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IPI

Intrepid Potash, Inc.

IPI

Intrepid Potash, Inc. • NYSE
$25.30 ▲ 1.28% (+0.32)
Market Cap $339.70 M
52w High $39.01
52w Low $20.86
Dividend Yield 0%
P/E -1.66
Volume 48.44K
Outstanding Shares 13.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.219M ▼ $9M ▼ $3.745M ▲ 7.037% ▲ $0.29 ▲ $14.215M ▲
Q2-2025 $71.472M ▼ $10.993M ▲ $3.263M ▼ 4.565% ▼ $0.25 ▼ $12.877M ▼
Q1-2025 $97.76M ▲ $9.604M ▼ $4.606M ▲ 4.712% ▲ $0.36 ▲ $15.34M ▲
Q4-2024 $55.803M ▼ $18.993M ▲ $-207.049M ▼ -371.036% ▼ $-16.04 ▼ $-3.969M ▼
Q3-2024 $57.549M $9.955M $-1.833M -3.185% $-0.14 $7.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $77.207M ▼ $616.537M ▲ $125.805M ▲ $490.732M ▲
Q2-2025 $85.049M ▲ $607.16M ▲ $123.323M ▲ $483.837M ▲
Q1-2025 $46.164M ▲ $601.276M ▲ $121.823M ▲ $479.453M ▲
Q4-2024 $42.298M ▲ $594.52M ▼ $120.128M ▼ $474.392M ▼
Q3-2024 $40.013M $806.219M $125.626M $680.593M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.745M ▲ $-3.987M ▼ $-5.387M ▼ $1.535M ▲ $-7.842M ▼ $-11.735M ▼
Q2-2025 $3.263M ▼ $39.943M ▲ $-130K ▲ $-431K ▲ $39.381M ▲ $35.806M ▲
Q1-2025 $4.606M ▲ $10.917M ▲ $-5.668M ▼ $-887K ▼ $4.362M ▲ $2.645M ▲
Q4-2024 $-207.049M ▼ $7.559M ▲ $-4.02M ▲ $-262K ▼ $3.277M ▲ $1.236M ▲
Q3-2024 $-1.833M $-4.342M $-9.104M $-180K $-13.626M $-13.951M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Brines
Brines
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Magnesium Chloride
Magnesium Chloride
 $0 ▲$0 ▲$0 ▲$0 ▲
Mineral
Mineral
 $120.00M ▲$100.00M ▼$70.00M ▼$50.00M ▼
Potash
Potash
 $50.00M ▲$40.00M ▼$30.00M ▼$30.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Salt
Salt
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Water Product
Water Product
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been on a downward slope since a very strong year a few years ago, reflecting the comedown from peak fertilizer prices. Profitability has shrunk sharply: margins that were once healthy are now thin, and the core business is hovering around breakeven at the operating level. The most recent year shows a sizable net loss, which is much worse than the operating result and likely reflects non-operating items such as write-downs or one-off charges layered on top of weaker market pricing. Overall, the income statement shows a business that is highly sensitive to potash and fertilizer price cycles: it can be very profitable in good years and swing to losses when pricing softens.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. The company carries little to no financial debt and is funded mainly by shareholder equity, which reduces balance sheet risk compared with heavily leveraged peers. Total assets have eased back from their peak but remain solid, and equity still makes up the bulk of the capital structure. Cash on hand is modest, so liquidity relies heavily on ongoing cash generation and access to working capital, but the low debt load gives the company flexibility to ride out downturns in pricing.

Cash Flow

Cash Flow The business has consistently generated positive cash from operations over the past several years, even when reported earnings were weak or negative. That suggests the core operations still throw off cash, though less than in the boom years. Free cash flow has generally been positive, with one recent year dipping negative as the company stepped up investment in projects and capacity. Capital spending has been meaningful, aimed at infrastructure, expansion, and operational improvements, but it appears to be mostly funded from internal cash flows rather than borrowing. Overall, cash flow quality is better than the earnings swings alone would suggest, but it depends heavily on commodity price levels and disciplined spending.

Competitive Edge

Competitive Edge The company occupies a unique niche as the only producer of a key type of potash in the United States, which gives it a clear logistical and regulatory edge over import-dependent competitors. Its locations close to Western U.S. agricultural and industrial customers help on freight costs and reliability of supply. It also diversifies beyond standard fertilizer by selling into animal feed, industrial uses, and providing water and brine services to the oil and gas industry. On the defensive side, it still faces the realities of a global commodity market: international oversupply or weak demand can pressure prices regardless of its domestic advantages, and as a smaller player it lacks the scale of global giants. Its moat is strongest in logistics, niche products, and customer relationships rather than in sheer size.

Innovation and R&D

Innovation and R&D Innovation is focused on process and product rather than classic lab-heavy R&D. The company has leaned into solar solution mining, using large evaporation ponds to harness sunlight instead of energy-intensive conventional mining, which can lower costs and emissions. It was early in applying horizontal drilling techniques to potash extraction, supporting production stability. Investments in improved storage and on-site infrastructure are aimed at reducing weather risk and improving handling of different product lines. On the product side, its Trio-branded specialty fertilizer and certified organic offerings target higher-value, more differentiated markets. The company is also pursuing operational upgrades like enhanced brine injection capabilities and setting goals to reduce emissions intensity, which together point to a steady, engineering-driven approach to improvement rather than headline-grabbing R&D.

Summary

Intrepid Potash is a cyclical, resource-based business that enjoyed a surge in profitability when fertilizer markets were strong and is now working through a more challenging phase with lower prices and a recent net loss. The balance sheet is relatively clean, with minimal debt and a solid equity base, which supports resilience despite earnings volatility. Cash flows from operations remain positive and have generally been sufficient to fund ongoing investment in production and infrastructure. Competitively, the company benefits from being the only domestic producer of its core potash product, with proximity to key U.S. markets and a portfolio that includes specialty fertilizers and oilfield-related services. Its innovation is practical and operational—focused on mining methods, logistics, sustainability, and specialized products—rather than traditional high-tech R&D. The main opportunity lies in scaling production and leveraging its domestic and specialty niches, while the main risks stem from global potash price cycles, competition from large international producers, and the capital intensity of maintaining and expanding its asset base.

NEWS

November 5, 2025 · 4:30 PM UTC

Intrepid Announces Third Quarter 2025 Results

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October 16, 2025 · 4:30 PM UTC

Intrepid Announces Date for Third Quarter 2025 Earnings Release

Read more