Intrepid Potash, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 2026-06-30; filed 2026-08-05.
0001421461-26-000021
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001421461-26-000028
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 194 previous paragraphs and 186 current paragraphs.
96 unchanged; 61 reworded; 28 added; 37 removed; 0 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 (28)
Current report
1 Sales include sales of byproducts which were $5.8 million and $6.3 million for the three months ended September 30, 2026, and 2025, respectively, and $15.6 million and $18.9 million for the nine months ended September 30, 2026, and 2025, respectively.
Current report
Our total sales were $51.0 million for the three months ended September 30, 2026, compared to $50.8 million for the corresponding period in 2025. The increase in sales was primarily attributable to a $1.0 million increase in Trio® segment sales and a $0.5 million increase in other water sales, partially offset by a $1.2 million decrease in potash segment sales.
Current report
Potash segment sales decreased $1.2 million, or 4%, to $31.3 million for the three months ended September 30, 2026, compared to $32.5 million for the same corresponding period in 2025. The decrease was primarily attributable to lower potash sales volumes and lower byproduct sales, partially offset by higher average net realized sales prices. Potash sales volumes decreased 5% to 59,000 tons, while our average net realized sales price per ton increased 3% to $394 from $381. Potash segment byproduct sales decreased $0.6 million to $5.5 million from $6.2 million. The decrease was primarily attributable to lower salt and brine water sales.
Current report
Potash segment cost of goods sold increased $1.6 million, or 8%, to $22.7 million despite a 5% decrease in potash sales volumes compared to the prior-year period. The increase was primarily attributable to a higher cost per ton sold resulting from a lower proportion of potash tons sold from our lowest-cost facility compared to the same corresponding period in 2025.
Current report
Trio® segment cost of goods sold decreased $1.2 million, or 13%, to $8.1 million, while Trio® sales volumes were unchanged compared to the prior-year period. The decrease was primarily attributable to a favorable product mix, as a lower proportion of tons sold consisted of our premium product, which has a higher weighted-average carrying cost per ton.
Current report
Gross margin was relatively unchanged at $10.0 million for the three months ended September 30, 2026, and 2025, as higher average net realized sales prices per ton for both potash and Trio® and a lower weighted-average carrying cost per ton sold for Trio® were largely offset by higher potash cost of goods sold.
Current report
Selling and administrative expenses increased $0.7 million, or 8%, to $9.7 million for the three months ended September 30, 2026, compared to the same corresponding period in 2025. The increase was primarily attributable to increased labor and benefits expenses.
Current report
Net income from continuing operations increased $1.0 million to $1.7 million for the three months ended September 30, 2026, compared to $0.7 million for the corresponding period in 2025. The increase was primarily attributable to the factors discussed above.
Current report
Consolidated Results for the Nine Months Ended September 30, 2026, and 2025
Current report
Total sales increased $3.5 million, or 2%, to $216.4 million for the nine months ended September 30, 2026, compared to $212.9 million for the same corresponding period in 2025. The increase was primarily attributable to a $6.2 million increase in Trio® segment sales, partially offset by a $2.0 million decrease in potash segment sales and a $0.8 million decrease in other sales.
Current report
Trio®segment sales increased $6.2 million, or 6%, to $107.3 million, primarily due to a $6.0 million increase in Trio®sales and a $0.2 million increase in Trio®segment byproduct sales. The increase in Trio®sales was primarily attributable to an 8% increase in our average net realized sales price per ton, reflecting continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. The benefit of higher average net realized sales prices was partially offset by a 1% decrease in Trio® sales volumes.
Current report
Potash segment sales decreased $2.0 million, or 2%, to $108.0 million, primarily due to a $3.5 million decrease in potash segment byproduct sales, partially offset by a $1.5 million increase in potash sales. The increase in potash sales was primarily attributable to an 8% increase in our average net realized sales price per ton, partially offset by a 4% decrease in potash sales volumes.
Current report
Cost of goods sold decreased $4.7 million, or 4%, to $126.1 million for the nine months ended September 30, 2026, compared to $130.8 million for the corresponding period in 2025. The decrease was primarily attributable to a $4.8 million decrease in Trio® segment cost of goods sold and a $2.3 million decrease in other cost of goods sold, partially offset by a $2.4 million increase in potash segment cost of goods sold.
Current report
During the nine months ended September 30, 2026, we recorded $1.3 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $2.2 million during the corresponding period in 2025.
Current report
Gross margin increased $8.7 million, or 24%, to $44.4 million for the nine months ended September 30, 2026, compared to $35.6 million for the corresponding period in 2025. The increase was primarily attributable to higher average net realized sales prices per ton for both potash and Trio®and a lower weighted-average carrying cost per ton sold for Trio®, partially offset by higher potash cost of goods sold.
Current report
Net income from continuing operations increased $5.5 million, or 99%, to $11.0 million for the nine months ended September 30, 2026, compared to $5.5 million for the same corresponding period in 2025. The increase was primarily attributable to the factors discussed above.
Current report
Potash segment sales decreased $1.2 million, or 4%, to $31.3 million for the three months ended September 30, 2026, compared to $32.5 million for the same corresponding period in 2025. The decrease was driven by a $0.5 million decrease in potash sales and a $0.6 million decline in potash segment byproduct sales.
Current report
Potash segment byproduct sales decreased $0.6 million, or 10%, to $5.5 million for the three months ended September 30, 2026, compared to $6.2 million for the same corresponding period in 2025. The decrease resulted primarily from lower salt and brine water sales.
Current report
Potash cost of goods sold increased by $1.6 million, or 8%, to $22.7 million for the three months ended September 30, 2026, compared to $21.1 million for the same corresponding period in 2025, despite a 5% decline in potash tons sold. The increase was primarily attributable to a higher cost per ton sold resulting from a lower proportion of potash tons sold from our lowest-cost facility compared to the same corresponding period in 2025.
Current report
Nine Months Ended September 30, 2026, and 2025
Current report
Potash segment cost of goods sold increased $2.4 million, or 3%, to $78.9 million for the nine months ended September 30, 2026, compared to $76.5 million for the same corresponding period in 2025, despite a 4% decrease in potash tons sold. The increase was primarily attributable to higher production costs, including depreciation and depletion expense, and selling a lower proportion of potash tons from our lowest-cost facility compared to the corresponding period in 2025.
Current report
Potash segment gross margin decreased $2.1 million, or 15%, to $11.6 million for the nine months ended September 30, 2026, compared to $13.6 million for the same corresponding period in 2025, due to the factors discussed above.
Current report
Trio®cost of goods sold decreased $1.2 million, or 13%, to $8.1 million for the three months ended September 30, 2026, compared to $9.3 million for the same corresponding period in 2025, while Trio®sales volumes were unchanged. The decrease was primarily attributable to a favorable product mix, as a lower proportion of tons sold consisted of our premium product, which has a higher weighted-average carrying cost per ton.
Current report
Nine Months Ended September 30, 2026, and 2025
Current report
Trio®cost of goods sold decreased $4.8 million, or 9%, to $46.8 million for the nine months ended September 30, 2026, compared to $51.5 million for the same corresponding period in 2025, primarily reflecting lower sales volumes and a favorable product mix, as a lower proportion of tons sold consisted of our premium product, which has a higher weighted-average carrying cost per ton. In addition, higher production volumes improved fixed-cost absorption by spreading fixed production costs over a greater number of tons, resulting in lower production costs per ton.
Current report
Other
Current report
Three and Nine Months Ended September 30, 2026, and 2025
Current report
Net cash provided by continuing operating activities increased $13.2 million to $50.5 million for the nine months ended September 30, 2026, compared to $37.3 million for the corresponding period in 2025. The increase was primarily attributable to higher income from continuing operations and favorable changes in working capital, partially offset by other changes in noncash operating items.
Removed paragraphs (37)
Previous report
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 report
Our total sales for the three months ended June 30, 2026, decreased $0.9 million, or 1%, compared to the same period in 2025, as potash segment sales decreased $3.4 million, partially offset by an increase in Trio® segment sales of $2.5 million and an increase of $0.1 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 report
Our total potash segment sales decreased $3.4 million during the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $2.5 million decline in potash sales and a $0.8 million decline in potash segment byproduct sales. The decline in potash sales was primarily due to a 14% decrease in tons of potash sold, partially offset by an 8% increase in our average net realized sales price per ton for potash. Potash tons sold decreased compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter.
Previous report
Our Trio®segment sales increased $2.5 million, or 8%, in the three months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $2.5 million increase in Trio®sales, while Trio®segment byproduct sales were flat. Trio®sales increased due to an increase of 6% in our Trio®average net realized sales price per ton, compared to the same period in 2025, driven by continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. Trio®sales volumes were unchanged compared to the prior-year period.
Previous report
Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $0.8 million in the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $1.0 million decline in salt sales and a $0.6 million decline in magnesium chloride sales, partially offset by a $0.8 million increase in brine sales. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. resulted in customers beginning the second quarter with higher on-hand inventory levels. Brine sales increased due to increased oilfield activities near our mining facilities in New Mexico.
Previous report
Our total cost of goods sold decreased $5.0 million during the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $2.0 million decrease in our potash segment cost of goods sold, a $2.0 million decrease in our Trio® segment cost of goods, and a $0.9 million decrease in our other nonreportable segment cost of goods sold.
Previous report
Our potash segment cost of goods sold decreased $2.0 million, or 9%, during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a 14% decrease in tons of potash sold. In addition, potash tons produced increased 17% compared to the prior-year period. Because a significant portion of our potash production costs are fixed, higher production volumes decreased our per-ton production costs and lowered our weighted-average carrying cost per ton sold.
Previous report
Our Trio® segment cost of goods sold decreased 12% during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a lower Trio® weighted average carrying cost per ton sold. The decrease in weighted average carrying cost per ton sold was primarily driven by the mix of products sold as we sold fewer premium tons, which have a higher weighted-average carrying cost. In addition, Trio® production volume was 7% higher during the three months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026, and ongoing plant optimization projects.
Previous report
During the three months ended June 30, 2026, we incurred $0.3 million of lower of cost or net realizable value inventory adjustments in our potash segment because the weighted-average carrying costs for certain potash products exceeded the expected average net realized sales price for those products. During the three months ended June 30, 2025, we recorded $0.4 million in lower of cost or net realizable value inventory adjustments in our potash segment.
Previous report
During the three months ended June 30, 2026, we generated gross margin of $16.6 million compared to gross margin of $12.4 million during the same period in 2025. As discussed above, the increase in gross margin was primarily due to higher average net realized sales prices per ton for both potash and Trio® and lower weighted-average carrying costs for potash and Trio® tons sold.
Previous report
Selling and administrative expenses increased $1.1 million during the three months ended June 30, 2026, compared to the corresponding period in 2025. The increase was primarily driven by higher bonus expense of $0.5 million, employee safety awards of $0.3 million, and increased professional services expense of $0.2 million. The increase in bonus expense reflected stronger performance relative to the metrics underlying incentive compensation programs, while the employee safety awards recognized the Company's outstanding safety record in 2025. Professional services expense increased due to greater use of external consultants.
Previous report
For the three months ended June 30, 2026, we recorded no impairment expense. For any Trio®segment capital spending during the three months ended June 30, 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 $1.2 million in the three months ended June 30, 2025.
Previous report
We generated net income from continuing operations of $2.4 million during the three months ended June 30, 2026, compared to net income from continuing operations of $1.4 million in the same period in 2025, due to the factors discussed above.
Previous report
Consolidated Results for the Six Months Ended June 30, 2026, and 2025
Previous report
Our total sales increased $3.3 million, or 2%, during the six months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $5.2 million increase in Trio® segment sales, partially offset by a $0.9 million decrease in potash segment sales and a $1.1 million decrease in water sales. As discussed above, following the sale of Intrepid South, we no longer report oilfield solutions as a reportable segment.
Previous report
Our total potash segment sales decreased $0.9 million during the six months ended June 30, 2026, compared to the same period in 2025. Potash segment byproduct sales decreased $2.9 million, primarily due to mild winter weather during the first quarter of 2026, which resulted in customers beginning the second quarter of 2026 with higher inventory levels. The decrease in potash segment byproduct sales was partially offset by a $2.0 million increase in potash, driven primarily by a 10% increase in our potash average net realized sales price per ton, as potash list prices to begin 2026 were higher than to begin 2025. The increase in potash sales was partially offset by 4% decrease in tons of potash sold.
Previous report
During the six months ended June 30, 2026, we recorded $1.1 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $1.8 million during the corresponding period in 2025. These adjustments were recorded because the weighted-average carrying cost of certain potash products exceeded their estimated net realizable value.
Previous report
During the six months ended June 30, 2026, gross margin increased by $8.6 million to $34.3 million, compared to $25.7 million during the corresponding period in 2025. The increase was primarily driven by higher average net realized sales prices per ton for both potash and Trio®.
Previous report
Impairment Expense
Previous report
Discontinued Operations
Previous report
In March 2026, our Board approved the sale of our Intrepid South business. The transaction closed on April 1, 2026, and we received gross proceeds of $70 million. Following customary post-closing adjustments and the satisfaction of closing conditions, the final sales prices was $68.9 million. As result of the transaction, we recognized a gain on sale in discontinued operations, net of taxes, of $13.2 million during the six months ended June 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information.
Previous report
Income Tax Expense
Previous report
Income tax expense from continuing operations was approximately $0.1 million during each of the six months ended June 30, 2026, and 2025. Since December 31, 2024, we have maintained a full valuation allowance against our deferred tax assets.
Previous report
Net income from continuing operations was $9.3 million during the six months ended June 30, 2026, compared to $4.8 million for the corresponding period in 2025. The increase was primarily driven by the factors discussed above.
Previous report
1 Sales include sales of byproducts which were $5.4 million and $6.2 million for the three months ended June 30, 2026, and 2025, respectively, and $9.6 million and $12.4 million for the six months ended June 30, 2026, and 2025, respectively.
Previous report
Potash segment sales decreased $3.4 million in the three months ended June 30, 2026, compared to the corresponding period in 2025. The decrease was driven by a $2.5 million decrease in potash sales and a $0.8 million decline in byproduct sales generated by the segment.
Previous report
Byproduct sales within our potash segment decreased $0.8 million during the three months ended June 30, 2026, compared to the corresponding period in 2025. The decrease resulted primarily from lower salt sales of $1.0 million and lower magnesium chloride sales of $0.6 million, partially offset by an increase in brine sales of $0.8 million. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. resulted in customers beginning the second quarter with higher on-hand inventory levels. Brine sales increased due to increased oilfield activities near our mining facilities in New Mexico.
Previous report
Potash segment cost of goods sold decreased by $2.0 million, or 9%, during the three months ended June 30, 2026, compared to the same period in 2025. Lower sales volumes, reflected by a 14% decline in potash tons sold contributed to the decrease in cost of goods sold. This benefit was partially offset by a 5% increase in production costs during the 2026 period.
Previous report
Six Months Ended June 30, 2026, and 2025
Previous report
Potash segment cost of goods sold increased $0.7 million, or 1%, during the six months ended June 30, 2026, compared to the same period in 2025, even though we sold 4% fewer tons of potash in the six months ended June 30, 2026, compared to the same period in 2025. The increase reflects a higher cost per ton sold in 2026, as results for the six months ended June 30, 2025, benefited from greater lower of cost or net realizable value inventory adjustments than those recorded in the current-year period, as discussed below.
Previous report
Potash segment gross margin increased $0.6 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, due to the factors discussed above.
Previous report
Trio®cost of goods sold decreased 12% during the three months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding flat sales volumes. The decrease was driven by a lower weighted-average carrying cost per ton, reflecting the benefit of higher Trio®production volumes. Trio® production volume was 7% higher during the three months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026, and ongoing plant optimization projects. Because a significant portion of our production costs is fixed, increased production volumes reduced our per-ton production costs.
Previous report
Six Months Ended June 30, 2026, and 2025
Previous report
Trio®cost of goods sold decreased 8% during the six months ended June 30, 2026, compared to the corresponding period in 2025, primarily reflecting lower sales volumes and a reduction in cost per ton sold. The lower cost per ton sold resulted from a decline in the weighted-average carrying cost per ton, as Trio® production volume was 9% higher during the three months ended June 30, 2026, compared to the same period in 2026, due to the new continuous miner commissioned in early 2026 and ongoing plant optimization projects. Because a significant portion of our production costs is fixed, an increase in tons produced lowers our per-ton production costs.
Previous report
Corporate and Other
Previous report
Three And Six Months Ended June 30, 2026, and 2025
Previous report
Net cash provided by continuing operating activities increased to $55.3 million during the six months ended June 30, 2026, from $42.9 million during the corresponding period in 2025. The increase was primarily driven by higher average net realized sales prices per ton for both potash and Trio®.
Reworded paragraphs (61)
Previous wording
•challenges and legal proceedings related to our water rights;
Current wording
•challenges and legal proceedings involving the Company;
Previous wording
•the impact of trade tariffs and any potential changes to them we are unable to mitigate;
Current wording
•the impact of tariffs and any potential changes to them we are unable to mitigate;
Previous wording
We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride, KCl or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services.
Current wording
We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride, KCl or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio®, which delivers a low-chloride source of three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services.
Previous wording
In March 2026, our Board of Directors ("Board") approved the sale of Intrepid South, and we determined that the business met the criteria for classification as held for sale and discontinued operations. We received aggregate consideration of $70.0 million related to the transaction, consisting of an $8.0 million deposit received in December 2025 and a $62.0 million payment received at closing on April 1, 2026. Following customary adjustments and the satisfaction of closing conditions, the final sales price was $68.9 million. As a result of the transaction, we recorded a gain on sale in discontinued operations, net of taxes, of $13.2 million during the three months ended June 30, 2026.
Current wording
In March 2026, our Board of Directors ("Board") approved the sale of Intrepid South, and we determined that the business met the criteria for classification as held for sale and discontinued operations. We received aggregate consideration of $70.0 million related to the transaction, consisting of an $8.0 million deposit received in December 2025 and a $62.0 million payment received at closing on April 1, 2026. Following customary post-close adjustments, the final sales price was $68.9 million. As a result of the transaction, we recorded a gain on sale of Intrepid South before income taxes of $13.3 million for the nine months ended September 30, 2026.
Previous wording
•Sale of Intrepid South. In March 2026, our Board of Directors approved the sale of Intrepid South, a component of our business. Intrepid South's assets and liabilities were classified as held for sale, and its results of operations are presented as discontinued operations. On April 1, 2026, we completed the sale of Intrepid South and received gross proceeds of $70.0 million. Following customary adjustments and the satisfaction of closing conditions, the final sales price was $68.9 million. We recorded a gain on sale in discontinued operations, net of tax, of $13.2 million during the three months ended June 30, 2026.
Current wording
•Sale of Intrepid South. In March 2026, our Board of Directors approved the sale of Intrepid South, a component of our business. Intrepid South's assets and liabilities were classified as held for sale, and its results of operations are presented as discontinued operations. The transaction closed on April 1, 2026, and we received gross proceeds of $70.0 million. Following customary post-closing adjustments, the final sales price was $68.9 million. We recorded a gain on sale of Intrepid South before income taxes of $13.3 million for the nine months ended September 30, 2026. See Note 3 to our unaudited Condensed Consolidated Financial Statements for additional information regarding the sale and the presentation of Intrepid South as discontinued operations.
Previous wording
•Potash pricing and demand. Our average net realized potash sales price per ton(1) increased to $391 for the three months ended June 30, 2026, from $361 for the same period in 2025, primarily reflecting a higher percentage of sales into feed markets. Potash sales volumes declined 14% compared to the corresponding period in 2025 as demand weakened during the latter half of the quarter amid economic uncertainty resulting from global geopolitical events.
Current wording
•Potash pricing and demand. Our average net realized potash sales price per ton(1) increased to $394 for the three months ended September 30, 2026, from $381 for the corresponding period in 2025 as we realized the full effect of the first-half potash price increases and sold a greater percentage of our product into feed and industrial markets due to normal seasonality in agricultural markets. Potash sales volumes declined 5% compared to the corresponding period in 2025 due to the timing of shipments in the second half of September.
Previous wording
Our average net realized sales price per ton increased to $365 for the six months ended June 30, 2026, from $332 for the corresponding period in 2025. Winter fill program pricing for 2026 was $355 per ton, compared to $315 per ton for the 2025 program. Following the successful completion of the winter fill program, list prices increased by $20 per ton in late January 2026 and by an additional $10 per ton in late April. In June 2026, we launched a summer fill program at $385 per ton, with list prices increasing to $395 per ton upon completion of the program. Customer participation in the summer fill program was good, with customers placing orders covering a considerable portion of their third quarter needs. Potash pricing continues to be supported by healthy agricultural demand, balanced global supply fundamentals, and the recent India contract settlement, which is supportive of U.S. market prices.
Current wording
Our average net realized sales price per ton increased to $372 for the nine months ended September 30, 2026, from $345 for the corresponding period in 2025. Winter fill program pricing for 2026 was $355 per ton, compared to $315 per ton for the 2025 program. Following the successful completion of the winter fill program, list prices increased by $20 per ton in late January 2026 and by an additional $10 per ton in late April 2026. In June 2026, we launched a summer fill program at $385 per ton, with list prices increasing to $395 per ton upon completion of the program. Customer participation in the summer fill program was good, with customers placing orders covering for most of their third-quarter needs. In September 2026, list prices increased by $15 per ton and subsequently by an additional $20 per ton, bringing Midwest reference prices to $430 per ton at month-end, as supportive crop values drove incremental fall potash demand. We expect to realize the most recent $20-per-ton increase on incremental fall sales. Potash pricing continues to be supported by healthy agricultural demand, balanced global supply fundamentals, and the recent India contract settlement, which is supportive of U.S. market prices.
Previous wording
Various factors affect potash sales and shipments, which increases the volatility of sales volumes from quarter to quarter and season to season. We experience seasonality in potash demand, with more purchases historically occurring in February through May and September through November when purchasers are looking to have product on hand for the spring and fall application seasons in the U.S. The specific timing of when farmers apply potash remains highly weather dependent and varies across the numerous growing regions within the U.S. The timing of potash sales is also significantly influenced by the marketing programs of potash producers, as well as storage volumes closer to the farm gate.
Current wording
Various factors affect potash sales and shipments, which increase the volatility of sales volumes from quarter to quarter and season to season. We experience seasonality in potash demand, with more purchases historically occurring in February through May and September through November when purchasers are looking to have product on hand for the spring and fall application seasons in the U.S. The specific timing of when farmers apply potash remains highly weather dependent and varies across the numerous growing regions within the U.S. The timing of potash sales is also significantly influenced by the marketing programs of potash producers, as well as storage volumes closer to the farm gate.
Previous wording
•Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $389 for the three months ended June 30, 2026, compared to $368, 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 June 30, 2026, were unchanged from the same period in 2025, as customers saw value in the individual components of Trio®, particularly sulfate and low chloride potassium.
Current wording
•Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $408 for the three months ended September 30, 2026, compared to $402 for the corresponding period in 2025, as pricing for the individual components of Trio®, particularly sulfate and low-chloride potassium, remained supportive. Sales volumes in the three months ended September 30, 2026, were unchanged from the corresponding period in 2025, as customers focused purchases on near-term application needs and deferred inventory-building purchases for the spring 2027 application season.
Previous wording
Our Trio® average net realized sales price per ton increased to $388 during the six months ended June 30, 2026, from $352 in the corresponding period in 2025, reflecting continued favorable market pricing for the individual nutrient components of Trio®, particularly sulfate and potassium.
Current wording
Our Trio® average net realized sales price per ton increased to $390 during the nine months ended September 30, 2026, from $362 for the corresponding period in 2025, reflecting continued favorable market pricing for the individual nutrient components of Trio®, particularly sulfate and low-chloride potassium.
Previous wording
Supported by favorable demand from customers for remaining spring needs, we increased our list price for Trio®by $15 per ton to $420 per ton in late March 2026. Effective July 1, 2026, we increased our list price for Trio®by an additional $10 per ton, bringing our Trio® list price to $430 per ton. We expect the July price increases to be reflected in spot and rail sales during the third quarter of 2026.
Current wording
Supported by favorable demand for remaining spring application needs, we increased the Trio®list price by $15 per ton to $420 per ton in late March 2026. Effective July 1, 2026, we increased our list price by an additional $10 per ton to $430 per ton. The July price increase was reflected in spot and rail sales during the third quarter of 2026. In early October 2026, we announced a one-week fall fill program, at a list price to $410 per ton for orders to be shipped by year-end. We saw good subscription to the fall fill program with customers committing to historical volumes. Following the close of the fall fill order window, we increased the Trio® list price by $30 per ton to $440 per ton, reflecting our constructive market outlook. We expect the higher price to be reflected in remaining spot sales during the fourth quarter. Our ability to realize these prices may be affected by, among other things, weather, planting decisions, rail car availability, commodity prices, and the price and availability of other potassium products.
Previous wording
•Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $5.4 million and $9.9 million, respectively, during the three and six months ended June 30, 2026, compared to $6.2 million, and $12.6 million, respectively, for the same periods of 2025. Byproduct sales decreased in both periods in 2026, compared to 2025, due to lower sales of salt and magnesium chloride.
Current wording
•Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $5.8 million and $15.6 million, respectively, during the three and nine months ended September 30, 2026, compared to $6.3 million and $18.9 million, respectively, for the corresponding periods of 2025. Byproduct sales decreased in both periods in 2026, compared to 2025, due to lower sales of salt and magnesium chloride.
Previous wording
Byproduct sales of salt and magnesium chloride during the three months and six months ended June 30, 2026, were negatively impacted by the mild winter and historically low snowfall levels across the western U.S., which reduced demand for deicing products and resulted in higher customer inventory levels entering the second quarter. These elevated inventory levels adversely affected shipments during the early part of the second quarter.
Current wording
Byproduct sales of salt and magnesium chloride during the three and nine months ended September 30, 2026, were negatively impacted by the mild winter and historically low snowfall levels across the western U.S., which reduced demand for deicing products and resulted in higher customer inventory levels entering the second and third quarters. These elevated inventory levels adversely affected shipments during the second and third quarters.
Previous wording
•Tariffs and tensions in the Middle East. The operating environment continues to be affected by evolving trade policies, including tariffs, together with heightened geopolitical tensions in the Middle East. These developments have contributed to higher input costs, increased freight and logistics expenses, volatility in energy markets, supply chain disruptions and broader macroeconomic uncertainty.
Current wording
•Tariffs and tensions in the Middle East. Evolving trade policies, including tariffs, and heightened geopolitical tensions in the Middle East could increase input costs and freight and logistics expenses, contribute to volatility in energy markets and supply chain disruptions, and increase broader macroeconomic uncertainty.
Previous wording
•Water sales and other oilfield products and services. Following the sale of Intrepid South, we expect sales of source water and other oilfield products and services to decline substantially during the remainder of 2026, and in future periods. Excluding Intrepid South, sales of other oilfield products totaled $0.4 million during the six months ended June 30, 2026, compared to total oilfield services sales of $8.7 million during the corresponding 2025 period, which primarily reflected the contribution of Intrepid South prior to its sale.
Current wording
•Water sales and other oilfield products and services. Following the sale of Intrepid South, sales of source water and other oilfield products and services are expected to be substantially lower in the remainder of 2026 and in future periods. Excluding Intrepid South, sales of other oilfield products were $1.1 million during the nine months ended September 30, 2026. Total oilfield services sales were $11.4 million during the corresponding period in 2025, primarily reflecting sales attributable to Intrepid South.
Previous wording
•HB AMAX Cavern. Last 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.
Current wording
•HB AMAX Cavern. In July 2025, we drilled a sample well into one of the lowest sections of the AMAX mine; however, the brine pool anticipated 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. During 2026, we continued permitting activities and the technical evaluation of AMAX project, and we made the decision to defer additional capital investment until at least 2027.
Previous wording
Our Trio®segment sales increased $5.2 million, or 6%, in the six months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $5.1 million increase in Trio®sales and a $0.1 million increase in Trio®segment byproduct sales. Trio®sales increased primarily due to a 10% increase in our Trio®average net realized sales price per ton, driven by continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. The increase in Trio®sales was partially offset by a 3% decrease in tons of Trio® sold.
Current wording
Trio® segment sales increased $1.0 million, or 5%, to $19.1 million for the three months ended September 30, 2026, compared to $18.1 million for the same corresponding period in 2025. The increase was primarily attributable to a $0.9 million increase in Trio®sales and a $0.1 million increase in Trio®segment byproduct sales. Trio®sales increased primarily due to a 1% increase in our average net realized sales price per ton from $402 to $408, reflecting continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. Trio® sales volumes were 36,000 tons in both periods.
Previous wording
For the six months ended June 30, 2026, total cost of goods sold decreased $4.2 million compared to the same period in 2025. This decrease was primarily driven by a $3.6 million decrease in Trio® segment cost of goods sold and a $1.4 million decrease in other nonreportable segment cost of goods sold, partially offset by a $0.7 million increase in potash segment cost of goods sold.
Current wording
Our total cost of goods sold decreased $0.5 million, or 1%, to $30.8 million for the three months ended September 30, 2026, compared to $31.3 million for the same corresponding period in 2025. The decrease was primarily attributable to a $1.2 million decrease in Trio® segment cost of goods sold and a $0.9 million decrease in other cost of goods sold, partially offset by a $1.6 million increase in potash segment cost of goods sold.
Previous wording
Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $2.8 million during the six months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $1.7 million decrease in salt sales and a $1.2 million decrease in magnesium chloride sales, partially offset by an increase of $0.2 million in brine sales. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. reduced demand during the three months ended March 31, 2026, and resulted in customers beginning the second quarter with higher inventory levels.
Current wording
Total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $3.3 million for the nine months ended September 30, 2026, compared to the same corresponding period in 2025. The decrease was primarily attributable to a $2.1 million decrease in salt sales and a $1.3 million decrease in magnesium chloride sales, partially offset by an increase of $0.1 million in brine sales. Salt and magnesium chloride sales decreased primarily due to mild winter weather and historically low snowfall in the western U.S., which reduced demand during the first quarter of 2026 and resulted in higher customer inventory levels entering the second quarter.
Previous wording
Cost of goods sold in the Trio® segment decreased 8% for the six months ended June 30, 2026, compared to the same period in 2025. This decrease was driven primarily by a 3% decline in Trio® sales volumes and a decline in Trio® weighted average carrying cost per ton sold. The decrease in weighted average carrying cost per ton sold was primarily driven by the mix of products sold as we sold fewer premium tons, which have a higher weighted-average carrying cost. In addition, Trio® production volume was 9% higher during the six months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026 and ongoing plant optimization projects. Because a significant portion of our Trio® production costs are fixed, higher production volumes decreased our per-ton production costs and lowered our weighted-average carrying cost per ton sold.
Current wording
Trio® segment cost of goods sold decreased $4.8 million, or 9%, to $46.8 million for the nine months ended September 30, 2026, compared to the same corresponding period in 2025. The decrease was primarily attributable to a 1% decrease in Trio® sales volumes and a lower weighted-average carrying cost per ton sold. The lower weighted-average carrying cost per ton sold was primarily attributable to product mix and lower per-ton production costs. A lower proportion of tons sold consisted of premium product, which has a higher weighted-average carrying cost per ton. In addition, Trio® production volumes increased 12%, primarily due to the new continuous miner commissioned in early 2026 and ongoing plant optimization projects. Because a significant portion of our Trio® production costs are fixed, higher production volumes reduced our per-ton production costs and weighted-average carrying cost per ton sold.
Previous wording
Cost of goods sold in the potash segment increased $0.7 million, or 1%, during the six months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding a 4% decline in potash sales volumes. This increase was primarily attributable to higher production costs, including depreciation and depletion expense.
Current wording
Potash segment cost of goods sold increased $2.4 million, or 3%, to $78.9 million despite a 4% decrease in potash sales volumes. The increase was primarily attributable to higher production costs including depreciation and depletion expense and selling a lower proportion of potash tons from our lowest-cost facility compared to the corresponding period in 2025.
Previous wording
Cost of goods sold in the nonreportable other segment decreased by $1.4 million, or 81%, during the six months ended June 30, 2026, compared to the corresponding period in 2025. The decrease was primarily attributable to lower water sales from our Caprock water rights, which resulted in a 73% decline in sales within the nonreportable other segment.
Current wording
Other cost of goods sold decreased by $2.3 million, or 85%, during the nine months ended September 30, 2026, compared to the same corresponding period in 2025. The decrease was primarily attributable to lower water sales from our Caprock water rights, as water sales decreased 32% compared to the corresponding period in 2025.
Previous wording
During the six months ended June 30, 2026, selling and administrative expenses increased $3.2 million compared to the corresponding period in 2025. The increase was primarily driven by a $1.4 million increase in severance related costs, a $1.4 million increase in professional services, and a $0.7 million increase in bonus expense, partially offset by a decrease in legal fees. The increase in professional services expense reflected greater use of external consultants, while the increase in bonus expense was attributable to stronger performance relative to the metrics underlying the bonus program.
Current wording
During the nine months ended September 30, 2026, selling and administrative expenses increased $3.9 million, or 14%, to $31.0 million, compared to $27.1 million for the corresponding period in 2025. The increase was primarily attributable to a $2.0 million increase in labor and benefits expense, a $1.4 million increase in severance-related costs, and a $1.2 million increase in professional services expense, partially offset by lower legal fees. The increase in labor and benefits expense was primarily attributable to additional employee headcount and higher incentive compensation expense resulting from stronger performance relative to the metrics underlying our incentive compensation programs. The increase in professional services expense reflected greater use of external consultants.
Previous wording
No impairment expense was recognized during the six months ended June 30, 2026. During the corresponding period in 2025, we recognized impairment expense of $1.9 million related to certain assets within our Trio®segment. The fair value of these assets was estimated using the expected proceeds received in an orderly sale of the assets.
Current wording
No impairment expense was recognized during the nine months ended September 30, 2026. During the same corresponding period in 2025, we recognized impairment expense of $1.9 million related to certain assets within our Trio®segment. The fair value of these assets was estimated using the expected proceeds received in an orderly sale of the assets.
Previous wording
In March 2026, our Board approved the sale of our Intrepid South business. The transaction closed on April 1, 2026, and we received gross proceeds of $70 million. Following customary post-closing adjustments and the satisfaction of closing conditions, the final sales prices was $68.9 million. As result of the transaction, we recognized a gain on sale in discontinued operations, net of taxes, of $13.2 million during the three months ended June 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information.
Current wording
In March 2026, our Board approved the sale of Intrepid South. The transaction closed on April 1, 2026, and we received gross proceeds of $70.0 million. Following customary post-closing adjustments, the final sales price was $68.9 million. As a result of the transaction, we recognized a gain on sale of Intrepid South before income taxes of $13.3 million for the nine months ended September 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information.
Previous wording
Income tax expense from continuing operations was approximately $0.1 million during the three months ended June 30, 2026, compared to an immaterial amount during the corresponding period in 2025. Since December 31, 2024, we have maintained a full valuation allowance against our deferred tax assets.
Current wording
Income tax expense from continuing operations was approximately $0.1 million for the nine months ended September 30, 2026, compared to $0.5 million for the same corresponding period in 2025. As of September 30, 2026, we continued to maintain a full valuation allowance against our deferred tax assets.
Previous wording
1 Sales include sales of byproducts which were $5.4 million and $6.2 million for the three months ended June 30, 2026, and 2025, respectively, and $9.9 million and $12.6 million for the six months ended June 30, 2026, and 2025, respectively.
Current wording
1 Sales include sales of byproducts of $5.5 million and $6.2 million for the three months ended September 30, 2026, and 2025, respectively, and $15.1 million and $18.6 million for the nine months ended September 30, 2026, and 2025, respectively.
Previous wording
Potash sales declined during the three months ended June 30, 2026, compared to the corresponding period in 2025, as a 14% reduction in potash sales volumes more than offset an 8% increase in average net realized sales prices. The increase in average net realized sales price per ton was primarily driven by higher winter fill program pricing, with 2026 program prices exceeding those offered under the 2025 winter fill program by approximately $40 per ton. The favorable pricing environment continued through to the second quarter of 2026.
Current wording
Potash sales declined $0.5 million, or 2%, to $25.8 million for the three months ended September 30, 2026, compared to $26.3 million for the same corresponding period in 2025, as a 5% reduction in potash sales volumes more than offset a 3% increase in average net realized sales prices. The increase in average net realized sales price per ton was primarily driven by higher winter fill program pricing, with 2026 program prices exceeding those offered under the 2025 winter fill program by approximately $40 per ton. The favorable pricing environment continued through to the third quarter of 2026.
Previous wording
Freight expense within our potash segment decreased 29% in the three months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to lower sales volumes, including a 14% decrease in potash tons sold and a 17% decrease in salt tons sold. Freight expense is also impacted by the geographic mix of sales, the percentage of customers arranging for and paying their own freight costs, and the relative proportion of shipments transported by rail and truck.
Current wording
Freight expense recorded in the potash segment decreased 4% in the three months ended September 30, 2026, compared to the same corresponding period in 2025, primarily due to a 5% decrease in potash tons sold. Freight expense is also impacted by the geographic mix of sales, the percentage of customers arranging for and paying their own freight costs, and the relative proportion of shipments transported by rail and truck.
Previous wording
During the three months ended June 30, 2026, we recognized $0.3 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $0.4 million during the corresponding period in 2025. The 2026 adjustment was attributable to the weighted-average carrying cost per ton of certain potash inventory at our Wendover facility exceeding its forecasted net realizable sales value.
Current wording
For the three months ended September 30, 2026, we recorded $0.2 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $0.4 million for the same corresponding period in 2025. The 2026 adjustment was attributable to the weighted-average carrying cost per ton of certain potash inventory at our HB facility exceeding its forecasted net realizable sales value.
Previous wording
Our potash segment gross margin increased $0.1 million in the three months ended June 30, 2026, compared to the same period in 2025, primarily as a result of the factors discussed above.
Current wording
Our potash segment gross margin decreased $2.7 million, or 43%, to $3.6 million for the three months ended September 30, 2026, compared to $6.3 million for the same corresponding period in 2025, primarily as a result of the factors discussed above.
Previous wording
Total sales in the potash segment decreased $0.9 million in the six months ended June 30, 2026, compared to the corresponding period in 2025, as a $2.9 million decrease in potash segment byproduct sales was partially offset by a $2.1 million increase in potash sales.
Current wording
Total sales in the potash segment decreased $2.0 million, or 2%, to $108.0 million for the nine months ended September 30, 2026, compared to $110.1 million for the same corresponding period in 2025, as a $3.5 million decrease in potash segment byproduct sales was partially offset by a $1.5 million increase in potash sales.
Previous wording
Our potash sales increased in the six months ended June 30, 2026, compared to the corresponding period in 2025, as a 10% increase in average net realized sales price more than offset a 4% decrease in sales volumes. Average net realized sales prices benefited from higher potash list prices to begin 2026 relative to potash list prices to begin 2025.
Current wording
Potash sales increased $1.5 million, or 2%, to $92.9 million for the nine months ended September 30, 2026, compared to $91.4 million for the same corresponding period in 2025, as an 8% increase in average net realized sales price more than offset a 4% decrease in sales volumes. Average net realized sales prices benefited from higher potash list prices to begin 2026 relative to potash list prices to begin 2025.
Previous wording
Potash segment byproduct sales decreased $2.9 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, reflecting decreases of $1.8 million in salt sales and $1.2 million in magnesium chloride sales, partially offset by a $0.2 million increase in brine sales. Mild winter weather and historically low snowfall in the western U.S. reduced demand for salt and magnesium chloride during the first quarter of 2026, and resulted in higher customer inventory levels entering the second quarter. Increased oil and gas activities near our Carlsbad, New Mexico mining facilities contributed to higher brine sales during the period.
Current wording
Potash segment byproduct sales decreased $3.5 million, or 19%, to $15.1 million for the nine months ended September 30, 2026, compared to $18.6 million for the same corresponding period in 2025, reflecting a $2.3 million decrease in salt sales and a $1.3 million decrease in magnesium chloride sales. Mild winter weather and historically low snowfall in the western U.S. reduced demand for salt and magnesium chloride during the first quarter of 2026 and resulted in higher customer inventory levels entering the second quarter.
Previous wording
Potash segment freight expense decreased 14% in the six months ended June 30, 2026, compared to the corresponding period in 2025, reflecting lower shipment volumes, including a 4% decrease in potash sales volumes and a 22% decrease in salt sales volumes. Freight expense within the potash segment is also affected by the geographic distribution of sales, the percentage of customers arranging for and paying their own freight costs, and the relative mix of rail and truck transportation.
Current wording
Potash segment freight expense decreased 12% in the nine months ended September 30, 2026, compared to the corresponding period in 2025, reflecting lower shipment volumes, including a 4% decrease in potash sales volumes and a 20% decrease in salt sales volumes. Freight expense within the potash segment is also affected by the geographic distribution of sales, the percentage of customers arranging for and paying their own freight costs, and the relative mix of rail and truck transportation.
Previous wording
During the six months ended June 30, 2026, we recorded lower of cost or net realizable value inventory adjustments of $1.1 million in our potash segment because the weighted average carrying cost per ton for inventoried potash products at our Wendover facility exceeded their forecasted average net realizable sales. This compares to $1.8 million in lower of cost or net realizable value inventory adjustments recorded in the corresponding period in 2025.
Current wording
For the nine months ended September 30, 2026, we recorded lower of cost or net realizable value inventory adjustments of $1.3 million in our potash segment because the weighted average carrying cost per ton for inventoried potash products exceeded their forecasted average net realizable sales. This compares to $2.2 million in lower of cost or net realizable value inventory adjustments recorded in the same corresponding period in 2025.
Previous wording
The table below shows our potash sales mix for the three and six months ended June 30, 2026, and 2025:
Current wording
The table below shows our potash sales mix for the three and nine months ended September 30, 2026, and 2025:
Previous wording
1 Sales include sales of byproducts which were immaterial for both the three months ended June 30, 2026, and 2025, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2026, and 2025, respectively.
Current wording
1 Sales include sales of byproducts of $0.2 million for both the three months ended September 30, 2026, and 2025, and $0.5 million and $0.3 million for the nine months ended September 30, 2026, and 2025, respectively.
Previous wording
Trio® segment sales increased 8% during the three months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to a $2.5 million increase in Trio® sales, while byproduct sales remained flat. Trio®average net realized sales price per ton increased 6% for the three months ended June 30, 2026, compared to the same period in 2025, due to continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and potassium. Trio®sales volumes were unchanged from the prior-year period.
Current wording
Trio® segment sales increased $1.0 million, or 5%, to $19.1 million for the three months ended September 30, 2026, compared to $18.1 million for the same corresponding period in 2025, primarily due to a $0.9 million increase in Trio® sales and a $0.1 million increase in byproduct sales. Trio®sales increased primarily due to a 1% increase in our average net realized sales price per ton from $402 to $408, reflecting continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and low-chloride potassium. Trio®sales volumes were 36,000 tons in both periods.
Previous wording
Trio®freight costs increased 14% during the three months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding flat sales volumes. The increase was primarily driven by higher fuel surcharge expenses on rail shipments and the geographic distribution of sales. Freight expense within the Trio®segment is also impacted by the percentage of customers arranging for and paying their own freight costs.
Current wording
Trio®freight costs increased $0.7 million, or 19%, to $4.1 million for the three months ended September 30, 2026, compared to $3.5 million for the same corresponding period in 2025, notwithstanding flat sales volumes. The increase was primarily driven by increased fuel surcharge expenses on rail shipments and the geographic distribution of sales. Freight expense within the Trio®segment is also impacted by the percentage of customers arranging for and paying their own freight costs.
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Current report — wording carried from elsewhere
During the three months ended September 30, 2026, we recorded $0.2 million of lower of cost or net realizable value inventory adjustments in our potash segment compared to $0.4 million during the corresponding period in 2025.