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Dec 31, 2025
Intrepid Potash Q4 2025 Earnings Report
Intrepid Potash Q4 2025 Earnings Report
Key Takeaways
Intrepid Potash reported a strong fourth quarter and full year 2025, driven by record Trio® sales volumes and improving fertilizer pricing. While the company saw a slight net loss in Q4 due to legal and disposal charges, adjusted EBITDA and net income showed significant year-over-year growth, supported by improved unit economics and robust demand.
Record Trio® sales volumes of 303 thousand tons for the full year 2025, with Q4 sales increasing 84% year-over-year.
Adjusted EBITDA for Q4 2025 rose to $18.1 million, more than doubling the $8.6 million reported in Q4 2024.
The company maintained a strong liquidity position with $83.5 million in cash and no outstanding debt at year-end.
Progress continues on the Wendover Lithium Project, with successful production of battery-grade lithium carbonate in demonstration tests.
Revenue by Segment
Forward Guidance
Intrepid expects modestly higher total fertilizer production in 2026, with a focus on Trio® growth and lithium monetization.
Positive Outlook
- Q1 2026 Potash sales volume guidance of 95,000 to 105,000 tons.
- Q1 2026 Trio® sales volume guidance of 105,000 to 115,000 tons.
- Full year 2026 Trio® production expected to reach 285,000 to 300,000 tons.
- Expected battery-grade lithium carbonate production design of 5,000 tons per year at Wendover.
- Potential sale of Intrepid South Ranch expected to close in first half of 2026.
Challenges Ahead
- Potash production for 2026 expected to be relatively flat compared to 2025.
- Capital expenditures for 2026 projected to increase to $40 - $50 million.
- Decision on AMAX cavern project deferred until at least 2027.
- Lower water sales in Oilfield Solutions due to decreased activity around Intrepid South.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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