Intrepid Potash, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-06.
0001421461-25-000033
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001421461-26-000014
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 189 previous paragraphs and 152 current paragraphs.
75 unchanged; 45 reworded; 32 added; 65 removed; 4 previous and 0 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 (32)
Current report
•Sale of Intrepid South. In March 2026, our Board approved the sale of Intrepid South, a component of our business. On April 1, 2026, we closed on the sale of Intrepid South and received $70 million, subject to customary adjustments and closing conditions determined within 120 days of the closing date. This sale included land, water rights and operational agreements and represents a strategic shift that will have a major effect on our operations and financial results. Accordingly, we are presenting Intrepid South in discontinued operations.
Current report
Intrepid South operations included revenues from source water sales, sales of brines, surface use and easement agreements and a produced water royalty. Total annual sales reported at Intrepid South were $12.5 million and $18.9 million for 2025, and 2024, respectively, which represent approximately 80% of the total sales reported in the oilfield solutions segment during those two years. Total cost of goods sold at Intrepid South were $13.0 million and $8.6 million in 2024 and 2025, respectively, and represent approximately 75% of the total cost of sales reported in the oilfield solutions segment in those two years.
Current report
Given Intrepid South's portion of the oilfield solutions total sales and total cost of goods sold, our oilfield solutions segment is no longer considered a reportable segment.
Current report
•Potash pricing and demand. Our potash average net realized sales price per ton(1) increased to $353 for the three months ended March 31, 2026, compared to $312 for the same period in 2025, as the 2026 winter fill program prices at $355 per ton were $40 per ton higher than the 2025 winter fill program prices.
Current report
We saw good subscription under the winter fill program with customers placing orders for the majority of their first quarter needs. Following the conclusion of the winter fill program, prices increased $20 per ton to a list price of $375 per ton. We expect to realize most of the post fill price increase on our agricultural sales in the second quarter. Good spring demand and firm global potash values underpin a balanced supply and demand outlook that is supportive of U.S. potash values as evidenced by a $10 per ton increase to list prices in early May.
Current report
•Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $387 for the three months ended March 31, 2026, compared to $345, respectively for the same period in 2025, as pricing for the individual components of Trio®particularly sulfate and potassium remained supportive. Sales volumes in the three months ended March 31, 2026, decreased 4% compared to the same period in 2025, as customers entered this year with slightly more inventory on hand following our successful fall fill program announced in late October 2025.
Current report
Supported by good demand from customers for remaining spring needs, in late March we increased our list price for Trio®by $15 per ton to $420 per ton. We expect to realize the $15 per ton price increase on spot truck and rail sales during the second quarter of 2026.
Current report
•Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $4.5 million during the three months ended March 31, 2026, compared to $6.4 million, for the same period of 2025. Byproduct sales of salt and magnesium chloride during the three months ended March 31, 2026, were negatively impacted by the mild winter and historically low snowfall levels in the western U.S. Byproduct sales of brines during the three months ended March 31, 2026, were negatively impacted by less oil and gas drilling activity near our Carlsbad, New Mexico facilities compared to the same period in 2025. Oil and gas operators source their brine sales from locations nearest their activities to minimize transportation costs.
Current report
•Water sales and other oilfield products and services. As discussed above, with the sale of Intrepid South, our total sales of source water and other oilfield products and services are expected to decline significantly for the remainder of 2026, and beyond. Excluding Intrepid South, sales of other oilfield products and services in the three months ended March 31, 2026, were immaterial, compared to total oilfield services sales of $4.4 million during the same period of 2025.
Current report
•Water Rights Easement with New Mexico State Land Office. The majority of the water we use for our HB and East operations is derived from wells located on state lands, which we access through an easement issued by the New Mexico State Land Office (NMSLO). We are currently operating under a temporary renewal of our water rights easement and are working collaboratively with the NMSLO toward a long‑term renewal of the easement. Based on our ongoing engagement with the NMSLO and the history of our operations, we believe we will be successful in obtaining a long‑term renewal of the easement.
Current report
While the AMAX Cavern remains a key part of our HB mine and we remain confident in the potash reserve in place, we have adequate brine sources to maintain production at our HB facility for the next few years. Before committing additional capital, we are working to ensure we have adequate brine injection volumes to flood the AMAX Cavern, which will be the largest cavern in the HB system, and the necessary bitterns management system in place to maximize the full potential of this additional cavern.
Current report
1 Sales include sales of byproducts which were $4.5 million and $6.4 million for the three months ended March 31, 2026, and 2025, respectively.
Current report
Our Trio®segment sales increased $2.7 million, or 5%, in the three months ended March 31, 2026, compared to the same period in 2025, as Trio®sales increased $2.6 million and Trio®segment byproduct sales increased $0.1 million. Trio®sales increased due to an increase of 12% in our Trio®average net realized sales price per ton for the three months ended March 31, 2026, compared to the same period in 2025, due to continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and potassium. The increase in Trio®sales during the three months ended March 31, 2026, compared to the same period in 2025, was partially offset by a 4% decrease in tons of Trio® sold.
Current report
Cost of Goods Sold
Current report
Our total cost of goods sold increased $0.7 million during the three months ended March 31, 2026, compared to the same period in 2025, as our potash segment cost of goods sold increased by $2.8 million, partially offset by a decrease of $1.5 million in Trio® segment cost of goods sold, and a decrease of $0.5 million in our other nonreportable segment cost of goods sold.
Current report
Our potash segment cost of goods sold increased $2.8 million, or 9%, during the three months ended March 31, 2026, compared to the same period in 2025, as we sold 2% more tons of potash in the three months ended March 31, 2026, compared to the same period in 2025. In addition, we incurred increased depreciation expense and potash royalties during the three months ended March 31, 2026, compared to the same period in 2025.
Current report
Our cost of goods sold in our nonreportable other segment decreased $0.5 million, or 67%, during the three months ended March 31, 2026, compared to the same period in 2025, as total sales in the nonreportable other segment decreased 97%, as we sold less water from our Caprock water rights during the three months ending March 31, 2026, compared to the same period in 2025.
Current report
During the three months ended March 31, 2026, selling and administrative expenses increased $2.1 million compared to the same period in 2025, as we incurred $1.4 million in severance related costs and professional services fees increased $1.1 million as we used more outside consultants, partially offset by decreases in legal and stock compensation expenses.
Current report
Impairment Expense
Current report
Discontinued Operations
Current report
In March 2026, our Board approved the sale of our Intrepid South business. As of March 31, 2026, we determined the Intrepid South business met the criteria for held for sale and discontinued operations. For the three months ended March 31, 2026, and 2025, net income from discontinued operations was $0.5 million and $1.2 million, respectively. See Note 3 to the Condensed Consolidated Financial Statements for further information. The sale of Intrepid South closed on April 1, 2026, and we received total proceeds of $70 million, subject to normal adjustments to be determined within 120 days of the sale closing.
Current report
1 Sales include sales of byproducts which were $4.2 million and $6.3 million for the three months ended March 31, 2026, and 2025, respectively.
Current report
Our potash segment byproduct sales decreased $2.1 million during the three months ended March 31, 2026, compared to the same period in 2025, as salt sales decreased $0.8 million, magnesium chloride sales decreased $0.6 million, and brine sales decreased $0.6 million. Mild winter weather and historically low snowfall in the western U.S. decreased demand for both salt and magnesium chloride deicing products during the three months ended March 31, 2026, compared to the same period in 2025. Less oil and gas drilling activity near our Carlsbad, New Mexico facilities during the three months ended March 31, 2026, compared to the same period in 2025, led to decreased brine sales.
Current report
Our potash segment cost of goods sold increased $2.8 million, or 9%, during the three months ended March 31, 2026, compared to the same period in 2025, as we sold 2% more tons of potash in the three months ended March 31, 2026, compared to the same period in 2025. In addition, we incurred increased depreciation expense and potash royalties during the three months ended March 31, 2026, compared to the same period in 2025.
Current report
1 Sales include sales of byproducts which were $0.3 million and $0.2 million for the three months ended March 31, 2026, and 2025, respectively.
Current report
Trio® segment sales increased 5% during the three months ended March 31, 2026, compared to the same period in 2025. Trio® sales increased $2.6 million, combined with an increase of $0.1 million in Trio® segment byproduct sales. Trio®sales increased due to an increase of 12% in our Trio®average net realized sales price per ton for the three months ended March 31, 2026, compared to the same period in 2025, due to continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and potassium. The increase in Trio®sales during the three months ended March 31, 2026, compared to the same period in 2025, was partially offset by a 4% decrease in tons of Trio® sold. Customers entered 2026 with slightly more inventory on hand following our successful fall fill program announced in late October 2025.
Current report
Corporate and Other
Current report
In March 2026, our Board approved the sale of our Intrepid South business. As of March 31, 2026, we determined the Intrepid South business met the criteria for held for sale and discontinued operations. The financial results from the Intrepid South business were included in and represented the majority of activity in our oilfield solutions segment. The sale of Intrepid South closed on April 1, 2026, and we received $70 million, subject to normal adjustments to be determined within 120 days of the sale closing. Because the sale of our Intrepid South business is classified as discontinued operations, our oilfield solutions segment is no longer considered a reportable segment. See Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
Our other nonreportable segment for the three months ended March 31, 2026, and 2025, includes the sale of water from our Caprock water rights. Cost of goods sold represents costs associated with selling water from our Caprock water rights, most of which is the related depreciation of water transportation infrastructure.
Current report
Cost of Goods Sold
Current report
Revolving Credit Facility—In March 2026, we and certain of our subsidiaries entered into the Successor Agent Amendment and Third Amendment to the Restated Credit Agreement (the "Third Amendment") with a syndicate of lenders, Bank of Montreal, as original administrative agent, and BMO Bank N.A., as successor administrative agent, which amended certain terms of the Amended and Restated Credit Agreement, dated August 1, 2019 (as amended, the "Credit Agreement").
Current report
Pursuant to the Third Amendment, the Credit Agreement was amended to, among other things, (i) appoint such duties, rights, and obligations of the Administrative Agent (as defined in the Credit Agreement) to BMO Bank N.A., (ii) extend the maturity date of the Credit Agreement to March 30, 2031, (iii) amend certain provisions relating to dispositions to facilitate the sale of Intrepid South, and (iv) update certain other provisions, including financial covenants, to be more favorable to the Company. The amount available under the Third Amendment remains the same at $150 million.
Removed paragraphs (65)
Previous report
•global inflationary pressures and supply chain challenges;
Previous report
•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 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.
Previous report
•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 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.
Previous report
•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 report
•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 report
•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 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Other Operating Expense
Previous 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.
Previous report
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 report
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 report
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 report
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 report
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 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.
Previous report
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 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.
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Gross Margin
Previous report
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 report
Selling and Administrative Expenses
Previous 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.
Previous report
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.
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Other Operating Expense
Previous report
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 report
Income Tax Expense
Previous report
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.
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Net Income
Previous report
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 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.
Previous 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.
Previous 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. 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.
Showing the first 40 of 65 passages. Open the source sections for the rest.
Reworded paragraphs (45)
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•our ability to prevail in outstanding legal proceedings against us;
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•our ability to prevail in outstanding legal proceedings;
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•write-downs of the carrying value of assets;
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•write-downs of the carrying value of assets, including inventories;
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•weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
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•adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
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•our inability to fund necessary capital investments;
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•our ability to fund necessary capital investments;
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We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as "Intrepid South." Our Intrepid South property generates revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche.
Current wording
Historically, we had three segments: potash, Trio®, and oilfield solutions. Our oilfield solutions segment included the results from Intrepid South. In March 2026, our Board of Directors ("Board") approved the sale of the Intrepid South business, and Intrepid South assets and liabilities met the criteria to be classified as held for sale. The Intrepid South property generated revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche. We determined that the planned sale of Intrepid South represented a strategic shift having a major effect on our operations and financial results and therefore met the criteria for classification as discontinued operations in all periods presented. Because we are presenting the sale of Intrepid South as discontinued operations, our oilfield solutions segment is no longer considered a reportable segment. On April 1, 2026, we closed on the sale of Intrepid South. We received $70 million in total from the buyer, with an $8 million deposit received in December 2025 and the remaining $62 million received on April 1, 2026. The $70 million payment received is subject to customary adjustments and closing conditions determined within 120 days of the closing date.
Previous wording
We have three segments: potash, Trio®, and oilfield solutions. We account for the sale of byproducts as revenue in the potash or Trio® segment based on which segment generated the byproduct. Intersegment sales prices are market based and are eliminated.
Current wording
We account for the sale of byproducts as revenue in the potash or Trio® segment based on which segment generated the byproduct. Intersegment sales prices are market-based and are eliminated.
Previous wording
As a small producer, domestic pricing of our potash is influenced principally by the price established by our competitors. The interaction of global potash supply and demand, ocean, land, and barge freight rates, currency fluctuations, and crop commodity values and outlook, also influence pricing. Our price expectations could 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 wording
As a small producer, domestic pricing of our potash is influenced principally by the price established by our competitors. The interaction of global potash supply and demand, ocean, land, and barge freight rates, currency fluctuations, and crop commodity values and outlook, also influence pricing. Our price expectations could be affected by, among other things, tariffs, weather, planting decisions, rail car availability, commodity price decreases and the price and availability of other potassium products.
Previous wording
We also experience seasonality in domestic Trio® demand, with more purchases coming in the first and second quarters in advance of the spring application season in the U.S. In turn, we generally have increased inventory levels in the third and fourth quarters in anticipation of expected demand for the following year.
Current wording
We also experience seasonality in domestic Trio® demand, with more purchases coming in the first and second quarters in advance of and during the spring application season in the U.S. In turn, we generally have increased inventory levels in the third and fourth quarters in anticipation of expected demand for the following year.
Previous wording
See Note 14 of our unaudited Condensed Consolidated Financial Statements included in "Item 1. Condensed Consolidated Financial Statements (Unaudited)" of this Quarterly Report on Form 10-Q regarding legal proceedings related to our water rights.
Current wording
See Note 3 of our unaudited Condensed Consolidated Financial Statements included in "Item 1. Condensed Consolidated Financial Statements (Unaudited)" of this Quarterly Report on Form 10-Q regarding the presentation of Intrepid South as discontinued operations.
Previous 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.
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 continue permitting and technical evaluation of AMAX throughout 2026, and we have made the decision to defer additional capital investment until at least 2027.
Previous 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.
Current wording
Our total sales for the three months ended March 31, 2026, increased $4.2 million, or 4%, compared to the same period in 2025, as Trio® segment sales increased $2.7 million and potash segment sales increased $2.5 million, partially offset by a decrease of $1.1 million in water sales recorded in the other segment. As noted above, the Intrepid South sale is classified as discontinued operations, and we no longer consider the oilfield solutions segment to be a reportable segment.
Previous wording
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 wording
Our total potash segment sales increased $2.5 million during the three months ended March 31, 2026, compared to the same period in 2025, as potash sales increased $4.7 million, partially offset by a $2.1 million decrease in potash segment byproduct sales. During the three months ended March 31, 2026, our potash average net realized sales price per ton increased 13% combined with a 2% increase in tons of potash sold. Our average net realized sales price per ton increased during the three months ended March 31, 2026, compared to the same period in 2025, as the 2026 winter fill program prices were $40 per ton higher than the 2025 winter fill program prices.
Previous 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.
Current wording
Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $2.0 million in the three months ended March 31, 2026, compared to the same period in 2025, as salt sales decreased $0.7 million, magnesium chloride sales decreased $0.6 million, and brine sales decreased $0.6 million. Mild winter weather and historically low snowfall in the western U.S. decreased demand for both salt and mag chloride during the three months ended March 31, 2026, compared to the same period in 2025. Less oil and gas drilling activity near our Carlsbad, New Mexico facilities during the three months ended March 31, 2026, compared to the same period in 2025, led to decreased brine sales.
Previous 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.
Current wording
Our Trio® segment cost of goods sold decreased 6% during the three months ended March 31, 2026, compared to the same period in 2025, mainly due to selling 4% fewer tons. In addition, our weighted average carrying cost per Trio®ton beginning 2026 was less than our weighted average carrying cost per Trio®ton beginning 2025, due to improved Trio® production volumes during the second 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.
Previous 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.
Current wording
In the three months ended March 31, 2026, we incurred $0.8 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 $1.3 million in lower of cost or net realizable value inventory adjustments in our potash segment in the three months ended March 31, 2025.
Previous 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®.
Current wording
During the three months ended March 31, 2026, we generated gross margin of $17.7 million compared to gross margin of $13.3 million during the same period in 2025. As discussed above, our gross margin increased during the three months ended March 31, 2026, 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 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.
Current wording
For the three months ended March 31, 2026, we recorded no impairment expense. For any Trio®segment capital spending during the three months ended March 31, 2025, we 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 $0.7 million in the three months ended March 31, 2025.
Previous 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.
Current wording
During the three months ended March 31, 2026, we incurred $0.1 million in income tax expense compared to $0.1 million in income tax expense during the same period in 2025. Since December 31, 2024, we have had a full valuation allowance recorded against our deferred tax assets.
Previous wording
We generated net income of $3.7 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.
Current wording
We generated net income from continuing operations of $6.9 million during the three months ended March 31, 2026, compared to net income from continuing operations of $3.4 million in the same period in 2025, due to the factors discussed above.
Previous 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.
Current wording
Our total sales in the potash segment increased $2.5 million in the three months ended March 31, 2026, compared to the same period in 2025, as potash sales recorded in the potash segment increased $4.7 million, partially offset by a $2.1 million decrease in potash segment byproduct sales.
Previous 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.
Current wording
Our potash sales increased in the three months ended March 31, 2026, compared to the same period in 2025, as we sold 2% more tons of potash combined with an increase of 13% in our average net realized sales price per ton. Our average net realized sales price per ton increased during the three months ended March 31, 2026, compared to the same period in 2025, as the 2026 winter fill program prices were $40 per ton higher than the 2025 winter fill program prices.
Previous 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.
Current wording
Potash segment freight expense decreased 5% in the three months ended March 31, 2026, compared to the same period in 2025, even though we sold 2% 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
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 wording
During the three months ended March 31, 2026, we recorded lower of cost or net realizable value inventory adjustments of $0.8 million as our weighted average carrying cost per ton for inventoried potash products at our Wendover facility was higher than our forecasted average net realizable sales price per ton for those products. We recorded $1.3 million in lower of cost or net realized value inventory adjustments in the potash segment during the three months ended March 31, 2025.
Previous 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.
Current wording
Our potash segment gross margin increased $0.6 million in the three months ended March 31, 2026, compared to the same period in 2025, mainly due to an increase in our potash average net realized sales price per ton.
Previous wording
The table below shows our potash sales mix for the three and nine months ended September 30, 2025, and 2024:
Current wording
The table below shows our potash sales mix for the three months ended March 31, 2026, and 2025:
Previous wording
Trio®freight costs decreased 29% during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons. Our Trio®freight expense is also impacted by the geographic distribution of our Trio® sales and by the proportion of customers arranging for and paying their own freight costs.
Current wording
Trio®freight costs decreased 4% during the three months ended March 31, 2026, compared to the same period in 2025, as we sold 4% fewer tons. Our Trio®freight expense is also impacted by the geographic distribution of our Trio® sales and by the proportion of customers arranging for and paying their own freight costs.
Previous wording
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 wording
Our Trio®cost of goods sold decreased 6% during the three months ended March 31, 2026, compared to the same period in 2025, mainly due to selling 4% 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.
Previous wording
Our Trio®segment generated gross margin of $4.4 million in the three months ended September 30, 2025, compared to gross margin of $0.6 million in the same period in 2024, mainly due to the increase in our Trio® average net realized sales price per ton and continued improvement in our Trio® cost of goods sold per ton.
Current wording
Our Trio®segment generated gross margin of $14.8 million in the three months ended March 31, 2026, compared to gross margin of $10.4 million in the same period in 2025, mainly due to the increase in our Trio® average net realized sales price per ton and continued improvement in our Trio® cost of goods sold per ton.
Previous wording
The table below shows the percentage of Trio® tons sold into the domestic and export markets during the three and nine months ended September 30, 2025, and 2024.
Current wording
The table below shows the percentage of Trio® tons sold into the domestic and export markets during the three months ended March 31, 2026, and 2025.
Previous wording
Our gross sales are derived from the sales of potash, Trio®, water, salt, magnesium chloride, brine water, and various other products and services offered to oil and gas producers. Total sales are determined by the quantities of products we sell and the sales prices we realize. For potash, Trio®, and salt, we quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. We incur freight costs on most of our potash, Trio®and salt sales, but some customers arrange and pay for their own freight directly. When we arrange and pay for freight, our quotes and billings are based on expected freight costs to the points of delivery. When we calculate our potash and Trio®average net realized sales price per ton, we deduct any freight costs included in sales before dividing by the number of tons sold. We believe the deduction of freight costs provides a more representative measure of our performance in the market due to variations caused by ongoing changes in the proportion of customers paying for their own freight, the geographic distribution of our products, and freight rates. Freight rates have been increasing, and if we are unable to pass the increased freight costs on to the customer, our average net realized sales price per ton is negatively affected. We manage our sales and marketing operations centrally and we work to achieve the highest average net realized sales price per ton we can by evaluating the product needs of our customers and associated logistics and then determining which of our production facilities can best satisfy these needs.
Current wording
Our gross sales are derived from the sales of potash, Trio®, water, salt, magnesium chloride, and brine water. Total sales are determined by the quantities of products we sell and the sales prices we realize. For potash, Trio®, and salt, we quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. We incur freight costs on most of our potash, Trio®and salt sales, but some customers arrange and pay for their own freight directly. When we arrange and pay for freight, our quotes and billings are based on expected freight costs to the points of delivery. When we calculate our potash and Trio®average net realized sales price per ton, we deduct any freight costs included in sales before dividing by the number of tons sold. We believe the deduction of freight costs provides a more representative measure of our performance in the market due to variations caused by ongoing changes in the proportion of customers paying for their own freight, the geographic distribution of our products, and freight rates. Freight rates have been increasing, and if we are unable to pass the increased freight costs on to the customer, our average net realized sales price per ton is negatively affected. We manage our sales and marketing operations centrally, and we work to achieve the highest average net realized sales price per ton we can by evaluating the product needs of our customers and associated logistics and then determining which of our production facilities can best satisfy these needs.
Previous wording
Our production costs per ton are also impacted when our production levels change, due to factors such as changes in the grade of ore delivered to the plant, levels of mine development, plant operating performance, and downtime. Because all of our potash is produced from solution mining, weather has a significant impact on our potash production. We expect that our labor and contract labor costs in Carlsbad, New Mexico, will continue to be influenced most directly by the demand for labor in the local region where we compete for labor with another fertilizer company, companies in the oil and gas industry, and a nuclear waste processing and storage facility.
Current wording
Our production costs per ton are also impacted when our production levels change due to factors such as changes in the grade of ore delivered to the plant, levels of mine development, plant operating performance, and downtime. Because all of our potash is produced using solar evaporation, weather has a significant impact on our potash production. We expect that our labor and contract labor costs in Carlsbad, New Mexico, will continue to be influenced most directly by the demand for labor in the local region where we compete for labor with another fertilizer company, companies in the oil and gas industry, and a nuclear waste processing and storage facility.
Previous wording
We pay royalties to federal, state, and private lessors under our mineral leases. These payments typically equal a percentage of sales (less freight) of minerals extracted and sold under the applicable lease. In some cases, federal royalties for potash are paid on a sliding scale that varies with the grade of ore extracted. For the three months ended September 30, 2025, our average royalty rate for potash and Trio® combined sales (less combined freight expenses) was 4.9%. For the nine months ended September 30, 2025, our average royalty rate for potash and Trio® combined sales (less combined freight expenses) was 5.0%. For the three and nine months ended September 30, 2024, our average royalty rate for potash and Trio® sales combined (less combined freight expenses) was 5.2% and 4.9%, respectively.
Current wording
We pay royalties to federal, state, and private lessors under our mineral leases. These payments typically equal a percentage of sales (less freight) of minerals extracted and sold under the applicable lease. In some cases, federal royalties for potash are paid on a sliding scale that varies with the grade of ore extracted. For the three months ended March 31, 2026, our average royalty rate for potash and Trio® combined sales (less combined freight expenses) was 4.4%. For the three months ended March 31, 2025, our average royalty rate for potash and Trio® sales combined (less combined freight expenses) was 4.8%.
Previous wording
We are subject to federal and state income taxes on our taxable income. Our effective tax rate for the nine months ended September 30, 2025, was 4.0%. Our effective tax rate differed from the statutory rate during this period due to the valuation allowance established to offset our deferred tax assets. Our effective tax rate for the nine months ended September 30, 2024, was 15.8% which differed from the statutory rate during this period primarily from the permanent difference between book and tax income for the percentage depletion deduction and the officers' compensation deduction.
Current wording
We are subject to federal and state income taxes on our taxable income. Our effective tax rate from continuing operations for the three months ended March 31, 2026, was 0.9%. Our effective tax rate from continuing operations differed from the statutory rate during this period due to the valuation allowance established to offset our deferred tax assets. Our effective tax rate from continuing operations for the three months ended March 31, 2025, was 2.2%. Our effective tax rate from continuing operations differed from the statutory rate during this period due to the valuation allowance established offset our deferred tax assets.
Previous wording
For the nine months ended September 30, 2025, we incurred $0.5 million of income tax expense. For the nine months ended September 30, 2024, we realized income tax benefit of $1.1 million.
Current wording
For the three months ended March 31, 2026, we incurred $0.1 million of income tax expense from continuing operations. For the three months ended March 31, 2025, we incurred $0.1 million of income tax expense from continuing operations.
Previous wording
During the three and nine months ended September 30, 2025, cash paid for property, plant, equipment, mineral properties, intangible and other assets was $7.7 million and $20.2 million, respectively.
Current wording
During the three months ended March 31, 2026, cash paid for property, plant, equipment, mineral properties, intangible and other assets was $5.1 million.
Previous wording
We expect to make capital investments in 2025 of $30 million to $34 million, with the majority of this being sustaining capital. We may adjust our investment plans as our expectations for 2025 change. We anticipate our 2025 operating plans and capital programs will be funded out of operating cash flows and existing cash. We may also use our revolving credit facility, to the extent available, to fund capital investments.
Current wording
We expect to make capital investments in 2026 of $40 million to $50 million, with the majority of this being sustaining capital. We may adjust our investment plans as our expectations for 2026 change. We anticipate our 2026 operating plans and capital programs will be funded out of operating cash flows and existing cash. We may also use our revolving credit facility, to the extent available, to fund capital investments.
Previous wording
As of September 30, 2025, we had cash and cash equivalents of $77.2 million, compared to $41.3 million at December 31, 2024. The increase in our cash balance during the first nine months of 2025 was due primarily to increased potash and Trio®segment sales.
Current wording
As of March 31, 2026, we had cash and cash equivalents of $99.3 million, compared to $83.5 million at December 31, 2025. The increase in our cash balance during the first three months of 2026 was due primarily to increased potash and Trio®segment sales.
Previous wording
The following summarizes our cash flow activity for the nine months ended September 30, 2025, and 2024 (in thousands):
Current wording
The following summarizes our cash flow activity from continuing operations for the three months ended March 31, 2026, and 2025 (in thousands):
Previous wording
Net cash provided by operating activities through September 30, 2025, was $46.9 million, a decrease of $18.1 million compared with the first nine months of 2024, mainly due to a $45 million cash payment received in January 2024 under the cooperative development agreement and Amendment with XTO, partially offset by the increase in sales during the first nine months of 2025, compared to the first nine months of 2024.
Current wording
Net cash provided by operating activities through March 31, 2026, was $21.3 million, an increase of $12.3 million compared with the first three months of 2025, mainly due to the increase in sales during the first three months of 2026, compared to the same period in 2025.
Previous wording
Net cash used in investing activities decreased by $14.3 million in the first nine months of 2025, compared with the same period in 2024, due to a decrease in capital spending and the cash proceeds received for the sale of NESR common shares in May 2025.
Current wording
Net cash used in investing activities decreased by $2.0 million in the first three months of 2026, compared with the same period in 2025, due to a decrease in capital spending partially offset by a decrease in cash proceeds from the sale of assets.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Consolidated Results for the Nine Months Ended September 30, 2025, and 2024
Previous report — wording carried elsewhere
Lower of Cost or Net Realizable Value Inventory Adjustments
Previous report — wording carried elsewhere
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 report — wording carried 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.