56 per diluted share in the second quarter of 2026, compared with $4.1 million, or $0.30 per diluted share, in the second quarter of 2025, while Adjusted EBITDA increased to $17.5 million in the second quarter of 2026 from $13.8 million in the same prior year period. Including discontinued operations, net income was $15.6 million, or $1.17 per diluted share, in the second quarter of 2026, compared with $3.3 million, or $0.25 per diluted share, in the same prior year period. Net income from discontinued operations was $13.2 million in the second quarter of 2026, primarily reflecting the completed sale of Intrepid South. We received two payments totaling $70.0 million related to the sale of Intrepid South, with an $8.0 million deposit received in December 2025, and a $62.0 million payment received on April 1, 2026, the closing date of the transaction. The final sales price after customary adjustments was $68.9 million and we recorded a gain, net of taxes, of $13.2 million during the second quarter of 2026. For the six months ended June 30, 2026, sales from continuing operations increased to $165.4 million from $162.1 million in the same prior year period, while gross margin increased to $34.3 million from $25.7 million in the same prior year period. The year-to-date improvement reflects higher average realized sales prices, stronger Trio ® margins, improved production performance, and lower cost of goods sold relative to the prior year period. Net income from continuing operations was $9.3 million, or $0.70 per diluted share in the first half of 2026, compared with $4.8 million, or $0.37 per diluted share, in the first six months of 2025. Adjusted EBITDA (1) increased to $36.5 million in the first half of 2026 from $28.4 million in the same prior year period. Including discontinued operations, net income was $23.0 million, or $1.73 per diluted share in the first half of 2026, including $13.7 million of net income from discontinued operations, compared with net income of $7.9 million, or $0.60 per diluted share, in the same prior year period. Cash flow from continuing operations was $34.0 million in the second quarter of 2026, compared with $36.1 million in the same prior year period. The year-over-year decrease was primarily due to less favorable working capital movements compared with the prior year quarter, partially offset by higher earnings from continuing operations. For the six months ended June 30, 2026, cash flow from continuing operations increased to $55.3 million from $42.9 million in the same prior year period, reflecting improved profitability and continued working capital discipline. Segment Highlights Potash     Three Months Ended June 30,   Six Months Ended June 30,     2026   2025   2026   2025     (in thousands, except per ton data) Sales   $ 30,602   $ 33,994   $ 76,721   $ 77,571 Gross margin   $ 4,918   $ 4,858   $ 7,985   $ 7,361                   Potash sales volumes (in tons)     59     69     165     172 Potash production volumes (in tons)     52     44     157     137                   Average potash net realized sales price per ton (1)   $ 391   $ 361   $ 365   $ 332 In the second quarter of 2026, potash segment sales decreased $3.4 million compared to the same prior year period. The decrease was primarily driven by a 14% decline in sales volumes to 59 thousand tons, partially offset by an 8% increase in our average net realized sales price per ton (1) to $391. Sales volumes were lower compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter. Potash production was 52 thousand tons in the second quarter of 2026, an increase of 8 thousand tons compared to the same prior year period, as we benefited from efficiency improvements across all of our mines. The benefit of higher production was partially offset by a production mix weighted more heavily toward our higher-cost sites, which increased our average potash segment cost of goods sold ("COGS") per ton to $359 in the second quarter of 2026, compared with $337 per ton in the second quarter of 2025 and $334 per ton in the first quarter of 2026. Potash segment gross margin increased by $0.1 million in the second quarter of 2026 compared to the same prior year period, as higher average net realized sales prices were largely offset by lower sales volumes and higher average COGS per ton. Trio ®     Three Months Ended June 30,   Six Months Ended June 30,     2026   2025   2026   2025     (in thousands, except per ton data) Sales   $ 35,723   $ 33,212   $ 88,261   $ 83,054 Gross margin   $ 11,443   $ 8,086   $ 26,281   $ 18,520                   Trio ® sales volume (in tons)     70     70     176     181 Trio ® production volume (in tons)     75     70     144     132                   Average Trio ® net realized sales price per ton (1)   $ 389   $ 368   $ 388   $ 352 In the second quarter of 2026, Trio ® segment sales increased $2.5 million, or 8% compared to the same prior year period. The increase was largely driven by a 6% increase in our average net realized sales price per ton (1) to $389, reflecting continued supportive pricing for Trio ® 's individual nutrient components, particularly sulfate and potassium. Sales volumes were flat compared to the same prior year period at 70 thousand tons. Trio ® production of 75 thousand tons in the second quarter of 2026 was 7% higher than the second quarter last year, showing the benefit of the new continuous miner commissioned earlier this year and ongoing plant optimization projects. Our Trio ® segment COGS per ton totaled $205 in the second quarter of 2026, which compares to $235 per ton in the second quarter of 2025, and $229 per ton in the first quarter of 2026. Our Trio ® segment generated gross margin of $11.4 million in the second quarter of 2026, which compares to $8.1 million in the same prior year period, with the increase primarily attributable to the higher average net realized sales price per ton, as well as an improvement in our Trio ® segment COGS per ton. Operating Updates, Guidance and Capital Allocation Potash Segment Production Outlook We are increasing our full-year 2026 potash production guidance to a range of 290 thousand to 300 thousand tons, reflecting improved recoveries from focused mill efficiency initiatives and improved brine grade and evaporation which extended the harvest season ahead of our summer shutdown. Increased Production at East Underground Mine In early 2026, we commissioned a new continuous miner at our East Mine, which has improved operating efficiency and increased Trio ® production. We also increased operating hours per shift and continue to advance mill improvements that support higher production of granular and premium products. For 2026, we are increasing our Trio ® full-year production guidance to a range of 295 thousand to 305 thousand tons. Wendover Lithium Project Our partners continue to advance engineering and related permitting activities for the Wendover lithium project. We expect to provide additional detail as those efforts progress later this year. Pecos Water Rights Matter We recorded a $5.0 million loss contingency during the second quarter of 2026 related to anticipated water repayment and associated obligations. Additional costs may be incurred as the matter is resolved. Capital Expenditures Capital expenditures totaled $8.5 million in the second quarter of 2026. We now expect 2026 capital expenditures of approximately $40 million. The lowered guidance is a result of the removal of AMAX spend and reduction in costs for Primary Pond 8 at Wendover. Liquidity and Capital Allocation As of June 30, 2026, cash and cash equivalents totaled $185.0 million, including $62.0 million of cash proceeds received during the quarter upon completion of the sale of Intrepid South. We had no borrowings and $0.2 million in outstanding letters of credit under our revolving credit facility, leaving $149.8 million available under our $150 million facility, which matures in March 2031. In June 2026, Intrepid’s Board approved an expansion of the Company’s share repurchase authorization to $50 million. We expect to evaluate share repurchases opportunistically as part of our disciplined capital allocation framework, while maintaining the flexibility to fund high-return operating and efficiency projects and preserve balance sheet strength. Guidance Summary   Current Guidance   Prior Guidance 2026 Full year potash production 290-300 thousand tons   270-285 thousand tons 2026 Full year Trio® production 295-305 thousand tons   285-300 thousand tons 2026 Full year capital expenditures Approximately $40 million   $40-$50 million         Q3 2026 Potash sales volume 55-65 thousand tons     Q3 2026 Potash average net realized sales price (1) $380-$390 per ton             Q3 2026 Trio® sales volume 30-40 thousand tons     Q3 2026 Trio® average net realized sales price (1) $400-$410 per ton     Notes 1 Adjusted net income from continuing operations, adjusted net income from continuing operations per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information. Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds. Conference Call Information Intrepid will host a conference call on Wednesday, August 5, 2026 at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (833) 461-5787 or International dial-in number 1 (585) 542-9983; please use meeting ID 800547056. The call will also be streamed on the Intrepid website, intrepidpotash.com . A recording of the conference call will be available approximately two hours after the completion of the call via webcast. The recording will be available for 12 months following the call. About Intrepid Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio ® , which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio ® mine. Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com , to receive automatic email alerts for new postings. Forward-looking Statements This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance and cash flows, water sales, production costs, and its market outlook. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following: changes in the price, demand, or supply of our products and services; challenges and legal proceedings related to our water rights; our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio ® , byproducts, and other non-potassium related products or other revenue diversification activities; the costs of, and our ability to successfully execute, any strategic projects; declines or changes in agricultural production or fertilizer application rates; declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; our ability to prevail in outstanding legal proceedings; our ability to comply with the terms of our revolving credit facility, including any underlying covenants; write-downs of the carrying value of assets, including inventories; circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; changes in reserve estimates; currency fluctuations; adverse changes in economic conditions or credit markets; the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; the impact of trade tariffs and any potential changes to them we are unable to mitigate; adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines; increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel; changes in the prices of raw materials, including chemicals, natural gas, and power; our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; interruptions in rail or truck transportation services, or fluctuations in the costs of these services; our ability to fund necessary capital investments; the impact of global conflicts including the conflict involving Iran and the blockage of the Strait of Hormuz; the timing, amount and impact of any repurchases under our stock repurchase program; the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q. In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events.   INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands, except per share amounts)       Three Months Ended June 30,   Six Months Ended June 30,       2026       2025       2026       2025   Sales   $ 66,685     $ 67,536     $ 165,370     $ 162,063   Less:                 Freight costs     11,050       11,011       27,780       28,502   Warehousing and handling costs     3,046       3,114       6,890       6,604   Cost of goods sold     35,670       40,631       95,287       99,521   Lower of cost or net realizable value inventory adjustments     270       419       1,092       1,754   Gross Margin     16,649       12,361       34,321       25,682                     Selling and administrative     10,022       8,925       21,295       18,080   Accretion of asset retirement obligation     777       650       1,553       1,299   Impairment of long-lived assets     —       1,204       —       1,866   Gain on sale of assets     (6 )     (1,262 )     (34 )     (1,422 ) Other operating income     (1,129 )     (1,222 )     (2,289 )     (2,505 ) Other operating expense     5,922       2,654       6,508       3,250   Operating Income     1,063       1,412       7,288       5,114                     Other Income (Expense)                 Equity in loss of unconsolidated entities     (11 )     (232 )     (11 )     (232 ) Interest expense, net     —       (66 )     —       (171 ) Interest income     1,327       651       1,994       1,026   Other income (expense)     73       (354 )     121       (820 ) Income from Continuing Operations Before Income Taxes     2,452       1,411       9,392       4,917                     Income tax expense     57       35       116       113   Net Income from Continuing Operations   $ 2,395     $ 1,376     $ 9,276     $ 4,804   Net Income from Discontinued Operations, Net of Tax     13,182       1,887       13,719       3,065   Net Income   $ 15,577     $ 3,263     $ 22,995     $ 7,869                     Net income per share:                 Continuing operations - Basic   $ 0.18     $ 0.10     $ 0.70     $ 0.37   Discontinued operations - Basic   $ 1.00     $ 0.15     $ 1.04     $ 0.24   Net income - Basic   $ 1.18     $ 0.25     $ 1.74     $ 0.61                     Continuing operations - Diluted   $ 0.18     $ 0.10     $ 0.70     $ 0.37   Discontinued operations - Diluted   $ 0.99     $ 0.15     $ 1.03     $ 0.23   Net income - Diluted   $ 1.17     $ 0.25     $ 1.73     $ 0.60                     Weighted Average Shares Outstanding:                 Basic     13,195       12,985       13,168       12,951   Diluted     13,272       13,174       13,280       13,131     INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF JUNE 30, 2026 AND DECEMBER 31, 2025 (In thousands, except share and per share amounts)       June 30,   December 31,       2026       2025   ASSETS         Cash and cash equivalents   $ 184,994     $ 83,537   Accounts receivable:         Trade, net     18,976       31,979   Other receivables, net     86       159   Inventory, net     104,881       112,191   Prepaid expenses and other current assets     4,158       5,312   Assets held for sale     —       59,154   Total current assets     313,095       292,332             Property, plant, equipment, and mineral properties, net     295,412       298,756   Water rights     2,311       2,311   Long-term parts inventory, net     30,222       31,506   Long-term investments     168       179   Other assets, net     8,712       7,095   Total Assets   $ 649,920     $ 632,179             LIABILITIES AND STOCKHOLDERS' EQUITY                   Accounts payable   $ 10,539     $ 9,656   Accrued liabilities     13,059       10,456   Accrued employee compensation and benefits     9,607       12,481   Other current liabilities     16,249       19,811   Liabilities held for sale     —       3,370   Total current liabilities     49,454       55,774             Asset retirement obligation, net of current portion     39,930       38,452   Operating lease liabilities     1,067       1,550   Finance lease liabilities     2,176       1,741   Deferred other income, long-term     42,105       43,233   Total Liabilities     134,732       140,750             Commitments and Contingencies         Common stock, $0.001 par value; 40,000,000 shares authorized; 13,207,226 and 13,131,663 shares outstanding at June 30, 2026, and December 31, 2025, respectively     14       14   Additional paid-in capital     675,061       674,297   Accumulated deficit     (137,875 )     (160,870 ) Less treasury stock, at cost     (22,012 )     (22,012 ) Total Stockholders' Equity     515,188       491,429   Total Liabilities and Stockholders' Equity   $ 649,920     $ 632,179     INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands)       Three Months Ended June 30,   Six Months Ended June 30,       2026       2025       2026       2025   Cash Flows from Operating Activities:                 Net income   $ 15,577     $ 3,263     $ 22,995     $ 7,869   Income from discontinued operations, net of tax     (13,182 )     (1,887 )     (13,719 )     (3,065 ) Adjustments to reconcile net income to net cash provided by operating activities:                 Depreciation, depletion and amortization     9,300       8,946       19,251       18,802   Accretion of asset retirement obligation     777       650       1,553       1,299   Amortization of deferred financing costs     53       76       164       151   Stock-based compensation     1,505       1,295       2,021       2,394   Lower of cost or net realizable value inventory adjustments     270       419       1,092       1,754   Impairment of long-lived assets     —       1,204       —       1,866   Gain on disposal of assets     (6 )     (1,262 )     (34 )     (1,422 ) Allowance for parts inventory obsolescence     585       2,041       598       2,041   Loss on equity investment     —       414       —       888   Equity in loss of unconsolidated entities     11       232       11       232   Changes in operating assets and liabilities:                 Trade accounts receivable, net     27,454       26,702       13,179       (53 ) Other receivables, net     72       (539 )     72       (1,079 ) Inventory, net     (8,957 )     (5,115 )     6,903       11,418   Prepaid expenses and other current assets     (144 )     489       59       809   Accounts payable, accrued liabilities, and accrued employee compensation and benefits     (3,386 )     (2,088 )     (2,042 )     (1,564 ) Operating lease liabilities     (253 )     (112 )     (499 )     (490 ) Deferred other income     (564 )     (564 )     (1,128 )     (1,128 ) Other liabilities     4,893       1,957       4,863       2,167   Net cash provided by operating activities of continuing operations     34,005       36,121       55,339       42,889   Net cash provided by operating activities of discontinued operations     360       3,822       2,193       7,971   Net cash provided by operating activities     34,365       39,943       57,532       50,860   Cash Flows from Investing Activities:                 Additions to property, plant, equipment, mineral properties and other assets     (8,460 )     (3,423 )     (13,593 )     (11,087 ) Proceeds from sale of assets     —       1,357       9       1,357   Proceeds from redemptions/maturities of investments     —       500       —       1,000   Other investing, net     —       2,129       —       2,129   Net cash (used in) provided by investing activities of continuing operations     (8,460 )     563       (13,584 )     (6,601 ) Net cash provided by (used in) investing activities of discontinued operations     60,350       (693 )     60,323       803   Net cash provided by (used in) investing activities     51,890       (130 )     46,739       (5,798 ) Cash Flows from Financing Activities:                 Payments of financing lease     (275 )     (257 )     (869 )     (500 ) Capitalized debt fees     (152 )     —       (683 )     —   Employee tax withholding paid for restricted stock upon vesting     (91 )     (174 )     (1,271 )     (856 ) Proceeds from exercise of stock options     —       —       14       38   Net cash used in financing activities     (518 )     (431 )     (2,809 )     (1,318 ) Net Change in Cash, Cash Equivalents and Restricted Cash     85,737       39,382       101,462       43,744   Cash, Cash Equivalents and Restricted Cash, beginning of period     99,860       46,260       84,135       41,898   Cash, Cash Equivalents and Restricted Cash, end of period   $ 185,597     $ 85,642     $ 185,597     $ 85,642     INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands) To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net income, adjusted net income per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Adjusted Net Income and Adjusted Net Income Per Diluted Share Adjusted net income and adjusted net income per diluted share are calculated as net income or net income per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations. Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations:   Three Months Ended June 30,   Six Months Ended June 30,     2026       2025       2026       2025     (in thousands) Net Income from Continuing Operations $ 2,395     $ 1,376     $ 9,276     $ 4,804   Adjustments               Impairment of long-lived assets   —       1,204       —       1,866   Gain on sale of assets   (6 )     (1,262 )     (34 )     (1,422 ) Employee separation costs   —       638       1,367       638   Unpermitted discharge penalty   —       2,155       —       2,155   Water rights contingency   5,000       —       5,000       —   Calculated income tax effect (1)   —       —       —       —   Total adjustments   4,994       2,735       6,333       3,237   Adjusted Net Income from Continuing Operations $ 7,389     $ 4,111     $ 15,609     $ 8,041   Reconciliation of Net Income to Adjusted Net Income per Diluted Share:   Three Months Ended June 30,   Six Months Ended June 30,   2026   2025   2026   2025 Net Income from Continuing Operations Per Diluted Share $ 0.18   $ 0.10     $ 0.70   $ 0.37   Adjustments               Impairment of long-lived assets   —     0.09       —     0.14   Gain on sale of assets   —     (0.10 )     —     (0.11 ) Employee separation costs   —     0.05       0.10     0.05   Unpermitted discharge penalty   —     0.16       —     0.16   Water rights contingency   0.38     —       0.38     —   Calculated income tax effect (1)   —     —       —     —   Total adjustments   0.38     0.20       0.48     0.24   Adjusted Net Income from Continuing Operations Per Diluted Share $ 0.56   $ 0.30     $ 1.18   $ 0.61   (1) Assumes an annual effective tax rate of 0% for 2026 and 2025. Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income from continuing operations adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance. Reconciliation of Net Income to Adjusted EBITDA:     Three Months Ended June 30,   Six Months Ended June 30,       2026       2025       2026       2025       (in thousands) Net Income from Continuing Operations   $ 2,395     $ 1,376     $ 9,276     $ 4,804   Impairment of long-lived assets     —       1,204       —       1,866   Gain on sale of assets     (6 )     (1,262 )     (34 )     (1,422 ) Employee separation costs     —       638       1,367       638   Unpermitted discharge penalty     —       2,155       —       2,155   Water rights contingency     5,000       —       5,000       —   Interest expense     —       66       —       171   Income tax expense     57       35       116       113   Depreciation, depletion, and amortization     9,300       8,946       19,251       18,802   Accretion of asset retirement obligation     777       650       1,553       1,299   Total adjustments     15,128       12,432       27,253       23,622   Adjusted EBITDA   $ 17,523     $ 13,808     $ 36,529     $ 28,426   Average Potash and Trio ® Net Realized Sales Price per Ton Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio ® is calculated as Trio ® segment sales less Trio ® segment byproduct sales and Trio ® freight costs and then dividing that difference by Trio ® tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio ® average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio ® sales and price trends. Reconciliation of Sales to Average Net Realized Sales Price per Ton:     Three Months Ended June 30,     2026   2025 (in thousands, except per ton amounts)   Potash   Trio ®   Potash   Trio ® Total Segment Sales   $ 30,602   $ 35,723   $ 33,994   $ 33,212 Less: Segment byproduct sales     5,381     27     6,195     20 Freight costs     2,132     8,459     2,859     7,409 Subtotal   $ 23,089   $ 27,237   $ 24,940   $ 25,783                   Divided by:                 Tons sold     59     70     69     70 Average net realized sales price per ton   $ 391   $ 389   $ 361   $ 368                       Six Months Ended June 30,     2026   2025 (in thousands, except per ton amounts)   Potash   Trio ®   Potash   Trio ® Total Segment Sales   $ 76,721   $ 88,261   $ 77,571   $ 83,054 Less: Segment byproduct sales     9,570     291     12,449     184 Freight costs     6,962     19,703     7,996     19,173 Subtotal   $ 60,189   $ 68,267   $ 57,126   $ 63,697                   Divided by:                 Tons sold     165     176     172     181 Average net realized sales price per ton   $ 365   $ 388   $ 332   $ 352                   INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands)       Three Months Ended June 30, 2026 Product   Potash Segment   Trio ® Segment   Corporate and Other   Total Potash   $ 25,221   $ —   $ —   $ 25,221 Trio ®     —     35,696     —     35,696 Water     —     —     332     332 Salt     2,160     27     —     2,187 Magnesium Chloride     1,028     —     —     1,028 Brine Water     2,193     —     —     2,193 Other     —     —     28     28 Total Revenue   $ 30,602   $ 35,723   $ 360   $ 66,685                       Six Months Ended June 30, 2026 Product   Potash Segment   Trio ® Segment   Corporate and Other   Total Potash   $ 67,151   $ —   $ —   $ 67,151 Trio ®     —     87,970     —     87,970 Water     —     —     343     343 Salt     4,459     291     —     4,750 Magnesium Chloride     1,547     —     —     1,547 Brine Water     3,564     —     —     3,564 Other     —     —     45     45 Total Revenue   $ 76,721   $ 88,261   $ 388   $ 165,370     Three Months Ended June 30, 2025 Product   Potash Segment   Trio ® Segment   Corporate and Other   Total Potash   $ 27,799   $ —   $ (58 )   $ 27,741 Trio ®     —     33,192     —       33,192 Water     —     —     266       266 Salt     3,169     20     —       3,189 Magnesium Chloride     1,623     —     —       1,623 Brine Water     1,403     —     —       1,403 Other     —     —     122       122 Total Revenue   $ 33,994   $ 33,212   $ 330     $ 67,536                       Six Months Ended June 30, 2025 Product   Potash Segment   Trio ® Segment   Corporate and Other   Total Potash   $ 65,122   $ —   $ (117 )   $ 65,005 Trio ®     —     82,870     —       82,870 Water     —     —     1,355       1,355 Salt     6,304     184     —       6,488 Magnesium Chloride     2,771     —     —       2,771 Brine Water     3,374     —     —       3,374 Other     —     —     200       200 Total Revenue   $ 77,571   $ 83,054   $ 1,438     $ 162,063 Three Months Ended June 30, 2026   Potash   Trio ®   Corporate and Other   Consolidated Sales   $ 30,602   $ 35,723   $ 360     $ 66,685 Less: Freight costs     2,591     8,459     —       11,050 Warehousing and handling costs     1,632     1,414     —       3,046 Cost of goods sold     21,191     14,407     72       35,670 Lower of cost or net realizable value inventory adjustments     270     —     —       270 Gross Margin   $ 4,918   $ 11,443   $ 288     $ 16,649 Depreciation, depletion, and amortization incurred 1   $ 7,727   $ 992   $ 581     $ 9,300 Six Months Ended June 30, 2026   Potash   Trio ®   Corporate and Other   Consolidated Sales   $ 76,721   $ 88,261   $ 388     $ 165,370 Less: Freight costs     8,077     19,703     —       27,780 Warehousing and handling costs     3,339     3,551     —       6,890 Cost of goods sold     56,228     38,726     333       95,287 Lower of cost or net realizable value inventory adjustments     1,092     —     —       1,092 Gross Margin   $ 7,985   $ 26,281   $ 55     $ 34,321 Depreciation, depletion, and amortization incurred 1   $ 16,163   $ 1,951   $ 1,137     $ 19,251 Three Months Ended June 30, 2025   Potash   Trio ®   Corporate and Other   Consolidated Sales   $ 33,994   $ 33,212   $ 330     $ 67,536 Less: Freight costs     3,660     7,409     (58 )     11,011 Warehousing and handling costs     1,818     1,296     —       3,114 Cost of goods sold     23,239     16,421     971       40,631 Lower of cost or net realizable value inventory adjustments     419     —     —       419 Gross Margin (Deficit)   $ 4,858   $ 8,086   $ (583 )   $ 12,361 Depreciation, depletion, and amortization incurred 1   $ 7,302   $ 871   $ 773     $ 8,946 Six Months Ended June 30, 2025   Potash   Trio ®   Corporate and Other   Consolidated Sales   $ 77,571   $ 83,054   $ 1,438     $ 162,063 Less: Freight costs     9,446     19,173     (117 )     28,502 Warehousing and handling costs     3,529     3,075     —       6,604 Cost of goods sold     55,481     42,286     1,754       99,521 Lower of cost or net realizable value inventory adjustments     1,754     —     —       1,754 Gross Margin (Deficit)   $ 7,361   $ 18,520   $ (199 )   $ 25,682 Depreciation, depletion and amortization incurred 1   $ 15,553   $ 1,715   $ 1,534     $ 18,802 (1) Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260804606038/en/

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