A miner of the only U.S.-produced muriate of potash, this Denver-based company also makes Trio®, a low-chloride specialty fertilizer, along with water and byproducts from solar-evaporation solution mines in New Mexico and Utah. Formed in 2000 to revive the Moab, Utah mine, it kept the name of an earlier oil-and-gas venture. Its evaporation ponds are famously bright blue, colored by a dye that boosts solar absorption to speed drying.
Intrepid sold its oilfield solutions business for $70M, lifting cash to $185M, while potash and Trio prices both rose.
Intrepid Potash exited the oilfield solutions business. rose to $15.6 million from a $0.8 million loss a year ago, driven by a $13.2 million after-tax gain on the Intrepid South sale and higher realized prices for potash and Trio, while cash and equivalents reached $185.0 million. The company is now a pure-play fertilizer producer with no debt and a leadership vacuum.
Key takeaways
The sale of the Intrepid South oilfield solutions asset closed on April 1, 2026, for $70 million in cash, generating a $13.2 million after-tax gain recorded in and leaving potash and Trio as the company's only operating segments.
rose to $15.6 million from a $0.8 million loss a year ago, with the gain on the Intrepid South sale accounting for the majority of the increase.
Consolidated from continuing operations rose to $16.6 million from $12.4 million, as the potash average net realized price increased 8% to $391 per ton and the Trio price rose 6% to $389 per ton, while lower weighted-average carrying costs per ton sold also contributed.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 gross margin rose to $16.6M driven by higher potash and Trio® prices and lower per-ton costs, while Intrepid South sale closed.
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Consolidated increased to $16.6M from $12.4M , driven by higher average net realized prices for potash ($391/ton, +8%) and Trio® ($389/ton, +6%) and lower weighted-average carrying costs per ton sold.
Potash sales fell 10% to $30.6M as a 14% volume decline from softening demand more than offset an 8% price increase; segment was flat at $4.9M.
Potash sales fell 10% to $30.6 million because a 14% decline in sales volumes from softening demand more than offset the higher price; segment was flat at $4.9 million.
Trio sales rose 8% to $35.7 million on the 6% price increase with flat volumes, and segment expanded to $11.4 million from $8.1 million as cost of goods sold fell 12%.
Cash and equivalents rose to $185.0 million at quarter-end, up from $83.5 million at year-end 2025, reflecting $68.9 million in proceeds from the Intrepid South sale and $34.4 million in ; the company has no borrowings on its $150 million .
What changed
The Intrepid South sale flagged in the FY 2025 10-K as under negotiation closed on April 1, 2026, for $70 million in cash, removing the oilfield solutions entirely and leaving the company as a pure-play fertilizer producer.
The potash average net realized price rose to $391 per ton, up from $353 per ton in Q1 2026 and $361 per ton in Q2 2025, extending the recovery that began after the 2024 trough of $377 per ton for the full year.
The Trio average net realized price of $389 per ton held near the $387 per ton level of Q1 2026 and above the $368 per ton of Q2 2025, suggesting the price recovery that drove the 37% sales increase in FY 2025 is being sustained.
The permanent CEO position flagged as a risk factor since early 2024 remains unfilled, leaving the organizational disruption unresolved as the company operates with a materially simplified business structure.
What to watch
Potash realized price in Q3 2026: whether the $391 per ton level holds or declines will indicate if the margin recovery is durable as the company enters the seasonally slower second half.
HB facility production in 2026: the company previously warned that below-average evaporation and the absence of AMAX brine will reduce output by roughly 45,000 tons; any update will signal whether the volume is worsening or easing.
CEO appointment: the naming of a permanent CEO will signal whether the organizational disruption flagged since early 2024 is resolved and whether the company's strategy as a pure-play fertilizer producer changes.
Use of the $185.0 million cash balance: whether the proceeds from the Intrepid South sale are directed toward capital investment, potential acquisitions, or shareholder returns will indicate management's capital allocation priorities.
Trio® sales rose 8% to $35.7M on a 6% price increase, with flat volumes; segment expanded to $11.4M from $8.1M due to higher prices and a 12% drop in cost of goods sold.
Byproduct sales declined $0.8M to $5.4M, primarily from lower salt and magnesium chloride sales due to mild winter weather and low snowfall reducing deicing demand.
Cash and equivalents surged to $185.0M at June 30, 2026, from $83.5M at year-end 2025, largely reflecting $68.9M in proceeds from the Intrepid South sale and improved .
The company recorded a $13.2M after-tax gain on the sale of Intrepid South, which closed April 1, 2026, and is presented as .
Quantitative and Qualitative Disclosures About Market Risk
Part II, Item 7A., "Quantitative and Qualitative Disclosure About Market Risk," of our Annual Report on Form 10-K for the year ended December 31, 2025, describes our exposure to market risk. There have been no material changes to our market risk exposure since December 31, 2025.
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Part II, Item 7A., "Quantitative and Qualitative Disclosure About Market Risk," of our Annual Report on Form 10-K for the year ended December 31, 2025, describes our exposure to market risk. There have been no material changes to our market risk exposure since December 31, 2025.
For information regarding litigation, other disputes and regulatory proceedings see Part I - Item 1. Financial Statements, Note 15 - Commitments and Contingencies. 49 Table of Contents
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For information regarding litigation, other disputes and regulatory proceedings see Part I - Item 1. Financial Statements, Note 15 - Commitments and Contingencies.
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