Intrepid Announces First Quarter 2025 Results
First Quarter Highlights & Management Commentary
Improving potash and Trio® unit economics, strong Trio® pricing, and our highest quarterly sales volumes since 2016 led to strong first quarter 2025 results, highlighted by:
-
Total sales of
$97.8 million -
Net income of
$4.6 million $0.35 -
Adjusted EBITDA(1) of
$16.6 million
Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "Since joining the Company, I've been very impressed with the skill, dedication, and quality of work of our employees at all locations and I want to thank them for their hard work in delivering strong safety, operational, and financial results in my first full quarter with Intrepid.
Our first quarter was highlighted by solid performance in potash and Trio®, with our combined total sales volumes of 213 thousand tons being our highest quarterly sales volume since the first quarter of 2016. Supported by strong demand and improving agricultural commodity prices, fertilizer prices continued to strengthen during the quarter with Midwest warehouse prices increasing by
While there's been quite a bit of uncertainty in the broader markets in recent weeks, we believe Intrepid is well-positioned for the remainder of the year. Potash pricing continues to find support owing to strong global potash demand and balanced supply; key crop futures have been steady and are currently trading at higher levels compared to early-March; and our debt-free balance sheet and strong liquidity position put us in a position of strength."
Key Financial & Operational Metrics Summary |
|||||||
|
|
Three Months Ended March 31, |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
|
(in millions unless otherwise stated) |
|||||
Total sales |
|
$ |
97.8 |
|
$ |
79.3 |
|
Gross margin |
|
$ |
14.6 |
|
$ |
6.4 |
|
Net income (loss) |
|
$ |
4.6 |
|
$ |
(3.1 |
) |
Net income (loss) per diluted share |
|
$ |
0.35 |
|
$ |
(0.24 |
) |
Adjusted net income (loss)(1) |
|
$ |
5.1 |
|
$ |
(1.9 |
) |
Adjusted net income (loss) per diluted share(1) |
|
$ |
0.39 |
|
$ |
(0.14 |
) |
Adjusted EBITDA(1) |
|
$ |
16.6 |
|
$ |
7.7 |
|
Cash flow from operations* |
|
$ |
10.9 |
|
$ |
41.5 |
|
Potash sales volumes (in thousands and tons) |
|
|
103 |
|
|
74 |
|
Average potash net realized sales price per ton(1) |
|
$ |
312 |
|
$ |
395 |
|
Trio® sales volumes (in thousands and tons) |
|
|
110 |
|
|
91 |
|
Average Trio® net realized sales price per ton(1) |
|
$ |
345 |
|
$ |
300 |
|
*First quarter 2024 cash flow from operations of |
Liquidity
-
As of May 2, 2025, our cash and cash equivalents totaled
$66 million $150 million
Capital Expenditures
-
Our capital expenditures were
$8.3 million $36 $42 million
Project & Operational Updates
-
HB Solar Solution Mine in
Carlsbad, New Mexico - HB AMAX Cavern: We continue to work to obtain the necessary permits to drill a sample well into the AMAX Cavern to measure its brine chemistry. AMAX is the largest cavern in the HB system and is expected to become an expansion area to the original HB caverns, which have been in service for over ten years.
-
We expect to finish the permitting process to drill the sample well in the second quarter of 2025 with construction and commissioning complete in July. The capital investment is estimated at approximately
$4.5 million
Segment Highlights
Potash
|
|
Three Months Ended March 31, |
||||
|
|
|
2025 |
|
|
2024 |
|
|
(in thousands, except per ton data) |
||||
Sales |
|
$ |
43,577 |
|
$ |
37,576 |
Gross margin |
|
$ |
2,503 |
|
$ |
5,574 |
|
|
|
|
|
||
Potash sales volumes (in tons) |
|
|
103 |
|
|
74 |
Potash production volumes (in tons) |
|
|
93 |
|
|
87 |
|
|
|
|
|
||
Average potash net realized sales price per ton(1) |
|
$ |
312 |
|
$ |
395 |
In the first quarter of 2025, our potash segment sales increased
Our potash sales volumes increased in the first quarter of 2025 compared to the same prior year period, as we had more tons available to sell owing to the improved production rates in 2024. In the first quarter of 2025, our potash production of 93 thousand tons was approximately
In the first quarter of 2025, our potash segment cost of goods sold ("COGS") per ton totaled
Our segment gross margin decreased by
Trio®
|
|
Three Months Ended March 31, |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands, except per ton data) |
|||||
Sales |
|
$ |
49,842 |
|
$ |
36,487 |
|
Gross margin (deficit) |
|
$ |
10,434 |
|
$ |
(1,140 |
) |
|
|
|
|
|
|||
Trio® sales volume (in tons) |
|
|
110 |
|
|
91 |
|
Trio® production volume (in tons) |
|
|
63 |
|
|
54 |
|
|
|
|
|
|
|||
Average Trio® net realized sales price per ton(1) |
|
$ |
345 |
|
$ |
300 |
|
In the first quarter of 2025, Trio® segment sales increased
Our Trio® sales volumes and pricing increased in the first quarter of 2025 compared to the same prior year period as we experienced strong in-season demand owing to a tight domestic sulfate market and general strength in broader potash market fundamentals. Moreover, we had more tons available to sell owing to the higher volumes we produced in 2024 and in the first quarter of 2025, where our 63 thousand tons of production was
In the first quarter of 2025, our Trio® segment COGS per ton totaled
Our Trio® segment generated gross margin of
Oilfield Solutions
|
|
Three Months Ended March 31, |
||||
|
|
|
2025 |
|
|
2024 |
|
|
(in thousands) |
||||
Sales |
|
$ |
4,400 |
|
$ |
5,324 |
Gross margin |
|
$ |
1,665 |
|
$ |
2,000 |
In the first quarter of 2025, our oilfield solutions segment sales decreased
Compared to the same prior year period, in the first quarter of 2025, our COGS decreased by
Notes
1 Adjusted net income (loss), adjusted net income (loss) 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 Tuesday, May 6, 2025, 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 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. 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 by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or at intrepidpotash.com. The replay of the call will require the input of the replay access code 1179359. The recording will be available through May 13, 2025.
About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only
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, cash flow from operations expectations, water sales, production costs, operating plans, its market outlook, and statements regarding management matters. 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 against us;
- our ability to comply with the terms of our revolving credit facility, including the underlying covenants;
- further 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 inability to fund necessary capital investments;
- global inflationary pressures and supply chain challenges;
- 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 Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the SEC.
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 MONTHS ENDED MARCH 31, 2025 AND 2024 (In thousands, except per share amounts) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
Sales |
|
$ |
97,760 |
|
|
$ |
79,287 |
|
Less: |
|
|
|
|
||||
Freight costs |
|
|
17,491 |
|
|
|
12,830 |
|
Warehousing and handling costs |
|
|
3,490 |
|
|
|
3,089 |
|
Cost of goods sold |
|
|
60,842 |
|
|
|
56,431 |
|
Lower of cost or net realizable value inventory adjustments |
|
|
1,335 |
|
|
|
503 |
|
Gross Margin |
|
|
14,602 |
|
|
|
6,434 |
|
|
|
|
|
|
||||
Selling and administrative |
|
|
9,155 |
|
|
|
8,357 |
|
Accretion of asset retirement obligation |
|
|
657 |
|
|
|
622 |
|
Impairment of long-lived assets |
|
|
662 |
|
|
|
1,377 |
|
(Gain) loss on sale of assets |
|
|
(182 |
) |
|
|
251 |
|
Other operating income |
|
|
(1,284 |
) |
|
|
(1,132 |
) |
Other operating expense |
|
|
596 |
|
|
|
1,265 |
|
Operating Income (Loss) |
|
|
4,998 |
|
|
|
(4,306 |
) |
|
|
|
|
|
||||
Other Income (Expense) |
|
|
|
|
||||
Equity in earnings of unconsolidated entities |
|
|
— |
|
|
|
149 |
|
Interest expense, net |
|
|
(105 |
) |
|
|
— |
|
Interest income |
|
|
375 |
|
|
|
244 |
|
Other (expense) income |
|
|
(466 |
) |
|
|
8 |
|
Income (Loss) Before Income Taxes |
|
|
4,802 |
|
|
|
(3,905 |
) |
|
|
|
|
|
||||
Income Tax (Expense) Benefit |
|
|
(196 |
) |
|
|
775 |
|
Net Income (Loss) |
|
$ |
4,606 |
|
|
$ |
(3,130 |
) |
|
|
|
|
|
||||
Weighted Average Shares Outstanding: |
|
|
|
|
||||
Basic |
|
|
12,917 |
|
|
|
12,817 |
|
Diluted |
|
|
13,088 |
|
|
|
12,817 |
|
Income (Loss) Per Share: |
|
|
|
|
||||
Basic |
|
$ |
0.36 |
|
|
$ |
(0.24 |
) |
Diluted |
|
$ |
0.35 |
|
|
$ |
(0.24 |
) |
INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF MARCH 31, 2025 AND DECEMBER 31, 2024 (In thousands, except share and per share amounts) |
||||||||
|
|
March 31, |
|
December 31, |
||||
|
|
|
2025 |
|
|
|
2024 |
|
ASSETS |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
45,668 |
|
|
$ |
41,309 |
|
Short-term investments |
|
|
496 |
|
|
|
989 |
|
Accounts receivable: |
|
|
|
|
||||
Trade, net |
|
|
47,847 |
|
|
|
22,465 |
|
Other receivables, net |
|
|
2,431 |
|
|
|
763 |
|
Inventory, net |
|
|
98,109 |
|
|
|
112,968 |
|
Prepaid expenses and other current assets |
|
|
4,370 |
|
|
|
5,269 |
|
Total current assets |
|
|
198,921 |
|
|
|
183,763 |
|
|
|
|
|
|
||||
Property, plant, equipment, and mineral properties, net |
|
|
341,256 |
|
|
|
344,338 |
|
Water rights |
|
|
19,184 |
|
|
|
19,184 |
|
Long-term parts inventory, net |
|
|
28,514 |
|
|
|
33,775 |
|
Long-term investments |
|
|
3,097 |
|
|
|
3,571 |
|
Other assets, net |
|
|
10,304 |
|
|
|
9,889 |
|
Total Assets |
|
$ |
601,276 |
|
|
$ |
594,520 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
|
|
|
|
|
||||
Accounts payable |
|
$ |
8,824 |
|
|
$ |
8,616 |
|
Accrued liabilities |
|
|
11,205 |
|
|
|
9,483 |
|
Accrued employee compensation and benefits |
|
|
7,595 |
|
|
|
9,842 |
|
Other current liabilities |
|
|
10,873 |
|
|
|
10,062 |
|
Total current liabilities |
|
|
38,497 |
|
|
|
38,003 |
|
|
|
|
|
|
||||
Asset retirement obligation, net of current portion |
|
|
33,011 |
|
|
|
32,354 |
|
Operating lease liabilities |
|
|
2,189 |
|
|
|
780 |
|
Finance lease liabilities |
|
|
1,586 |
|
|
|
1,838 |
|
Deferred other income, long-term |
|
|
44,925 |
|
|
|
45,489 |
|
Other non-current liabilities |
|
|
1,615 |
|
|
|
1,664 |
|
Total Liabilities |
|
|
121,823 |
|
|
|
120,128 |
|
|
|
|
|
|
||||
Commitments and Contingencies |
|
|
|
|
||||
Common stock, |
|
|
14 |
|
|
|
14 |
|
Additional paid-in capital |
|
|
668,900 |
|
|
|
668,445 |
|
Accumulated deficit |
|
|
(167,449 |
) |
|
|
(172,055 |
) |
Less treasury stock, at cost |
|
|
(22,012 |
) |
|
|
(22,012 |
) |
Total Stockholders' Equity |
|
|
479,453 |
|
|
|
474,392 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
601,276 |
|
|
$ |
594,520 |
|
INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (In thousands) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
4,606 |
|
|
$ |
(3,130 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation, depletion and amortization |
|
|
10,482 |
|
|
|
9,304 |
|
Accretion of asset retirement obligation |
|
|
657 |
|
|
|
622 |
|
Amortization of deferred financing costs |
|
|
75 |
|
|
|
75 |
|
Amortization of intangible assets |
|
|
82 |
|
|
|
80 |
|
Stock-based compensation |
|
|
1,099 |
|
|
|
1,322 |
|
Lower of cost or net realizable value inventory adjustments |
|
|
1,335 |
|
|
|
503 |
|
Impairment of long-lived assets |
|
|
662 |
|
|
|
1,377 |
|
(Gain) loss on disposal of assets |
|
|
(182 |
) |
|
|
251 |
|
Allowance for doubtful accounts |
|
|
137 |
|
|
|
— |
|
Allowance for parts inventory obsolescence |
|
|
— |
|
|
|
53 |
|
Unrealized loss on equity investment |
|
|
474 |
|
|
|
— |
|
Equity in earnings of unconsolidated entities |
|
|
— |
|
|
|
(149 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade accounts receivable, net |
|
|
(25,519 |
) |
|
|
(19,749 |
) |
Other receivables, net |
|
|
(1,676 |
) |
|
|
247 |
|
Inventory, net |
|
|
18,784 |
|
|
|
10,835 |
|
Prepaid expenses and other current assets |
|
|
330 |
|
|
|
922 |
|
Deferred tax assets, net |
|
|
— |
|
|
|
(789 |
) |
Accounts payable, accrued liabilities, and accrued employee compensation and benefits |
|
|
307 |
|
|
|
(3,621 |
) |
Operating lease liabilities |
|
|
(378 |
) |
|
|
(384 |
) |
Deferred other income |
|
|
(564 |
) |
|
|
44,434 |
|
Other liabilities |
|
|
206 |
|
|
|
(671 |
) |
Net cash provided by operating activities |
|
|
10,917 |
|
|
|
41,532 |
|
|
|
|
|
|
||||
Cash Flows from Investing Activities: |
|
|
|
|
||||
Additions to property, plant, equipment, mineral properties and other assets |
|
|
(8,272 |
) |
|
|
(11,673 |
) |
Proceeds from sale of assets |
|
|
2,104 |
|
|
|
4,596 |
|
Proceeds from redemptions/maturities of investments |
|
|
500 |
|
|
|
500 |
|
Net cash used in investing activities |
|
|
(5,668 |
) |
|
|
(6,577 |
) |
|
|
|
|
|
||||
Cash Flows from Financing Activities: |
|
|
|
|
||||
Repayments of short-term borrowings on credit facility |
|
|
— |
|
|
|
(4,000 |
) |
Payments of financing lease |
|
|
(243 |
) |
|
|
(324 |
) |
Employee tax withholding paid for restricted stock upon vesting |
|
|
(682 |
) |
|
|
(633 |
) |
Proceeds from exercise of stock options |
|
|
38 |
|
|
|
— |
|
Net cash used in financing activities |
|
|
(887 |
) |
|
|
(4,957 |
) |
|
|
|
|
|
||||
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
4,362 |
|
|
|
29,998 |
|
Cash, Cash Equivalents and Restricted Cash, beginning of period |
|
|
41,898 |
|
|
|
4,651 |
|
Cash, Cash Equivalents and Restricted Cash, end of period |
|
$ |
46,260 |
|
|
$ |
34,649 |
|
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(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 (loss), adjusted net income (loss) 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.
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(In thousands)
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share
Adjusted net income (loss) and adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) 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 (Loss) to Adjusted Net Income (Loss): |
||||||||
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands) |
|||||||
Net Income (Loss) |
$ |
4,606 |
|
|
$ |
(3,130 |
) |
|
Adjustments |
|
|
|
|||||
Impairment of long-lived assets |
|
662 |
|
|
|
1,377 |
|
|
(Gain) loss on sale of assets |
|
(182 |
) |
|
|
251 |
|
|
Calculated income tax effect(1) |
|
— |
|
|
|
(423 |
) |
|
Total adjustments |
|
480 |
|
|
|
1,205 |
|
|
Adjusted Net Income (Loss) |
$ |
5,086 |
|
|
$ |
(1,925 |
) |
|
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) per Share: |
||||||||
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
|
2024 |
|
|
Net Income (Loss) Per Diluted Share |
$ |
0.35 |
|
|
$ |
(0.24 |
) |
|
Adjustments |
|
|
|
|||||
Impairment of long-lived assets |
|
0.05 |
|
|
|
0.11 |
|
|
(Gain) loss on sale of assets |
|
(0.01 |
) |
|
|
0.02 |
|
|
Calculated income tax effect(1) |
|
— |
|
|
|
(0.03 |
) |
|
Total adjustments |
|
0.04 |
|
|
|
0.10 |
|
|
Adjusted Net Income (Loss) Per Diluted Share |
$ |
0.39 |
|
|
$ |
(0.14 |
) |
|
(1) Assumes an annual effective tax rate of |
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(In thousands)
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income (loss) 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 (Loss) to Adjusted EBITDA: |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands) |
||||||
Net Income (Loss) |
|
$ |
4,606 |
|
|
$ |
(3,130 |
) |
Impairment of long-lived assets |
|
|
662 |
|
|
|
1,377 |
|
(Gain) loss on sale of assets |
|
|
(182 |
) |
|
|
251 |
|
Interest expense |
|
|
105 |
|
|
|
— |
|
Income tax expense (benefit) |
|
|
196 |
|
|
|
(775 |
) |
Depreciation, depletion, and amortization |
|
|
10,482 |
|
|
|
9,304 |
|
Amortization of intangible assets |
|
|
82 |
|
|
|
80 |
|
Accretion of asset retirement obligation |
|
|
657 |
|
|
|
622 |
|
Total adjustments |
|
|
12,002 |
|
|
|
10,859 |
|
Adjusted EBITDA |
|
$ |
16,608 |
|
|
$ |
7,729 |
|
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(In thousands)
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 March 31, |
||||||||||
|
|
2025 |
|
2024 |
||||||||
(in thousands, except per ton amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
||||
Total Segment Sales |
|
$ |
43,577 |
|
$ |
49,842 |
|
$ |
37,576 |
|
$ |
36,487 |
Less: Segment byproduct sales |
|
|
6,254 |
|
|
164 |
|
|
5,164 |
|
|
203 |
Freight costs |
|
|
5,137 |
|
|
11,764 |
|
|
3,146 |
|
|
8,974 |
Subtotal |
|
$ |
32,186 |
|
$ |
37,914 |
|
$ |
29,266 |
|
$ |
27,310 |
|
|
|
|
|
|
|
|
|
||||
Divided by: |
|
|
|
|
|
|
|
|
||||
Tons sold |
|
|
103 |
|
|
110 |
|
|
74 |
|
|
91 |
Average net realized sales price per ton |
|
$ |
312 |
|
$ |
345 |
|
$ |
395 |
|
$ |
300 |
INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(In thousands)
|
Three Months Ended March 31, 2025 |
|||||||||||||||
Product |
|
Potash
|
|
Trio®
|
|
Oilfield Solutions
|
|
Intersegment
|
|
Total |
||||||
Potash |
|
$ |
37,323 |
|
$ |
— |
|
$ |
— |
|
$ |
(59 |
) |
|
$ |
37,264 |
Trio® |
|
|
— |
|
|
49,678 |
|
|
— |
|
|
— |
|
|
|
49,678 |
Water |
|
|
— |
|
|
— |
|
|
1,472 |
|
|
— |
|
|
|
1,472 |
Salt |
|
|
3,135 |
|
|
164 |
|
|
— |
|
|
— |
|
|
|
3,299 |
Magnesium Chloride |
|
|
1,148 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,148 |
Brine Water |
|
|
1,971 |
|
|
— |
|
|
1,199 |
|
|
— |
|
|
|
3,170 |
Other |
|
|
— |
|
|
— |
|
|
1,729 |
|
|
— |
|
|
|
1,729 |
Total Revenue |
|
$ |
43,577 |
|
$ |
49,842 |
|
$ |
4,400 |
|
$ |
(59 |
) |
|
$ |
97,760 |
|
|
Three Months Ended March 31, 2024 |
||||||||||||||
Product |
|
Potash
|
|
Trio®
|
|
Oilfield
|
|
Intersegment
|
|
Total |
||||||
Potash |
|
$ |
32,412 |
|
$ |
— |
|
$ |
— |
|
$ |
(100 |
) |
|
$ |
32,312 |
Trio® |
|
|
— |
|
|
36,284 |
|
|
— |
|
|
— |
|
|
|
36,284 |
Water |
|
|
— |
|
|
— |
|
|
2,169 |
|
|
— |
|
|
|
2,169 |
Salt |
|
|
3,144 |
|
|
203 |
|
|
— |
|
|
— |
|
|
|
3,347 |
Magnesium Chloride |
|
|
419 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
419 |
Brine Water |
|
|
1,583 |
|
|
— |
|
|
1,127 |
|
|
— |
|
|
|
2,710 |
Other |
|
|
18 |
|
|
— |
|
|
2,028 |
|
|
— |
|
|
|
2,046 |
Total Revenue |
|
$ |
37,576 |
|
$ |
36,487 |
|
$ |
5,324 |
|
$ |
(100 |
) |
|
$ |
79,287 |
INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (In thousands) |
|||||||||||||||||
Three Months Ended March 31, 2025 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
|||||||
Sales |
|
$ |
43,577 |
|
$ |
49,842 |
|
|
$ |
4,400 |
|
$ |
(59 |
) |
|
$ |
97,760 |
Less: Freight costs |
|
|
5,786 |
|
|
11,764 |
|
|
|
— |
|
|
(59 |
) |
|
|
17,491 |
Warehousing and handling costs |
|
|
1,711 |
|
|
1,779 |
|
|
|
— |
|
|
— |
|
|
|
3,490 |
Cost of goods sold |
|
|
32,242 |
|
|
25,865 |
|
|
|
2,735 |
|
|
— |
|
|
|
60,842 |
Lower of cost or net realizable value inventory adjustments |
|
|
1,335 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,335 |
Gross Margin |
|
$ |
2,503 |
|
$ |
10,434 |
|
|
$ |
1,665 |
|
$ |
— |
|
|
$ |
14,602 |
Depreciation, depletion, and amortization incurred1 |
|
$ |
8,251 |
|
$ |
844 |
|
|
$ |
981 |
|
$ |
488 |
|
|
$ |
10,564 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Three Months Ended March 31, 2024 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
|||||||
Sales |
|
$ |
37,576 |
|
$ |
36,487 |
|
|
$ |
5,324 |
|
$ |
(100 |
) |
|
$ |
79,287 |
Less: Freight costs |
|
|
3,956 |
|
|
8,974 |
|
|
|
— |
|
|
(100 |
) |
|
|
12,830 |
Warehousing and handling costs |
|
|
1,727 |
|
|
1,362 |
|
|
|
— |
|
|
— |
|
|
|
3,089 |
Cost of goods sold |
|
|
25,816 |
|
|
27,291 |
|
|
|
3,324 |
|
|
— |
|
|
|
56,431 |
Lower of cost or net realizable value inventory adjustments |
|
|
503 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
503 |
Gross Margin (Deficit) |
|
$ |
5,574 |
|
$ |
(1,140 |
) |
|
$ |
2,000 |
|
$ |
— |
|
|
$ |
6,434 |
Depreciation, depletion, and amortization incurred1 |
|
$ |
6,971 |
|
$ |
884 |
|
|
$ |
1,071 |
|
$ |
458 |
|
|
$ |
9,384 |
(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/20250505611067/en/
Evan Mapes, CFA, Investor Relations Manager
Phone: 303-996-3042
Email: evan.mapes@intrepidpotash.com
Source: Intrepid Potash, Inc
