Intrepid Potash reported full-year 2025 potash sales of 289,000 tons, up 20% year-over-year, delivering an $18.2 million gross margin. Total fertilizer volumes reached 592,000 tons, nearly 100,000 tons above 2024 levels and the highest since 2018, while adjusted EBITDA climbed to $63 million, an 80% increase.

The Trio segment achieved record sales volumes of 303,000 tons in 2025, generating $33.4 million of gross margin, its strongest performance outside the unusually high pricing environment of 2022. Fourth-quarter Trio contributed $10.5 million in gross margin on an average realized price of $379 per ton, 20% higher than in Q1 2025.

Management projects 2026 potash production of 270,000 to 285,000 tons and Trio output of 285,000 to 300,000 tons, with Q1 potash sales guided at 95,000–105,000 tons at $345–355 per ton and Trio at 105,000–115,000 tons at $380–390 per ton. Capital spending is forecast at $40 million to $50 million, primarily for sustaining projects and a new Wendover pond.

Intrepid’s direct lithium extraction project at Wendover delivered a maiden resource estimate of approximately 119,000 tons of lithium carbonate equivalent, implying a 25-year life at 5,000 tons annual output and targeting a definitive feasibility study in late 2026. The South Ranch oilfield asset is under exclusivity with a potential buyer holding an $8 million deposit, with a deal expected in H1 2026.