Intrepid Potash(US:IPI)2025-11-05 21:34Financial Performance - Total sales for Q3 2025 were $53.2 million, a decrease from $57.5 million in Q3 2024[6] - Net income for Q3 2025 was $3.7 million, or $0.28 per diluted share, compared to a net loss of $1.8 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $12.0 million, up from $10.0 million in Q3 2024[6] - For the three months ended September 30, 2025, sales were $53,219,000, a decrease of 7.5% compared to $57,549,000 in the same period of 2024[28] - Gross margin for the three months ended September 30, 2025, increased to $10,574,000, representing a 37.9% increase from $7,732,000 in the same period of 2024[28] - Net income for the three months ended September 30, 2025, was $3,745,000, compared to a net loss of $1,833,000 in the same period of 2024[28] - Adjusted net income for the nine months ended September 30, 2025, was $12,578,000, compared to a loss of $2,275,000 in the same period of 2024[35] - Total revenue for the nine months ended September 30, 2025, was $222,451,000, compared to $198,891,000 for the same period in 2024, indicating an increase of 11.8%[40] Sales and Production - Potash sales volumes increased by 15% to 62 thousand tons in Q3 2025, with an average net realized sales price per ton of $381, a 7% increase from the prior year[12] - Trio sales volumes decreased by 20% to 36 thousand tons in Q3 2025, but the average net realized sales price per ton increased by 29% to $402[17] - Potash production volumes for Q3 2025 were 41 thousand tons, a decrease from 51 thousand tons in Q3 2024, due to production delays[13] - Total segment sales for Potash in Q3 2025 reached $32,479,000, an increase from $28,356,000 in Q3 2024, representing a growth of 7.5%[39] - Average net realized sales price per ton for Potash increased to $381 in Q3 2025 from $356 in Q3 2024, reflecting a rise of 7.0%[39] - Total segment sales for Trio in Q3 2025 were $18,094,000, compared to $18,928,000 in Q3 2024, showing a decrease of 4.4%[39] - The total tons sold for Potash in Q3 2025 was 62, an increase from 54 tons sold in Q3 2024, representing a growth of 14.8%[39] - The total tons sold for Trio in Q3 2025 was 36, compared to 45 tons in Q3 2024, indicating a decline of 20.0%[39] Cash and Assets - Cash and cash equivalents as of October 31, 2025, totaled $74 million, with no outstanding borrowings on the $150 million revolving credit facility[11] - Total current assets as of September 30, 2025, were $221,534,000, an increase of 20.6% from $183,763,000 as of December 31, 2024[29] - Total assets increased to $616,537,000 as of September 30, 2025, up from $594,520,000 as of December 31, 2024[29] - Cash and cash equivalents increased to $77,207,000 as of September 30, 2025, compared to $41,309,000 as of December 31, 2024[29] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $77,803,000, compared to $38,621,000 at the end of Q3 2024[30] Expenses and Costs - Capital expenditures for Q3 2025 totaled $7.7 million, with a year-to-date total of $20.2 million, and expected full-year expenditures in the range of $30 to $34 million[8] - The company reported depreciation, depletion, and amortization expenses of $9,431,000 for Q3 2025, slightly higher than $9,033,000 in Q3 2024[30] - The company reported a gross margin of $39,463,000 for the nine months ended September 30, 2025, compared to $36,000,000 for the same period in 2024, indicating an increase of 6.8%[44] - The company experienced a decrease in freight costs to $6,579,000 for the three months ended September 30, 2025, down from $8,022,000 in the same period of 2024[28] - Freight costs for Potash in Q3 2025 were $2,673,000, up from $2,488,000 in Q3 2024, reflecting an increase of 7.4%[39] Operational Challenges - The oilfield solutions segment experienced a sales decrease of $7.6 million in Q3 2025, primarily due to lower water sales and reduced oilfield activity[18] - The company has identified uncertainties that could materially affect future results, including changes in product demand and operational challenges[26] - Total adjustments to net income for Q3 2025 included a loss on sale of assets of $2,239,000 and impairment of long-lived assets of $1,866,000[35] - The company incurred CEO separation costs of $1,050,000 in Q3 2024, which impacted comparability of results[35] - Intrepid Potash, Inc. continues to utilize non-GAAP financial measures to provide investors with a clearer view of its operational performance[32]