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Best of NAMA 2024












9 MONTHS: INTREPID POTASH SALES DOWN 25%, REPORTS AN $8 MILLION LOSS
Source: Intrepid Potash news release

In the third quarter of 2024, Intrepid generated sales of $57.5 million, a 6% increase from third quarter 2023 sales of $54.5 million. Consolidated gross margin totaled $7.7 million, while net loss totaled $1.8 million, or a net loss of $0.14 per diluted share, which compares to our third quarter 2023 net loss of $7.2 million, or $0.56 per diluted share. The Company delivered adjusted EBITDA (1) of $10.0 million, a $7.8 million increase from the same prior year period. Our third quarter 2024 average net realized sales prices (1) for potash and Trio averaged $356 and $312 per ton, respectively, which compares to $433 and $298 per ton, respectively, in the third quarter of 2023.

Matt Preston, Intrepid's Chief Financial Officer and acting principal executive officer commented: "In the third quarter, Intrepid delivered solid financial performance with our net loss narrowing to $1.8 million and our adjusted EBITDA totaling $10.0 million, with several factors contributing to the better results compared to last year.

"Our margins in potash and Trio benefited from improving unit economics due to increased production and cost improvements, higher sales volumes in potash, and solid pricing in Trio. In oilfield solutions, owing to the completion of a large frac on Intrepid South, we had the best quarterly sales in company history, while our segment gross margins more than doubled compared to the prior year.

"In the third quarter, we also successfully commissioned Phase Two of the Brine Injection Pipeline at HB. This was the largest capital project we undertook as part of our recent potash asset revitalization process, and Phase Two will help us meet our key goals of maximizing brine availability and underground residence time at HB. Overall, we're starting to see our investments pay off and Intrepid has now had two quarters in a row of higher potash production compared to the same prior year periods, with this trend expected to continue into the fourth quarter.

"Lastly, we again want to thank Bob for his immeasurable contributions to Intrepid over the last two decades and wish him well in his recovery."

To read the entire report click here.


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