Fertilizer prices are going up as a result of tensions in the Middle East, with a continued closure of the Strait of Hormuz restricting the supply of natural gas. Natural gas is vital in the production of ammonia, urea, and urea ammonium nitrate (UAN), among other things. In fact, natural gas accounts for as much as 90% of the cost of ammonia. Similar supply shocks are possible in the manufacturing of sulphur-based fertilizers, as sulphur is a byproduct of oil refining and natural gas processing. These sup ...

The war in Iran couldn't have come at a worse time for American farmers, and it's sending fertilizer stocks soaring. According to a StreetInsider report, a sizeable chunk (over 30%) of global fertilizer supply passes through the Strait of Hormuz. Since Iran was attacked, it has restricted supply in the Strait, delaying delivery timelines. More News from Barchart With fertilizer prices rising, two relatively unknown fertilizer stocks are poised to outperform in the near term. CVR Partners' Stock Was Al ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of YARIY, MOS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial ...

Core Viewpoint - The ongoing Iran war is significantly impacting fertilizer stocks, driving prices up due to the closure of the Strait of Hormuz, which is crucial for global fertilizer supply [1] Industry Summary - The Chemicals-Agricultural industry group tracked by IBD has seen a nearly 13% increase in March and a collective advancement of about 32% for the year [1] - Approximately 30% of global fertilizers are shipped through the Strait of Hormuz, with 33% of global ammonia, urea, phosphate, and sulfur products also relying on this route [1] - Urea fertilizer futures in New Orleans have surged over 20% since the onset of the Iran war [1] - The Middle East's role as a key producer of nitrogen, essential for agricultural chemicals, is highlighted as scarcity is expected to drive fertilizer prices higher [1] Company Summary - Nutrien (NTR) rose more than 4% to 79.31, with trading volume doubling its 50-day average, indicating strong market interest [1] - CF Industries (CF) has also reached a 25% profit-taking zone after breaking out of an eight-month cup with handle pattern [1] - Intrepid Potash (IPI) increased by 8% to 44.15, extending from a previous buy point [1] - Mosaic (MOS) jumped 10% and is approaching its 200-day moving average, reflecting positive market momentum [1]

Core Insights - Intrepid Potash, Inc. (IPI) reported a narrower loss of 3 cents per share for Q4 2025, compared to a loss of $16.04 in the same quarter last year, with adjusted earnings of 49 cents per share, surpassing the Zacks Consensus Estimate of 26 cents [1][9] - The company achieved revenues of $75.9 million for the quarter, reflecting a year-over-year increase of approximately 36% [1][9] Segment Highlights - Potash segment revenues increased by about 2.3% year over year to $29.5 million, exceeding the consensus estimate of $21.4 million, driven by higher average net realized sales prices per ton [2] - The Trio unit generated revenues of approximately $43.3 million, up around 84.4% year over year, surpassing the consensus estimate of $32.3 million, attributed to higher sales volumes and increased average net realized sales prices per ton [3] - Revenues from the Oilfield Solutions unit were roughly $3 million, down about 13.3% year over year, falling short of the consensus estimate of $3.99 million due to lower water sales [3] FY25 Results - For the full year 2025, reported earnings were 85 cents per share, compared to a loss of $16.53 in the previous year, with sales rising approximately 17% year over year to around $298.3 million, primarily due to increased volumes in the potash and Trio segments [4] Financials - At the end of 2025, the company had approximately $83.5 million in cash and cash equivalents, with no outstanding borrowings on its $150 million revolving credit facility [5] - Cash flow from operations was reported at $8.9 million for the quarter and $55.8 million for the full year 2025 [5] Outlook - The company anticipates potash sales volumes to range between 95,000 and 105,000 tons for Q1 2026, with an average net realized sales price of $345 to $355 per ton [6] - Trio sales volumes are projected to be between 105,000 and 115,000 tons, with an expected average net realized sales price of $380 to $390 per ton [6] - Potash output for 2026 is forecasted to be between 270,000 and 285,000 tons, while Trio production is expected to reach 285,000 to 300,000 tons [6] Capital Expenditure - The company plans capital expenditures of between $40 million and $50 million for 2026, mainly driven by the construction of Primary Pond 8 at Wendover and sustaining capital at the East Mine [7] Price Performance - Shares of Intrepid Potash have increased by 49.9% over the past year, compared to a 23.9% rise in the Zacks Fertilizers industry [10]

Core Insights - Intrepid Potash reported significant improvements in its 2025 financial results, driven by strong demand for fertilizer products, improved cost efficiency, and higher pricing, particularly for its specialty product Trio [1][3][6] Financial Performance - The company achieved an adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million in Q4 2025, marking substantial improvements compared to the previous year [2][6] - For the full year 2025, Intrepid posted an adjusted EBITDA of $63 million, representing an almost 80% increase from 2024 [2][6] - Total fertilizer sales volumes reached approximately 592,000 tons in 2025, a 20% increase from 2024, with Trio sales volumes hitting a record of 303,000 tons [1][6][7] Product Segments - In the potash segment, gross margin for Q4 was $4.6 million, with an average net realized sales price of $387 per ton, despite slightly lower sales volumes due to seasonal factors [7][8] - The potash segment gross margin for the full year was $18.2 million, with 289,000 tons sold in 2025, a 20% increase from 2024 [8] - Trio was a key performance driver, generating a gross margin of $10.5 million in Q4 and $33.4 million for the full year, with pricing gains noted [9][10] Production and Guidance - Management expects potash production in 2026 to be between 270,000 and 285,000 tons, and Trio production to be between 285,000 and 300,000 tons [5][17] - For Q1 2026, potash sales are projected at 95,000 to 105,000 tons at a price range of $345 to $355 per ton, while Trio sales are expected at 105,000 to 115,000 tons at $380 to $390 per ton [5][17] Lithium Project Update - Intrepid is progressing on a lithium extraction initiative at its Wendover facility, with a joint development agreement producing a sample of battery-grade lithium carbonate and a maiden resource estimate of approximately 119,000 tons of lithium carbonate equivalent [4][14] - A definitive feasibility study for the lithium project is planned for late 2026 [4][14] Asset Sale and Capital Allocation - The company is in exclusive negotiations for the sale of its South Ranch asset, with an expected closing in the first half of 2026 [16] - Post-sale, the company aims to prioritize investments in core operations to ensure predictable cash flow and maintain liquidity [18]

Table of Contents FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 26-1501877 (State or other jurisd ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, both showing significant improvements compared to the previous year [4] - For the full year 2025, adjusted EBITDA reached $63 million, representing an almost 80% improvement compared to 2024, marking one of the best performances since 2016 [4] Business Line Data and Key Metrics Changes - Combined Potash and Trio sales volumes in 2025 were over 590,000 tons, a 20% increase compared to 2024, with Trio sales reaching a record 303,000 tons [5] - Potash COGS per ton improved by approximately 5% year-over-year, while Trio COGS per ton improved by over 10% [5] - The gross margin for Potash in Q4 was $4.6 million, consistent with the prior year, while full-year gross margin was $18.2 million, slightly higher than last year [14][15] Market Data and Key Metrics Changes - Year-to-date domestic exports for corn were up almost 50% compared to last year, and soybean futures increased by about 15% since August [6] - Global Potash shipments in 2025 were estimated at roughly 75 million tons, with an expected growth of about 1.5 million tons in 2026 [8] Company Strategy and Development Direction - The company has deferred a decision on the AMAX cavern project until at least 2027 to ensure a thorough understanding of the mineralogy and geology [9] - The company is optimistic about its lithium project in Wendover, with a joint development agreement in place and a goal for a definitive feasibility study later this year [11] - The company is focused on maintaining strong core operations and generating consistent free cash flow, with capital allocation priorities centered on internal needs and potential growth [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong production levels and highlighted the positive outlook for agricultural markets, particularly for corn and soybeans [6][12] - The company remains optimistic about the demand for its core products, supported by long-term reserve lives and favorable market conditions for critical minerals in the U.S. [13] Other Important Information - The company is under exclusivity with a potential buyer for the South Ranch, with negotiations ongoing and an $8 million deposit received [12] - The company expects Trio production in 2026 to be between 285,000 tons and 300,000 tons, representing a year-over-year increase of about 7% [10][17] Q&A Session Summary Question: Current potash demand dynamics and order book for Q1 - Management indicated that the potash order book is almost fully committed for Q1 and no significant demand destruction has been observed [21] Question: Unit economics of the lithium project - Management stated they are not prepared to address cash costs of production at this stage but will provide updates as engineering work progresses [23] Question: Outlook for Oil Field sales - Management noted that they are testing the market for valuation of their Oil Field Services business and any further comments would be speculative [24] Question: Impact of sulfur prices on Trio demand - Management reported strong demand for Trio during the main application season and is monitoring sulfur prices closely [28] Question: Capital allocation priorities if the South Ranch deal goes through - Management emphasized a focus on core operations and maintaining liquidity for internal capital needs, with discussions on capital allocation beyond that to follow [32][33]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, both showing significant improvements compared to the previous year [4] - For the full year 2025, adjusted EBITDA reached $63 million, representing an almost 80% improvement compared to 2024, marking one of the best performances since 2016 [4] Business Line Data and Key Metrics Changes - Total fertilizer sales volumes for 2025 were 592,000 tons, nearly 100,000 tons higher than 2024, the highest level since 2018 [14] - Potash sales volumes increased by 20% to 289,000 tons in 2025, while Trio sales volumes reached a record 303,000 tons [5][14] - The gross margin for the potash segment in Q4 was $4.6 million, while the full year gross margin was $18.2 million, showing modest improvement despite a pricing decline [15] Market Data and Key Metrics Changes - Domestic exports for corn are up almost 50% year-to-date compared to last year, and soybean futures have increased by about 15% since August [6] - Global potash shipments in 2025 were estimated at roughly 75 million tons, with an expected growth of about 1.5 million tons in 2026 [8] Company Strategy and Development Direction - The company is focusing on maintaining strong capital discipline and evaluating the AMAX Cavern project, deferring decisions until at least 2027 [9] - The company aims to sustain Trio production and expects to produce between 285,000-300,000 tons in 2026, while potash production is projected to be flat to slightly down [10][17] - A joint development agreement for lithium extraction has been established, with a goal for a definitive feasibility study later this year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about agricultural markets and stable demand for potash, with no significant demand destruction observed [21] - The company is confident in its ability to achieve over 300,000 tons of potash production in upcoming years despite recent setbacks [19] Other Important Information - The company is under exclusivity with a potential buyer for the South Ranch, with negotiations ongoing and an $8 million deposit received [12] - The capital investment for 2026 is expected to be in the range of $40 million-$50 million, primarily for sustaining capital [18] Q&A Session Summary Question: Current potash demand dynamics and order book for Q1 - Management indicated that the order book for potash is almost fully committed for Q1, with stable demand expected [21] Question: Unit economics of the lithium project - Management stated they are not prepared to address cash costs of production at this stage but will provide updates as engineering work progresses [23] Question: Outlook for oil field sales - Management mentioned that they are testing the market for valuation of their oil field services asset and any further comments would be speculative [24] Question: Impact of sulfur prices on Trio demand - Management noted good demand for Trio in the current application season, with sulfur prices being monitored closely [28] Question: Capital allocation priorities if the South Ranch deal goes through - Management emphasized a focus on core operations and maintaining liquidity for internal capital needs, with discussions on capital allocation to follow [32][33]

Core Viewpoint - Intrepid Potash (IPI) is identified as a promising momentum stock, currently holding a Momentum Style Score of B and a Zacks Rank of 2 (Buy) [3][4][12] Price Performance - IPI shares have increased by 10.23% over the past week, while the Zacks Fertilizers industry remained flat during the same period [6] - Over the last quarter, IPI shares rose by 38.91%, and they are up 39.71% over the past year, significantly outperforming the S&P 500, which moved only 0.41% and 20.12% respectively [7] Trading Volume - The average 20-day trading volume for IPI is 177,161 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for IPI has increased, while none have decreased, raising the consensus estimate from -$0.12 to $0.20 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions, indicating positive earnings momentum [10]