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."

Key Financial & Operational Metrics Summary

	Three Months Ended June 30,					Six Months Ended June 30,
		2025		2024			2025		2024
	(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)		69		55			172		129
Average potash net realized sales price per ton⁽¹⁾	$	361	$	405		$	332	$	399

Trio^® sales volumes (in thousands and tons)		70		63			181		154
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 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
	2025	2026
Current Forecast	270k-280k tons	270k-280k tons
Previous Forecast	285k-295k tons	300k-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,
		2025		2024		2025		2024
	(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 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,
		2025		2024		2025		2024
	(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

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,
		2025		2024		2025		2024
	(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.

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.

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;
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.

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,
		2025			2024			2025			2024
Sales	$	71,472		$	62,055		$	169,232		$	141,342
Less:
Freight costs		11,011			9,423			28,502			22,253
Warehousing and handling costs		3,114			2,586			6,604			5,675
Cost of goods sold		42,641			41,070			103,483			97,501
Lower of cost or net realizable value inventory adjustments		419			1,352			1,754			1,855
Gross Margin		14,287			7,624			28,889			14,058

Selling and administrative		8,973			7,937			18,128			16,294
Accretion of asset retirement obligation		658			622			1,315			1,244
Impairment of long-lived assets		1,204			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 expense		2,654			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 income		651			547			1,026			791
Other (expense) income		(354	)		60			(820	)		68
Income (Loss) Before Income Taxes		3,293			(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:
Basic		12,985			12,886			12,951			12,852
Diluted		13,174			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	)

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,
		2025			2024
ASSETS
Cash and cash equivalents	$	85,049		$	41,309
Short-term investments		—			989
Accounts receivable:
Trade, net		20,749			22,465
Other receivables, net		2,234			763
Inventory, net		100,196			112,968
Prepaid expenses and other current assets		3,404			5,269
Total current assets		211,632			183,763

Property, plant, equipment, and mineral properties, net		336,255			344,338
Water rights		19,184			19,184
Long-term parts inventory, net		29,150			33,775
Long-term investments		322			3,571
Other assets, net		10,617			9,889
Total Assets	$	607,160		$	594,520

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable	$	7,778		$	8,616
Accrued liabilities		11,388			9,483
Accrued employee compensation and benefits		7,976			9,842
Other current liabilities		12,941			10,062
Total current liabilities		40,083			38,003

Asset retirement obligation, net of current portion		33,669			32,354
Operating lease liabilities		2,110			780
Finance lease liabilities		1,308			1,838
Deferred other income, long-term		44,361			45,489
Other non-current liabilities		1,792			1,664
Total Liabilities		123,323			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, respectively		14			14
Additional paid-in capital		670,021			668,445
Accumulated deficit		(164,186	)		(172,055	)
Less treasury stock, at cost		(22,012	)		(22,012	)
Total Stockholders' Equity		483,837			474,392
Total Liabilities and Stockholders' Equity	$	607,160		$	594,520

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,
		2025			2024			2025			2024
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 amortization		9,569			8,594			20,051			17,898
Accretion of asset retirement obligation		658			622			1,315			1,244
Amortization of deferred financing costs		76			76			151			151
Amortization of intangible assets		82			84			164			164
Stock-based compensation		1,295			1,235			2,394			2,557
Lower of cost or net realizable value inventory adjustments		419			1,352			1,754			1,855
Impairment of long-lived assets		1,204			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 obsolescence		2,041			419			2,041			472
Loss on equity investment		414			—			888			—
Equity in loss (earnings) of unconsolidated entities		232			116			232			(33	)
Changes in operating assets and liabilities:
Trade accounts receivable, net		27,173			20,208			1,654			459
Other receivables, net		194			(497	)		(1,482	)		(250	)
Inventory, net		(5,183	)		(1,509	)		13,601			9,326
Prepaid expenses and other current assets		497			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 liabilities		2,120			(32	)		2,326			(703	)
Net cash provided by operating activities		39,943			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 assets		1,378			55			3,482			4,651
Proceeds from redemptions/maturities of investments		500			1,000			1,000			1,500
Other investing, net		2,129			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 Cash		39,382			17,598			43,744			47,596
Cash, Cash Equivalents and Restricted Cash, beginning of period		46,260			34,649			41,898			4,651
Cash, Cash Equivalents and Restricted Cash, end of period	$	85,642		$	52,247		$	85,642		$	52,247

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.

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,
		2025			2024			2025			2024
	(in thousands)
Net Income (Loss)	$	3,263		$	(833	)	$	7,869		$	(3,963	)
Adjustments
Impairment of long-lived assets		1,204			831			1,866			2,208
(Gain) loss on sale of assets		(1,274	)		241			(1,456	)		492
Employee separation costs		638			—			638			—
Unpermitted discharge penalty		2,155			—			2,155			—
Calculated income tax effect⁽¹⁾		—			(279	)		—			(702	)
Total adjustments		2,723			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,
		2025			2024			2025			2024
Net Income (Loss) Per Diluted Share	$	0.25		$	(0.06	)	$	0.60		$	(0.31	)
Adjustments
Impairment of long-lived assets		0.09			0.06			0.14			0.17
(Gain) loss on sale of assets		(0.10	)		0.02			(0.11	)		0.04
Employee separation costs		0.05			—			0.05			—
Unpermitted discharge penalty		0.16			—			0.16			—
Calculated income tax effect⁽¹⁾		—			(0.02	)		—			(0.05	)
Total adjustments		0.20			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.

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,
		2025			2024			2025			2024
	(in thousands)
Net Income (Loss)	$	3,263		$	(833	)	$	7,869		$	(3,963	)
Impairment of long-lived assets		1,204			831			1,866			2,208
(Gain) loss on sale of assets		(1,274	)		241			(1,456	)		492
Employee separation costs		638			—			638			—
Unpermitted discharge penalty		2,155			—			2,155			—
Interest expense		66			—			171			—
Income tax expense (benefit)		30			(304	)		226			(1,079	)
Depreciation, depletion, and amortization		9,569			8,594			20,051			17,898
Amortization of intangible assets		82			84			164			164
Accretion of asset retirement obligation		658			622			1,315			1,244
Total adjustments		13,128			10,068			25,130			20,927
Adjusted EBITDA	$	16,391		$	9,235		$	32,999		$	16,964

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,
	2025				2024
(in thousands, except per ton amounts)	Potash		Trio^®		Potash		Trio^®
Total Segment Sales	$	33,994	$	33,212	$	30,034	$	26,522
Less: Segment byproduct sales		6,195		20		5,896		109
Freight costs		2,859		7,409		1,871		6,660
Subtotal	$	24,940	$	25,783	$	22,267	$	19,753

Divided by:
Tons sold		69		70		55		63
Average net realized sales price per ton	$	361	$	368	$	405	$	314

	Six Months Ended June 30,
	2025				2024
(in thousands, except per ton amounts)	Potash		Trio^®		Potash		Trio^®
Total Segment Sales	$	77,571	$	83,054	$	67,610	$	63,010
Less: Segment byproduct sales		12,449		184		11,060		313
Freight costs		7,996		19,173		5,017		15,634
Subtotal	$	57,126	$	63,697	$	51,533	$	47,063

Divided by:
Tons sold		172		181		129		154
Average net realized sales price per ton	$	332	$	352	$	399	$	306

INTREPID POTASH, INC.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(In thousands)

	Three Months Ended June 30, 2025
Product	Potash Segment		Trio^® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	27,799	$	—	$	—	$	(58	)	$	27,741
Trio^®		—		33,192		—		—			33,192
Water		—		—		587		—			587
Salt		3,169		20		—		—			3,189
Magnesium Chloride		1,623		—		—		—			1,623
Brine Water		1,403		—		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
Product	Potash Segment		Trio^® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	65,122	$	—	$	—	$	(117	)	$	65,005
Trio^®		—		82,870		—		—			82,870
Water		—		—		2,059		—			2,059
Salt		6,304		184		—		—			6,488
Magnesium Chloride		2,771		—		—		—			2,771
Brine Water		3,374		—		2,234		—			5,608
Other		—		—		4,431		—			4,431
Total Revenue	$	77,571	$	83,054	$	8,724	$	(117	)	$	169,232

	Three Months Ended June 30, 2024
Product	Potash Segment		Trio^® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	24,138	$	—	$	—	$	(40	)	$	24,098
Trio^®		—		26,413		—		—			26,413
Water		—		—		2,572		—			2,572
Salt		3,335		109		—		—			3,444
Magnesium Chloride		932		—		—		—			932
Brine Water		1,584		—		1,166		—			2,750
Other		45		—		1,801		—			1,846
Total Revenue	$	30,034	$	26,522	$	5,539	$	(40	)	$	62,055

	Six Months Ended June 30, 2024
Product	Potash Segment		Trio® Segment		Oilfield Solutions Segment		Intersegment Eliminations			Total
Potash	$	56,550	$	—	$	—	$	(140	)	$	56,410
Trio^®		—		62,697		—		—			62,697
Water		—		—		4,741		—			4,741
Salt		6,479		313		—		—			6,792
Magnesium Chloride		1,351		—		—		—			1,351
Brine Water		3,167		—		2,293		—			5,460
Other		63		—		3,828		—			3,891
Total Revenue	$	67,610	$	63,010	$	10,862	$	(140	)	$	141,342

INTREPID POTASH, INC.

UNAUDITED NON-GAAP RECONCILIATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(In thousands)


Three Months Ended June 30, 2025	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales	$	33,994	$	33,212	$	4,324	$	(58	)	$	71,472
Less: Freight costs		3,660		7,409		—		(58	)		11,011
Warehousing and handling costs		1,818		1,296		—		—			3,114
Cost of goods sold		23,239		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, 2025	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales	$	77,571	$	83,054	$	8,724	$	(117	)	$	169,232
Less: Freight costs		9,446		19,173		—		(117	)		28,502
Warehousing and handling costs		3,529		3,075		—		—			6,604
Cost of goods sold		55,481		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


Three Months Ended June 30, 2024	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales	$	30,034	$	26,522	$	5,539	$	(40	)	$	62,055
Less: Freight costs		2,803		6,660		—		(40	)		9,423
Warehousing and handling costs		1,343		1,243		—		—			2,586
Cost of goods sold		21,224		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, 2024	Potash		Trio^®		Oilfield Solutions		Other			Consolidated
Sales	$	67,610	$	63,010	$	10,862	$	(140	)	$	141,342
Less: Freight costs		6,759		15,634		—		(140	)		22,253
Warehousing and handling costs		3,070		2,605		—		—			5,675
Cost of goods sold		47,040		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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806279348/en/

Evan Mapes, CFA, Investor Relations Manager

Phone: 303-996-3042

Email: evan.mapes@intrepidpotash.com

Intrepid Announces Second Quarter 2025 Results