Intrepid Potash Stock Earnings Reports

Intrepid Potash reported a strong start to 2026 with adjusted net income from continuing operations of $8.2 million and adjusted EBITDA of $19.0 million in Q1, both materially improved year-over-year. Improved pricing and resilient demand drove performance: average net realized prices were $353/ton for potash (up 13% YoY) and $387/ton for Trio (up 12% YoY). Combined Q1 sales volumes were 211,000 tons. Operational improvements (new continuous miner for Trio, better recoveries at HB and Moab, pond contributions at Wendover) supported higher production and lower per‑ton costs; Trio delivered its highest quarterly segment margin since 2022. The company sold most assets of the Intrepid South Ranch for $70 million, unlocking cash to refocus on fertilizer assets and potentially utilize deferred tax assets against the gain. Management reiterated capital-allocation priorities: maintain core operations, cover sustaining capital (estimated $35–40M/yr), preserve liquidity for organic opportunities and potential adjacencies, and that the board will consider capital return options. Lithium project partners are advancing to FEL-3 (an early-summer milestone), after which project economics and more precise timelines/costs will be disclosed. Q2 guidance: potash sales 50–60k tonnes at $380–$390/ton; Trio sales 70–80k tonnes at $390–$400/ton. Full-year expectations: potash production toward the upper end of 270–285k tonnes; Trio production 285–300k tonnes with COGS around $230/ton. Capital spend for 2026 is expected to be $40–50M (mostly sustaining and pond construction at Wendover). Cash balance increased materially (approx. $170M reported post-quarter) and will generate modest interest income.