Intrepid Potash, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
IPI$32.90+4.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001421461-25-000024
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001421461-25-000033
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 186 previous paragraphs and 189 current paragraphs.
93 unchanged; 73 reworded; 22 added; 19 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
•Tariffs and retaliatory tariffs. Since February 2025, the U.S. government has announced, implemented, modified, paused, and/or terminated various tariff measures, including “reciprocal” tariffs on imports from most countries, the so-called “trafficking” tariffs on imports from Canada, Mexico and China, and a number of new or modified tariffs on imports of specific classes of products (including, but not limited to, steel, aluminum, and copper) under Section 232 of the Trade Expansion Act of 1962.
Current report
Imports from Canada and Mexico that meet the origin rules of the United States-Mexico-Canada Agreement (USMCA), are presently exempt from the “reciprocal” and “trafficking” tariffs, but not the Section 232 tariffs. However the status of this exemption is uncertain, and the USMCA itself may be subject to renegotiation. Other countries and customs unions, including the United Kingdom, European Union, and Japan, have negotiated separate trade agreements with the U.S. resulting in lower tariffs that would have otherwise applied. However, these agreements are also subject to further negotiation.
Current report
Potash prices were stable through the third quarter of 2025 as summer-fill pricing announced in June 2025 largely filled the third quarter order book. We realized higher prices ($410 per ton Midwest warehouse reference price) on certain spot shipments in the third quarter, although that price level remains largely untested as distributors secured the majority of their third quarter needs during the fill period. Looking ahead, pricing continues to be supported by a balanced global outlook for potash and contract settlements with China and India that are supportive of U.S price levels despite decreases in farmer profitability.
Current report
Trio® pricing increased $10 per ton to $415 per ton in June 2025, after completion of an order window for a summer fill program, and we maintained those prices through the third quarter. In late October we announced a fall fill program for Trio® reducing prices by $35 per ton to $380 per ton for orders received during a one-week window with shipments of those orders by the end of the year. We saw good subscription to the fall fill program with customers committing to historical volumes. After the one-week order window for the fall fill program was closed, Trio® pricing increased $25 per ton to $405 per ton. Moving forward, we expect Trio® pricing to be supported by a balanced global potash outlook and constructive sulfate values. Our ability to realize these prices may be affected by, among other things, weather, planting decisions, rail car availability, commodity price decreases, and the price and availability of other potassium products.
Current report
1 Sales include sales of byproducts which were $6.3 million and $6.7 million for the three months ended September 30, 2025, and 2024, respectively, and $18.9 million and $18.1 million for the nine months ended September 30, 2025, and 2024, respectively.
Current report
Our total sales for the three months ended September 30, 2025, decreased $4.3 million, or 8%, compared to the same period in 2024, as oilfield solutions segment sales decreased $7.6 million, and Trio® segment sales decreased $0.8 million, partially offset by an increase of $4.1 million in potash segment sales.
Current report
Our total potash segment sales increased $4.1 million during the three months ended September 30, 2025, compared to the same period in 2024, as potash sales increased $4.7 million, partially offset by a $0.5 million decrease in potash segment byproduct sales. During the three months ended September 30, 2025, we sold 15% more tons of potash, compared to the same period in 2024, as we began the third quarter with more tons to sell due to strong potash production in the first and second quarters of 2025, combined with a 7% increase in our average net realized sales price per ton as we realized the various potash price increases announced since the 2025 winter fill program was launched at the beginning of January 2025.
Current report
Our Trio®segment sales decreased $0.8 million, or 4%, in the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons of Trio® as customers deferred purchasing Trio® to build inventory for the upcoming Spring 2026 application season. Our Trio®average net realized sales price per ton increased 29% for the three months ended September 30, 2025, due to continued strong prices of the individual nutrient components of Trio®, particularly sulfate and potassium.
Current report
Our total cost of goods sold decreased $5.2 million during the three months ended September 30, 2025, compared to the same period in 2024, as oilfield solutions segment cost of goods sold decreased $4.5 million, and Trio® segment cost of goods sold decreased $3.0 million, partially offset by a $2.3 million increase in potash segment cost of goods sold.
Current report
Our oilfield solutions cost of goods sold decreased $4.5 million, or 62%, during the three months ended September 30, 2025, compared to the same period in 2024, as total oilfield solution segment sales decreased 74%. As mentioned above, a large frac was completed on Intrepid South in the third quarter of 2024 and associated with that frac, we purchased $3.6 million of third-party water.
Current report
Our potash segment cost of goods sold increased $2.3 million, or 12%, during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash in the three months ended September 30, 2025, compared to the same period in 2024.
Current report
During the three months ended September 30, 2025, selling and administrative expenses decreased $0.2 million compared to the same period in 2024, driven by a $2.2 million decrease in labor and benefits expense and a $0.3 million decrease in legal expenses, partially offset by a $1.2 million increase in stock compensation expense and a $1.1 million increase in other professional services expenses. In April 2024, our former Chief Executive Officer ("CEO") was injured in a non-work related accident. Effective September 30, 2024, we entered into an agreement with our former CEO where we agreed to pay the former CEO $2.0 million in cash for compensation owed to him for services rendered prior to the accident and all of his unvested equity awards were cancelled. The cash payment was recorded in labor and benefits and we reversed approximately $1.1 million in equity compensation expense previously recognized on the former CEO's unvested equity awards that were cancelled. Finally, other professional services expense increased $1.1 million because we used more outside consultants during the three months ended September 30, 2025, compared to the same period in 2024.
Current report
Other operating expense increased $0.4 million during the three months ended September 30, 2025, compared to the same period in 2024. In early 2020, we applied for and received a $10.0 million Payroll Protection Program ("PPP") loan from the U.S. Small Business Administration ("SBA"). In November 2020, the SBA notified us that our $10.0 million PPP loan was forgiven. In August 2025, SBA notified us that due to a clerical error in our PPP loan application we were only eligible for a $9.6 million PPP loan and we are required to repay $0.4 million of the PPP loan. We recorded the $0.4 million repayment in other operating expense during the three months ended September 30, 2025.
Current report
Our potash segment cost of goods sold increased $10.7 million, or 16%, during the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash in the nine months ended September 30, 2025, compared to the same period in 2024. Our potash cost of goods sold during the nine months ended September 30, 2025, was favorably impacted by lower of cost or net realizable value inventory adjustments recorded during the second half of 2024 and the first half of 2025.
Current report
Our oilfield solutions cost of goods sold decreased $5.5 million, or 40%, during the nine months ended September 30, 2025, compared to the same period in 2024, as third party water purchases decreased $3.6 million and we incurred less expenses as total oilfield solutions segment sales decreased $10.0 million.
Current report
During the nine months ended September 30, 2025, selling and administrative expenses increased $1.7 million, or 7%, compared to the same period in 2024, as other professional services expenses increased $1.7 million and stock compensation expense increased $1.0 million, partially offset by a $0.9 million decrease in labor and benefits. Our professional service expenses increased because we used more outside consultants in 2025, compared to 2024. As discussed above, stock compensation decreased during the nine months ended September 30, 2025, compared to the same period in 2024, due to the reversal of approximately $1.1 million in previously recognized stock compensation expense for the cancellation of unvested equity awards to our former CEO in September 2024. Likewise, labor and benefits expense decreased because we recorded $2.0 million in labor and benefits for the cash compensation owed to our former CEO in September 2024.
Current report
1 Sales include sales of byproducts which were $6.2 million and $6.7 million for the three months ended September 30, 2025, and 2024, respectively, and $18.6 million and $17.7 million for the nine months ended September 30, 2025, and 2024, respectively.
Current report
Our potash segment byproduct sales decreased $0.5 million during the three months ended September 30, 2025, compared to the same period in 2024, as we saw minor sales declines in salt, magnesium chloride and brine water sales.
Current report
During the three months ended September 30, 2025, we recorded lower of cost or net realizable value inventory adjustments of $0.4 million as our weighted average carrying cost per ton for inventoried potash products at our Wendover and HB facilities was higher than our forecasted average net realizable sales price per ton for those products. During the three months ended September 30, 2025, compared to the same period in 2024, we produced fewer tons of potash because we had fewer production days at our HB facility because of a later start-up after the 2025 evaporation season. Potash production at our
Current report
Our Trio®cost of goods sold decreased 24% during the three months ended September 30, 2025, compared to the same period in 2024, mainly due to selling 20% fewer tons. In addition, increased Trio®tons produced over the past twelve months lowered our per ton production costs which lowered our Trio®weighted average carrying cost per ton. A significant portion of our production costs is fixed and an increase in tons produced lowers our per ton production costs.
Current report
Our cost of goods sold decreased $4.5 million, or 62%, in the three months ended September 30, 2025, compared to the same period in 2024. During the three months ended September 30, 2024, we purchased $3.6 million of third-party water to service the large frac that was completed on Intrepid South. We did not purchase any third-party water during the three months ended September 30, 2025.
Current report
Our cost of goods sold decreased $5.5 million, or 40%, in the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to reduced water sales. During the nine months ended September 30, 2024, we purchased $3.6 million of third-party water to service the large frac completed on Intrepid South. We did not purchase any third-party water during the nine months ended 2025.
Removed paragraphs (19)
Previous report
Potash prices continued to strengthen during the second quarter as increased corn acres led to strong demand across the U.S. Midwest warehouse reference prices were $370 per ton at the beginning of the second quarter and increased to $390 per ton in May 2025. In June 2025, potash summer-fill pricing was announced at $390 per ton and increased to $410 per ton shortly after the fill period ended. The response to the fill period was generally positive, with most customers placing orders for most of their third quarter needs. Pricing continues to be supported by strong agricultural demand, tightening global supply, and recent contract settlements with China and India that are supportive of U.S price levels.
Previous report
Strong demand from our historic customers and rising potash prices supported Trio® price levels during the second quarter. Our posted price began the second quarter at $395 per ton and we were able to realize these prices on spot truck and rail sales during the quarter, with the full benefit of those prices levels expected to be realized in the third quarter. Pricing increased another $20 per ton in June 2025 in response to rising potash price levels. Normal seasonality in fall sulfate demand is expected to reduce Trio® pricing as we approach the fall season. Our ability to realize these prices may be affected by, among other things, weather, planting decisions, rail car availability, commodity price decreases, and the price and availability of other potassium products.
Previous report
•Weather Impact. After favorable weather conditions for evaporation to start to the 2025-2026 harvest year, the Carlsbad, New Mexico area where our HB facilities are located experienced above average rainfall during June and July of 2025, which has led to below average evaporation and reduced pond inventory at the end of July 2025, compared to July 2024. We expect the below average evaporation will reduce the first half 2026 production from our HB facility by approximately 20,000 tons. 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 spring of 2026.
Previous report
1 Sales include sales of byproducts which were $6.2 million and $6.0 million for the three months ended June 30, 2025, and 2024, respectively, and $12.6 million and $11.4 million for the six months ended June 30, 2025, and 2024, respectively.
Previous report
Our Trio®segment sales increased $6.7 million, or 25%, in the three months ended June 30, 2025, compared to the same period in 2024, as we sold 11% more tons of Trio® as we had more tons available to sell due to an increase in Trio®tons produced over the past 12 months and increased corn acres during 2025, compared to 2024, led to an increase in overall nutrient demand. Our Trio®average net realized sales price per ton increased 17% due to strong prices of the individual nutrient components of Trio®, particularly sulfate.
Previous report
Our total potash segment sales increased $4.0 million during the three months ended June 30, 2025, compared to the same period in 2024, as potash sales increased $3.6 million and potash segment byproduct sales increased $0.3 million. During the three months ended June 30, 2025, we sold 25% more tons of potash, compared to the same period in 2024, as we had more tons to sell due to increased potash production over the past 12 months, partially offset by a decrease of 11% in our average net realized sales price per ton 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. Potash segment byproduct sales increased during the three months ended June 30, 2025, compared to the same period in 2024, due to an increase in magnesium chloride sales. Our magnesium chloride sales during the three months ended June 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal seasonal volumes during the three months ended June 30, 2025.
Previous report
Our total cost of goods sold increased $1.6 million during the three months ended June 30, 2025, compared to the same period in 2024, as potash segment cost of goods sold increased $2.0 million, partially offset by a $0.4 million decrease in our oilfield solutions cost of goods sold.
Previous report
Our potash segment cost of goods sold increased $2.0 million, or 9%, during the three months ended June 30, 2025, compared to the same period in 2024, as we sold 25% more tons of potash in the three months ended June 30, 2025, compared to the same period in 2024. Our potash production costs per ton decreased throughout 2024 and the first half of 2025 due to increased production volumes at all our facilities. This resulted in a lower carrying cost per ton for our finished goods inventory to begin 2025, compared to 2024, improving our per ton cost of goods sold in the three months ended June 30, 2025. A significant portion of our production costs are fixed and an increase in the number of potash tons produced decreases our per ton production costs.
Previous report
Our oilfield solutions cost of goods sold decreased $0.4 million, or 13%, during the three months ended June 30, 2025, compared to the same period in 2024, mainly due to reduced water sales.
Previous report
During the three months ended June 30, 2025, selling and administrative expenses increased $1.0 million, or 13%, compared to the same period in 2024, as we recorded approximately $0.6 million of severance related expenses and other professional services expenses increased $0.5 million as we used more outside consultants during the three months ended June 30, 2025.
Previous report
Our total sales for the six months ended June 30, 2025, increased $27.9 million, or 20%, compared to the same period in 2024, as Trio® segment sales increased $20.0 million and potash segment sales increased $10.0 million, partially offset by a decrease of $2.1 million in oilfield solutions segment sales.
Previous report
Our potash segment cost of goods sold increased $8.4 million, or 18%, during the six months ended June 30, 2025, compared to the same period in 2024, even though we sold 33% more tons of potash in the six months ended June 30, 2025, compared to the same period in 2024. Our potash production costs per ton decreased throughout 2024 and the first half of 2025 due to increased production volumes at all our facilities. This resulted in a lower carrying cost per ton for our finished goods inventory sold in 2025, compared to 2024, improving our per ton cost of goods sold in the six months ended June 30, 2025. A significant portion of our production costs are fixed and an increase in the number of potash tons produced decreases our per ton production costs. Finally, lower of cost or net realizable value potash inventory adjustments recorded in previous quarters lowered our weighted average carrying cost per potash ton at the beginning of 2025.
Previous report
Our oilfield solutions cost of goods sold decreased $1.0 million, or 15%, during the six months ended June 30, 2025, compared to the same period in 2024, mainly due to reduced water sales.
Previous report
During the six months ended June 30, 2025, selling and administrative expenses increased $1.8 million, or 11%, compared to the same period in 2024, as we recorded approximately $0.6 million of severance related expenses, and our administrative labor and benefits expenses increased $0.6 million mainly due to an increase in base salary and bonus package provided to our CEO, who was hired in December 2024. Finally, other professional services expenses increased $0.5 million during the first six months of 2025, compared to the same period in 2024, as we used more outside consultants.
Previous report
1 Sales include sales of byproducts which were $6.2 million and $5.9 million for the three months ended June 30, 2025, and 2024, respectively, and $12.4 million and $11.1 million for the six months ended June 30, 2025, and 2024, respectively.
Previous report
Our potash segment byproduct sales increased $0.3 million during the three months ended June 30, 2025, compared to the same period in 2024, due to an increase in magnesium chloride sales. Our magnesium chloride sales during the three months ended June 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal seasonal volumes during the three months ended June 30, 2025.
Previous report
Our Trio®cost of goods sold were virtually unchanged in the three months ended June 30, 2025, compared to the same period in 2024, even though we sold 11% more tons. Our production costs per ton improved over the past twelve months due to production increases. A significant portion of our production costs are fixed and increases in production lowers our per ton production costs.
Previous report
Our cost of goods sold decreased $0.4 million, or 13%, in the three months ended June 30, 2025, compared to the same period in 2024, mainly due to reduced water sales.
Previous report
Our cost of goods sold decreased $1.0 million, or 15%, in the six months ended June 30, 2025, 2025, compared to the same period in 2024, mainly due to reduced water sales.
Reworded paragraphs (73)
Previous wording
•adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
Current wording
•weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
Previous wording
•Tariffs and retaliatory tariffs. In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and additional tariffs based on a country's trade deficit with the United States. The announcement of tariffs has led, and may continue to lead, to retaliatory tariffs by other countries. Shortly after the announcement of tariffs, the U.S. paused a majority of the additional tariffs for 90 days, until July 9, 2025, followed by an extension of the pause through August 1, 2025. On August 1, 2025, the U.S. increased certain tariffs, including on Canadian products, among others. This activity is creating uncertainty regarding the extent and impact of tariffs on our business and the economy. Since April, certain materials, such as steel and aluminum, have been subject to increased tariff rates, regardless of country of origin, and the duration of these tariffs is unknown. The U.S continues to negotiate with trade partners on potential agreements, the outcome of which remains uncertain. For now, all products covered by the United States-Mexico-Canada Agreement (USMCA), which includes the majority, if not all, of Canadian-produced potash, remain tariff-free. Tariffs, or the potential for tariffs, may affect the costs and availability of raw materials, affect our customers' purchasing decisions, contribute to increases in operating costs through increases in product and equipment costs, wages, and energy, or have other related impacts to our business and the markets in which we operate.
Current wording
The U.S. also continues to negotiate with additional trade partners on potential agreements, the outcome of which remains uncertain. These tariffs and other announcements has led, and may continue to lead, to retaliatory tariffs by other countries. This activity is creating uncertainty regarding the extent and impact of tariffs on our business and the economy in general. Tariffs, or the potential for tariffs, may affect the costs and availability of raw materials, affect our customers' purchasing decisions, contribute to increases in operating costs through increases in product and equipment costs, wages, and energy, or have other related impacts on our business and the markets in which we operate.
Previous wording
•Potash pricing and demand. Our potash average net realized sales price per ton(1) decreased to $361 for the three months ended June 30, 2025, compared to $405 for the same period in 2024, as Midwest warehouse prices during the spring season were lower compared to the same period of the prior year, and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes. Our first half 2025 average net realized sales price per ton decreased to $332 compared to $399 for the same period in 2024, as pricing to begin the year was $70 per ton lower than in 2024, and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes. Sales volume increased 25% and 33% in the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, as improved production volumes during 2024 led to more tons available for sale in the spring of 2025.
Current wording
•Potash pricing and demand. Our potash average net realized sales price per ton(1) increased to $381 for the three months ended September 30, 2025, compared to $356 for the same period in 2024, as we realized the entirety of the first half potash price increases, and we sold a greater percentage of our product into feed markets due to normal seasonality in agricultural markets. Our average net realized sales price per ton for the nine months ended September 30, 2025, decreased to $345 compared to $387 for the same period in 2024, as pricing to begin the year was $70 per ton lower than in 2024, and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes. Sales volume increased 15% and 28% in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, as improved production volumes during 2024 led to more tons available for sale in the first nine months of 2025.
Previous wording
•Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $368 and $352 for the three and six months ended June 30, 2025, respectively, compared to $314 and $306, respectively for the same periods in 2024, as rising potash prices and higher sulfate price levels led to increased Trio® prices. Sales volumes in the three and six months ended June 30, 2025, increased 11% and 18%, respectively, compared to the same periods in 2024, due to an increase in production rates and an acreage shift to corn in traditional Trio® markets which led to strong demand throughout the first half of 2025.
Current wording
•Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $402 and $362 for the three and nine months ended September 30, 2025, respectively, compared to $312 and $305, respectively for the same periods in 2024, as rising potash prices and higher sulfate price levels led to increased Trio® prices. Sales volumes in the three months ended September 30, 2025, decreased 20% compared to the same period in 2024, as buyers deferred purchases to stock Trio®inventories for the upcoming spring 2026 application season. Sales volumes for the nine months ended September 30, 2025, increased 8%, compared to the same period in 2024, due to an increase in production rates and an acreage shift to corn in traditional Trio® markets which led to strong demand throughout the first nine months of 2025.
Previous wording
•Water sales. In the three and six months ended June 30, 2025, total water sales were $0.6 million and $2.1 million, respectively, compared to $2.6 million and $4.7 million, respectively, during the same periods of 2024. Sales decreased in 2025 compared to the prior year as we sold less water from our Caprock water rights and at our South Ranch as the market continues to trend towards more use of recycled water in oil and gas operations. We continue to pursue opportunities to supply or source water for additional fracs on our South Ranch, although the timing of those opportunities, if any, is uncertain.
Current wording
•Water sales. In the three and nine months ended September 30, 2025, total water sales were $0.6 million and $2.6 million, respectively, compared to $7.9 million and $12.7 million, respectively, during the same periods of 2024. Sales decreased in the three and nine months ended September 30, 2025, compared to the prior year as we sold less water from our Caprock water rights and at Intrepid South as the market continues to trend towards more use of recycled water in oil and gas operations. Water sales in the third quarter of 2024 included a five million barrel frac at Intrepid South and we have not seen similar activity on Intrepid South in 2025. We continue to pursue opportunities to supply or source water for additional fracs on or near Intrepid South, although the timing of those opportunities, if any, is uncertain.
Previous wording
•Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $6.2 million and $12.6 million during the three and six months ended June 30, 2025, respectively, compared to $6.0 million and $11.4 million, respectively, for the same periods of 2024. Byproduct sales increased in both periods compared to the prior year, due primarily to increased sales of magnesium chloride as our customer was able to destock inventory that impacted 2024 sales volumes and return to more normal seasonal volumes in the first half of 2025.
Current wording
•Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $6.3 million and $18.9 million during the three and nine months ended September 30, 2025, respectively, compared to $6.7 million and $18.1 million, respectively, for the same periods of 2024. Byproduct sales in the third quarter were similar to the prior year as we have seen a return to more normal demand for our magnesium chloride in Wendover and consistent salt sales from our potash operations. Byproduct sales for the nine months ended September 30, 2025, increased primarily due to increased sales of magnesium chloride in early 2025 as our customer was able to destock inventory that impacted 2024 sales volumes and return to more normal seasonal volumes.
Previous wording
•HB AMAX Cavern. In July, we successfully drilled the sample well into one of the lowest sections of the AMAX mine; unfortunately, the brine pool that we anticipated encountering based on our imaging was not present. Given this 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. Timing of construction will depend on further technical review and quantifying permitting requirements. Without AMAX brine available for 2026, 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.
Current wording
•HB AMAX Cavern. In July, we successfully drilled a sample well into one of the lowest sections of the AMAX mine; unfortunately, the brine pool that we anticipated encountering based on our imaging was not present. Given this 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. Timing of construction will depend on further technical review and quantifying permitting requirements. We expect to have the necessary permits complete in the first quarter of 2026.
Previous wording
•Other oilfield products and services. Our revenue from brine and other oilfield products and services, excluding water, recorded in our oilfield solutions segment increased to $3.7 million and $6.7 million in the three and six months ended June 30, 2025, respectively, compared to $3.0 million and $6.1 million, respectively, in the same periods of 2024, due primarily to the timing of recognizing surface use and easement revenues on our Intrepid South Ranch.
Current wording
•Other oilfield products and services. Our revenue from brine and other oilfield products and services, excluding water, recorded in our oilfield solutions segment were $2.2 million and $8.8 million in the three and nine months ended September 30, 2025, respectively, compared to $2.4 million and $8.5 million, respectively, in the same periods of 2024, due primarily to the timing of recognizing surface use and easement revenues on Intrepid South.
Previous wording
Our oilfield solutions segment sales, which include sales of water, brine water, surface use, and easements, decreased $1.2 million, or 22%, in the three months ended June 30, 2025, compared to the same period in 2024, driven by a $2.0 million decrease in water sales partially offset by a $0.9 million increase in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the three months ended June 30, 2025, compared to the same period in 2024, due to reduced oilfield activity on and around Intrepid South and decreased sales from our Caprock wells. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.
Current wording
Our oilfield solutions segment sales, which include sales of water, brine water, surface use, and easements, decreased $7.6 million, or 74%, in the three months ended September 30, 2025, compared to the same period in 2024, driven by a $7.4 million decrease in water sales and a $0.3 million decrease in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the three months ended September 30, 2025, compared to the same period in 2024, due to the completion of a large frac on Intrepid South in the third quarter of 2024 combined with decreased sales from our Caprock wells. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.
Previous wording
Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, increased $0.3 million in the three months ended June 30, 2025, compared to the same period in 2024, due to an increase in magnesium chloride sales, as discussed above.
Current wording
Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $0.4 million in the three months ended September 30, 2025, compared to the same period in 2024, due to slight decreases in brine, salt, and magnesium chloride sales.
Previous wording
Our Trio® segment cost of goods sold was unchanged, during the three months ended June 30, 2025, compared to the same period in 2024, even though we sold 11% more tons. Our weighted average carrying cost per Trio®ton decreased during the three months ended June 30, 2025, compared to the same period in 2024, due to improved production rates throughout 2024 and the first half of 2025. A significant portion of our Trio®production costs are fixed and an increase in the number of tons produced decreases our per ton production costs.
Current wording
Our Trio® segment cost of goods sold decreased 24% during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons. In addition, our weighted average carrying cost per Trio®ton decreased during the three months ended September 30, 2025, compared to the same period in 2024, due to improved Trio® production during the first nine months of 2025. A significant portion of our Trio®production costs are fixed and an increase in the number of tons produced decreases our per ton production costs.
Previous wording
In the three months ended June 30, 2025, we incurred $0.4 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $1.4 million in lower of cost or net realizable value inventory adjustments in our potash segment in the three months ended June 30, 2024.
Current wording
In the three months ended September 30, 2025, we incurred $0.4 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $0.5 million in lower of cost or net realizable value inventory adjustments in our potash segment in the three months ended September 30, 2024.
Previous wording
During the three months ended June 30, 2025, we generated gross margin of $14.3 million compared to gross margin of $7.6 million during the same period in 2024. As discussed above, our gross margin increased during the three months ended June 30, 2025, due to increased sales combined with lower per ton cost of goods sold for both potash and Trio®.
Current wording
During the three months ended September 30, 2025, we generated gross margin of $10.6 million compared to gross margin of $7.7 million during the same period in 2024. As discussed above, our gross margin increased during the three months ended September 30, 2025, due to increased average net realized sales price per ton for both potash and Trio®.
Previous wording
During the year ended December 31, 2023, we recorded an impairment related to our Trio®segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio®segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio®segment capital spending during the three months ended June 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $1.2 million and $0.8 million in the three months ended June 30, 2025, and 2024, respectively.
Current wording
During the year ended December 31, 2023, we recorded an impairment related to our Trio®segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio®segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio®segment capital spending during the three months ended September 30, 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $0.9 million in the three months ended September 30, 2024. For the three months ended September 30, 2025, we recorded no impairment expense.
Previous wording
During the three months ended June 30, 2025, we incurred an immaterial amount of income tax expense compared to income tax benefit of $0.3 million during the same period in 2024. Since December 31, 2024, we have had a full valuation allowance recorded against our deferred tax assets.
Current wording
During the three months ended September 30, 2025, we incurred $0.3 million in income tax expense compared to an immaterial income tax benefit during the same period in 2024. Since December 31, 2024, we have had a full valuation allowance recorded against our deferred tax assets.
Previous wording
We generated net income of $3.3 million during the three months ended June 30, 2025, compared to a net loss of $0.8 million in the same period in 2024, due to the factors discussed above.
Current wording
We generated net income of $3.7 million during the three months ended September 30, 2025, compared to a net loss of $1.8 million in the same period in 2024, due to the factors discussed above.
Previous wording
Consolidated Results for the Six Months Ended June 30, 2025, and 2024
Current wording
Consolidated Results for the Nine Months Ended September 30, 2025, and 2024
Previous wording
Our total sales for the three months ended June 30, 2025, increased $9.4 million, or 15%, compared to the same period in 2024, as Trio® segment sales increased $6.7 million and potash segment sales increased $4.0 million, partially offset by a decrease of $1.2 million in oilfield solutions segment sales.
Current wording
Our total sales for the nine months ended September 30, 2025, increased $23.6 million, or 12%, compared to the same period in 2024, as Trio® segment sales increased $19.2 million and potash segment sales increased $14.1 million, partially offset by a decrease of $9.8 million in oilfield solutions segment sales.
Previous wording
Our Trio®segment sales increased $20.0 million, or 32%, in the six months ended June 30, 2025, compared to the same period in 2024, as we sold 18% more tons of Trio® because we had more inventory to sell due to increased production in 2024 and the first half of 2025, and our Trio®average net realized sales price per ton increased 15% in the six months ended June 30, 2025, compared to the same period in 2024, as increased sulfate price levels more than offset reduced potassium prices at the beginning of 2025, compared to the prior year period, and were supported by increasing potash prices during the second quarter of 2025.
Current wording
Our Trio®segment sales increased $19.2 million, or 23%, in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 8% more tons of Trio® because we had more inventory to sell due to increased production during the first nine months of 2025, and our Trio®average net realized sales price per ton increased 19% in the nine months ended September 30, 2025, compared to the same period in 2024, as we realized the benefits of several price increases announced during the first half of 2025. Continued strong prices of the individual nutrient components of Trio®, particularly sulfate and potassium along with strong demand drove the price increases.
Previous wording
Our total potash segment sales increased $10.0 million for the six months ended June 30, 2025, compared to the same period in 2024, as potash sales increased $8.6 million and potash segment byproduct sales increased $1.4 million. During the six months ended June 30, 2025, we sold 33% more tons of potash, compared to the same period in 2024, as we had more tons to sell due to increased production in 2024 and the first half of 2025. During the six months ended June 30, 2025, our average net realized sales price per ton decreased 17% as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. List potash prices increased throughout the first and second quarters of 2025 as demand increased due to farmers planting more corn acreage in 2025, compared to 2024.
Current wording
Our total potash segment sales increased $14.1 million for the nine months ended September 30, 2025, compared to the same period in 2024, as potash sales increased $13.2 million and potash segment byproduct sales increased $0.9 million. During the nine months ended September 30, 2025, we sold 28% more tons of potash, compared to the same period in 2024, as we had more tons to sell due to increased production in the first nine months of 2025. During the nine months ended September 30, 2025, our average net realized sales price per ton decreased 11% as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. List potash prices increased throughout the first half of 2025 due to strong global demand and U.S. farmers planting more corn acreage in 2025, compared to 2024.
Previous wording
Potash segment byproduct sales increased, compared to the same period in 2024, due to increased magnesium chloride sales. Our magnesium chloride sales during the six months ended June 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal seasonal volumes during the six months ended June 30, 2025.
Current wording
Potash segment byproduct sales increased, compared to the same period in 2024, due to increased magnesium chloride sales. Our magnesium chloride sales during the nine months ended September 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal historical volumes during the nine months ended September 30, 2025.
Previous wording
Our oilfield solutions segment sales, which include sales of water, brine water, surface use, and easements, decreased $2.1 million, or 20%, in the six months ended June 30, 2025, compared to the same period in 2024, driven by a $2.7 million decrease in water sales partially offset by a $0.6 million increase in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the six months ended June 30, 2025, compared to the same period in 2024, due to reduced oilfield activity on and around Intrepid South and decreased sales from our Caprock wells. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.
Current wording
Our oilfield solutions segment sales, which include sales of fresh water, brine water, surface use, and easements, decreased $9.8 million, or 46%, in the nine months ended September 30, 2025, compared to the same period in 2024, driven by a $10.0 million decrease in water sales and a $0.5 million decrease in produced water royalties, partially offset by a $0.6 million increase in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the nine months ended September 30, 2025, compared to the same period in 2024, because during 2024, we supplied water to a large frac that was completed at Intrepid South, while we have not supplied any water to large frac projects in 2025. In addition, we sold less water from our Caprock wells during the nine months ended September 30, 2025, compared to the same period in 2024. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.
Previous wording
Our total cost of goods sold increased $6.0 million during the six months ended June 30, 2025, compared to the same period in 2024, as potash segment cost of goods sold increased $8.4 million, partially offset by decreases in Trio®segment and oilfield solutions segment cost of goods of $1.4 million, and $1.0 million, respectively.
Current wording
Our total cost of goods sold increased $0.8 million during the nine months ended September 30, 2025, compared to the same period in 2024, as potash segment cost of goods sold increased $10.7 million, partially offset by decreases in oilfield solutions segment and Trio®segment cost of goods of $4.4 million, and $5.5 million, respectively.
Previous wording
Our Trio® segment cost of goods sold decreased $1.4 million, or 3%, during the six months ended June 30, 2025, compared to the same period in 2024, even though we sold 18% more tons. Our weighted average carrying cost per Trio®ton decreased during the six months ended June 30, compared to the same period in 2024, due to improved production rates throughout 2024 and the first half of 2025 and a decrease in production labor costs, as we stopped operating an additional underground shift in March 2024 at our East facility. A significant portion of our Trio®production costs are fixed and an increase in the number of tons produced decreases our per ton production costs.
Current wording
Our Trio® segment cost of goods sold decreased $4.4 million, or 8%, during the nine months ended September 30, 2025, compared to the same period in 2024, even though we sold 8% more tons during the 2025 period compared to the 2024 period. Our Trio® segment cost of goods sold was positively impacted by improved production rates throughout 2024, which led to a lower carrying cost per ton for our finished goods inventory to begin 2025. In addition, production labor costs decreased in the nine months ended September 30, 2025, compared to the same period in 2024, as we stopped operating an additional underground shift in March 2024 at our East facility. Finally, increased Trio® tons produced during the nine months ended September 30, 2025, compared to the same period in 2024, lowered our per ton production costs. A significant portion of our production costs is fixed and an increase in the number of tons produced decreases our per ton production costs.
Previous wording
In the six months ended June 30, 2025, we incurred $1.8 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $1.9 million in lower of cost or net realizable value inventory adjustments in our potash segment in the six months ended June 30, 2024.
Current wording
In the nine months ended September 30, 2025, we incurred $2.2 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $2.3 million in lower of cost or net realizable value inventory adjustments in our potash segment in the nine months ended September 30, 2024.
Previous wording
During the six months ended June 30, 2025, we generated gross margin of $28.9 million compared to gross margin of $14.1 million during the same period in 2024. As discussed above, our gross margin increased during the six months ended June 30, 2025, due to increased sales combined with lower per ton cost of goods sold for both potash and Trio®.
Current wording
During the nine months ended September 30, 2025, we generated gross margin of $39.5 million compared to gross margin of $21.8 million during the same period in 2024, due to the factors discussed above.
Previous wording
During the year ended December 31, 2023, we recorded an impairment related to our Trio®segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio®segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio®segment capital spending during the six months ended June 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $1.9 million and $2.2 million in the six months ended June 30, 2025, and 2024, respectively.
Current wording
During the year ended December 31, 2023, we recorded an impairment related to our Trio®segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio®segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio®segment capital spending during the nine months ended September 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $1.9 million and $3.1 million in the nine months ended September 30, 2025, and 2024, respectively.
Previous wording
Other operating expense increased $0.8 million during the six months ended June 30, 2025, compared to the same period in 2024, mainly due to a $2.2 million contingent liability recorded during the three months ended June 30, 2025, for potential fines related to an unpermitted discharge at one of our facilities. See further discussion related to the unpermitted discharge in Note 14—Commitments and Contingencies to the Condensed Consolidated Financial Statements. During the six months ended June 30, 2024, we recorded a $0.9 million contingent liability for royalties assessed by the State of New Mexico on certain water sales and $0.5 million related to various miscellaneous items.
Current wording
Other operating expense increased $1.3 million during the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to a $2.2 million contingent liability recorded during the nine months ended September 30, 2025, for potential fines related to an unpermitted discharge at our HB facility. See further discussion related to the unpermitted discharge in Note 14—Commitments and Contingencies to the Condensed Consolidated Financial Statements. During the nine months ended September 30, 2024, we incurred $0.9 million for royalties assessed by the State of New Mexico on certain water sales made during 2019 to 2022.
Previous wording
During the six months ended June 30, 2025, we incurred income tax expense of $0.2 million compared to income tax benefit of $1.1 million during the same period in 2024, as since December 31, 2024, we have a full valuation allowance against our deferred tax assets.
Current wording
During the nine months ended September 30, 2025, we incurred income tax expense of $0.5 million compared to income tax benefit of $1.1 million during the same period in 2024. Since December 31, 2024, we have had a full valuation allowance against our deferred tax assets.
Previous wording
We generated net income of $7.9 million during the six months ended June 30, 2025, compared to a net loss of $4.0 million in the same period in 2024, due to the factors discussed above.
Current wording
We generated net income of $11.6 million during the nine months ended September 30, 2025, compared to a net loss of $5.8 million in the same period in 2024, due to the factors discussed above.
Previous wording
Our total sales in the potash segment increased $4.0 million in the three months ended June 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $3.6 million and potash segment byproduct sales increased $0.3 million.
Current wording
Our total sales in the potash segment increased $4.1 million in the three months ended September 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $4.7 million and potash segment byproduct sales decreased $0.5 million.
Previous wording
Our potash sales increased in the three months ended June 30, 2025, compared to the same period in 2024, as we sold 25% more tons of potash, partially offset by a decrease of 11% in our average net realized sales price per ton. We sold more tons of potash in the three months ended June 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased 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 higher overall sales volumes.
Current wording
Our potash sales increased in the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash combined with an increase of 7% in our average net realized sales price per ton. We sold more tons of potash in the three months ended September 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased production during the first half of 2025. Our average net realized sales price per ton increased compared to the prior year as we realized the various potash price increases announced since the 2025 winter fill program was announced to begin January 2025.
Previous wording
Potash segment freight expense increased 40% in the six months ended June 30, 2025, compared to the same period in 2024, as we sold 33% more tons of potash. A portion of increased sales volumes during the six months ended June 30, 2025, were to customers located farther away from our plants, compared to the same period in 2024. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales and by the proportion of customers arranging for and paying their own freight costs.
Current wording
Potash segment freight expense decreased 2% in the three months ended September 30, 2025, compared to the same period in 2024, even though we sold 15% more tons of potash. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales, by the proportion of customers arranging for and paying their own freight costs and the mix of sales shipped via rail and truck.
Previous wording
Our potash segment cost of goods sold increased $2.0 million, or 9%, during the three months ended June 30, 2025, compared to the same period in 2024, even though we sold 25% more tons of potash in the three months ended June 30, 2025, compared to the same period in 2024. Our potash production cost per ton decreased during the second half of 2024 and the first half of 2025 due to increased production volumes at all our facilities. Increased production resulted in a lower carrying cost per ton for our finished goods inventory to begin the second quarter of 2025, compared to 2024, improving our per ton cost of goods sold in the second quarter of 2025. A significant portion of our production costs are fixed and an increase in the number of potash tons produced decreases our per ton production costs. Finally, lower of cost or net realizable value potash inventory adjustments recorded in previous quarters at our Wendover facility also lowered our weighted average carrying cost per potash ton to begin the second quarter of 2025.
Current wording
Our potash segment cost of goods sold increased $2.3 million, or 12%, during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash. Our weighted average carrying cost per potash ton to begin the third quarter of 2025, was less than our weighted average carrying cost per potash ton to begin the third quarter of 2024, due to increased potash production during the first six months of 2025. A significant portion of our production costs are fixed and an increase in tons produced lowers our per ton production costs. In addition, lower of cost or net realizable value potash inventory adjustments recorded in previous quarters at our Wendover, Utah ("Wendover") facility lowered our weighted average carrying cost per potash ton to begin the third quarter of 2025.
Previous wording
During the three months ended June 30, 2025, we recorded lower of cost or net realizable value inventory adjustments of $0.4 million as our weighted average carrying cost per ton for inventoried potash products at our Wendover facility was higher than our expected average net realizable sales price per ton for those products. Potash production at our Wendover facility remained below historical production levels, which increased our weighted average carrying costs. However, we expect potash production at Wendover to improve beginning in the fall of 2025, due to the construction of the new primary pond in Wendover that was placed in service at the end of the second quarter of 2024. We recorded $1.4 million in lower of cost or net realized value inventory adjustments in the potash segment in the second quarter of 2024.
Current wording
Wendover facility during the three months ended September 30, 2024, remained below historical production levels. Our work-in-process inventory at our Wendover facility is higher at September 30, 2025, compared to September 30, 2024, because of the new primary pond placed in service at the end of the second quarter of 2024. We recorded $0.5 million in lower of cost or net realized value inventory adjustments in the potash segment in the second quarter of 2024.
Previous wording
Our potash segment gross margin decreased $1.5 million in the six months ended June 30, 2025, compared to the same period in 2024, due to the factors discussed above.
Current wording
Our potash segment gross margin increased $2.2 million in the three months ended September 30, 2025, compared to the same period in 2024, mainly due to an increase in our potash average net realized sales price per ton.
Previous wording
Our total sales in the potash segment increased $10.0 million in the six months ended June 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $8.6 million and potash segment byproduct sales increased $1.4 million.
Current wording
Our total sales in the potash segment increased $14.1 million in the nine months ended September 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $13.2 million and potash segment byproduct sales increased $0.9 million.
Previous wording
Our potash sales increased in the six months ended June 30, 2025, compared to the same period in 2024, as we sold 33% more tons of potash, partially offset by a decrease of 17%, in our average net realized sales price per ton. Our average net realized sales price per ton decreased compared to the prior year as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. We sold more tons of potash in the six months ended June 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased production during the second half of 2024 and the first half of 2025.
Current wording
Our potash sales increased in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash, partially offset by an 11% decrease in our average net realized sales price per ton. Our average net realized sales price per ton during the nine months ended September 30, 2025, compared to the same period in 2024, decreased as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. We sold more tons of potash in the nine months ended September 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased production during the second half of 2024 and the first half of 2025.
Previous wording
Our potash segment byproduct sales during the six months ended June 30, 2025, compared to the same period in 2024, increased $1.4 million due to an increase in magnesium chloride sales. Our magnesium chloride sales during the six months ended June 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal seasonal volumes during the six months ended June 30, 2025.
Current wording
Our potash segment byproduct sales during the nine months ended September 30, 2025, compared to the same period in 2024, increased $0.9 million due to an increase in magnesium chloride sales. Our magnesium chloride sales during the nine months ended September 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to more normal seasonal purchase volumes during the nine months ended September 30, 2025.
Previous wording
Potash segment freight expense increased 31% in the three months ended June 30, 2025, compared to the same period in 2024, as we sold 25% more tons of potash. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales and by the proportion of customers arranging for and paying their own freight costs.
Current wording
Potash segment freight expense increased 26% in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales and by the proportion of customers arranging for and paying their own freight costs.
Showing the first 40 of 73 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
September 30, 2024, we made no borrowings and made $4.0 million in repayments under the revolving credit facility. As of September 30, 2025, and December 31, 2024, we had no borrowings outstanding and no outstanding letters of credit under this facility.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other operating expense increased $1.8 million during the three months ended June 30, 2025, compared to the same period in 2024, mainly due to a $2.2 million contingent liability recorded during the three months ended June 30, 2025, for potential fines related to an unpermitted discharge at one of our facilities. See further discussion related to the unpermitted discharge in Note 14—Commitments and Contingencies to the Condensed Consolidated Financial Statements.