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Intrepid Announces Second Quarter 2025 Results

Denver, CO, August 6, 2025 - Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the second quarter of 2025.

Second Quarter Highlights & Management Commentary
Improved pricing, steady demand for potash and Trio®, and solid unit economics led to another quarter of strong financial results, highlighted by:
•Total sales of $71.5 million;
•Net income of $3.3 million, or $0.25 per diluted share;
•Adjusted net income(1) of $6.0 million, or $0.45 per diluted share;
•Adjusted EBITDA(1) of $16.4 million; and
•Cash flow from operations of $39.9 million, and capital expenditures of $4.1 million.

Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "In the second quarter, we again delivered results that exceeded our expectations, and I'd like to congratulate the team on achieving strong performance across the board.

Owing to supportive potash market fundamentals, and steady demand for our potash and Trio®, our second quarter was highlighted by solid pricing and sales volumes, which helped drive higher gross margins in both segments compared to the prior year. On a consolidated basis, our adjusted EBITDA(1) of $16.4 million was roughly 75% higher than last year's second quarter, while our cash flow from operations of $39.9 million helped Intrepid end the quarter in a very strong financial position.

Looking ahead, we'll continue to remain focused on strong operational and project execution, while the potash market continues to see pricing support driven by strong underlying fundamentals. Overall, we're very pleased with our performance and we remain constructive on the outlook for the balance of the year."









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Key Financial & Operational Metrics Summary
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions unless otherwise stated)
Total sales$71.5 $62.1 $169.2 $141.3 
Gross margin$14.3 $7.6 $28.9 $14.1 
Net income (loss)$3.3 $(0.8)$7.9 $(4.0)
Net income (loss) per diluted share$0.25 $(0.06)$0.60 $(0.31)
Adjusted net income (loss)(1)
$6.0 $0.0 $11.1 $(2.0)
Adjusted net income (loss) per diluted share(1)
$0.45 $0.00 $0.84 $(0.15)
Adjusted EBITDA(1)
$16.4 $9.2 $33.0 $17.0 
Cash flow from operations*$39.9 $27.7 $50.9 $69.3 
Potash sales volumes (in thousands and tons)6955172129
Average potash net realized sales price per ton(1)
$361 $405 $332 $399 
Trio® sales volumes (in thousands and tons)
7063181154
Average Trio® net realized sales price per ton(1)
$368 $314 $352 $306 
*Please note that cash flow from operations for the six months ended June 30, 2024 includes a $45 million payment we received pursuant to the terms of the Third Amendment to the Cooperative Development Agreement between Intrepid and XTO.

Summer 2025 Weather Impacts, Project Updates, & Updated Potash Production Outlook
•Increased Rainfall at HB Facility
◦Above average precipitation at our HB facility in June and July has reduced our evaporation rates and pond inventory compared to the prior year. As a result, we expect that 1H 2026 production from our HB facility will be approximately 20,000 tons lower than we previously expected. In response to the reduced pond inventory, we plan to shut down our HB mill for a few weeks in September to maximize potential late-season evaporation. This will shift approximately 15,000 tons of 2025 production into the first half of 2026.
•HB Solar Solution Mine in Carlsbad, New Mexico
◦HB AMAX Cavern: We successfully drilled the AMAX Cavern sample well in July and did not find an existing brine pool in the open mine workings. Given the outcome, we are continuing our evaluation of options to pursue an injection well and pipeline that would connect the AMAX mine to our HB injection system. Construction of the injection well and pipeline depends on further technical review, as well as quantifying permit requirements.

◦We previously expected that the AMAX brine pool would be available for our 2026 evaporative season. Without AMAX brine available, we anticipate our overall brine grade into our HB pond system will be reduced. We expect this will
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decrease our 2026 production by approximately 25,000 tons, in addition to the weather impact discussed above.
•Potash Production Outlook
Current and Previous Forecast for 2025 and 2026
20252026
Current Forecast270k-280k tons270k-280k tons
Previous Forecast285k-295k tons300k-310k tons

Liquidity
•As of August 1, 2025, our cash and cash equivalents totaled $87 million and we had no outstanding borrowings on our $150 million revolving credit facility that matures in August 2027.
Capital Expenditures
•In the second quarter of 2025, our capital expenditures totaled $4.1 million. We expect our 2025 capital expenditures will be in the range of $32 to $37 million, with the majority of this being sustaining capital.




Segment Highlights

Potash
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except per ton data)
Sales$33,994 $30,034 $77,571 $67,610 
Gross margin$4,858 $3,312 $7,361 $8,886 
Potash sales volumes (in tons)69 55 172 129 
Potash production volumes (in tons)44 40 137 127 
Average potash net realized sales price per ton(1)
$361 $405 $332 $399 

In the second quarter of 2025, our potash segment sales increased $4.0 million compared to the same prior year period. This was primarily driven by a 25% increase in our potash sales
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volumes to 69 thousand tons, and a $0.7 million increase in magnesium chloride sales, partially offset by an 11% decrease in our average net realized sales price per ton to $361.
We sold more tons of potash as we had more potash to sell due to an increase in production during the second half of 2024 and the first half of 2025. Our average net realized sales price per ton decreased compared to the prior year as Midwest warehouse prices during the 2025 spring season were lower and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes.
In the second quarter of 2025, our potash production of 44 thousand tons was four thousand tons higher than the same prior year period. The improving production profile continues to have a positive impact on our unit economics. In the second quarter of 2025, our potash segment cost of goods sold ("COGS") per ton totaled $337, which represents a 13% improvement from $386 per ton in the second quarter of 2024.
Our segment gross margin increased by $1.5 million compared to the same prior year period, primarily driven by the higher sales volumes and improving COGS per ton, partially offset by the lower average net realized sales price.

Trio®
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except per ton data)
Sales$33,212 $26,522 $83,054 $63,010 
Gross margin$8,086 $2,182 $18,520 $1,043 
Trio® sales volume (in tons)
70 63 181 154 
Trio® production volume (in tons)
70 68 132 122 
Average Trio® net realized sales price per ton(1)
$368 $314 $352 $306 

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In the second quarter of 2025, Trio® segment sales increased 25% compared to the same prior year period, primarily driven by a $6.8 million increase in Trio® sales. Trio® sales increased due to an 11% increase in tons sold to 70 thousand tons and a 17% increase in our average net realized sales price per ton to $368.
Our Trio® sales volumes increased in the second quarter of 2025 compared to the same prior year period, as we had more tons available to sell owing to the improved production rates in 2024 and first half of 2025, and we also continued to experience strong in-season demand. Strong spring demand for Trio® continued as increased corn acres supported an uptick in nutrient demand, and individual Trio® components such as sulfate were in tight supply throughout the spring application season, which led to increased prices.

In Trio®, we continue to see strong efficiencies and lower operating expenses related to the relatively new continuous miners, as well as from last year's restart of our fine langbeinite recovery system and reduced operating schedule. Moreover, higher Trio® production also continues to have a positive impact on our unit economics, and in the second quarter, our Trio® production of 70 thousand tons was two thousand tons higher than the same prior year period. In the second quarter of 2025, our Trio® segment COGS per ton totaled $235, which represents a 10% improvement from $261 per ton in the second quarter of 2024.
Our Trio® segment generated gross margin of $8.1 million in the second quarter of 2025, which compares to $2.2 million in the same prior year period, with the increase primarily attributable to the higher sales volumes and average net realized sales price per ton, as well as an improvement in our Trio® segment COGS per ton.
Oilfield Solutions
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Sales$4,324 $5,539 $8,724 $10,862 
Gross margin$1,343 $2,130 $3,008 $4,129 

In the second quarter of 2025, our oilfield solutions segment sales decreased $1.2 million compared to the same prior year period, due to a $2.0 million decrease in water sales, which was partially offset by a $0.9 million increase in surface use and easement sales. In the second quarter of 2025, our water sales decreased due to slightly lower oilfield activity on and around the Intrepid South Ranch, and from reduced sales from our Caprock wells, while our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.
    In the second quarter of 2025, our COGS decreased by $0.4 million compared to the same prior year period, which was primarily due to reduced water sales. Our segment gross margin decreased $0.8 million to $1.3 million due to the factors discussed above.

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Notes
1 Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information.
Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds.

Conference Call Information
Intrepid will host a conference call on Thursday, August 7, 2025, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. The call will also be streamed on the Intrepid website, intrepidpotash.com. A recording of the conference call will be available approximately two hours after the completion of the call by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or at intrepidpotash.com. The replay of the call will require the input of the replay access code 1179359. The recording will be available through August 14, 2025.
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About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid's mineral production comes from three solar solution potash facilities and one conventional underground Trio® mine.

Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.

Forward-looking Statements
This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance, cash flow from operations expectations, water sales, production costs, operating plans, its market outlook, and statements regarding future production. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following:

•changes in the price, demand, or supply of our products and services;
•challenges and legal proceedings related to our water rights;
•our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio®, byproducts, and other non-potassium related products or other revenue diversification activities;
•the costs of, and our ability to successfully execute, any strategic projects;
•declines or changes in agricultural production or fertilizer application rates;
•declines in the use of potassium-related products or water by oil and gas companies in their drilling operations;
•our ability to prevail in outstanding legal proceedings against us;
•our ability to comply with the terms of our revolving credit facility, including the underlying covenants;
•further write-downs of the carrying value of assets, including inventories;
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•circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems;
•changes in reserve estimates;
•currency fluctuations;
•adverse changes in economic conditions or credit markets;
•the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes;
•the impact of trade tariffs and any potential changes to them we are unable to mitigate;
•adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
•increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise;
•changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel;
•changes in the prices of raw materials, including chemicals, natural gas, and power;
•our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations;
•interruptions in rail or truck transportation services, or fluctuations in the costs of these services;
•our inability to fund necessary capital investments;
•global inflationary pressures and supply chain challenges;
•the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and
•the other risks, uncertainties, and assumptions described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the SEC.

In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events.

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Contact:
Evan Mapes, CFA, Investor Relations Manager
Phone: 303-996-3042
Email: evan.mapes@intrepidpotash.com
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INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Sales$71,472 $62,055 $169,232 $141,342 
Less:
Freight costs11,011 9,423 28,502 22,253 
Warehousing and handling costs3,114 2,586 6,604 5,675 
Cost of goods sold42,641 41,070 103,483 97,501 
Lower of cost or net realizable value inventory adjustments419 1,352 1,754 1,855 
Gross Margin 14,287 7,624 28,889 14,058 
Selling and administrative8,973 7,937 18,128 16,294 
Accretion of asset retirement obligation658 622 1,315 1,244 
Impairment of long-lived assets1,204 831 1,866 2,208 
(Gain) loss on sale of assets(1,274)241 (1,456)492 
Other operating income (1,222)(1,266)(2,506)(2,659)
Other operating expense2,654 887 3,250 2,413 
Operating Income (Loss) 3,294 (1,628)8,292 (5,934)
Other Income (Expense)
Equity in (loss) earnings of unconsolidated entities(232)(116)(232)33 
Interest expense, net(66)— (171)— 
Interest income651 547 1,026 791 
Other (expense) income(354)60 (820)68 
Income (Loss) Before Income Taxes3,293 (1,137)8,095 (5,042)
Income Tax (Expense) Benefit(30)304 (226)1,079 
Net Income (Loss) $3,263 $(833)$7,869 $(3,963)
Weighted Average Shares Outstanding:
Basic12,985 12,886 12,951 12,852 
Diluted13,174 12,886 13,131 12,852 
Income (Loss) Per Share:
Basic$0.25 $(0.06)$0.61 $(0.31)
Diluted$0.25 $(0.06)$0.60 $(0.31)

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INTREPID POTASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF JUNE 30, 2025 AND DECEMBER 31, 2024
(In thousands, except share and per share amounts)
June 30,December 31,
20252024
ASSETS
Cash and cash equivalents$85,049 $41,309 
Short-term investments— 989 
Accounts receivable:
Trade, net20,749 22,465 
Other receivables, net2,234 763 
Inventory, net100,196 112,968 
Prepaid expenses and other current assets3,404 5,269 
Total current assets211,632 183,763 
Property, plant, equipment, and mineral properties, net336,255 344,338 
Water rights19,184 19,184 
Long-term parts inventory, net29,150 33,775 
Long-term investments322 3,571 
Other assets, net10,617 9,889 
Total Assets$607,160 $594,520 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$7,778 $8,616 
Accrued liabilities11,388 9,483 
Accrued employee compensation and benefits7,976 9,842 
Other current liabilities12,941 10,062 
Total current liabilities40,083 38,003 
Asset retirement obligation, net of current portion33,669 32,354 
Operating lease liabilities2,110 780 
Finance lease liabilities1,308 1,838 
Deferred other income, long-term44,361 45,489 
Other non-current liabilities1,792 1,664 
Total Liabilities123,323 120,128 
Commitments and Contingencies
Common stock, $0.001 par value; 40,000,000 shares authorized;
13,002,170 and 12,908,078 shares outstanding
at June 30, 2025, and December 31, 2024, respectively14 14 
Additional paid-in capital670,021 668,445 
Accumulated deficit(164,186)(172,055)
Less treasury stock, at cost(22,012)(22,012)
Total Stockholders' Equity483,837 474,392 
Total Liabilities and Stockholders' Equity$607,160 $594,520 

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INTREPID POTASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash Flows from Operating Activities:
Net income (loss)$3,263 $(833)$7,869 $(3,963)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization9,569 8,594 20,051 17,898 
Accretion of asset retirement obligation658 622 1,315 1,244 
Amortization of deferred financing costs76 76 151 151 
Amortization of intangible assets82 84 164 164 
Stock-based compensation1,295 1,235 2,394 2,557 
Lower of cost or net realizable value inventory adjustments419 1,352 1,754 1,855 
Impairment of long-lived assets1,204 831 1,866 2,208 
(Gain) loss on disposal of assets(1,274)241 (1,456)492 
Allowance for doubtful accounts(75)— 62 — 
Allowance for parts inventory obsolescence2,041 419 2,041 472 
Loss on equity investment414 — 888 — 
Equity in loss (earnings) of unconsolidated entities232 116 232 (33)
Changes in operating assets and liabilities:
Trade accounts receivable, net27,173 20,208 1,654 459 
Other receivables, net194 (497)(1,482)(250)
Inventory, net(5,183)(1,509)13,601 9,326 
Prepaid expenses and other current assets497 1,353 827 2,275 
Deferred tax assets, net— (325)— (1,114)
Accounts payable, accrued liabilities, and accrued employee
     compensation and benefits		(2,086)(3,271)(1,779)(6,892)
Operating lease liabilities(112)(356)(490)(740)
Deferred other income(564)(562)(1,128)43,872 
Other liabilities2,120 (32)2,326 (703)
Net cash provided by operating activities39,943 27,746 50,860 69,278 
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties and other assets(4,137)(11,301)(12,409)(22,974)
Proceeds from sale of assets1,378 55 3,482 4,651 
Proceeds from redemptions/maturities of investments500 1,000 1,000 1,500 
Other investing, net2,129 416 2,129 416 
Net cash used in investing activities(130)(9,830)(5,798)(16,407)
Cash Flows from Financing Activities:
Repayments of short-term borrowings on credit facility— — — (4,000)
Payments of financing lease(257)(176)(500)(500)
Employee tax withholding paid for restricted stock upon vesting(174)(142)(856)(775)
Proceeds from exercise of stock options— — 38 — 
Net cash used in financing activities(431)(318)(1,318)(5,275)
Net Change in Cash, Cash Equivalents and Restricted Cash39,382 17,598 43,744 47,596 
Cash, Cash Equivalents and Restricted Cash, beginning of period46,260 34,649 41,898 4,651 
Cash, Cash Equivalents and Restricted Cash, end of period$85,642 $52,247 $85,642 $52,247 
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INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions.



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INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share

Adjusted net income (loss) and adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations.

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Net Income (Loss) $3,263 $(833)$7,869 $(3,963)
Adjustments
     Impairment of long-lived assets1,204 831 1,866 2,208 
     (Gain) loss on sale of assets(1,274)241 (1,456)492 
     Employee separation costs638 — 638 — 
     Unpermitted discharge penalty2,155 — 2,155 — 
     Calculated income tax effect(1)
— (279)— (702)
          Total adjustments2,723 793 3,203 1,998 
Adjusted Net Income (Loss) $5,986 $(40)$11,072 $(1,965)

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) per Share:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net Income (Loss) Per Diluted Share$0.25 $(0.06)$0.60 $(0.31)
Adjustments
     Impairment of long-lived assets0.09 0.06 0.14 0.17 
     (Gain) loss on sale of assets(0.10)0.02 (0.11)0.04 
     Employee separation costs0.05 — 0.05 — 
     Unpermitted discharge penalty0.16 — 0.16 — 
     Calculated income tax effect(1)
— (0.02)— (0.05)
          Total adjustments0.20 0.06 0.24 0.16 
Adjusted Net Income (Loss) Per Diluted Share$0.45 $— $0.84 $(0.15)

(1) Assumes an annual effective tax rate of 0% and 26% for 2025 and 2024, respectively.
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INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income (loss) adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance.

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Net Income (Loss)$3,263 $(833)$7,869 $(3,963)
     Impairment of long-lived assets1,204 831 1,866 2,208 
    (Gain) loss on sale of assets(1,274)241 (1,456)492 
  Employee separation costs638 — 638 — 
     Unpermitted discharge penalty2,155 — 2,155 — 
     Interest expense66 — 171 — 
     Income tax expense (benefit)30 (304)226 (1,079)
     Depreciation, depletion, and amortization9,569 8,594 20,051 17,898 
     Amortization of intangible assets82 84 164 164 
     Accretion of asset retirement obligation658 622 1,315 1,244 
          Total adjustments13,128 10,068 25,130 20,927 
Adjusted EBITDA$16,391 $9,235 $32,999 $16,964 

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INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Average Potash and Trio® Net Realized Sales Price per Ton
Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio® is calculated as Trio® segment sales less Trio® segment byproduct sales and Trio® freight costs and then dividing that difference by Trio® tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio® average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio® sales and price trends.

Reconciliation of Sales to Average Net Realized Sales Price per Ton:

Three Months Ended June 30,
20252024
(in thousands, except per ton amounts)Potash
Trio®
Potash
Trio®
Total Segment Sales$33,994 $33,212 $30,034 $26,522 
Less: Segment byproduct sales6,195 20 5,896 109 
          Freight costs2,859 7,409 1,871 6,660 
   Subtotal$24,940 $25,783 $22,267 $19,753 
Divided by:
Tons sold69 70 55 63 
   Average net realized sales price per ton$361 $368 $405 $314 
Six Months Ended June 30,
20252024
(in thousands, except per ton amounts)Potash
Trio®
Potash
Trio®
Total Segment Sales$77,571 $83,054 $67,610 $63,010 
Less: Segment byproduct sales12,449 184 11,060 313 
          Freight costs7,996 19,173 5,017 15,634 
   Subtotal$57,126 $63,697 $51,533 $47,063 
Divided by:
Tons sold172 181 129 154 
   Average net realized sales price per ton$332 $352 $399 $306 


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INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Three Months Ended June 30, 2025
ProductPotash Segment
Trio® Segment
Oilfield Solutions SegmentIntersegment EliminationsTotal
Potash$27,799 $— $— $(58)$27,741 
Trio®
— 33,192 — — 33,192 
Water— — 587 — 587 
Salt3,169 20 — — 3,189 
Magnesium Chloride1,623 — — — 1,623 
Brine Water1,403 — 1,035 — 2,438 
Other— — 2,702 — 2,702 
Total Revenue$33,994 $33,212 $4,324 $(58)$71,472 
Six Months Ended June 30, 2025
ProductPotash Segment
Trio® Segment
Oilfield Solutions SegmentIntersegment EliminationsTotal
Potash$65,122 $— $— $(117)$65,005 
Trio®
— 82,870 — — 82,870 
Water— — 2,059 — 2,059 
Salt6,304 184 — — 6,488 
Magnesium Chloride2,771 — — — 2,771 
Brine Water3,374 — 2,234 — 5,608 
Other— — 4,431 — 4,431 
Total Revenue$77,571 $83,054 $8,724 $(117)$169,232 

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INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Three Months Ended June 30, 2024
ProductPotash Segment
Trio® Segment
Oilfield Solutions SegmentIntersegment EliminationsTotal
Potash$24,138 $— $— $(40)$24,098 
Trio®
— 26,413 — — 26,413 
Water— — 2,572 — 2,572 
Salt3,335 109 — — 3,444 
Magnesium Chloride932 — — — 932 
Brine Water1,584 — 1,166 — 2,750 
Other45 — 1,801 — 1,846 
Total Revenue$30,034 $26,522 $5,539 $(40)$62,055 
Six Months Ended June 30, 2024
ProductPotash SegmentTrio® SegmentOilfield Solutions SegmentIntersegment EliminationsTotal
Potash$56,550 $— $— $(140)$56,410 
Trio®
— 62,697 — — 62,697 
Water— — 4,741 — 4,741 
Salt6,479 313 — — 6,792 
Magnesium Chloride1,351 — — — 1,351 
Brine Water3,167 — 2,293 — 5,460 
Other63 — 3,828 — 3,891 
Total Revenue$67,610 $63,010 $10,862 $(140)$141,342 



























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INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Three Months Ended
June 30, 2025		Potash
Trio®
Oilfield SolutionsOtherConsolidated
Sales$33,994 $33,212 $4,324 $(58)$71,472 
Less: Freight costs3,660 7,409 — (58)11,011 
         Warehousing and handling
         costs		1,818 1,296 — — 3,114 
         Cost of goods sold23,239 16,421 2,981 — 42,641 
         Lower of cost or net
         realizable value inventory
         adjustments 		419 — — — 419 
Gross Margin$4,858 $8,086 $1,343 $— $14,287 
Depreciation, depletion, and amortization incurred1
$7,302 $871 $981 $497 $9,651 
Six Months Ended June 30, 2025Potash
Trio®
Oilfield SolutionsOtherConsolidated
Sales$77,571 $83,054 $8,724 $(117)$169,232 
Less: Freight costs9,446 19,173 — (117)28,502 
         Warehousing and handling
         costs		3,529 3,075 — — 6,604 
         Cost of goods sold55,481 42,286 5,716 — 103,483 
         Lower of cost or net
         realizable value inventory
         adjustments 		1,754 — — — 1,754 
Gross Margin$7,361 $18,520 $3,008 $— $28,889 
Depreciation, depletion, and amortization incurred1
$15,553 $1,715 $1,962 $985 $20,215 
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INTREPID POTASH, INC.
DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)

Three Months Ended
June 30, 2024		Potash
Trio®
Oilfield SolutionsOtherConsolidated
Sales$30,034 $26,522 $5,539 $(40)$62,055 
Less: Freight costs2,803 6,660 — (40)9,423 
         Warehousing and handling
         costs		1,343 1,243 — — 2,586 
         Cost of goods sold21,224 16,437 3,409 — 41,070 
         Lower of cost or net
         realizable value inventory
         adjustments		1,352 — — — 1,352 
Gross Margin$3,312 $2,182 $2,130 $— $7,624 
Depreciation, depletion, and amortization incurred1
$6,178 $851 $1,195 $454 $8,678 
Six Months Ended June 30, 2024Potash
Trio®
Oilfield SolutionsOtherConsolidated
Sales$67,610 $63,010 $10,862 $(140)$141,342 
Less: Freight costs6,759 15,634 — (140)22,253 
         Warehousing and handling
         costs		3,070 2,605 — — 5,675 
         Cost of goods sold47,040 43,728 6,733 — 97,501 
         Lower of cost or net
         realizable value inventory
         adjustments		1,855 — — — 1,855 
Gross Margin$8,886 $1,043 $4,129 $— $14,058 
Depreciation, depletion and amortization incurred1
$13,149 $1,735 $2,266 $912 $18,062 
(1) Depreciation, depletion, and amortization incurred for potash and Trio® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory.



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