Earnings release
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Intrepid Announces Third Quarter 2026 Results Denver, CO, November 3, 2026 - Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the third quarter of 2026. Third Quarter 2026 Highlights (All comparisons versus the prior-year third quarter ended September 30, 2025) • Sales of $51.0 million, in-line with the same prior year period • Net income from continuing operations of $1.7 million or $0.13 per diluted share versus $0.7 million or $0.05 per diluted share • Adjusted EBITDA from continuing operations of $11.7 million versus $10.7 million • Net cash and short-term investments of $161.4 million as of September 30, 2026 • $3.0 million of shares repurchased from the beginning of the third quarter through October 31, 2026 • Production volume guidance increased by 10 thousand tons for Trio Management Commentary “We delivered improved profitability in the third quarter, supported by higher Trio production volumes, pricing strength and a 33% increase in our Trio gross margin,” stated Kevin Crutchfield, Intrepid’s Chief Executive Officer. “Our continued focus on operational discipline, consistency and reliability is delivering tangible results and supports an increase in our full-year production outlook for Trio. Stronger crop prices are improving grower sentiment and encouraging demand for nutrients in the fall application season. We are seeing supportive pricing alongside improving demand for both of our product categories and expect these conditions to carry into the spring 2027 planting season. We remain focused on increasing production and improving our cost structure to capitalize on these favorable market dynamics.” Crutchfield continued, “Our strong balance sheet and substantial net cash position give us the flexibility to pursue disciplined growth investments, particularly within our existing operating footprint, while returning capital to shareholders through share repurchases. We see attractive value in our shares and have accelerated repurchases since the end of the third quarter with a total of approximately 88 thousand shares purchased under the expanded repurchase authorization. Overall, between the trajectory of our operational improvement and the opportunities afforded to us by our significant financial flexibility, we are optimistic about our prospects for generating increased value for our shareholders in the quarters and years to come.” (1) ® ® ® ® 1
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Consolidated Financial Results Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in millions unless otherwise stated) Sales from continuing operations $ 51.0 $ 50.8 $ 216.4 $ 212.9 Gross margin $ 10.0 $ 10.0 $ 44.4 $ 35.6 Net income from continuing operations $ 1.7 $ 0.7 $ 11.0 $ 5.5 Net income from continuing operations per diluted share $ 0.13 $ 0.05 $ 0.83 $ 0.42 Adjusted net income from continuing operations $ 1.8 $ 0.7 $ 17.4 $ 8.8 Adjusted net income from continuing operations per dilutedshare $ 0.14 $ 0.05 $ 1.31 $ 0.66 Adjusted EBITDA $ 11.7 $ 10.7 $ 48.2 $ 39.1 Cash flow from continuing operations $ (4.8) $ (5.6) $ 50.5 $ 37.3 Third quarter 2026 sales from continuing operations were generally consistent with the prior year quarter, as higher average realized prices for potash and Trio were offset by lower potash sales volumes. Gross margin of $10.0 million in the third quarter of 2026 was in-line with prior-year third quarter, driven primarily by improved Trio segment margins partially offset by a higher COGS per ton for potash. Net income from continuing operations increased to $1.7 million, or $0.13 per diluted share in the third quarter of 2026, compared with $0.7 million, or $0.05 per diluted share, in the third quarter of 2025. Adjusted EBITDA increased to $11.7 million in the third quarter of 2026 from $10.7 million in the same prior year period. (1) (1) (1) ® ® 2
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Segment Highlights Potash Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per ton data) Sales $ 31,281 $ 32,479 $ 108,002 $ 110,050 Gross margin $ 3,589 $ 6,264 $ 11,574 $ 13,625 Potash sales volumes (in tons) 59 62 224 234 Potash production volumes (in tons) 34 41 191 178 Average potash net realized sales price per ton $ 394 $ 381 $ 372 $ 345 In the third quarter of 2026, potash segment sales were down modestly compared to the prior year period due to the timing of shipments in the second half of September, resulting in a 5% decline in sales volumes. The decline in sales volumes was partially offset by a 3% increase in average net realized sales price per ton. Potash production decreased to 34 thousand tons compared to 41 thousand tons in the third quarter last year driven by our decision to delay the start of the Moab harvest season to allow additional evaporation and support higher production volumes over time. Potash gross margin declined compared to last year as a sales mix weighted more heavily toward Intrepid’s higher-cost sites increased average potash segment COGS per ton to $384 in the third quarter of 2026, compared with $340 per ton in the third quarter of 2025. Trio Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per ton data) Sales $ 19,064 $ 18,094 $ 107,325 $ 101,148 Gross margin $ 5,830 $ 4,370 $ 32,111 $ 22,890 Trio sales volume (in tons) 36 36 213 216 Trio production volume (in tons) 83 70 227 202 Average Trio net realized sales price per ton $ 408 $ 402 $ 390 $ 362 (1) (1) ® ® ® ® (1) 3
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Trio segment sales increased 5% compared to prior-year quarter largely driven by an increase in average net realized sales price per ton reflecting continued supportive pricing for Trio's individual nutrient components, particularly sulfate and low-chloride potassium. Sales volumes were flat compared to the prior-year period. Trio production increased 19% in third quarter of 2026 compared to the prior-year quarter, largely driven by continued improvements in operating performance at East. The Trio segment’s gross margin increased by approximately 33% compared to the prior-year quarter driven by stronger pricing along with improvement in Trio segment COGS per ton, which declined to $224 per ton from $257 per ton in the third quarter of last year. Cash Flow and Liquidity As of September 30, 2026, Intrepid had cash and cash equivalents of $152.3 million, $9.1 million of short-term investments and $5.6 million of long-term investments. The investments in short-term and long-term investments are consistent with the Company’s strategy to maximize yields on cash designated to maintain long-term balancesheet stability. As of September 30, 2026, the Company had no borrowings and $0.5 million in outstanding letters of credit under its revolving credit facility, leaving $149.5 million available under its $150 million facility, which matures in March 2031. Cash flow used in continuing operations was $4.8 million, an improvement from $5.6 million used in the same period last year reflecting working capital movements and higher net income from continuing operations compared to the prior-year period. The third quarter tends to be the seasonally weakest period for profitability but typically has the highest working capital needs in advance of the Fall fertilizer application season. For the nine months ended September 30, 2026, cash flow from continuing operations was $50.5 million, up from $37.3 million in the prior- year period, reflecting improved profitability and continued working capital discipline. Capital expenditures were $11.3 million and $24.9 million in the third quarter and first nine months of 2026, respectively, up from $7.7 million and $18.8 million in the prior-year quarter and first nine months of 2025, respectively. The year-over-year increase in capital spending is attributable to investments in reliability andefficiency of the Company’s operations across both segments. Capital Allocation and Strategic Update In June 2026, Intrepid's Board of Directors approved an expansion of the Company's share repurchase authorization to $50 million. During the third quarter of 2026, the Company repurchased approximately 22 thousand shares for approximately $0.8 million. Subsequent to quarter end and through October 31, 2026, the Company repurchased an additional 66 thousand shares for approximately $2.1 million. ® (1) ® ® ® ® 4
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Intrepid remains committed to a balanced and returns-focused capital allocation strategy designed to maximize long-term shareholder value. Share repurchases represent an important component of that strategy, particularly when management and the Board believe the Company's shares are trading below their intrinsic value. The Company intends to continue evaluating opportunistic share repurchases while maintaining financial flexibility to invest in initiatives that enhance the long-term earnings power of the business. In parallel with its repurchase activity, Intrepid intends to continue to advance organic growth opportunities across its existing asset base with planned investments in 2027 focused on expanding Trio production and raising the long-term floor for potash production. These investments are designed to increase production, extend the life of existing operations, and enhance the long-term earnings power of the business, with anticipated internal rates of return of approximately 30%. For Trio, we continue to invest in operational and reliability improvements at the East mine. We have raised our consolidated capital expenditure guidance for the full year 2026 to approximately $45 million and we plan to invest an additional $16 million in 2027 as part of an overall plan to deliver an additional 30 thousand tons of annual Trio production above first half 2026 run rates. We have begun to realize some of the benefit from these investments in late 2026 and expect to realize the full impact next year. Accordingly, 2027 Trio production is expected to be approximately 320 thousand to 330 thousand tons. Beyond this investment, the Company has a roadmap for a potential additional ~100 thousand tons of annual production with modest additional investment and expects to discuss these opportunities in more detail in the future. Intrepid also plans to invest approximately $20 million in potash mine development projects in 2027. These investments are expected to increase annual production volume by approximately 20 thousand to 30 thousand tons as compared to the average potash production rate of the past 3 years. We expect to see the initial benefits of this work in 2027 and anticipate full-year 2027 potash production of 310 thousand tons to 330 thousand tons. Intrepid has made significant progress in restoring and optimizing its core assets over the past several years, increasing Potash and Trio® production substantially above their respective 2023 levels of 224 thousand and 216 thousand tons. The planned investments are expected to drive further production growth and represent the first projects in a broader pipeline of high-return opportunities. The Company expects to provide further details as these projects advance. Subsequent to quarter-end, Intrepid was selected by the U.S. Department of Agriculture ("USDA") for approximately $139 million in proposed matching funding under its Fertilizer Investment & Expansion for Long- Term Domestic Supply ("FIELDS") program to support a potential sulfate of potash ("SOP") manufacturing facility near Carlsbad, New Mexico. Based on current project plans, the SOP facility would have annual production capacity of approximately 220 thousand tons. While the project is in the advanced stages of planning and evaluation, the estimates and plans remain subject to a final investment decision, which is currently targeted for ® ® ® ® 5
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late 2027. The proposed USDA funding also remains subject to completion of the award process and applicable conditions. Wendover Lithium Project Intrepid's partners continue to advance engineering, permitting, and other development activities. The project remains a potential source of future value creation, and the Company expects to provide additional updates as key milestones are achieved and project planning progresses. Guidance Summary Current Guidance Prior Guidance 2026 Full year potash production 290-300 thousand tons 2026 Full year Trio® production 305-315 thousand tons 295-305 thousand tons 2026 Full year capital expenditures Approximately $45 million Approximately $40 million Q4 2026 Potash sales volume 63-73 thousand tons Q4 2026 Potash average net realized sales price $385-$395 per ton Q4 2026 Trio® sales volume 83-93 thousand tons Q4 2026 Trio® average net realized sales price $385-$395 per ton Intrepid is increasing our full-year 2026 Trio production guidance to a range of 305 thousand to 315 thousand tons. This increase is primarily attributable to the improved operating efficiency and increased production being generated by the new continuous miner that the Company commissioned at our East Mine earlier this year. The Company also increased operating hours per shift and continues to advance mill improvements that support higher production of granular and premium products. In early October, we offered a one-week Trio fall fill program at a list price of $410 per ton for orders scheduled to ship by year-end. The program generated solid customer participation and was designed to strategically prepositionproduct ahead of the spring application season while reducing peak-season logistics risk. Following completion of the program, we increased our Trio list price by $30 per ton to $440 per ton, reflecting our constructive market outlook. Fourth-quarter average net realized sales price guidance of $385 to $395 per ton reflects the impact of fall fill volumes, as well as expected product and geographic mix. Notes Adjusted net income from continuing operations, adjusted net income from continuing operations per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP (1) (1) ® ® ® 1 6
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financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information. Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds. Conference Call Information Intrepid will host a conference call on Wednesday, November 4, 2026 at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (833) 461-5787 or International dial-in number 1 (585) 542-9983; please use meeting ID 747926385. The call will also be streamed on the Intrepid website, intrepidpotash.com. A recording of the conference call will be available approximately two hours after the completion of the call via webcast. The recording will be available for 12 months following the call. About Intrepid Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. Intrepid is the only U.S. producer of muriate of 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, Intrepid produces a specialty fertilizer, Trio®, which delivers a low-chloride source of three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio mine. Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings. Forward-looking Statements This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance and cash flows, water sales, production costs, and its market outlook. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. ® 7
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The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward- looking statements include the following: • changes in the price, demand, or supply of our products and services; • challenges and legal proceedings involving the Company; • our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio, byproducts, and other non-potassium related products or other revenue diversification activities; • the costs of, and our ability to successfully execute, any strategic projects; • declines or changes in agricultural production or fertilizer application rates; • declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; • our ability to prevail in outstanding legal proceedings; • our ability to comply with the terms of our revolving credit facility, including any underlying covenants; • write-downs of the carrying value of assets, including inventories; • circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; • changes in reserve estimates; • currency fluctuations; • adverse changes in economic conditions or credit markets; • the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; • the impact of trade tariffs and any potential changes to them we are unable to mitigate; • adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines; • increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; • changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel; • changes in the prices of raw materials, including chemicals, natural gas, and power; • our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; • interruptions in rail or truck transportation services, or fluctuations in the costs of these services; • our ability to fund necessary capital investments; ® 8
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• the impact of global conflicts, including the conflict involving Iran and the blockage of the Strait of Hormuz; • the timing, amount and impact of any repurchases under our stock repurchase program; • the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and • the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q. In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events. Contact: Ryan Schultz Investor Relations Manager Email: investors@intrepidpotash.com 9
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Sales $ 51,034 $ 50,807 $ 216,404 $ 212,870 Less: Freight costs 7,137 6,579 34,917 35,081 Warehousing and handling costs 2,806 2,609 9,696 9,213 Cost of goods sold 30,803 31,261 126,090 130,782 Lower of cost or net realizable value inventoryadjustments 247 406 1,339 2,160 Gross Margin 10,041 9,952 44,362 35,634 Selling and administrative 9,679 8,992 30,974 27,072 Accretion of asset retirement obligation 776 649 2,329 1,948 Impairment of long-lived assets — — — 1,866 Loss (gain) on sale of assets 74 2 40 (1,420) Other operating income (1,294) (1,145) (3,583) (3,650) Other operating expense 597 970 7,105 4,220 Operating Income 209 484 7,497 5,598 Other Income (Expense) Equity in loss of unconsolidated entities (2) (86) (13) (318) Interest expense, net — (36) — (207) Interest income 1,422 776 3,416 1,802 Other income (expense) 96 24 217 (796) Income from Continuing Operations BeforeIncome Taxes 1,725 1,162 11,117 6,079 Income tax (benefit) expense (7) 433 109 546 Net Income from Continuing Operations$ 1,732 $ 729 $ 11,008 $ 5,533 Net Income from Discontinued Operations, Netof Tax — 3,016 13,719 6,081 Net Income $ 1,732 $ 3,745 $ 24,727 $ 11,614 Net income per share: Continuing operations - Basic $ 0.13 $ 0.06 $ 0.84 $ 0.42 Discontinued operations - Basic $ — $ 0.23 $ 1.04 $ 0.47 Net income - Basic $ 0.13 $ 0.29 $ 1.88 $ 0.89 Continuing operations - Diluted $ 0.13 $ 0.05 $ 0.83 $ 0.42 Discontinued operations - Diluted $ — $ 0.23 $ 1.03 $ 0.46 Net income - Diluted $ 0.13 $ 0.28 $ 1.86 $ 0.88 Weighted Average Shares Outstanding: Basic 13,203 13,031 13,180 12,978 Diluted 13,280 13,190 13,280 13,150 10
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025 (In thousands, except share and per share amounts) September 30, December 31, 2026 2025 ASSETS Cash and cash equivalents $ 152,291 $ 83,537 Short-term investments 9,071 — Accounts receivable: Trade, net 26,536 31,979 Other receivables, net 349 159 Inventory, net 113,645 112,191 Prepaid expenses and other current assets 5,407 5,312 Assets held for sale — 59,154 Total current assets 307,299 292,332 Property, plant, equipment, and mineral properties, net 297,478 298,756 Water rights 2,311 2,311 Long-term parts inventory, net 32,015 31,506 Long-term investments 5,625 179 Other assets, net 9,378 7,095 Total Assets $ 654,106 $ 632,179 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 11,557 $ 9,656 Accrued liabilities 10,907 10,456 Accrued employee compensation and benefits 12,973 12,481 Other current liabilities 16,129 19,811 Liabilities held for sale — 3,370 Total current liabilities 51,566 55,774 Asset retirement obligation, net of current portion 40,612 38,452 Operating lease liabilities 819 1,550 Finance lease liabilities 1,971 1,741 Deferred other income, long-term 41,541 43,233 Total Liabilities 136,509 140,750 Commitments and Contingencies Common stock, $0.001 par value; 40,000,000 sharesauthorized; 13,187,112 and 13,131,663 shares outstanding at September 30, 2026, and December 31, 2025, respectively14 14 Additional paid-in capital 676,560 674,297 Accumulated deficit (136,143) (160,870) Less treasury stock, at cost (22,834) (22,012) Total Stockholders' Equity 517,597 491,429 Total Liabilities and Stockholders' Equity $ 654,106 $ 632,179 11
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Cash Flows from Operating Activities: Net income $ 1,732 $ 3,745 $ 24,727 $ 11,614 Income from discontinued operations, net of tax — (3,016) (13,719) (6,081) Adjustments to reconcile net income to net cash (used in) provided byoperating activities: Depreciation, depletion and amortization 9,100 8,843 28,351 27,645 Accretion of asset retirement obligation 776 649 2,329 1,948 Amortization of deferred financing costs 62 75 226 226 Stock-based compensation 1,532 1,380 3,553 3,774 Lower of cost or net realizable value inventory adjustments 247 406 1,339 2,160 Impairment of long-lived assets — — — 1,866 Loss (gain) on disposal of assets 74 2 40 (1,420) Allowance for parts inventory obsolescence 3 294 601 2,335 Loss on equity investment — — — 888 Equity in loss of unconsolidated entities 2 86 13 318 Changes in operating assets and liabilities: Trade accounts receivable, net (7,622) (3,983) 5,557 (4,036) Other receivables, net (263) (1,353) (191) (2,432) Inventory, net (10,807) (12,674) (3,904) (1,256) Prepaid expenses and other current assets (1,800) (2,400) (1,741) (1,591) Accounts payable, accrued liabilities, and accrued employee compensation and benefits 3,222 6,024 1,180 4,460 Operating lease liabilities (244) (357) (743) (847) Deferred other income (564) (564) (1,692) (1,692) Other liabilities (243) (2,725) 4,620 (558) Net cash (used in) provided by operating activities of continuingoperations (4,793) (5,568) 50,546 37,321 Net cash provided by operating activities of discontinuedoperations 175 1,581 2,368 9,552 Net cash (used in) provided by operating activities (4,618) (3,987) 52,914 46,873 Cash Flows from Investing Activities: Additions to property, plant, equipment, mineral properties and otherassets (11,304) (7,748) (24,897) (18,835) Purchase of investments (14,530) — (14,530) — Proceeds from sale of assets — — 9 1,357 Proceeds from redemptions/maturities of investments — — — 1,000 Other investing, net — — — 2,129 Net cash used in investing activities of continuing operations(25,834) (7,748) (39,418) (14,349) Net cash (used in) provided by investing activities of discontinuedoperations (1,154) 2,361 59,169 3,164 Net cash (used in) provided by investing activities (26,988) (5,387) 19,751 (11,185) 12
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INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Cash Flows from Financing Activities: Payments of financing lease (113) (235) (982) (735) Capitalized debt fees (128) — (811) — Employee tax withholding paid for restricted stock upon vesting(33) (34) (1,304) (890) Repurchases of common stock (822) — (822) — Proceeds from exercise of stock options — 1,804 14 1,842 Net cash (used in) provided by financing activities (1,096) 1,535 (3,905) 217 Net Change in Cash, Cash Equivalents and Restricted Cash(32,702) (7,839) 68,760 35,905 Cash, Cash Equivalents and Restricted Cash, beginning of period185,597 85,642 84,135 41,898 Cash, Cash Equivalents and Restricted Cash, end of period$ 152,895 $ 77,803 $ 152,895 $ 77,803 13
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INTREPID POTASH, INC.UNAUDITED NON-GAAP RECONCILIATIONSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025(In thousands) To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non- GAAP financial measures include adjusted net income, adjusted net income per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. 14
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INTREPID POTASH, INC.UNAUDITED NON-GAAP RECONCILIATIONSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025(In thousands) Adjusted Net Income and Adjusted Net Income Per Diluted Share Adjusted net income and adjusted net income per diluted share are calculated as net income or net income per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations. Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net Income from Continuing Operations $ 1,732 $ 729 $ 11,008 $ 5,533 Adjustments Impairment of long-lived assets — — — 1,866 Loss (gain) on sale of assets 74 2 40 (1,420) Employee separation costs — — 1,367 638 Unpermitted discharge penalty — — — 2,155 Water rights contingency — — 5,000 — Calculated income tax effect — — — — Total adjustments 74 2 6,407 3,239 Adjusted Net Income from Continuing Operations$ 1,806 $ 731 $ 17,415 $ 8,772 Reconciliation of Net Income to Adjusted Net Income per Diluted Share: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income from Continuing Operations Per Diluted Share$ 0.13 $ 0.05 $ 0.83 $ 0.42 Adjustments Impairment of long-lived assets — — — 0.14 Loss (gain) on sale of assets 0.01 — — (0.11) Employee separation costs — — 0.10 0.05 Unpermitted discharge penalty — — — 0.16 Water rights contingency — — 0.38 — Calculated income tax effect — — — — Total adjustments 0.01 — 0.48 0.24 Adjusted Net Income from Continuing Operations Per DilutedShare $ 0.14 $ 0.05 $ 1.31 $ 0.66 Assumes an annual effective tax rate of 0% for 2026 and 2025. (1) (1) (1) 15
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INTREPID POTASH, INC.UNAUDITED NON-GAAP RECONCILIATIONSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025(In thousands) Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income from continuing operations adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance. Reconciliation of Net Income to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net Income from Continuing Operations $ 1,732 $ 729 $ 11,008 $ 5,533 Impairment of long-lived assets — — — 1,866 Loss (gain) on sale of assets 74 2 40 (1,420) Employee separation costs — — 1,367 638 Unpermitted discharge penalty — — — 2,155 Water rights contingency — — 5,000 — Interest expense — 36 — 207 Income tax (benefit) expense (7) 433 109 546 Depreciation, depletion, and amortization 9,100 8,843 28,351 27,645 Accretion of asset retirement obligation 776 649 2,329 1,948 Total adjustments 9,943 9,963 37,196 33,585 Adjusted EBITDA $ 11,675 $ 10,692 $ 48,204 $ 39,118 16
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INTREPID POTASH, INC.UNAUDITED NON-GAAP RECONCILIATIONSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025(In thousands) Average Potash and Trio Net Realized Sales Price per Ton Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio is calculated as Trio segment sales less Trio segment byproduct sales and Trio freight costs and then dividing that difference by Trio tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio sales and price trends. Reconciliation of Sales to Average Net Realized Sales Price per Ton: Three Months Ended September 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio Potash Trio Total Segment Sales $ 31,281 $ 19,064 $ 32,479 $ 18,094 Less: Segment byproduct sales 5,518 236 6,155 161 Freight costs 2,539 4,124 2,673 3,473 Subtotal $ 23,224 $ 14,704 $ 23,651 $ 14,460 Divided by: Tons sold 59 36 62 36 Average net realized sales price per ton $ 394 $ 408 $ 381 $ 402 Nine Months Ended September 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio Potash Trio Total Segment Sales $ 108,002 $ 107,325 $ 110,050 $ 101,148 Less: Segment byproduct sales 15,088 527 18,604 345 Freight costs 9,501 23,827 10,669 22,646 Subtotal $ 83,413 $ 82,971 $ 80,777 $ 78,157 Divided by: Tons sold 224 213 234 216 Average net realized sales price per ton $ 372 $ 390 $ 345 $ 362 ® ® ® ® ® ® ® ® ® ® ® ® 17
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INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands) Three Months Ended September 30, 2026 Product PotashSegment Trio Segment Other Eliminations Total Potash $ 25,763 $ — $ — $ — $ 25,763 Trio — 18,828 — — 18,828 Water — — 682 — 682 Salt 2,041 236 — — 2,277 Magnesium Chloride 1,923 — — — 1,923 Brine Water 1,554 — — — 1,554 Other — — 7 — 7 Total Revenue $ 31,281 $ 19,064 $ 689 $ — $ 51,034 Nine Months Ended September 30, 2026 Product PotashSegment Trio Segment Other Eliminations Total Potash $ 92,914 $ — $ — $ — $ 92,914 Trio — 106,798 — — 106,798 Water — — 1,025 — 1,025 Salt 6,500 527 — — 7,027 Magnesium Chloride 3,470 — — — 3,470 Brine Water 5,118 — — — 5,118 Other — — 52 — 52 Total Revenue $ 108,002 $ 107,325 $ 1,077 $ — $ 216,404 Three Months Ended September 30, 2025 Product PotashSegment Trio Segment Other Eliminations Total Potash $ 26,324 $ — $ — $ (40) $ 26,284 Trio — 17,933 — — 17,933 Water — — 157 — 157 Salt 2,516 161 — — 2,677 Magnesium Chloride 1,966 — — — 1,966 Brine Water 1,673 — — — 1,673 Other — — 117 — 117 Total Revenue $ 32,479 $ 18,094 $ 274 $ (40) $ 50,807 Nine Months Ended September 30, 2025 Product PotashSegment Trio Segment Other Eliminations Total Potash $ 91,446 $ — $ — $ (157) $ 91,289 Trio — 100,803 — — 100,803 Water — — 1,511 — 1,511 Salt 8,820 345 — — 9,165 Magnesium Chloride 4,737 — — — 4,737 Brine Water 5,047 — — — 5,047 Other — — 318 — 318 Total Revenue $ 110,050 $ 101,148 $ 1,829 $ (157) $ 212,870 ® ® ® ® ® ® ® ® 18
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INTREPID POTASH, INC. DISAGGREGATION OF REVENUE AND SEGMENT DATA (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands) Three Months EndedSeptember 30, 2026 Potash Trio Other Eliminations Consolidated Sales $ 31,281 $ 19,064 $ 689 $ — $ 51,034 Less: Freight costs 3,013 4,124 — — 7,137 Warehousing and handling costs 1,747 1,059 — — 2,806 Cost of goods sold 22,685 8,051 67 — 30,803 Lower of cost or net realizable value inventory adjustments 247 — — — 247 Gross Margin $ 3,589 $ 5,830 $ 622 $ — $ 10,041 Depreciation, depletion, and amortizationincurred $ 7,495 $ 1,038 $ 567 $ — $ 9,100 Nine Months Ended September 30,2026 Potash Trio Other Eliminations Consolidated Sales $ 108,002 $ 107,325 $ 1,077 $ — $ 216,404 Less: Freight costs 11,090 23,827 — — 34,917 Warehousing and handling costs 5,086 4,610 — — 9,696 Cost of goods sold 78,913 46,777 400 — 126,090 Lower of cost or net realizable value inventory adjustments 1,339 — — — 1,339 Gross Margin $ 11,574 $ 32,111 $ 677 $ — $ 44,362 Depreciation, depletion, and amortizationincurred $ 23,658 $ 2,989 $ 1,704 $ — $ 28,351 Three Months EndedSeptember 30, 2025 Potash Trio Other Eliminations Consolidated Sales $ 32,479 $ 18,094 $ 274 $ (40) $ 50,807 Less: Freight costs 3,146 3,473 — (40) 6,579 Warehousing and handling costs 1,613 996 — — 2,609 Cost of goods sold 21,050 9,255 956 — 31,261 Lower of cost or net realizable value inventory adjustments 406 — — — 406 Gross Margin (Deficit) $ 6,264 $ 4,370 $ (682) $ — $ 9,952 Depreciation, depletion, and amortizationincurred $ 7,275 $ 824 $ 744 $ — $ 8,843 Nine Months Ended September 30,2025 Potash Trio Other Eliminations Consolidated Sales $ 110,050 $ 101,148 $ 1,829 $ (157) $ 212,870 Less: Freight costs 12,592 22,646 — (157) 35,081 Warehousing and handling costs 5,142 4,071 — — 9,213 Cost of goods sold 76,531 51,541 2,710 — 130,782 Lower of cost or net realizable value inventory adjustments 2,160 — — — 2,160 Gross Margin (Deficit) $ 13,625 $ 22,890 $ (881) $ — $ 35,634 Depreciation, depletion and amortizationincurred $ 22,828 $ 2,538 $ 2,279 $ — $ 27,645 (1) Depreciation, depletion, and amortization incurred for potash and Trio excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory. ® 1 ® 1 ® 1 ® 1 ® 19