Intrepid Potash (NYSE: IPI) is a potash and specialty fertilizer mining company that produces and sells potassium-based products from mines in the western United States. Revenue comes from transactional sales of potash and Trio, a langbeinite-based multi-nutrient fertilizer, priced per ton and delivered via truck and rail. The company operates two reportable segments: a Potash segment with $139.6 million in FY2025 sales and a Trio segment with $144.5 million in FY2025 sales, totaling $298.3 million in consolidated FY2025 revenue, up from $254.7 million in FY2024. Potash is sold into agricultural (75% of FY2025 potash sales mix), feed (21%), and industrial (4%) end markets. Trio is sold in premium, granular, standard, and fine standard sizes, with an average net realized price of $367 per ton in FY2025 versus $311 per ton in FY2024. All potash production uses solar evaporation ponds at solution mines. The company estimates 25 years of potash reserve life across its facilities as of December 31, 2025, with resource life ranging from 33 years to over 100 years.

Revenue model

Transactional sales of potash and Trio fertilizer, priced per ton. Potash average net realized sales price was $353 per ton in FY2025 ($377 in FY2024). Trio average net realized sales price was $367 per ton in FY2025 ($311 in FY2024). Freight, warehousing, and handling costs are deducted to arrive at net realized prices.

Products and services

Potash (muriate of potash, sold in standard and granular sizes) and Trio (a langbeinite-based fertilizer containing potassium, sulfur, and magnesium, sold in premium, granular, standard, and fine standard sizes). Byproducts include salt and magnesium chloride. The Potash segment sold 289,000 tons in FY2025 (240,000 in FY2024). The Trio segment sold 303,000 tons in FY2025 (254,000 in FY2024).

Customers and end markets

Agricultural customers are the primary end market, representing 75% of FY2025 potash sales mix. Feed customers accounted for 21% and industrial customers 4% of FY2025 potash sales mix. Products are delivered domestically via truck and rail; overseas customers are served via vessel access.

Value-chain role

Vertically integrated miner and processor. All potash production uses solar solution mining, where solar evaporation ponds form potash crystals from brines. The company extracts, processes, stores, and ships finished product directly to customers. It holds water rights and mineral property assets supporting long-duration production.

Geographic exposure

Operations are located in the western United States. Facilities include a Wendover site (solar solution mine) and an HB facility (solar solution mine), as well as a langbeinite mine. Domestic delivery via truck and rail; some overseas customer sales via vessel.

Source: SEC 10-K, filed 2026-03-05

Industry: Mining & Quarrying of Nonmetallic Minerals (No Fuels) Peers: AgroFresh Solutions, Inc. American Vanguard Corp Corteva Inc CVR Partners LP FMC Corp Mosaic Co Scotts Miracle-Gro Co