IPI · Intrepid Potash, Inc.

Intrepid Potash delivered strong first quarter 2026 financial results, with sales from continuing operations rising 4.4% year-over-year to $98.7 million, driven primarily by higher net realized sales prices—potash up 13% to $353/ton and Trio® up 12% to $387/ton—reflecting supportive spring market conditions and stronger demand for both products. Net income from continuing operations more than doubled to $6.9 million ($0.52 per diluted share), aided by gross margin expansion in the Trio® segment, where gross margin increased $4.4 million year-over-year to $14.8 million despite a 4% decline in sales volume; this was attributable to both higher pricing and a 6% reduction in cost of goods sold per ton to $229. Potash segment gross margin rose modestly by $0.6 million, though higher production volumes (104k tons vs. 93k tons in Q1 2025) increased average COGS per ton to $334, partially offsetting price gains. Management highlighted operational improvements—including commissioning a new continuous miner at the East Underground Mine and extended operating hours—as key drivers behind increased Trio® production and efficiency gains, with per-ton costs improving 5% sequentially. The company also executed a strategic disposition: the April 1, 2026 sale of the South Ranch assets for $70 million effectively exited the oilfield solutions segment, simplifying the business and enabling focus on core fertilizer operations. Liquidity remains robust, with $99.3 million in cash and no revolver drawdowns against a $150 million facility maturing in March 2031. Forward-looking guidance includes full-year 2026 Trio® production of 285–300 thousand tons, signaling continued operational execution and capacity utilization gains.