Intrepid Potash, Inc. SEC Filings

Intrepid Potash, Inc. is a U.S.-based diversified mineral company and the only domestic producer of muriate of potash, supplying fertilizer, animal feed and industrial markets primarily in the central and western U.S. It also produces Trio®, a specialty fertilizer combining potassium, magnesium and sulfur, and sells water, salt, magnesium chloride, brines and other oilfield products centered around its Intrepid South assets in southeast New Mexico.

Potash and Trio® are produced from solution and underground mines in New Mexico and Utah, with estimated annual designed productive capacity of approximately 365,000 tons of potash and 400,000 tons of Trio®. In 2025, product sales by percentage were led by Trio® at 48% and potash at 39%. The company is highly seasonal, with most fertilizer volumes sold around U.S. spring and fall application seasons and demand for oilfield products tied to Permian Basin activity.

As of June 30, 2025, non‑affiliate equity value was about $460 million, and as of February 28, 2026, 13,406,913 common shares were outstanding. Key long‑term themes include environmental compliance and reclamation obligations of about $38.8 million (discounted), water rights monetization, and a 2025 joint development agreement to evaluate a 5,000‑metric‑ton lithium extraction facility using brine from the Wendover operation.

Intrepid Potash reported stronger results for the fourth quarter and full year 2025, helped by record Trio® fertilizer sales and firmer pricing. Full-year sales rose to $298.3 million, with net income of $11.2 million compared with a large loss in 2024, and adjusted EBITDA improving to $63.1 million.

Trio® volumes reached a company-record 303 thousand tons and potash sales volumes increased to 289 thousand tons, supporting better unit economics. The company ended 2025 with $83.5 million in cash, no debt, and also received an $8 million deposit tied to a potential Intrepid South asset sale.

Management highlighted progress on the Wendover lithium project, including successful battery-grade lithium carbonate tests and maiden resource estimates of approximately 119 thousand tons of lithium carbonate equivalent and 1.5 million tons of magnesium, alongside higher 2026 production guidance for both potash and Trio®.

Intrepid Potash Inc. Schedule 13G/A amendment shows Gate City Capital Management, LLC and Michael Melby report beneficial ownership of 788,880 common shares of Intrepid Potash Inc., representing 5.9% of the class.

The filing, styled as Amendment No. 2 and signed 03/02/2026, states the reporting persons are filing under Rule 13d-1(h) because the shares are no longer held with the intent to change or influence control of the issuer.

Clearway Capital Management LLC filed Amendment No. 3 to its Schedule 13D for Intrepid Potash, Inc., updating disclosure of its beneficial ownership. Clearway reports holding 1,203,222 shares of Intrepid Potash common stock, representing 9.0% of the company’s 13,426,932 outstanding shares as of October 31, 2025.

The filing states these shares are held by Clearway Capital Management LLC, which is wholly owned by Clearway Trust, with Teton Trust Co LLC as trustee. Clearway indicates it has no present intention to acquire additional shares and describes the amendment as being made for transparency, with no related contracts or arrangements regarding the securities.

Gate City Capital Management and Michael Melby filed Amendment No. 5 to their Schedule 13D on Intrepid Potash Inc., disclosing a 6.83% ownership stake. They report beneficial ownership of 917,310 shares of common stock, with sole voting and dispositive power over all of these shares. The filing states that the aggregate purchase price for the shares was $23,696,515, funded from the working capital of the private funds and managed accounts they advise.

The ownership percentage is based on 13,426,932 Intrepid Potash common shares outstanding as of October 31, 2025, as reported in the company’s Form 10-Q. This amendment reflects additional share purchases since prior filings, and notes that the filer inadvertently missed the original deadline but is now taking prompt, good-faith steps to comply.

Intrepid Potash, Inc. reported insider equity activity by its Chief Executive Officer and director. On 12/02/2025, performance-based restricted stock units (PSUs) earned under an absolute total stockholder return (aTSR) program converted into 932 shares of common stock at an exercise price of $0, reflecting equity compensation earned from PSUs originally granted on December 2, 2024. The filing notes these PSUs are tied to aTSR levels through December 31, 2028 and are reported at the maximum achievement level.

On the same date, 7,241 shares of common stock were withheld by Intrepid Potash to cover tax withholding obligations related to vesting of equity awards at a price of $25.58 per share. Following these transactions, the reporting person beneficially owns 86,446 shares of Intrepid Potash common stock in direct ownership form.

Gate City Capital Management and Michael Melby filed Amendment No. 4 to Schedule 13D on Intrepid Potash (IPI), disclosing beneficial ownership of 700,664 shares of common stock, or 5.22% of the company. The filing states purchases were made using $18,073,730 of working capital from advised funds and accounts.

Shares outstanding were 13,426,932 as of October 31, 2025, as reported in the company’s Form 10‑Q. The reporting persons have sole voting and dispositive power over the disclosed shares. The amendment reflects additional share purchases that brought ownership above the five percent threshold.

Intrepid Potash (IPI) reported a return to profitability in Q3 2025. Revenue was $53.2 million versus $57.5 million a year ago, while net income reached $3.7 million compared with a prior-year loss. Gross margin improved to $10.6 million from $7.7 million as costs eased. Diluted EPS was $0.28.

Nine-month performance strengthened. Revenue rose to $222.5 million from $198.9 million, and net income was $11.6 million versus a loss last year. Operating cash flow was $46.9 million, supporting cash and cash equivalents of $77.2 million at September 30, 2025. The company reported no borrowings on its $150 million revolver and remained in covenant compliance.

Mix shift and segment detail. Q3 potash sales were $32.5 million and Trio® $18.1 million, delivering segment gross margins of $6.3 million and $4.4 million, respectively. Oilfield solutions revenue declined to $2.7 million, with a small gross deficit. Other operating income included $1.1 million recognized under the XTO cooperative development agreement; $2.3 million current and $43.8 million long-term remain deferred. The company recorded contingent liabilities of $4.0 million, including amounts related to an unpermitted brine discharge and other items, and closed a $3.5 million federal royalties matter.

Intrepid Potash, Inc. (IPI) filed a Form 8-K noting that on November 5, 2025 it issued a press release announcing its financial results and operating highlights for the third quarter of 2025. The press release is furnished as Exhibit 99.1.

The company states that the information provided under Item 2.02, including Exhibit 99.1, is furnished, not filed, under the Exchange Act and will not be incorporated by reference into Securities Act filings except as specifically referenced.