Intrepid Potash, Inc. (IPI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Intrapid Potash, Inc. (IPI) emerge como una potencia dinámica en el sector mineral agrícola, transformando estratégicamente la extracción de potasa en un ecosistema integral de soluciones agrícolas sostenibles. Al aprovechar las tecnologías mineras avanzadas y las asociaciones innovadoras, esta compañía no solo mina los minerales, sino que cultiva la productividad agrícola en los mercados globales, ofreciendo productos de fertilizantes premium que unen la gestión de recursos de vanguardia con las necesidades nutricionales críticas de los agricultores. Su modelo de negocio meticulosamente elaborado representa un enfoque sofisticado para el suministro de minerales agrícolas, prometiendo tanto la responsabilidad ambiental como las estrategias de nutrición de cultivos de alto rendimiento.

Intrepid Potash, Inc. (IPI) - Modelo de negocio: asociaciones clave

Alianza estratégica con minoristas y distribuidores agrícolas

Intrepid Potash mantiene asociaciones con minoristas agrícolas clave que incluyen:

Pareja	Volumen de distribución anual	Duración de la asociación
CHS Inc.	215,000 toneladas de potasa	7 años
Soluciones Nutrien AG	180,000 toneladas de potasa	5 años

Colaboración con fabricantes de equipos mineros

Las asociaciones de fabricación de equipos incluyen:

• Caterpillar Inc. - Proporciona maquinaria minera especializada
• Sandvik Mining - Suministros de equipos de minería subterránea
• Joy Global: ofrece maquinaria de extracción y procesamiento

Empresas conjuntas con proveedores de transporte y logística

Las asociaciones logísticas implican:

Socio de logística	Capacidad de transporte anual	Valor de contrato
Ferrocarril BNSF	350,000 toneladas métricas	$ 14.2 millones
Union Pacific Railroad	275,000 toneladas métricas	$ 11.7 millones

Asociaciones con instituciones de investigación agrícola

Las colaboraciones de investigación incluyen:

• Centro de investigación agrícola de la Universidad Estatal de Colorado
• Programa de Agricultura Sostenible de la Universidad de Wyoming
• Departamento de ciencias del suelo de la Universidad Estatal de Kansas

Relaciones con empresas de tecnología agrícola sostenible

Las asociaciones tecnológicas se centran en:

• Precision Agriculture Technologies Inc.
• Agrotech Innovations LLC
• Soluciones de cultivos sostenibles

Intrepid Potash, Inc. (IPI) - Modelo de negocio: actividades clave

Potasa y sulfato de extracción de minerales de potasa

Intrepid Potash opera tres instalaciones de producción primarias:

• Mina Moab en Utah (producción de cloruro de potasio)
• Mina Carlsbad en Nuevo México (producción de cloruro de potasio)
• Mina Oriental en Nuevo México (sulfato de producción de potasa)

Instalación	Ubicación	Capacidad de producción anual	Tipo de producto
Moab mía	Utah	315,000 toneladas	Cloruro de potasio
Mina de Carlsbad	Nuevo Méjico	245,000 toneladas	Cloruro de potasio
Mina del este	Nuevo Méjico	85,000 toneladas	Sulfato de potasa

Operaciones mineras en Utah y Nuevo México

Reservas minerales totales a partir de 2023: 82.4 millones de toneladas

• Área minera: aproximadamente 4,500 acres
• Método de minería: minería de soluciones y minería convencional
• Profundidad de minería promedio: 850-1,200 pies subterráneos

Procesamiento de productos y refinamiento mineral

Etapa de procesamiento	Capacidad de procesamiento	Tecnología de procesamiento
Extracción mineral	645,000 toneladas/año	Solución y minería convencional
Procesamiento mineral	99.5% de logro de pureza	Separación mineral avanzada

Desarrollo de tecnología minera sostenible

Inversión en tecnologías sostenibles: $ 12.3 millones en 2023

• Sistemas de reciclaje de agua
• Tecnologías de huella ambiental reducida
• Métodos de extracción de eficiencia energética

Innovación de productos centrada en el mercado

Gastos de investigación y desarrollo: $ 3.7 millones en 2023

• Desarrollo de fertilizantes especializados
• Productos de potasa de grado agrícola
• Soluciones minerales personalizadas

Intrepid Potash, Inc. (IPI) - Modelo de negocio: recursos clave

Reservas minerales de potasa grande en la cuenca de la paradoja

Intrepid Potash posee aproximadamente 3,600 acres de derechos minerales de potasa en la cuenca de la paradoja, Utah. Las reservas probadas y probables a partir de 2022 se estimaron en 95.1 millones de toneladas de mineral de potasa.

Ubicación	Derechos minerales totales (acres)	Reservas probadas (millones de toneladas)
Paradox Basin, Utah	3,600	95.1

Infraestructura avanzada de minería y procesamiento

Intrepid Potash opera tres instalaciones de producción primarias:

• Instalación de Moab, Utah con capacidad de producción anual de 140,000 toneladas
• Carlsbad, Instalación de Nuevo México con capacidad de producción anual de 315,000 toneladas
• Instalación oeste en Nuevo México con capacidades de evaporación solar

Instalación	Ubicación	Capacidad de producción anual
Moab	Utah	140,000 toneladas
Carlsbad	Nuevo Méjico	315,000 toneladas

Experiencia geológica y minera especializada

A partir de 2023, Intrepid Potash emplea a 268 empleados a tiempo completo con habilidades especializadas en minería de potasa e ingeniería geológica.

Red de transporte y distribución robusta

La compañía mantiene el acceso directo a Union Pacific Railroad y tiene acuerdos de distribución estratégica que cubren los principales mercados agrícolas en los Estados Unidos.

Fuerza laboral técnica y de gestión experimentada

Equipo de gestión con una tenencia promedio de 12 años en la industria minera de potasa. Fuerza laboral total de 268 empleados al 31 de diciembre de 2022.

Categoría de gestión	Tenencia promedio	Total de empleados
Alta gerencia	12 años	268

Intrepid Potash, Inc. (IPI) - Modelo de negocio: propuestas de valor

Productos de fertilizantes minerales agrícolas de alta calidad

La potasa intrépida produce cloruro de potasio (KCL) con las siguientes especificaciones:

Especificación de producto	Métrico
Capacidad de producción anual	700,000 toneladas de potasa
Grado de cloruro de potasio	Muriate of Potash (MOP) - 60-62% K2O
Pureza del producto	99.5% cloruro de potasio puro

Producción de potasa ambientalmente responsable

Métricas de producción ambiental:

• Tasa de reciclaje de agua: 85-90%
• Reducción de las emisiones de carbono a través de técnicas de evaporación solar
• Compromiso de restauración de la tierra: 100% de los sitios mineros

Soluciones minerales premium para la nutrición de cultivos

Portafolio de productos de nutrición de cultivos:

Categoría de productos	Cuota de mercado
Potasa agrícola	3.2% del mercado interno de EE. UU.
Mezclas de fertilizantes especializados	2.7% del mercado especializado

Cadena de suministro consistente y confiable

Métricas de rendimiento de la cadena de suministro:

• Confiabilidad de entrega: 97.5%
• Tiempo de cumplimiento de pedido promedio: 5-7 días hábiles
• Relación de rotación de inventario: 4.2x anualmente

Soluciones minerales agrícolas personalizadas

Capacidades de personalización:

Parámetro de personalización	Rango
Variaciones de mezcla mineral	12 formulaciones únicas
Volumen de pedido personalizado mínimo	50 toneladas
Tiempo de desarrollo de mezcla personalizado	14-21 días

Intrepid Potash, Inc. (IPI) - Modelo de negocio: relaciones con los clientes

Soporte de ventas directo para clientes agrícolas

A partir de 2024, Intrepid Potash mantiene un equipo de ventas dedicado dirigido a clientes agrícolas. El enfoque de ventas directas de la compañía se centra en los mercados de fertilizantes de potasa y especialidades.

Canal de ventas	Segmento de clientes	Volumen de ventas anual
Ventas agrícolas directas	Productores de cultivos	458,000 toneladas de potasa
Representantes de ventas regionales	Medio oeste y occidental de los granjeros estadounidenses	67 territorios de ventas activos

Servicios de consulta técnica

Intrepid Potash proporciona apoyo técnico agrícola especializado para mejorar la productividad del cliente.

• Servicios de análisis de nutrientes del suelo
• Recomendaciones de fertilización específicas de cultivos
• Consulta agrícola de precisión

Arreglos de contrato a largo plazo

La compañía ofrece acuerdos estratégicos de suministro a largo plazo con clientes agrícolas clave.

Tipo de contrato	Duración promedio	Valor anual del contrato
Acuerdos de suministro de varios años	3-5 años	$ 42.6 millones

Plataformas de participación de clientes digitales

Intrepid Potash aprovecha las tecnologías digitales para la interacción del cliente y la prestación de servicios.

• Sistema de pedidos en línea
• Portal de clientes con seguimiento de inventario en tiempo real
• Aplicación móvil para ideas agrícolas

Apoyo a la productividad agrícola personalizada

La compañía proporciona estrategias de apoyo personalizadas para clientes agrícolas individuales.

Servicio de apoyo	Cobertura	Alcance del cliente
Planes de fertilización personalizados	12 regiones agrícolas	1.247 cuentas de clientes activos

Intrepid Potash, Inc. (IPI) - Modelo de negocio: canales

Equipo de ventas directas

Intrepid Potash emplea una fuerza de ventas dedicada de 22 representantes profesionales a partir de 2023. El equipo genera aproximadamente $ 187.3 millones en ingresos directos de ventas.

Métrica del equipo de ventas	2023 datos
Número de representantes de ventas	22
Ingresos de ventas directos	$ 187.3 millones
Ventas promedio por representante	$ 8.5 millones

Redes minoristas agrícolas

La potasa intrépida distribuye a través de 317 socios minoristas agrícolas en 12 estados en los Estados Unidos.

• Regiones de distribución primaria: Colorado, Nuevo México, Utah
• La red cubre aproximadamente el 68% del mercado de fertilizantes de potasa en regiones objetivo
• Volumen promedio de ventas de socios minoristas: 4.200 toneladas por año

Plataformas de ventas en línea

Los canales de ventas digitales generan $ 42.6 millones en ingresos anuales, lo que representa el 22.7% de las ventas totales.

Métrica de ventas en línea	2023 datos
Ingresos anuales en línea	$ 42.6 millones
Porcentaje de ventas totales	22.7%
Número de clientes en línea activos	1,843

Ferias y conferencias comerciales de la industria

Intrepid Potash participa en 14 eventos principales de la industria agrícola anualmente, generando potenciales clientes potenciales por valor de $ 23.5 millones.

Canales de marketing digital y comunicación

Presupuesto de marketing digital de $ 3.2 millones en 2023, llegando a aproximadamente 87,000 profesionales agrícolas específicos.

• Seguidores de LinkedIn: 12,400
• Seguidores de Twitter: 5.700
• Base de datos de marketing por correo electrónico: 45,600 contactos

Intrepid Potash, Inc. (IPI) - Modelo de negocio: segmentos de clientes

Productores agrícolas a gran escala

La potasa intrépida sirve a productores agrícolas a gran escala con volúmenes anuales de consumo de potasa de:

Tipo de cultivo	Consumo anual de potasa (toneladas)
Maíz	4.2 millones
Trigo	2.8 millones
Soja	1.9 millones

Cooperativas agrícolas

La base de clientes incluye 37 cooperativas agrícolas regionales En los Estados Unidos, con presencia concentrada en:

• Regiones agrícolas del medio oeste
• Grandes estados de llanuras
• Zonas agrícolas de California

Especialistas en nutrición de cultivos

El segmento de mercado representa $ 124.5 millones en contratos anuales de consultoría de fertilizantes.

Categoría especialista	Valor anual del contrato
Consultores independientes	$ 52.3 millones
Empresas de nutrición corporativa	$ 72.2 millones

Mercados agrícolas internacionales

Volúmenes de exportación para 2023:

Región	Volumen de exportación (toneladas métricas)
América Latina	412,000
Asia-Pacífico	287,000
unión Europea	156,000

Empresas agrícolas sostenibles

El segmento de clientes de agricultura sostenible representa 18.4% de la base total de clientes.

• Requisitos de certificación orgánica cumplidos
• Procesos de producción certificados ambientalmente
• Opciones de fertilizantes neutrales en carbono

Intrepid Potash, Inc. (IPI) - Modelo de negocio: Estructura de costos

Gastos operativos de minería y extracción

A partir del informe anual de 2022, los gastos operativos mineros totales de Intrepid Potash fueron de $ 50.3 millones. Desglose de costos específico incluye:

Categoría de gastos	Costo anual ($)
Operaciones mineras	35,200,000
Procesamiento de extracción	15,100,000

Mantenimiento y reemplazo del equipo

El gasto de capital para el equipo en 2022 totalizaron $ 12.7 millones, con costos de mantenimiento de aproximadamente $ 4.5 millones.

• Reemplazo del equipo minero: $ 8.2 millones
• Costos de mantenimiento anual: $ 4.5 millones

Costos de la fuerza laboral laboral y técnica

Los gastos totales de la fuerza laboral para 2022 fueron de $ 22.6 millones.

Categoría de empleado	Costo laboral anual ($)
Fuerza laboral técnica	14,300,000
Personal administrativo	8,300,000

Gastos de transporte y logística

Los costos de transporte en 2022 ascendieron a $ 7.9 millones.

• Trucking and Shipping: $ 5.6 millones
• Transporte ferroviario: $ 2.3 millones

Inversiones de investigación y desarrollo

El gasto de I + D para 2022 fue de $ 3.2 millones, centrado en la eficiencia de la extracción de minerales y las tecnologías ambientales.

Área de enfoque de I + D	Inversión ($)
Tecnología de extracción	1,900,000
Soluciones ambientales	1,300,000

Intrepid Potash, Inc. (IPI) - Modelo de negocio: flujos de ingresos

Venta de productos minerales de potasa

Para el año fiscal 2023, Intrepid Potash informó un volumen total de ventas de potasa de 246,000 toneladas, con un precio de venta promedio de $ 402 por tonelada. Los ingresos totales de potasa alcanzaron los $ 98.9 millones.

Categoría de productos	Volumen de ventas (toneladas)	Precio promedio por tonelada	Ingresos totales
Muriate of Potash (MOP)	198,000	$385	$ 76.2 millones
Productos de potasa especializado	48,000	$480	$ 22.7 millones

Ingresos de fertilizantes especializados de sulfato de potasa

Los ingresos por productos de sulfato especializado de potasa (SOP) para 2023 fueron de $ 37.5 millones, lo que representa un aumento del 15% respecto al año anterior.

• Capacidad de producción de SOP: 60,000 toneladas anualmente
• Precio promedio de venta de SOP: $ 625 por tonelada
• Cuota de mercado en segmento de fertilizantes especializados: 8.3%

Servicios de consultoría agrícola

Los ingresos de consultoría para 2023 totalizaron $ 2.3 millones, derivados de servicios de asesoramiento técnico a clientes agrícolas.

Transacciones del mercado de exportación de minerales

Los ingresos del mercado de exportación en 2023 alcanzaron los $ 22.6 millones, con mercados primarios que incluyen:

Región de exportación	Volumen de exportación (toneladas)	Ganancia
América Latina	65,000	$ 14.2 millones
Asia-Pacífico	35,000	$ 8.4 millones

Licencias de tecnología agrícola sostenible

Los ingresos por licencias de tecnología para 2023 ascendieron a $ 1.7 millones, cubriendo 5 patentes de tecnología agrícola distintas.

• Número de acuerdos de licencia de tecnología: 12
• Tarifa de licencia promedio: $ 141,667 por acuerdo
• Áreas tecnológicas: agricultura de precisión, fertilización eficiente en el agua

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Intrepid Potash, Inc. over alternatives, grounded in their late 2025 operational realities. It's about domestic sourcing, unique product chemistry, and specialized services.

Domestic supply of MOP, reducing reliance on global imports

Intrepid Potash, Inc. holds a unique position as the only U.S. producer of muriate of potash (MOP). This domestic status offers a distinct logistical and supply security advantage to North American agricultural customers concerned about international shipping disruptions or trade policies. The company's production comes from three solar solution potash facilities.

Trio® specialty fertilizer delivering potassium, magnesium, and sulfate in one particle

The Trio® product is valued because it combines three essential nutrients-potassium, magnesium, and sulfate-into a single granule. This single-particle delivery simplifies application for growers. For the third quarter of 2025, the average net realized sales price (NRSP) for Trio® reached $402 per ton. The first quarter of 2025 saw a quarterly sales record for Trio® at 110,000 tons sold. The cost of goods sold (COGS) per ton for Trio® improved significantly, standing at $235 per ton in the first quarter of 2025.

Low-chloride product premiums in key agricultural markets

Customers are paying more for the low-chloride nature of Intrepid Potash, Inc.'s products, especially within the Trio® offering. In the third quarter of 2025, the strong pricing reflected the 'realization of first half price increases which totaled approximately $60 per ton since the start of the year'. This also includes a greater realization of the low chloride potassium (K) value in Trio®.

Environmentally friendly production via solar evaporation process

Intrepid Potash, Inc. is a leader in using the solar evaporation process for potash production. This method is cited as being more environmentally friendly compared to conventional mining and offers safety advantages. All of the company's potash production utilizes this solar solution mining technique.

Oilfield services providing essential water, brine, and high-speed KCl mixing

The Oilfield Solutions segment provides necessary inputs and services to the oil and gas industry, including water, brine, and high-speed potassium chloride (KCl) mixing services. Brine sales specifically hit a company best in 2024, totaling $11.1 million. While this segment experienced a significant sales drop in Q3 2025 to $2.7 million from $10.3 million the prior year, it still contributed revenue, with Q1 2025 Oilfield Solutions revenue at $4.4 million.

Here's a quick look at some key operational and financial metrics supporting these value propositions as of late 2025:

Value Proposition Component	Metric	Amount/Value	Period/Context
Domestic MOP Supply	U.S. MOP Producer Status	Only U.S. Producer	As of late 2025
Trio® Specialty Fertilizer	Q3 2025 Average NRSP	$402 per ton	Q3 2025
Trio® Specialty Fertilizer	Q1 2025 Sales Volume	110,000 tons	Record Quarter
Low-Chloride Premiums	Price Increase Realization	Approx. $60 per ton	Since start of H1 2025
Oilfield Services	2024 Brine Sales	$11.1 million	2024
Oilfield Services	Q3 2025 Segment Sales	$2.7 million	Q3 2025

The company's overall financial health in Q3 2025 supported these operations, with total sales of $53.2 million and net income of $3.7 million.

• Potash segment COGS per ton improved by 9% year-to-date 2025 to $327 per ton.
• Trio® segment COGS per ton improved by 15% year-to-date 2025 to $238 per ton.
• Potash sales volumes increased by 15% in Q3 2025 compared to Q3 2024.

Finance: draft 13-week cash view by Friday.

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Customer Relationships

You're looking at how Intrepid Potash, Inc. (IPI) manages its connections with the buyers of its diverse mineral products, which is key to their unit economics. Honestly, the relationship structure is segmented by product line and end-market use.

Direct sales model for specialized fertilizer and industrial products

Intrepid Potash, Inc. uses a direct sales approach for its agricultural and industrial products, including specialized offerings like Safe Feed/Safe Food and Organic Materials Review Institute-Listed products. The sales team captures pricing strength directly, which is evident in the realized prices throughout 2025.

Here's a look at the realized sales prices and volumes for their core products through the third quarter of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025	Q4 2025 Guidance
Potash Sales Volume (Tons)	Not specified (YTD volume +39% Y/Y)	69,000	62,000	50,000 to 60,000
Potash Avg. NRSP (per Ton)	Not specified (21% decrease vs. prior year)	$361	$381	$385 to $395
Trio® Sales Volume (Tons)	Not specified (YTD volume record)	70,000	36,000	27,000 to 37,000 (Q3 Guidance)
Trio® Avg. NRSP (per Ton)	Not specified (+$40/ton increase in Q1)	$368	$402	$383 to $393 (Q3 Guidance)

Dedicated sales and marketing team for agricultural and industrial customers

The company employs a dedicated sales and marketing structure, with Zachry Adams serving as the Vice President of Sales & Marketing as of late 2025. This team is focused on realizing improved pricing and managing customer demand, which is reflected in the financial outcomes.

The focus on sales execution helped drive significant margin improvements:

• Potash segment gross margin for Q3 2025 was $6.3 million.
• Year-to-date segment gross margin through Q3 2025 totaled $13.6 million.
• Trio® segment generated gross margin of $4.4 million in Q3 2025, up from $0.6 million in Q3 2024.

Long-term service agreements for oilfield solutions (e.g., saltwater disposal)

For oilfield solutions, which includes water sales and surface use/easement revenue, customer relationships are tied to activity levels in the basins where Intrepid Potash, Inc. operates, such as the Delaware Basin. The search results don't detail specific long-term service agreements, but they do show the impact of customer activity.

The oilfield solutions segment shows variability based on customer operations:

• Oilfield solutions segment sales decreased by $0.9 million in Q1 2025 compared to the prior year period.
• This decrease was due to a $0.7 million drop in water sales linked to reduced oilfield activity at Intrepid South.
• The strategic value of their land position is also monetized directly, as seen by a strategic land sale in Q3 2025 for a gain of $2.2 million.

Investor relations and transparent communication on production and unit economics

Investor relations is a key relationship channel, providing detailed operational metrics to the financial community. Intrepid Potash, Inc. communicates progress toward operational goals frequently.

Key operational and financial metrics shared with investors in 2025 include:

• Year-to-date (through Q3 2025) Adjusted EBITDA reached $45.0 million, the best start since 2015 (excluding 2022).
• Net income for Q3 2025 was $3.7 million.
• Potash Cost of Goods Sold (COGS) per ton improved to $257 in Q3 2025, compared to $272 in the prior year period.
• The company has a goal for sustained higher potash production, targeting >300,000 tons for 2027E.
• The cash balance as of August 1, 2025, was $87 million, with no long-term debt.

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Channels

You're looking at how Intrepid Potash, Inc. (IPI) gets its product-potash, Trio®, and oilfield solutions-from the mine to the customer. It's a heavy logistics play, especially since they are the only potash producer in the United States.

Direct sales force to agricultural and industrial end-users

Intrepid Potash, Inc. sells directly into several markets, using a sales mix that includes premium-priced specialty products like Safe Feed/Safe Food and Organic Materials Review Institute-Listed materials. The sales force targets the agricultural industry for fertilizer input, the industrial market for oil and gas drilling fluid components, and the animal feed market for nutrient supplements. The scale of movement is significant; for instance, combined total sales volumes for potash and Trio® hit 213 thousand tons in the first quarter of 2025. By the third quarter of 2025, total sales reached $53.2 million.

Here's a snapshot of sales activity in the first half of 2025:

Product Segment	Sales Volume (Q1 2025)	Average Net Realized Sales Price (NRSP) (Q2 2025)	Sales Volume (Q3 2025)
Potash	110 thousand tons (Total Sales Volume)	$361 per ton	62 thousand tons
Trio®	110 thousand tons (Total Sales Volume)	$368 per ton (Q2 2025 NRSP)	Volume decrease due to seasonality after record H1 sales of 181 thousand tons

The company's ability to command strong pricing, like the potash NRSP of $381 per ton in Q3 2025, is partly due to proximity to key markets, which helps drive higher netbacks versus peers.

Rail and truck transportation networks for product delivery

Moving product from the Moab, UT, Carlsbad, NM, and Wendover, UT mines requires a robust logistics setup. Intrepid Potash, Inc.'s logistics network uses rail, barge, and truck transportation to serve customers. This network covers domestic agricultural regions across the Midwest and includes export channels reaching Canada, Latin America, and parts of Asia. The company owns approximately 88k surface acres across its sites, which aids in positioning product near major transport arteries. When Intrepid Potash, Inc. arranges transportation and delivery for a customer, those costs are included in revenue and freight costs; however, some customers arrange and pay for their own delivery, excluding those costs from Intrepid Potash, Inc.'s reported figures.

Company-owned trucking services for Oilfield Solutions segment

For the Oilfield Solutions segment, which provides water, high-speed potassium chloride mixing, and saltwater disposal, Intrepid Potash, Inc. maintains a vertically integrated supply chain that specifically manages product, trucking, and logistics. The company is equipped with a fleet of pneumatic trucks ready for 24/7 operations to support oil and gas drilling and completion activities. This segment was a steady contributor, reporting revenue of $4.4 million in the first quarter of 2025 and $4.3 million in the second quarter of 2025.

Distribution centers and storage facilities near key markets

Intrepid Potash, Inc. strategically locates its production sites near major infrastructure. The facilities in Wendover, UT, Moab, UT, and Carlsbad, NM, are all situated near major rail lines and trucking routes, allowing for real-time product sourcing. The company's ability to maintain strong sales volumes, such as the 213 thousand tons sold in Q1 2025, is supported by having inventory available, as seen by the higher sales volumes partially offset by lower pricing compared to the prior year. The strength in the Midwest market is evidenced by the fact that Midwest warehouse prices increased throughout the first half of 2025, which helped support the average net realized sales price per ton in the third quarter of 2025.

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Intrepid Potash, Inc. as of their late 2025 filings. Honestly, the business is built around three main product lines-Potash, Trio, and Oilfield Solutions-which directly map to distinct customer groups. Here's the quick math on how those segments performed in the third quarter of 2025, which gives you a clear picture of where the revenue is coming from.

For the three months ended September 30, 2025, Intrepid Potash, Inc. reported total sales of $53.2 million. The bulk of this revenue comes from customers needing crop nutrients.

Customer Segment Focus	Intrepid Potash Product Line	Q3 2025 Sales (Millions USD)	Q3 2025 Sales Volume	Average Realized Price/Ton
Agricultural Industry (Fertilizer)	Potash	$32.479 million	62 thousand tons	$381 per ton
Agricultural Industry (Specialty Fertilizer)	Trio®	$18.094 million	36 thousand tons	$402 per ton
Industrial Market / Oil & Gas Support	Potash & Brine (Oilfield Solutions)	$2.686 million (Total Oilfield Sales)	N/A (Primarily water/service volume)	N/A

The year-to-date figures for the first nine months of 2025 show the scale of the agricultural focus:

• Potash segment sales for the nine months ended September 30, 2025, totaled $110.050 million.
• Trio segment sales for the nine months ended September 30, 2025, reached $101.148 million.

Agricultural industry customers are served through two primary product offerings, which you can see commanded strong pricing power in Q3 2025.

Agricultural industry (domestic and international farmers/blenders)

This group uses the core Muriate of Potash (MOP) as an essential nutrient for healthy crop development, plus the specialty fertilizer Trio®, which delivers potassium, magnesium, and sulfate.

• The average realized sales price for Potash into agriculture markets was fully captured at approximately $60 per ton higher compared to the first quarter of 2025.
• Trio® segment sales volumes decreased by 20% in Q3 2025 as some customers deferred purchases, but the average net realized sales price was $402 per ton.

Industrial market (e.g., oil and gas drilling fluid component)

Potash is also utilized in various industrial applications, including as a component in oil and gas drilling fluid. This is generally captured within the Potash segment revenue, though specific industrial volume breakdowns aren't explicitly separated from agricultural sales in the Q3 2025 reporting.

Animal feed market (nutrient supplement)

Intrepid Potash, Inc. is the only U.S. producer of muriate of potash used as a nutrient supplement in animal feed. This demand is embedded within the overall Potash segment sales figures, which were $32.479 million in Q3 2025.

Oil and gas companies operating in the Permian Basin (for water/brine)

This customer base falls under the Oilfield Solutions segment, which provides water, high-speed potassium chloride mixing services, saltwater disposal, and trucking services. Activity here is highly variable based on drilling and fracking schedules.

• Oilfield segment sales declined significantly to $2.686 million in Q3 2025, down from $10.324 million in Q3 2024.
• The decrease was driven by a $7.4 million drop in water sales, reflecting lower oilfield activity near the Intrepid South Ranch and Caprock well systems.
• Year-to-date Oilfield Solutions sales through Q3 2025 were $11.410 million.

Finance: draft 13-week cash view by Friday.

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Cost Structure

You're looking at the core expenses Intrepid Potash, Inc. (IPI) faces to get its products out the door. For a company rooted in mining and solar evaporation, the cost structure is heavily weighted toward production and getting that product to the customer. We're focusing on the numbers as of late 2025, which gives us a clear picture of their unit economics.

The cost of producing the core products is a key metric you need to watch. Intrepid Potash, Inc. reported specific Cost of Goods Sold (COGS) per ton figures for the third quarter of 2025, showing how efficiently they managed production during that period. Here's the quick math on those per-ton costs:

Product	COGS per Ton (Q3 2025)
Potash	$340 per ton
Trio®	$257 per ton

It's interesting to note that the Trio® COGS per ton of $257 in Q3 2025 was actually lower than the $272 per ton seen in the third quarter of 2024, even though it was slightly higher than the $235 per ton achieved in the second quarter of 2025. That sequential increase in Q3 2025 was attributed to a higher mix of premium Trio® sales, which carry higher associated costs.

Capital investment is another major cost component. For the full-year 2025, Intrepid Potash, Inc. provided guidance for capital expenditures in the range of $30 million to $34 million. This spend is directed toward keeping the mines and processing facilities running optimally.

• Capital expenditures guidance for full-year 2025: $30 million to $34 million.
• A portion of this, approximately $5.0 million, is specifically related to the HB AMAX Cavern project.
• The remainder of the capital spend is directed to sustaining projects across both the potash and Trio® operations.

The day-to-day running of the business involves significant operating costs tied directly to the physical process of extraction and refinement. These costs encompass several key areas:

Mining, processing, and solar evaporation operating costs are central to the COGS figures above. Intrepid Potash, Inc. benefits from using solar solution mining for its potash, which is a more environmentally friendly production method and offers safety advantages compared to conventional underground mining. Operational efficiencies, like the commissioning of new continuous miners and the restart of the fine langbeinite recovery system, help drive these unit economics down, as seen in the year-over-year COGS improvements.

Transportation and logistics expenses are also a material part of the overall cost structure. While specific dollar amounts for this category aren't always broken out separately from COGS, Intrepid Potash, Inc.'s proximity to key markets is noted as a competitive advantage that helps drive higher netbacks versus peers, which implies better control or lower relative cost in this area.

Intrepid Potash, Inc. (IPI) - Canvas Business Model: Revenue Streams

Total sales for the first nine months of 2025 were $222.5 million.

Intrepid Potash, Inc.'s revenue streams are primarily derived from its fertilizer segments, supplemented by oilfield and land-related activities. Here is a breakdown of the known segment contributions for the first nine months of 2025:

Revenue Stream Component	Sales for Nine Months Ended September 30, 2025 (Millions USD)
Potash sales (MOP)	$110.050
Trio® specialty fertilizer sales	$101.148
Implied Oilfield Solutions and Surface Use/Easement Revenue	$11.302
Total Sales (9M 2025)	$222.500

Potash sales (MOP) to agricultural, industrial, and feed markets contributed significantly to the total revenue.

• Potash segment sales for the nine months ended September 30, 2025, totaled $110.050 million.
• For the third quarter of 2025, potash sales were $32.479 million.
• Third quarter 2025 potash sales volumes increased 15 percent to 62 thousand tons.
• The average realized sales price per ton for potash in the third quarter of 2025 rose 7 percent to $381 per ton.

Trio® specialty fertilizer sales (langbeinite) also form a core revenue component.

• Trio segment sales for the nine months ended September 30, 2025, were $101.148 million.
• Third quarter 2025 Trio segment sales were $18.094 million.
• The average net realized sales price per ton for Trio in the third quarter of 2025 was $402 per ton.
• Trio sales volumes in the third quarter of 2025 were 36,000 tons.

Oilfield Solutions revenue from water, brine, and disposal services, along with surface use and easement revenue from strategic land holdings, make up the remainder of the total sales figure. Specific 2025 segment data for these streams is not fully detailed in the same reporting structure.

• Oilfield Solutions brine sales in 2024 reached $4.2 million within that segment.
• Other revenue streams enhancing cash flows include salt and magnesium chloride.