Intrepid Potash, Inc.
Intrepid Potash, Inc. is a U.S.-based diversified mineral producer focused on potash, Trio® specialty fertilizer, and oilfield-related mineral and water products. It is the only U.S. producer of muriate of potash and operates extraction and production assets entirely in the continental United States, with facilities in New Mexico, Utah, and southeast New Mexico.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaMuriate of potash and related byproducts used in agriculture, animal feed, and industrial applications.
Specialty fertilizer combining potassium, magnesium, and sulfur in a single granule.
Water, brine, caliche, and related services and agreements tied to Intrepid South assets.
Tuotteet
Raportoitu · osuus liikevaihdosta- Trio48,3 %
- Potash38,5 %
- Salt4,1 %
- Brines3,7 %
- Other2,3 %
- Muut3,2 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Intrepid sells to agricultural customers that need potash and Trio® for crop nutrition, with demand tied to planting seasons and farm economics. It also serves animal feed and industrial end markets, plus oil and gas customers that buy water, brine, and related services from Intrepid South. The company sells through distributors, direct-to-end-user channels, spot sales, and in some cases multi-year contracts.
Buy potash and Trio® to improve crop yields and nutrient balance, especially around spring and fall application seasons.
Buy water, brine, caliche, and related services for drilling and field operations in southeast New Mexico.
Buy potash for feed formulations and industrial uses where potassium chloride is an input.
Purchase and resell product into farm markets, helping Intrepid reach smaller end users.
Strategia
Intrepid is focused on maximizing value from its core potash and Trio® businesses while expanding higher-value byproducts and oilfield solutions. Management is also pursuing diversification through water, brine, land-related revenue, and a lithium extraction joint development effort at Wendover to broaden the earnings base beyond seasonal fertilizer demand.
These are the core earnings drivers and are sensitive to seasonal demand and market pricing.
This reduces dependence on fertilizer cycles and creates recurring revenue from Intrepid South assets.
Lithium extraction could create a new revenue stream from existing brine resources.
Maantiede
Intrepid’s operations are entirely in the continental United States, with production assets in Carlsbad, New Mexico; Moab, Utah; Wendover, Utah; and southeast New Mexico. The company’s revenue exposure is therefore concentrated in U.S. agriculture and U.S. oil and gas activity, while its operating footprint is tied to water rights, mineral deposits, and local permitting in the Southwest.
Riskit
The business is exposed to volatile potash and Trio® pricing, seasonal farm demand, and changes in oil and gas drilling activity, all of which can swing revenue and margins. It also faces execution risk from joint development projects, competitive pricing, environmental compliance, and asset impairment if market conditions weaken or production assets underperform.
- Potash and Trio® price volatilityVaikutus: KorkeaTodennäköisyys: Korkea
Revenue and margins depend on fertilizer pricing and market supply-demand balance.
Kohdistuu: Core fertilizer segments
- Environmental and regulatory complianceVaikutus: KorkeaTodennäköisyys: Korkea
Mining, water rights, reclamation, and discharge rules can create fines, remediation, or operating limits.
Kohdistuu: All operating sites
- Asset impairment riskVaikutus: KorkeaTodennäköisyys: Korkea
Weak pricing or underperformance can trigger write-downs of long-lived mining assets.
Kohdistuu: Trio® and other mineral assets
- Seasonal demand and weather dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
Farm purchasing is concentrated around planting seasons and depends on weather timing.
Kohdistuu: Potash and Trio® shipments
- Oil and gas activity declineVaikutus: KeskitasoTodennäköisyys: Korkea
Oilfield solutions revenue depends on drilling and related field activity.
Kohdistuu - Joint development and diversification execution riskVaikutus: KeskitasoTodennäköisyys: Matala
New projects such as lithium extraction may not achieve technical or economic success.
Kohdistuu: Wendover lithium JDA
Kirjanpito
Harkinnanvaraiset erätPotash demand is concentrated in planting seasons, affecting quarter-to-quarter comparability.
Vaikutus: Revenue, gross margin, and working capital can swing materially by quarter
Management must assess whether mining and Trio® assets remain recoverable based on fair value and expected proceeds.
Vaikutus: Can create non-cash write-downs in weak market conditions
The company recorded a contingent liability for a potential fine related to an unpermitted discharge.
Vaikutus: Can affect operating expense and future cash outflows
Byproduct sales are recorded in the segment that generated them, affecting segment margins.
Vaikutus: Changes reported profitability of potash and Trio® segments
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Päivitetty: 24.9.2026