Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we", "us" and "our") today reports its financial results for the fourth quarter and full year ("FY") 2025.

Fourth Quarter and FY 2025 Highlights & Management Commentary

In 2025, we experienced steady demand for our fertilizer products underscored by record Trio^®

Kevin Crutchfield, Intrepid's Chief Executive Officer, commented:"2025 was a very strong year for Intrepid and I want to thank all of our employees for their dedication and hard work in helping us achieve one of the best periods of operating and financial performance in recent history. Our strong results were primarily the result of our continued reinvestment in our core assets with the goal of increasing our production and further improving our unit economics, while we also had the benefit of supportive fertilizer pricing throughout the year.

"Our Trio^®^®^®

"Overall, we're optimistic on the outlook, and the renewed focus on domestic critical mineral production should also help provide tailwinds for both our core operations and new projects like lithium. It's a very exciting time for Intrepid, and we look forward to continue capitalizing on our unique positioning as a producer of critical minerals in the United States."

Liquidity

Capital Expenditures

Key Projects and Operational Focus for 2026

Wendover Lithium Project

Wendover Primary Pond 8 Project

Increased Production at East Underground Mine

Potential Sale of Intrepid South Ranch

Deferred Project for 2026

AMAX Cavern Project

Segment Highlights

In the fourth quarter of 2025, our potash segment sales increased $0.7 million compared to the same prior year period, which was driven by our average net realized sales price per ton⁽¹⁾

Our FY 2025 potash sales increased $14.8 million, or 15%, compared to the prior year, which was driven by a sales volume increase of 49 thousand tons to 289 thousand tons, as we had significantly more tons available to sell to start the year given the higher inflection in our 2024 potash production. Higher sales volumes more than offset a $24 decrease in our average net realized sales price per ton⁽¹⁾

Compared to the prior year, our FY 2025 potash COGS per ton decreased by approximately $22 per ton to $328 per ton, which was driven by the significant increase in sales volumes resulting from the higher production that started in 2024 (i.e., higher 2024 production, which continued in 2025, drove higher sales volumes and better full-year unit economics). A significant portion of our production costs are fixed and an increase in tons produced and sold results in better unit economics.

During 2025, we recorded $4.4 million in lower of cost or net realizable value inventory adjustments for certain potash products as our weighted average carry cost per ton exceeded our expected net realizable value per potash ton. During 2024, we recorded $4.0 million in lower of cost or net realizable value inventory adjustments.

Our FY 2025 potash segment gross margin was relatively flat compared to FY 2024, due to the factors discussed above.

In the fourth quarter of 2025, our Trio^®⁽¹⁾^®

Our fourth quarter Trio^®

Our FY 2025 Trio^®^®^®⁽¹⁾

Compared to the prior year, our FY 2025 Trio^®

During 2025 and 2024, we did not record any lower of cost or net realizable value inventory adjustments in Trio^®

Our Trio^®

In the fourth quarter of 2025, our oilfield solutions segment sales decreased by $0.5 million compared to the same prior year period, primarily due to lower water sales. For FY 2025, our oilfield solutions segment sales decreased $10.2 million or 42%, compared to 2024, which was also primarily driven by a $10.4 million decrease in water sales. Our lower water sales reflect lower oilfield activity on and around the Intrepid South Ranch, as well as from lower sales on our Caprock well system, while our third quarter 2024 also had the largest frac job in company history.

Our oilfield solutions cost of goods sold decreased 36% in FY 2025 compared to FY 2024, as we purchased less third-party water for resale. Gross margin decreased $4.0 million, or 56%, in FY 2025 compared to the prior year, due to the factors described above.

Notes

Adjusted net income (loss), average net realized sales price per ton and adjusted EBITDA are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information.¹

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 Thursday, March 5, 2026, 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 intrepidpotash.com

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 U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®^®

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 atintrepidpotash.com

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 and cash flows, water sales, production costs, and its market outlook. 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:

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 duty 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.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024

(In thousands, except per share amounts)

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.

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.

Adjusted EBITDA

Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net (loss) income 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 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.

Average Potash and Trio^®

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^®^®^®^®^®^®^®

Reconciliation of Sales to Average Potash and Trio^®

View source version on businesswire.com:https://www.businesswire.com/news/home/20260304822459/en/

Key Financial and Operational Metrics Summary

	Three Months Ended						Year Ended
	2025			2024			2025		2024
	(in millions, unless otherwise stated)
Total sales	$	75.9		$	55.8		$	298.3	$	254.7
Gross margin	$	15.4		$	7.3		$	54.8	$	29.1
Net (loss) income	$	(0.4	)	$	(207.0	)	$	11.2	$	(212.8	)
Net (loss) income per diluted share	$	(0.03	)	$	(16.04	)	$	0.85	$	(16.53	)
Adjusted net income (loss)⁽¹⁾	$	6.5		$	(1.4	)	$	19.1	$	(3.7	)
Adjusted net income (loss) per diluted share⁽¹⁾	$	0.49		$	(0.11	)	$	1.44	$	(0.30	)
Adjusted EBITDA⁽¹⁾	$	18.1		$	8.6		$	63.1	$	35.5
Cash flow from operations^*	$	8.9		$	7.6		$	55.8	$	72.5

Potash sales volumes (in thousands and tons)		55			57			289		240
Average potash net realized sales price per ton⁽¹⁾	$	387		$	347		$	353	$	377

sales volumes (in thousands and tons)^®		87			54			303		254
net realized sales price per ton^®⁽¹⁾	$	379		$	330		$	367	$	311

Please note that cash flow from operations for the year ended December 31, 2024 includes a $45 million payment we received pursuant to the terms of the Third Amendment to the Cooperative Development Agreement between Intrepid and XTO.^*

First Quarter 2026 Sales Guidance

Potash sales volumes (in thousands and tons)		95 to 105
Average potash net realized sales price per ton⁽¹⁾		$345 to $355

sales volumes (in thousands and tons)^®		105 to 115
net realized sales price per ton^®⁽¹⁾		$380 to $390

2026 Production Guidance

Potash production (in thousands and tons)		270 to 285
production (in thousands and tons)^®		285 to 300

Potash

	Three Months Ended				Year Ended
	2025		2024		2025		2024
	(in thousands, except per ton data)
Sales	$	29,533	$	28,867	$	139,583	$	124,833
Gross margin	$	4,592	$	4,468	$	18,218	$	17,420

Potash production volume (in tons)		102		117		280		295
Potash sales volume (in tons)		55		57		289		240

Average potash net realized sales price per ton⁽¹⁾	$	387	$	347	$	353	$	377

Trio^®

	Three Months Ended				Year Ended
	2025		2024		2025		2024
	(in thousands, except per ton data)
Sales	$	43,314	$	23,490	$	144,463	$	105,428
Gross margin	$	10,494	$	2,791	$	33,386	$	4,438

production volume (in tons)^®		71		67		273		251
sales volume (in tons)^®		87		54		303		254

net realized sales price per ton^®⁽¹⁾	$	379	$	330	$	367	$	311

Oilfield Solutions

	Three Months Ended				Year Ended
	2025		2024		2025		2024
	(in thousands)
Sales	$	3,031	$	3,499	$	14,440	$	24,685
Gross margin	$	266	$	33	$	3,212	$	7,224

INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands, except share and per share amounts)

	Three Months Ended						Year Ended
	2025			2024			2025			2024
Sales	$	75,876		$	55,803		$	298,328		$	254,694
Less:
Freight costs		13,196			8,490			48,277			38,765
Warehousing and handling costs		3,002			2,742			12,215			11,475
Cost of goods sold		42,044			35,648			178,578			171,415
Lower of cost or net realizable value inventory adjustments		2,282			1,631			4,442			3,957
Gross Margin		15,352			7,292			54,816			29,082

Selling and administrative		9,576			7,518			36,705			32,966
Accretion of asset retirement obligation		631			622			2,603			2,489
Impairment of long-lived assets		—			7,626			1,866			10,708
Loss (gain) on sale of assets		2,520			1,326			(1,175	)		1,952
Other operating income		(1,160	)		(1,186	)		(4,811	)		(5,215	)
Other operating expense		4,743			3,087			8,963			6,040
Operating (Loss) Income		(958	)		(11,701	)		10,665			(19,858	)

Other Income (Expense)
Equity in (loss) earnings of unconsolidated entities		(57	)		(43	)		(374	)		(299	)
Interest expense, net		(25	)		(112	)		(232	)		(112	)
Interest income		631			385			2,432			1,712
Other income (expense)		35			(159	)		(762	)		45
(Loss) Income Before Income Taxes		(374	)		(11,630	)		11,729			(18,512	)

Income Tax Expense		(55	)		(195,419	)		(544	)		(194,333	)
Net (Loss) Income	$	(429	)	$	(207,049	)	$	11,185		$	(212,845	)

Weighted Average Shares Outstanding:
Basic		13,121,562			12,908,078			13,014,205			12,880,026
Diluted		13,121,562			12,908,078			13,174,001			12,880,026
Net (Loss) Income Per Share:
Basic	$	(0.03	)	$	(16.04	)	$	0.86		$	(16.53	)
Diluted	$	(0.03	)	$	(16.04	)	$	0.85		$	(16.53	)

INTREPID POTASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2025 AND 2024
(In thousands, except share and per share amounts)

	December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	83,537		$	41,309
Short-term investments		—			989
Accounts receivable:
Trade, net		33,776			22,465
Other receivables, net		159			763
Inventory, net		112,305			112,968
Other current assets		5,355			5,269
Total current assets		235,132			183,763

Property, plant, equipment, and mineral properties, net		334,773			344,338
Water rights		19,184			19,184
Long-term parts inventory, net		31,506			33,775
Long-term investments		179			3,571
Other assets, net		11,405			9,889
Non-current deferred tax asset, net		—			—
Total Assets	$	632,179		$	594,520

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable	$	9,844		$	8,616
Accrued liabilities		10,596			9,483
Accrued employee compensation and benefits		12,651			9,842
Other current liabilities		20,564			10,062
Total current liabilities		53,655			38,003

Asset retirement obligation		38,841			32,354
Operating lease liabilities		1,550			780
Finance lease liabilities		1,741			1,838
Deferred other income, long-term		43,233			45,489
Other non-current liabilities		1,730			1,664
Total Liabilities		140,750			120,128

Commitments and Contingencies

Common stock, $0.001 par value; 40,000,000 shares authorized:
and 13,131,663 and 12,908,078 shares outstanding
at December 31, 2025 and 2024, respectively		14			14
Additional paid-in capital		674,297			668,445
Accumulated deficit		(160,870	)		(172,055	)
Less treasury stock, at cost		(22,012	)		(22,012	)
Total Stockholders' Equity		491,429			474,392
Total Liabilities and Stockholders' Equity	$	632,179		$	594,520

INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands)

	Three Months Ended						Year Ended
	2025			2024			2025			2024
Cash Flows from Operating Activities:
Net (loss) income	$	(429	)	$	(207,049	)	$	11,185		$	(212,845	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, and amortization		10,759			10,430			40,241			37,361
Amortization of intangible assets		82			82			328			328
Accretion of asset retirement obligation		631			622			2,603			2,489
Amortization of deferred financing costs		75			75			301			301
Stock-based compensation		1,311			848			5,085			3,583
Reserve for obsolescence		87			1,200			2,422			1,843
Allowance for doubtful accounts		—			120			62			120
Impairment of long-lived assets		—			7,626			1,866			10,708
Loss on disposal of assets		2,520			1,326			(1,175	)		1,952
Loss on equity investments		—			165			888			266
Equity in earnings of unconsolidated entities		57			43			374			299
Distribution of earnings from unconsolidated entities		—			—			—			—
Lower of cost or net realizable value inventory adjustments		2,282			1,631			4,442			3,957
Changes in operating assets and liabilities:
Trade accounts receivable, net		(8,752	)		9,638			(11,373	)		(508	)
Other receivables, net		3,025			1,887			593			642
Inventory, net		(4,897	)		(10,385	)		(3,932	)		(10,833	)
Other current assets		(645	)		(136	)		(2,214	)		(362	)
Deferred tax assets		—			195,402			—			194,223
Accounts payable, accrued liabilities, and accrued employee compensation and benefits		385			(7,528	)		4,724			(3,519	)
Operating lease liabilities		(264	)		(345	)		(1,111	)		(1,419	)
Deferred other income		(564	)		(564	)		(2,256	)		42,744
Other liabilities		3,243			2,471			2,726			1,165
Net cash provided by operating activities		8,906			7,559			55,779			72,495

Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties and other assets		(10,082	)		(6,123	)		(30,239	)		(38,706	)
Deposit received		8,000			—			8,000			—
Proceeds from sale of property, plant, equipment, and mineral properties		1			183			5,844			4,839
Additions to intangible assets		—			(200	)		—			(200	)
Proceeds from redemptions/maturities of investments		—			1,000			1,000			3,000
Other investing, net		—			1,120			2,129			1,536
Net cash used in investing activities		(2,081	)		(4,020	)		(13,266	)		(29,531	)

Cash Flows from Financing Activities:
Payments of financing leases		(308	)		(262	)		(1,043	)		(942	)
Repayments of borrowings on credit facility		—			—			—			(4,000	)
Employee tax withholding paid for restricted shares upon vesting		(185	)		—			(1,075	)		(775	)
Proceeds from exercise of stock options		—			—			1,842			—
Net cash used in financing activities		(493	)		(262	)		(276	)		(5,717	)

Net Change in Cash, Cash Equivalents, and Restricted Cash		6,332			3,277			42,237			37,247
Cash, Cash Equivalents, and Restricted Cash, beginning of period		77,803			38,621			41,898			4,651
Cash, Cash Equivalents, and Restricted Cash, end of period	$	84,135		$	41,898		$	84,135		$	41,898

:Reconciliation of Net (Loss) Income to Adjusted Net Income (Loss)

	Three Months Ended						Year Ended
	2025			2024			2025			2024
Net (Loss) Income	$	(429	)	$	(207,049	)	$	11,185		$	(212,845	)
Adjustments
Impairment of long-lived assets		—			7,626			1,866			10,708
Loss (gain) on sale of assets		2,520			1,326			(1,175	)		1,952
CEO separation costs, net		—			—			—			1,050
Employee separation costs		458			—			1,096			—
Unpermitted discharge penalty		—			—			2,155			—
Employment class action lawsuit		4,000			—			4,000			—
Valuation allowance for deferred tax assets		—			199,026			—			199,026
Calculated income tax effect⁽¹⁾		—			(2,328	)		—			(3,565	)
Total adjustments		6,978			205,650			7,942			209,171
Adjusted Net Income (Loss)	$	6,549		$	(1,399	)	$	19,127		$	(3,674	)

:Reconciliation of Net (Loss) Income per Share to Adjusted Net Income (Loss) per Share

	Three Months Ended						Year Ended
	2025			2024			2025			2024
Net (Loss) Income Per Diluted Share	$	(0.03	)	$	(16.04	)	$	0.85		$	(16.53	)
Adjustments
Impairment of long-lived assets		—			0.59			0.14			0.83
Loss (gain) on sale of assets		0.19			0.10			(0.09	)		0.15
CEO separation costs, net		—			—			—			0.08
Employee separation costs		0.03			—			0.08			—
Unpermitted discharge penalty		—			—			0.16			—
Employment class action lawsuit		0.30			—			0.30			—
Valuation allowance for deferred tax assets		—			15.42			—			15.45
Calculated income tax effect⁽¹⁾		—			(0.18	)		—			(0.28	)
Total adjustments		0.52			15.93			0.59			16.23
Adjusted Net Income (Loss) Per Diluted Share	$	0.49		$	(0.11	)	$	1.44		$	(0.30	)

(1) - Assumes an annual effective tax rate of 0% and 26% for 2025 and 2024, respectively.

:Reconciliation of Net (Loss) Income to Adjusted EBITDA

	Three Months Ended						Year Ended
	2025			2024			2025			2024
Net (Loss) Income	$	(429	)	$	(207,049	)	$	11,185		$	(212,845	)
Adjustments
Impairment of long-lived assets		—			7,626			1,866			10,708
Loss (gain) on sale of assets		2,520			1,326			(1,175	)		1,952
CEO separation costs, net		—			—			—			1,050
Employee separation costs		458			—			1,096			—
Unpermitted discharge penalty		—			—			2,155			—
Employment class action lawsuit		4,000			—			4,000			—
Interest expense		25			112			232			112
Income tax expense		55			195,419			544			194,333
Depreciation, depletion, and amortization		10,759			10,430			40,241			37,361
Amortization of intangible assets		82			82			328			328
Accretion of asset retirement obligation		631			622			2,603			2,489
Total adjustments		18,530			215,617			51,890			248,333
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization	$	18,101		$	8,568		$	63,075		$	35,488

	Potash Segment
	Three Months Ended
(in thousands, except per ton amounts)	2025		2024
Total Segment Sales	$	29,533	$	28,867
Less: Segment byproduct sales		5,976		6,910
Potash freight costs		2,295		2,170
Subtotal	$	21,262	$	19,787

Divided by:
Potash tons sold		55		57
Average net realized sales price per ton	$	387	$	347

	Potash Segment
	Year Ended December 31,
(in thousands, except per ton amounts)	2025		2024
Total Segment Sales	$	139,583	$	124,833
Less: Segment byproduct sales		24,580		24,634
Potash freight costs		12,964		9,675
Subtotal	$	102,039	$	90,524

Divided by:
Potash tons sold		289		240
Average net realized sales price per ton	$	353	$	377

	Trio^®
	Three Months Ended
(in thousands, except per ton amounts)	2025		2024
Total Segment Sales	$	43,314	$	23,490
Less: Segment byproduct sales		151		301
freight costs^®		10,172		5,343
Subtotal	$	32,991	$	17,846

Divided by:
tons sold^®		87		54
Average net realized sales price per ton	$	379	$	330

	Trio^®
	Year Ended December 31,
(in thousands, except per ton amounts)	2025		2024
Total Segment Sales	$	144,463	$	105,428
Less: Segment byproduct sales		497		655
freight costs^®		32,818		25,841
Subtotal	$	111,148	$	78,932

Divided by:
tons sold^®		303		254
Average net realized sales price per ton	$	367	$	311

INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(In thousands)

	Three Months Ended December 31, 2025
Product	Potash Segment		Trio^®		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	23,557	$	—	$	—	$	(2	)	$	23,555
Trio^®		—		43,163		—		—			43,163
Water		—		—		555		—			555
Salt		2,837		151		—		—			2,988
Magnesium Chloride		1,453		—		—		—			1,453
Brines		1,686		—		1,095		—			2,781
Other		—		—		1,381					1,381
Total Revenue	$	29,533	$	43,314	$	3,031	$	(2	)	$	75,876

	Year Ended December 31, 2025
Product	Potash Segment		Trio^®		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	115,003	$	—	$	—	$	(158	)	$	114,845
Trio^®		—		143,966		—		—			143,966
Water		—		—		3,173		—			3,173
Salt		11,657		497		—		—			12,154
Magnesium Chloride		6,191		—		—		—			6,191
Brines		6,732		—		4,316		—			11,048
Other		—		—		6,951		—			6,951
Total Revenue	$	139,583	$	144,463	$	14,440	$	(158	)	$	298,328

	Three Months Ended December 31, 2024
Product	Potash Segment		Trio® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	21,957	$	—	$	—	$	(53	)	$	21,904
Trio^®		—		23,189		—		—			23,189
Water		—		—		943		—			943
Salt		3,179		301		—		—			3,480
Magnesium Chloride		1,857		—		—		—			1,857
Brines		1,874		—		968		—			2,842
Other		—		—		1,588					1,588
Total Revenue	$	28,867	$	23,490	$	3,499	$	(53	)	$	55,803

	Year Ended December 31, 2024
Product	Potash Segment		Trio® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	100,199	$	—	$	—	$	(252	)	$	99,947
Trio^®		—		104,773		—		—			104,773
Water		—		—		13,602		—			13,602
Salt		12,378		655		—		—			13,033
Magnesium Chloride		5,324		—		—		—			5,324
Brines		6,932		—		4,204		—			11,136
Other		—		—		6,879		—			6,879
Total Revenue	$	124,833	$	105,428	$	24,685	$	(252	)	$	254,694

Three Months Ended December 31, 2025	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales⁽¹⁾	$	29,533	$	43,314	$	3,031	$	(2	)	$	75,876
Less: Freight costs		3,026		10,172		—		(2	)		13,196
Warehousing and handling costs		1,387		1,615		—		—			3,002
Cost of goods sold		18,246		21,033		2,765		—			42,044
Lower of cost or net realizable value inventory adjustments		2,282		—		—		—			2,282
Gross Margin	$	4,592	$	10,494	$	266	$	—		$	15,352
Depreciation, depletion, and amortization incurred⁽²⁾	$	8,649	$	815	$	906	$	471		$	10,841

Year Ended December 31, 2025	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales⁽¹⁾	$	139,583	$	144,463	$	14,440	$	(158	)	$	298,328
Less: Freight costs		15,617		32,818		—		(158	)		48,277
Warehousing and handling costs		6,530		5,685		—		—			12,215
Cost of goods sold		94,776		72,574		11,228		—			178,578
Lower of cost or net realizable value inventory adjustments		4,442		—		—		—			4,442
Gross Margin	$	18,218	$	33,386	$	3,212	$	—		$	54,816
Depreciation, depletion, and amortization incurred⁽²⁾	$	31,478	$	3,353	$	3,813	$	1,925		$	40,569

Three Months Ended December 31, 2024	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales⁽¹⁾	$	28,867	$	23,490	$	3,499	$	(53	)	$	55,803
Less: Freight costs		3,200		5,343		—		(53	)		8,490
Warehousing and handling costs		1,417		1,325		—		—			2,742
Cost of goods sold		18,151		14,031		3,466		—			35,648
Lower of cost or net realizable value inventory adjustments		1,631		—		—		—			1,631
Gross Margin	$	4,468	$	2,791	$	33	$	—		$	7,292
Depreciation, depletion, and amortization incurred⁽²⁾	$	8,136	$	901	$	1,031	$	444		$	10,512

Year Ended December 31, 2024	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales⁽¹⁾	$	124,833	$	105,428	$	24,685	$	(252	)	$	254,694
Less: Freight costs		13,176		25,841		—		(252	)		38,765
Warehousing and handling costs		6,306		5,169		—		—			11,475
Cost of goods sold		83,974		69,980		17,461		—			171,415
Lower of cost or net realizable value inventory adjustments		3,957		—		—		—			3,957
Gross Margin	$	17,420	$	4,438	$	7,224	$	—		$	29,082
Depreciation, depletion and, amortization incurred⁽²⁾	$	27,955	$	3,500	$	4,431	$	1,803		$	37,689

.^®
excludes depreciation and depletion amounts absorbed in or (relieved from) inventory.^®

Total sales of $75.9 million in the fourth quarter and $298.3 million for FY 2025.
Net loss of $0.4 million and adjusted net income⁽¹⁾⁽¹⁾
- Our fourth quarter net loss and FY 2025 net income include a $4.0 million charge for a pending legal settlement and a $2.4 million charge related to the disposal of an extraction well drilled in 2012 that was plugged-and-abandoned in the fourth quarter.
Adjusted EBITDA⁽¹⁾
Cash flow from operations of $8.9 million for the fourth quarter and $55.8 million for FY 2025.
Ending 2025 in a strong financial position, with no debt or outstanding borrowings on our credit facility and cash and cash equivalents of $83.5 million, which includes an $8 million deposit related to the potential sale of the majority of our assets at Intrepid South.

We ended 2025 with cash and cash equivalents of $83.5 million with no outstanding borrowings on our $150 million revolving credit facility that matures in August 2027.
As of February 27, 2026, our cash and cash equivalents totaled approximately $93.3 million with no outstanding borrowings on our credit facility.

Our capital expenditures for FY 2025 totaled $30.2 million. This mostly comprised sustaining capital, and included the completion of the AMAX test well, the replacement of an aging continuous miner, and various other equipment purchases across our operations.
For 2026, we expect our capital expenditures will be in the range of $40 to $50 million, primarily driven by Primary Pond 8 construction at Wendover and sustaining capital at the East Mine.

Our lithium project in Wendover continues to make progress under our Joint Development Agreement ("JDA") with Aquatech International, LLC (“Aquatech”), and Adionics. Adionics and Aquatech have successfully produced battery-grade lithium carbonate in a demonstration test of Intrepid’s Wendover brine, with the testing results achieving a lithium extraction rate of 92.9%, producing an overall lithium chloride purity above 99.5%, meeting key specifications for battery manufacturing. The project design is expected to be for five thousand tons of lithium carbonate per year. We still plan to limit our capital exposure and operating risk to the lithium industry, and we will continue to maintain our focus on our core fertilizer operations, but successfully monetizing lithium from our byproduct magnesium chloride brine will constitute an important step forward in driving margin improvement at Wendover.
In our 2025 10-K, we will be including an updated Technical Report Summary for our Wendover, Utah operation, which will include maiden resource estimates for the associated byproduct lithium and magnesium. The estimated measured and indicated maiden mineral resources total approximately 119 thousand tons of lithium carbonate equivalent and 1.5 million tons of magnesium. At the final outflow, the lithium concentration in the magnesium chloride brine has been measured at a median parts per million of approximately 1,360, while the magnesium concentration has been measured at 7.7%.

To further expand our evaporative area at Wendover to help sustain our potash productive capacity level of approximately 75 thousand tons, we are progressing with building another new primary pond. We expect the new primary pond will result in higher byproduct production, including lithium and magnesium. Primary Pond 8 will further expand our evaporative area at Wendover by approximately 35%. This project is expected to be commissioned in 2027 and contribute to our potash and byproduct production starting in 2028.

In early 2026, we replaced a continuous miner at our East Mine; three of the five continuous miners are now relatively new and are expected to continue to drive improved operational efficiencies and higher Trio^®^®

In December 2025, we received an $8.0 million cash deposit related to the potential sale of the majority of the assets of Intrepid South. As consideration for this deposit, we entered into an exclusivity period with the potential buyer, during which time we will negotiate definitive agreements. This deposit will be credited against the purchase price of the transaction, and in the event we are unable to reach a definitive agreement or the buyer is unable to close in a timely manner, we may retain the deposit after the exclusivity period expires. If we are successful in negotiating definitive agreements, we expect the transaction would close in the first half of 2026 subject to approval by our Board of Directors.

We have deferred a formal decision for our AMAX cavern project into at least 2027 and will continue our evaluation over the next year. While we remain confident about the potash reserves in the AMAX cavern, we want to further study the surrounding geology before committing additional capital. The deferral is not expected to have an effect on our production as we believe we currently have sufficient potash reserves and brine in the HB cavern system to sustain our production over the next several years.

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^®
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;
our ability to comply with the terms of our revolving credit facility, including the underlying covenants;
write-downs of the carrying value of our 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;
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 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 ability to fund necessary capital investments;
the impact of global health issues, geopolitical conflicts and tensions, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and
the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by subsequent Quarterly Reports on Form 10-Q.