Significant Improvement in Financial Performance
Intrepid generated adjusted EBITDA of $16.6 million and adjusted net income of $4.6 million, compared to prior year adjusted EBITDA of $7.7 million and an adjusted net loss of $3.1 million.
Potash Production and Cost Reduction
Produced 93,000 tons of potash with a COGS per ton of $313, representing a 17% improvement from the 2023 baseline and a 25% improvement from the recent peak.
Record Trio Sales
Trio achieved a quarterly sales record of 110,000 tons with pricing increased to an average of $345 per ton, driven by strong market demand and tight supply.
Steady Oilfield Solutions Performance
Oilfield Solutions segment reported revenue of $4.4 million with a gross margin of $1.7 million, or approximately 38% of revenue.
Positive Market Trends
Global potash market shows a trend line growth of roughly 2% per year, with strong demand and relatively tight supplies leading to price increases.