Intrepid Potash, Inc.

Reported Q1 2026 adjusted net income from continuing operations was $8.2 million, versus $3.9 million in last year’s Q1, and adjusted EBITDA was $19 million versus $14.6 million. Potash production was 104,000 tonnes, up from 93,000 tonnes in Q1 2025; potash sales were $46.1 million, and potash gross margin was $3.1 million versus $2.5 million last year. Trio production was 69,000 tons, up 10% year over year; Trio sales were $52.5 million, and Trio margin was $14.8 million, up $4.4 million from last year. Average realized prices were $353 per ton for potash, up 13% year over year, and $387 per ton for Trio, up 12% year over year. Combined potash and Trio sales volumes were 211,000 tons, including 105,000 tons of potash and 106,000 tons of Trio. For 2026, management expects potash production at the upper end of 270,000 to 285,000 tons, Trio production of 285,000 to 300,000 tons, and capital spending of $40 million to $50 million. Second-quarter guidance calls for potash sales volumes of 50,000 to 60,000 tonnes at $380 to $390 per ton, and Trio sales volumes of 70,000 to 80,000 tons at $390 to $400 per ton.

Kevin Crutchfield said the company is off to a strong start in 2026, emphasizing better execution in the core fertilizer business, improved margins, and a stronger cash position. He highlighted the South Ranch sale as a way to refocus on fertilizer assets and said the board is now actively discussing capital allocation, including shareholder returns. His tone was constructive and confident, but he also stressed that the company is still prioritizing operational improvement and maintaining liquidity.

Chris Engold focused on the financial lift from higher realized pricing and better unit economics. He said potash production rose to 104,000 tonnes from 93,000 tonnes a year ago, potash sales were $46.1 million, and potash gross margin was $3.1 million versus $2.5 million last year; Trio production rose to 69,000 tons, Trio sales were $52.5 million, and Trio margin reached $14.8 million, the highest quarterly segment margin since 2022. He guided to 2026 potash production at the upper end of 270,000 to 285,000 tons, Trio production of 285,000 to 300,000 tons with COGS around $230 per ton, and capital expenditures of $40 million to $50 million, mostly sustaining capital and Wendover pond development.

Analysts focused on what Intrepid will do with the South Ranch proceeds, and management said capital allocation is now a central board discussion, with priorities including organic projects, liquidity, and possible shareholder returns. Kevin Crutchfield also said the company’s current cash balance is around $170 million plus or minus, and that the sale should generate interest income through safe federal securities. Other questions covered Trio pricing and sulfur disruption, with management saying more of the benefit should show up in spot sales in Q2 and then flow through the rest of the year, plus longer-term potash growth potential from Wendover, Primary Pond 7, and possibly the Amax Cavern.