Financial Data and Key Metrics Changes - The company reported a net income of $3.7 million and adjusted EBITDA of $12 million for Q3 2025, compared to a net loss of $1.8 million and adjusted EBITDA of $10 million in the same quarter last year [4] - Year-to-date adjusted EBITDA reached $45 million, marking the best start since 2015 [4] - Potash cost of goods sold improved by 9% to $327 per ton, while trio's cost improved by 15% to $238 per ton [5] Business Line Data and Key Metrics Changes - Potash segment achieved an average net realized sales price of $381 per ton, with sales volumes of 62,000 tons in Q3 2025 [12] - Trio segment sold 36,000 tons at an average net realized sales price of $402 per ton, with a significant increase in sales volumes in the first half of 2025 [14] - The gross margin for potash was $6.3 million in Q3, while trio's gross margin was $4.4 million, showing a substantial improvement from the previous year [13][15] Market Data and Key Metrics Changes - The U.S. agriculture landscape is improving, with corn and soybean futures up by 15% since August lows [6] - Global potash supply and demand remain balanced, with pricing support expected due to limited additional supply until mid-2027 [7] - The company anticipates strong sales volumes and pricing as it approaches the end of the year [8] Company Strategy and Development Direction - The company plans to focus on strong operational execution and improving margins and free cash flow, prioritizing investments in core business areas [10] - The permitting and evaluation process for the AMAX cavern is ongoing, with expectations to complete permitting efforts by Q1 2026 [9] - The company aims to achieve record trio sales volumes and improve mining efficiencies [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while sentiment in U.S. agriculture has softened, there are positive signs emerging, particularly from trade deals with China [6] - The company remains optimistic about the agricultural market and expects to see continued pricing support for potash [7] - Management acknowledged the need for further improvements in potash operations and aims to exceed the 300,000-ton production mark [40] Other Important Information - The company sold approximately 95 acres of land for a gain of $2.2 million, highlighting the strategic value of its land position [16] - The capital expenditure for 2025 is expected to be in the range of $30 million to $34 million, with a portion allocated to the HB AMAX cavern [18][19] Q&A Session Summary Question: Update on AMAX cavern and capital allocation - Management indicated that capital for the AMAX cavern will be spread over a couple of years, with more clarity expected in early 2026 [22][24] Question: Farmer economics and order book outlook - The order book for both potash and trio looks strong, with good commitments for Q4 [28] Question: Pathway forward for AMAX well and permitting - The capital for the injection well and pipeline is estimated at $5-$6 million, with timing dependent on permitting [29] Question: Cost absorption and production guidance - A 5-7% increase in potash cost per ton is expected for 2026 due to lower production guidance [32] Question: Trio pricing dynamics - Strength in trio pricing is anticipated to continue, supported by potassium market trends [33] Question: Oilfield services outlook - A slower water sales environment is expected to continue into Q4 and early 2026 [35] Question: Steps towards structural profitability - Management emphasized ongoing efforts to improve cost efficiency and operational performance [40]

Sales Performance - The average net realized sales price per ton of potash increased to $381 for Q3 2025, up from $356 in Q3 2024, while the nine-month average decreased to $345 from $387 year-over-year[110]. - Sales volume of potash increased by 15% and 28% in Q3 and the first nine months of 2025, respectively, compared to the same periods in 2024, due to improved production volumes[110]. - The average net realized sales price per ton of Trio rose to $402 and $362 for Q3 and the first nine months of 2025, respectively, compared to $312 and $305 in the same periods of 2024[113]. - Total sales for the three months ended September 30, 2025, decreased by $4.3 million, or 8%, compared to the same period in 2024, primarily due to a $7.6 million decrease in oilfield solutions segment sales[119]. - Potash segment sales increased by $4.1 million during the three months ended September 30, 2025, with a 15% increase in tons sold and a 7% increase in average net realized sales price per ton[119]. - Trio segment sales decreased by $0.8 million, or 4%, in the three months ended September 30, 2025, with a 20% reduction in tons sold, while the average net realized sales price per ton increased by 29%[120]. - Total sales for the nine months ended September 30, 2025, increased by $23.6 million, or 12%, compared to the same period in 2024, with Trio segment sales up by $19.2 million and potash segment sales up by $14.1 million[131]. - Potash sales increased by 28% in the nine months ended September 30, 2025, despite an 11% decrease in the average net realized sales price per ton[155]. Financial Performance - Gross margin for the three months ended September 30, 2025, was $10.6 million, compared to $7.7 million in the same period in 2024, due to increased average net realized sales prices[125]. - Net income for the three months ended September 30, 2025, was $3.7 million, compared to a net loss of $1.8 million in the same period in 2024[130]. - Gross margin increased to $39.5 million during the nine months ended September 30, 2025, from $21.8 million in the same period of 2024[139]. - Net income for the nine months ended September 30, 2025, was $11.6 million, a significant improvement from a net loss of $5.8 million in the same period of 2024[144]. - The average net realized sales price per ton decreased by approximately $70 compared to the beginning of 2024, impacting overall revenue[155]. - The effective tax rate for the nine months ended September 30, 2025, was 4.0%, significantly lower than the 15.8% effective tax rate for the same period in 2024[182]. Segment Performance - Oilfield solutions segment sales decreased by $7.6 million, or 74%, in the three months ended September 30, 2025, driven by a $7.4 million decrease in water sales[120]. - Cost of goods sold for the oilfield solutions segment decreased by 62% in Q3 2025, primarily due to not purchasing third-party water, which had cost $3.6 million in Q3 2024[171]. - Gross margin for the oilfield solutions segment decreased by $3.1 million in Q3 2025, mainly due to reduced water sales[172]. - The potash segment gross margin increased by $0.7 million in the nine months ended September 30, 2025, compared to the same period in 2024[160]. - The potash sales mix for the nine months ended September 30, 2025, included 78% agricultural, 4% industrial, and 18% feed[161]. Costs and Expenses - Cost of goods sold for the potash segment increased by $10.7 million, or 16%, during the nine months ended September 30, 2025, due to the increased volume of sales[134]. - Oilfield solutions segment cost of goods sold decreased by $5.5 million, or 40%, during the nine months ended September 30, 2025, as total segment sales decreased[137]. - Selling and administrative expenses rose by $1.7 million, or 7%, during the nine months ended September 30, 2025, primarily due to increased professional services and stock compensation expenses[140]. Cash Flow and Investments - Cash paid for capital investments during the nine months ended September 30, 2025, totaled $20.2 million, with expectations to invest between $30 million to $34 million in 2025[185][186]. - As of September 30, 2025, cash and cash equivalents increased to $77.2 million from $41.3 million at December 31, 2024, primarily due to increased potash and Trio segment sales[187]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $46.9 million, a decrease of $18.1 million compared to the same period in 2024[189]. - The company expects to fund its 2025 operating plans and capital programs primarily from operating cash flows and existing cash[186]. Other Notable Information - The company is continuing to evaluate options for an injection well and pipeline to connect the AMAX mine to the HB injection system, with necessary permits expected to be completed in Q1 2026[115]. - The company is pursuing opportunities to supply or source water for additional fracs on or near Intrepid South, although the timing of these opportunities is uncertain[113]. - The company recorded no impairment expense for the Trio segment in Q3 2025, following previous impairments in 2023 and 2024[165]. - The percentage of Trio tons sold in the domestic market was 89% for Q3 2025, up from 84% in Q3 2024[168]. - The company had no borrowings outstanding under its $150 million revolving credit facility as of September 30, 2025[193]. - The share repurchase program approved in February 2022 has approximately $13 million remaining available, with no shares repurchased in the three and nine months ended September 30, 2025[195].

Intrepid Potash (IPI) came out with quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.13 per share. This compares to a loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15.38%. A quarter ago, it was expected that this potash and fertilizer producer would post earnings of $0.17 per share when it actually produced earnings of $0.45, delivering a surprise of +164.71%.Over the last four ...

Intrepid Announces Third Quarter 2025 Results Denver, CO, November 5, 2025 - Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the third quarter of 2025. Third Quarter Highlights & Management Commentary Full realization of first half 2025 price increases, steady demand for potash and Trio , and solid unit economics led to another quarter of strong financial results, highlighted by: ® Kevin Crutchfield, Intrepid's Chief Executive Officer, commen ...

Core Points - Intrepid Potash, Inc. plans to release its third quarter 2025 financial results on November 5, 2025, after market close [1] - A conference call will be held on November 6, 2025, at 12:00 p.m. Eastern Time to discuss the results and address investor questions [1] - Management has provided a toll-free dial-in number for the conference call, which is 1 (800) 715-9871 [1]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, covering hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, REITs, and utilities [1]

Core Viewpoint - A surge in listings on the London Stock Exchange this week has sparked optimism for a market revival following a notably sluggish year [1] Group 1 - The recent activity on the London Stock Exchange indicates a potential turnaround in market conditions [1] - Bankers and advisers are expressing positive sentiments regarding the increase in listings [1]

Group 1 - Intrepid Potash (IPI) shares increased by 8.4% to close at $31.14, contrasting with a 4.2% loss over the past four weeks, indicating strong trading volume [1] - The rally in IPI's stock reflects positive market fundamentals for potash and robust demand for its products, particularly the specialty fertilizer Trio, with a 25% increase in potash sales volumes to 69,000 tons in Q2 [2] - The company is projected to report quarterly earnings of $0.13 per share, representing a year-over-year increase of 192.9%, while revenues are expected to be $45.75 million, down 7.6% from the previous year [3] Group 2 - The consensus EPS estimate for IPI has remained stable over the last 30 days, suggesting that stock price movements may not sustain without earnings estimate revisions [4] - IPI holds a Zacks Rank of 1 (Strong Buy), indicating strong market confidence, while another industry player, Nutrien (NTR), saw a 4.7% increase in its stock price, but has returned -3.7% over the past month [5] - Nutrien's EPS estimate has decreased by 0.7% to $0.92, reflecting a year-over-year change of 135.9%, and it currently holds a Zacks Rank of 3 (Hold) [6]

Company Performance - Franco-Nevada (FNV) has returned approximately 57.4% since the beginning of the calendar year, significantly outperforming the Basic Materials sector, which has gained an average of 17.7% [4] - The Zacks Consensus Estimate for FNV's full-year earnings has increased by 15.5% over the past quarter, indicating improved analyst sentiment and earnings outlook [3] - Franco-Nevada is currently ranked 2 (Buy) in the Zacks Rank system, which emphasizes earnings estimates and revisions [3] Industry Context - Franco-Nevada operates within the Mining - Gold industry, which consists of 39 individual stocks and is currently ranked 86 in the Zacks Industry Rank [5] - Stocks in the Mining - Gold industry have gained about 78.6% year-to-date, suggesting that while FNV is performing well, it is slightly underperforming its industry peers [5] - In contrast, Intrepid Potash, which belongs to the Fertilizers industry ranked 1, has seen a year-to-date return of 28.4% and a consensus EPS estimate increase of 122.6% over the past three months [5][6]

Core Insights - The materials sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - Celanese Corp has an RSI of 26.6, with a stock price of $41.80, and has fallen approximately 29% over the past month, reaching a 52-week low of $36.29 [8] - Namib Minerals has an RSI of 19.5, with a stock price of $2.93, and has experienced a significant decline of around 66% over the past month, hitting a 52-week low of $2.61 [8] - Intrepid Potash Inc has an RSI of 27.4, with shares closing at $29.01, and has decreased about 17% in the last month, with a 52-week low of $20.86 [8]