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Jun 30
Intrepid Potash Q2 2025 Earnings Report
Intrepid Potash reported strong financial results for Q2 2025, driven by improved pricing, steady demand for potash and Trio®, and solid unit economics.
Key Takeaways
Intrepid Potash delivered strong financial results in the second quarter of 2025, exceeding expectations with total sales of $71.5 million, net income of $3.3 million, and adjusted EBITDA of $16.4 million. The company benefited from supportive potash market fundamentals, steady demand for its products, and higher gross margins across segments.
Total sales increased to $71.5 million, up from $62.1 million in the prior year's second quarter.
Net income reached $3.3 million, or $0.25 per diluted share, a significant improvement from a net loss in Q2 2024.
Adjusted EBITDA surged by approximately 75% year-over-year to $16.4 million, reflecting strong operational performance.
Cash flow from operations was robust at $39.9 million, contributing to a strong financial position with $87 million in cash and cash equivalents as of August 1, 2025.
Intrepid Potash
Intrepid Potash
Intrepid Potash Revenue by Segment
Revenue by Segment
Potash Revenue
CapyFin.comTrio Revenue
CapyFin.comOilfield Solutions Revenue
CapyFin.com Forward Guidance
Intrepid Potash remains constructive on the outlook for the balance of the year, focusing on strong operational and project execution, despite expected reductions in potash production due to weather impacts and AMAX Cavern availability.
Positive Outlook
- Continued focus on strong operational and project execution.
- Potash market continues to see pricing support driven by strong underlying fundamentals.
- Strong efficiencies and lower operating expenses in Trio® due to continuous miners and recovery system restart.
- Higher Trio® production positively impacting unit economics.
- Company ended the quarter in a very strong financial position with no outstanding borrowings on its revolving credit facility.
Challenges Ahead
- 1H 2026 potash production from HB facility expected to be approximately 20,000 tons lower than previously expected due to above-average precipitation.
- Approximately 15,000 tons of 2025 production will shift into the first half of 2026 due to planned HB mill shutdown in September.
- Without AMAX brine available, overall brine grade into HB pond system will be reduced.
- 2026 potash production expected to decrease by approximately 25,000 tons due to AMAX brine unavailability, in addition to weather impacts.
- Revised 2025 potash production forecast to 270k-280k tons from 285k-295k tons, and 2026 forecast to 270k-280k tons from 300k-310k tons.
Revenue & Expenses
Visualization of income flow from segment revenue to net income