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Mar. 4, 2025 Source: Intrepid Potash, Inc. news release DENVER -- Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we", "us" and "our") today reports its financial results for the fourth quarter and full-year of 2024. Key Financial & Operational Highlights for the Fourth Quarter and Full-Year 2024 *Total sales of $55.8 million in the fourth quarter and $254.7 million for the full-year 2024. *Net loss of $207.0 million and adjusted net loss(1)of $1.4 million in the fourth quarter, and net loss $212.8 million and adjusted net loss of $3.7 million for the full-year 2024. Our results were impacted by the following non-cash charges we recorded in the fourth quarter of 2024: *$199.0 million of non-cash expense related to the establishment of a valuation allowance against our deferred tax assets; *$6.4 million in non-cash impairment expense related to our Intrepid South sand project and other oilfield equipment; and $1.2 million in non-cash impairment expense at our East facility. *Adjusted EBITDA(1)of $8.6 million for the fourth quarter, bringing our full-year 2024 adjusted EBITDA to $35.5 million. *Cash flow from operations of $7.6 million in the fourth quarter, bringing our full-year 2024 cash flow from operations to $72.5 million, which includes the $45 million payment received from XTO in the first quarter of 2024. *Potash production of 117 thousand tons and 295 thousand tons in the fourth quarter and full-year 2024, respectively. *Trio production of 67 thousand tons and 251 thousand tons in the fourth quarter and full-year 2024, respectively. Consolidated Results, Management Commentary, & Outlook Intrepid generated fourth quarter and full-year 2024 sales of approximately $55.8 million and $254.7 million, respectively, which compares to fourth quarter and full-year 2023 sales of approximately $56.7 million and $279.1 million, respectively. The decrease in our 2024 sales was primarily driven by lower volumes and prices in our potash segment, while our Trio and oilfield solutions segments delivered modest sales growth in 2024 compared to 2023. During the fourth quarter of 2024, Intrepid generated a GAAP net loss of $207.0 million, a non-GAAP adjusted net loss(1) of $1.4 million, and adjusted EBITDA(1) of $8.6 million, bringing our full-year 2024 figures to a GAAP net loss of $212.8 million, a non-GAAP adjusted net loss(1) of approximately $3.7 million, and adjusted EBITDA(1) of $35.5 million. Kevin Crutchfield, Intrepid's Chief Executive Officer commented: "I want to thank the Board, Matt, and the rest of the Intrepid team for successfully guiding the Company through an uncertain period during much of last year. They did an exceptional job and I'm excited to help build on what Intrepid accomplished in 2024. "When I joined in December, my primary directive was clear: ensure we deliver on the previously established strategic priorities that will position Intrepid for long-term success. Related to these efforts, I'm very pleased to share that our 2024 potash production increased by over 30% compared to 2023 and our Trio sales volumes of 254 thousand tons was a company record. The higher levels of production delivered the expected decreases to our unit economics in potash and Trio, with the benefits being most pronounced in the fourth quarter. Even with the backdrop of lower potash prices, our focus on our core business helped drive better margins in the second half of the year, with our second half adjusted EBITDA of approximately $18.5 million being roughly double the same prior year figure. Overall, we're optimistic on the outlook. Over the past five months, key crops have rallied higher from their August lows, while potash prices have started to move higher due to the balanced global potash supply fundamentals and strong in-season demand during spring application. Looking ahead in 2025, we plan to build off the significant improvements in potash production we saw in 2024 while also maintaining our focus on operational efficiencies and cost controls for further margin improvement." To read the entire report click here. Tweet |
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