Intrepid Potash, Inc. (IPI), a company founded in 2000 and based in Denver, Colorado, specializes in the extraction and production of potash ...
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Operator: Thank you for standing by. This is the conference operator. Welcome to Intrepid Potash, Inc. first quarter 2026 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Should you need assistance during the conference call, you may signal an operator by pressing star. I would now like to turn the conference over to Ryan Schulz, interim investor relations manager. Please go ahead. Good morning, everyone. Ryan Schulz: Thank you for joining us to discuss and review Intrepid Potash, Inc.’s first quarter 2026 results. With me today is Intrepid Potash, Inc.’s CEO, Kevin S. Crutchfield, our chief accounting officer, Chris Engold, our VP of sales and marketing, Zachry Adams, and our VP of operations, Rick Kim. Please be advised that comments we will make today include forward-looking statements as defined by U.S. securities laws. These are based upon information available to us today, are subject to risks that are described in the reports we file with the SEC, and could cause our actual results to be different from those currently anticipated. We assume no obligation to update them. During today's call, we will also refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in today's press release and along with our SEC filings. SEC filings are available at intrepidpotash.com. I will now turn the call over to our CEO, Kevin S. Crutchfield. Kevin S. Crutchfield: Thank you, Ryan, and good morning, everyone. We appreciate your interest in joining today’s earnings call. I am pleased to report that 2026 is off to a strong start, with solid first quarter results. Our adjusted net income from continuing operations for the first quarter of $8.2 million and adjusted EBITDA of $19 million is a significant improvement from last year's first quarter adjusted net income of $3.9 million and adjusted EBITDA of $14.6 million, and we are looking forward to capitalizing on this momentum for the rest of the year. Our performance is a reflection of the hard work of all of our employees, and I would like to thank our entire team for their commitment to safety and consistent execution across our core fertilizer business. Our first quarter performance was driven by several factors. First, supportive pricing and resilient demand across our fertilizer products. In the first quarter, our average potash net realized sales price was $353 per ton, and our average Trio net realized sales price was $387 per ton. This represents a 13% increase year over year for potash, up from $312 per ton, and a 12% increase for Trio, up from $345 per ton. Second, sales volumes remained strong with our second-highest quarterly sales total since idling the West Mine in 2016. Combined potash and Trio sales volumes were 211,000 tons in the first quarter, with potash sales volumes of …
Est. EPS $0.26 · Revenue $51.20M · 2 analysts
Est. EPS $0.68 · Revenue $77.50M · 2 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Kevin S. Crutchfield | Chief Executive Officer & Director | USD 1,736,323 | Male | 1961 | Active |
Jason Tremblay | Chief Financial Officer | USD 1,133,970 |
| Male |
| 1972 |
| Active |
Christina Sheehan | General Counsel & Corporate Secretary | USD 625,688 | Female | 1983 | Active |
Cris Ingold | Chief Accounting Officer, | — | Male | 1965 | Active |
Richard Kim | Vice President of Operations | — | Male | 1980 | Active |
Ryan Schultz | Interim Investor Relations Manager | — | — | — | Active |
Zachry Adams | Vice President of Sales & Marketing | — | Male | — | Active |
Est. EPS $2.11 · Revenue $270.17M · 2 analysts
Est. EPS $0.36 · Revenue $82.24M · 1 analysts
| $298.3M |
| +17.1% |
| -32.4% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $11.2M | +105.3% | +110.0% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +17.5% | +53.3% | +45.8% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +5.2% | +166.7% | -72.0% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +3.7% | +104.5% | +210.8% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $25.5M | -24.0% | +43.6% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +8.6% | -35.1% | +112.6% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 1.1% | +20.6% | -14.8% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 4.38x | -9.4% | +20.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $632.2M | +6.3% | +1.3% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.85 vs 1.15 | -26.3% | 1.17 vs 0.26 | +343.7% |
| Revenue Surprise | $298.3M vs $252.8M | +18.0% | $66.7M vs $51.2M | +30.3% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jul 25, 2026 | Sheehan Christina | officer: General Counsel | Common Stock | A | 299 | — |
| Jul 25, 2026 | Sheehan Christina | officer: General Counsel | Common Stock | D | 87 | $34.22 |
| Jul 25, 2026 | Sheehan Christina | officer: General Counsel | Performance Restricted Stock Unit | D | 299 | — |
| Jul 25, 2026 | Ingold Cris | officer: Chief Accounting Officer | Common Stock | A | 122 | — |
| Jul 25, 2026 | Ingold Cris | officer: Chief Accounting Officer | Common Stock | D | 36 | $34.22 |
