Intrepid Potash, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Sales from continuing operations were $51.0 million for the three months ended September 30, 2026, compared to $50.8 million in the prior-year period.
• Net income from continuing operations increased to $1.7 million ($0.13 per diluted share) in Q3 2026 from $0.7 million ($0.05 per diluted share) in Q3 2025.
• Adjusted EBITDA from continuing operations was $11.7 million in Q3 2026, up from $10.7 million in Q3 2025.
• Gross margin was $10.0 million in Q3 2026, consistent with the prior-year quarter.
• Cash flow from continuing operations was $(4.8) million in Q3 2026, an improvement from $(5.6) million in Q3 2025.
• For the nine months ended September 30, 2026, sales were $216.4 million (vs. $212.9 million in 2025), net income from continuing operations was $11.0 million (vs. $5.5 million), and Adjusted EBITDA was $48.2 million (vs. $39.1 million).
• Net cash and short-term investments totaled $161.4 million as of September 30, 2026.
• The company had no borrowings and $0.5 million in outstanding letters of credit as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 Trio® production guidance increased to 305,000–315,000 tons (prior guidance: 295,000–305,000 tons).
• Full-year 2026 capital expenditure guidance increased to approximately $45 million (prior guidance: approximately $40 million).
• Q4 2026 potash sales volume guidance is 63,000–73,000 tons.
• Q4 2026 potash average net realized sales price guidance is $385–$395 per ton.
• Q4 2026 Trio® sales volume guidance is 83,000–93,000 tons.
• Q4 2026 Trio® average net realized sales price guidance is $385–$395 per ton.
• 2027 Trio® production is expected to be approximately 320,000–330,000 tons.
• 2027 potash production is expected to be 310,000–330,000 tons.
• Management anticipates realizing full impact of Trio® investments in 2027.
• A potential additional ~100,000 tons of annual Trio® production is planned with modest additional investment.

Business Segments and Product Lines:

• Potash Segment: Sales were $31.3 million in Q3 2026 (down 5% in volume to 59,000 tons; average price up 3% to $394/ton). Production was 34,000 tons (down from 41,000 tons in 2025) due to delayed Moab harvest start. Gross margin was $3.6 million (down from $6.3 million in 2025) as COGS per ton rose to $384 from $340.
• Trio® Segment: Sales were $19.1 million in Q3 2026 (up 5% driven by price; volume flat at 36,000 tons). Average price was $408/ton (up from $402/ton). Production increased 19% to 83,000 tons (vs. 70,000 tons in 2025). Gross margin increased 33% to $5.8 million (vs. $4.4 million in 2025) as COGS per ton declined to $224 from $257.
• A one-week Trio® fall fill program was offered in early October at $410/ton, followed by a $30/ton list price increase to $440/ton.
• Investments in 2027 include $16 million for Trio® expansion and $20 million for potash mine development.

Market and Competitive Landscape:

• Stronger crop prices are improving grower sentiment and encouraging demand for nutrients in the fall application season.
• Supportive pricing is observed for both potash and Trio® product categories, with expectations for conditions to carry into the spring 2027 planting season.
• Trio® pricing strength is driven by supportive pricing for individual nutrient components, particularly sulfate and low-chloride potassium.
• Intrepid is the only U.S. producer of muriate of potash.

Risks and Challenges:

• Forward-looking statements cite risks including changes in product price, demand, or supply; legal proceedings; ability to execute strategic projects; declines in agricultural production or fertilizer application rates; and operational difficulties or equipment failures.
• Specific risks include adverse weather affecting evaporation rates, changes in reserve estimates, currency fluctuations, trade tariffs, and global conflicts (e.g., Iran and Strait of Hormuz).
• The proposed USDA FIELDS program funding and the final investment decision for the SOP facility remain subject to completion of the award process and applicable conditions.

Management Commentary and Tone:

• CEO Kevin Crutchfield stated the company delivered improved profitability supported by higher Trio® production volumes, pricing strength, and a 33% increase in Trio® gross margin.
• Management expressed optimism about prospects for generating increased shareholder value due to operational improvement trajectories and financial flexibility.
• The tone is confident regarding the ability to capitalize on favorable market dynamics and the value of share repurchases.
• Management highlighted that the strong balance sheet provides flexibility to pursue disciplined growth investments and return capital to shareholders.

Other Key Points:

• In June 2026, the Board expanded the share repurchase authorization to $50 million.
• The company repurchased approximately 22,000 shares for $0.8 million during Q3 2026 and an additional 66,000 shares for $2.1 million between quarter-end and October 31, 2026 (totaling $3.0 million in the period).
• Intrepid was selected by the U.S. Department of Agriculture for approximately $139 million in proposed matching funding under the FIELDS program for a potential sulfate of potash (SOP) manufacturing facility near Carlsbad, New Mexico.
• The proposed SOP facility would have an annual production capacity of approximately 220,000 tons, with a final investment decision targeted for late 2027.
• Capital expenditures were $11.3 million in Q3 2026 and $24.9 million for the first nine months of 2026.
• The Wendover Lithium Project continues to advance engineering and permitting activities.
• A conference call was scheduled for November 4, 2026, at 12:00 p.m. Eastern Time.