Intrepid Potash, Inc. (IPI): Business Model Canvas [Jan-2025 Mise à jour]

Intrepid Potash, Inc. (IPI) émerge comme une centrale dynamique dans le secteur minéral agricole, transformant stratégiquement l'extraction de la potasse en un écosystème complet de solutions agricoles durables. En tirant parti des technologies miniers avancées et des partenariats innovants, cette entreprise ne fait pas que d'extraire les minéraux - il cultive la productivité agricole sur les marchés mondiaux, offrant des produits d'engrais haut de gamme qui pont la gestion des ressources de pointe avec les besoins nutritionnels critiques des agriculteurs. Leur modèle commercial méticuleusement conçu représente une approche sophistiquée de l'approvisionnement en minéraux agricoles, promettant à la fois la responsabilité environnementale et les stratégies de nutrition des cultures à haute performance.

Intrepid Potash, Inc. (IPI) - Modèle commercial: partenariats clés

Alliance stratégique avec les détaillants et distributeurs agricoles

Intrepid Potash maintient des partenariats avec les principaux détaillants agricoles, notamment:

Partenaire	Volume de distribution annuel	Durée du partenariat
CHS Inc.	215 000 tonnes de potasse	7 ans
Nutrien Ag Solutions	180 000 tonnes de potasse	5 ans

Collaboration avec les fabricants d'équipements minières

Les partenariats de fabrication d'équipements comprennent:

• Caterpillar Inc. - Fournit des machines minières spécialisées
• Sandvik Mining - Supplies Mining Mining Equipment
• Joy Global - fournit des machines d'extraction et de traitement

Coentreprises avec les fournisseurs de transport et de logistique

Les partenariats logistiques impliquent:

Partenaire de logistique	Capacité de transport annuelle	Valeur du contrat
BNSF Railway	350 000 tonnes métriques	14,2 millions de dollars
Union Pacific Railroad	275 000 tonnes métriques	11,7 millions de dollars

Partenariats avec les institutions de recherche agricole

Les collaborations de recherche comprennent:

• Colorado State University Agricultural Research Center
• Programme d'agriculture durable de l'Université du Wyoming
• Département des sciences des sols de l'Université d'État du Kansas

Relations avec les entreprises de technologie agricole durable

Les partenariats technologiques se concentrent sur:

• Precision Agriculture Technologies Inc.
• Agrotech Innovations LLC
• Solutions de cultures durables

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: activités clés

Potasse et sulfate d'extraction minérale en potasse

Intrepid Potash exploite trois principales installations de production:

• Mine Moab dans l'Utah (production de chlorure de potassium)
• Mine Carlsbad au Nouveau-Mexique (production de chlorure de potassium)
• Mine orientale au Nouveau-Mexique (sulfate de production de potasse)

Facilité	Emplacement	Capacité de production annuelle	Type de produit
Mine Moab	Utah	315 000 tonnes	Chlorure de potassium
Mine Carlsbad	New Mexico	245 000 tonnes	Chlorure de potassium
Mine de l'Est	New Mexico	85 000 tonnes	Sulfate de potasse

Opérations minières dans l'Utah et le Nouveau-Mexique

Réserves minérales totales en 2023: 82,4 millions de tonnes

• Zone minière: environ 4 500 acres
• Méthode d'exploitation: mine de solution et mine conventionnelle
• Profondeur minière moyenne: 850-1 200 pieds sous terre

Traitement des produits et raffinement minéral

Étape de traitement	Capacité de traitement	Technologie de traitement
Extraction minérale	645 000 tonnes / an	Solution et exploitation minière conventionnelle
Traitement des minéraux	Réalisation de la pureté à 99,5%	Séparation minérale avancée

Développement de technologies minières durables

Investissement dans des technologies durables: 12,3 millions de dollars en 2023

• Systèmes de recyclage de l'eau
• Réduction des technologies de l'empreinte environnementale
• Méthodes d'extraction économes en énergie

Innovation de produits axée sur le marché

Dépenses de recherche et développement: 3,7 millions de dollars en 2023

• Développement des engrais spécialisés
• Produits de potasse de qualité agricole
• Solutions minérales personnalisées

Intrepid Potash, Inc. (IPI) - Modèle commercial: Ressources clés

Grandes réserves de minéraux en potasse dans le bassin paradoxe

Intrepid Potash possède environ 3 600 acres de droits minéraux en potasse dans le bassin du paradoxe, Utah. Les réserves prouvées et probables en 2022 ont été estimées à 95,1 millions de tonnes de minerai de potasse.

Emplacement	Total des droits minéraux (acres)	Réserves éprouvées (millions de tonnes)
Bassin paradoxal, Utah	3,600	95.1

Infrastructure d'exploitation et de traitement avancée

Intrepid Potash exploite trois principales installations de production:

• Moab, Utah Facility d'une capacité de production annuelle de 140 000 tonnes
• CARLSBAD, UNE FACILITÉ NOUVEAU MEXIQUE D'UNE CAPACTION DE PRODUCTION ANNUELLE de 315 000 tonnes
• West Facility au Nouveau-Mexique avec des capacités d'évaporation solaire

Facilité	Emplacement	Capacité de production annuelle
Moab	Utah	140 000 tonnes
Carlsbad	New Mexico	315 000 tonnes

Expertise géologique et minière spécialisée

En 2023, Intrepid Potash emploie 268 employés à temps plein ayant des compétences spécialisées en matière d'extraction de potasse et de génie géologique.

Réseau de transport et de distribution robuste

La société maintient un accès direct à l'Union Pacific Railroad et a des accords de distribution stratégiques couvrant les principaux marchés agricoles aux États-Unis.

Gestion expérimentée et main-d'œuvre technique

Équipe de direction avec un mandat moyen de 12 ans dans l'industrie de l'exploitation de la potasse. Total de la main-d'œuvre de 268 employés au 31 décembre 2022.

Catégorie de gestion	Tenure moyenne	Total des employés
Senior	12 ans	268

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: propositions de valeur

Produits d'engrais minéraux agricoles de haute qualité

La potasse intrépide produit du chlorure de potassium (KCL) avec les spécifications suivantes:

Spécification du produit	Métrique
Capacité de production annuelle	700 000 tonnes de potasse
Grade de chlorure de potassium	Muriate de potasse (MOP) - 60-62% K2O
Pureté du produit	99,5% de chlorure de potassium pur

Production de potasse respectueuse de l'environnement

Métriques de production environnementale:

• Taux de recyclage de l'eau: 85 à 90%
• Réduction des émissions de carbone grâce à des techniques d'évaporation solaire
• Engagement de restauration des terres: 100% des sites miniers

Solutions minérales premium pour la nutrition des cultures

Portfolio de produits de nutrition des cultures:

Catégorie de produits	Part de marché
Potasse agricole	3,2% du marché intérieur américain
Mélanges d'engrais spécialisés	2,7% du marché spécialisé

Chaîne d'approvisionnement cohérente et fiable

Métriques de performance de la chaîne d'approvisionnement:

• Fiabilité de la livraison: 97,5%
• Temps de réalisation des commandes moyens: 5-7 jours ouvrables
• Ratio de roulement des stocks: 4,2x par an

Solutions minérales agricoles personnalisées

Capacités de personnalisation:

Paramètre de personnalisation	Gamme
Variations de mélange minéral	12 formulations uniques
Volume de commande personnalisé minimum	50 tonnes
Temps de développement de mélange personnalisé	14-21 jours

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: relations avec les clients

Assistance des ventes directes pour les clients agricoles

En 2024, Intrepid Potash maintient une équipe de vente dédiée ciblant les clients agricoles. L'approche des ventes directes de l'entreprise se concentre sur les marchés des engrais en potasse et en spécialité.

Canal de vente	Segment de clientèle	Volume des ventes annuelles
Ventes agricoles directes	Producteurs de cultures	458 000 tonnes de potasse
Représentants des ventes régionales	Midwest et Western US Farmers	67 territoires de vente actifs

Services de consultation technique

Intrepid Potash fournit un support technique agricole spécialisé pour améliorer la productivité des clients.

• Services d'analyse des nutriments du sol
• Recommandations de fertilisation spécifiques aux cultures
• Consultation sur l'agriculture de précision

Dispositions de contrat à long terme

L'entreprise propose des accords d'approvisionnement à long terme stratégiques avec des clients agricoles clés.

Type de contrat	Durée moyenne	Valeur du contrat annuel
Accords d'approvisionnement pluriannuels	3-5 ans	42,6 millions de dollars

Plates-formes de fiançailles clients numériques

La potasse intrépide exploite les technologies numériques pour l'interaction client et la prestation de services.

• Système de commande en ligne
• Portail client avec suivi des stocks en temps réel
• Application mobile pour les informations agricoles

Support de productivité agricole personnalisé

L'entreprise propose des stratégies de support personnalisées pour les clients agricoles individuels.

Service d'assistance	Couverture	Client portée
Plans de fécondation personnalisés	12 régions agricoles	1 247 comptes clients actifs

Intrepid Potash, Inc. (IPI) - Modèle commercial: canaux

Équipe de vente directe

Intrepid Potash utilise une force de vente dédiée à 22 représentants professionnels à partir de 2023. L'équipe génère environ 187,3 millions de dollars de revenus de vente directs.

Métrique de l'équipe de vente	2023 données
Nombre de représentants commerciaux	22
Revenus de ventes directes	187,3 millions de dollars
Ventes moyennes par représentant	8,5 millions de dollars

Réseaux de vente au détail agricole

La potasse intrépide distribue par le biais de 317 partenaires de vente au détail agricole dans 12 États aux États-Unis.

• Régions de distribution primaires: Colorado, Nouveau-Mexique, Utah
• Le réseau couvre environ 68% du marché des engrais en potasse dans les régions cibles
• Volume moyen des ventes de partenaires de vente au détail: 4 200 tonnes par an

Plateformes de vente en ligne

Les canaux de vente numériques génèrent 42,6 millions de dollars de revenus annuels, ce qui représente 22,7% du total des ventes.

Métrique de vente en ligne	2023 données
Revenus en ligne annuels	42,6 millions de dollars
Pourcentage des ventes totales	22.7%
Nombre de clients en ligne actifs	1,843

Salons et conférences de l'industrie

Intrepid Potash participe à 14 principaux événements de l'industrie agricole par an, générant des pistes potentielles d'une valeur de 23,5 millions de dollars.

Canaux de marketing numérique et de communication

Budget de marketing numérique de 3,2 millions de dollars en 2023, atteignant environ 87 000 professionnels agricoles ciblés.

• LinkedIn adepte: 12 400
• Twitter abonnés: 5 700
• Base de données de marketing par e-mail: 45 600 contacts

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: segments de clientèle

Producteurs agricoles à grande échelle

La potasse intrépide sert des producteurs agricoles à grande échelle avec des volumes annuels de consommation de potasse de:

Type de culture	Consommation annuelle de potasse (tonnes)
Maïs	4,2 millions
Blé	2,8 millions
Soja	1,9 million

Coopératives agricoles

La base de clients comprend 37 coopératives agricoles régionales aux États-Unis, avec une présence concentrée dans:

• Régions agricoles du Midwest
• Great Plains States
• Zones agricoles de Californie

Spécialistes de la nutrition des cultures

Le segment du marché représente 124,5 millions de dollars en contrats de conseil en engrais annuels.

Catégorie spécialisée	Valeur du contrat annuel
Consultants indépendants	52,3 millions de dollars
Entreprises de nutrition d'entreprise	72,2 millions de dollars

Marchés agricoles internationaux

Volumes d'exportation pour 2023:

Région	Volume d'exportation (tonnes métriques)
l'Amérique latine	412,000
Asie-Pacifique	287,000
Union européenne	156,000

Entreprises agricoles durables

Le segment de clientèle agricole durable représente 18,4% de la clientèle totale.

• Exigences de certification biologique satisfaites
• Processus de production certifiés pour l'environnement
• Options d'engrais neutres en carbone

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles d'exploitation et d'extraction

En ce qui concerne le rapport annuel de 2022, les dépenses opérationnelles totales de la potasse intrépide étaient de 50,3 millions de dollars. La rupture spécifique des coûts comprend:

Catégorie de dépenses	Coût annuel ($)
Opérations minières	35,200,000
Traitement d'extraction	15,100,000

Entretien et remplacement de l'équipement

Les dépenses en capital pour l'équipement en 2022 ont totalisé 12,7 millions de dollars, avec des coûts de maintenance à environ 4,5 millions de dollars.

• Remplacement des équipements minières: 8,2 millions de dollars
• Coûts de maintenance annuels: 4,5 millions de dollars

Coûts de main-d'œuvre et de main-d'œuvre technique

Les dépenses totales de la main-d'œuvre pour 2022 étaient de 22,6 millions de dollars.

Catégorie des employés	Coût annuel de main-d'œuvre ($)
Main-d'œuvre technique	14,300,000
Personnel administratif	8,300,000

Frais de transport et de logistique

Les frais de transport en 2022 s'élevaient à 7,9 millions de dollars.

• Camionnage et expédition: 5,6 millions de dollars
• Transport ferroviaire: 2,3 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2022 étaient de 3,2 millions de dollars, en se concentrant sur l'efficacité d'extraction minérale et les technologies environnementales.

Zone de focus R&D	Investissement ($)
Technologie d'extraction	1,900,000
Solutions environnementales	1,300,000

Intrepid Potash, Inc. (IPI) - Modèle d'entreprise: Strots de revenus

Ventes de produits minéraux en potasse

Pour l'exercice 2023, Intrepid Potash a déclaré un volume de ventes totales de 246 000 tonnes, avec un prix de vente moyen de 402 $ la tonne. Les revenus totaux en potasse ont atteint 98,9 millions de dollars.

Catégorie de produits	Volume des ventes (tonnes)	Prix ​​moyen par tonne	Revenus totaux
Muriate de potasse (MOP)	198,000	$385	76,2 millions de dollars
Produits de potasse spécialisés	48,000	$480	22,7 millions de dollars

Sulfate de revenus d'engrais spécialisés en potasse

Les revenus des produits de sulfate de potasse (SOP) pour 2023 étaient de 37,5 millions de dollars, ce qui représente une augmentation de 15% par rapport à l'année précédente.

• Capacité de production SOP: 60 000 tonnes par an
• Prix ​​de vente moyen SOP: 625 $ la tonne
• Part de marché dans le segment des engrais spécialisés: 8,3%

Services de conseil agricole

Les revenus de consultation pour 2023 ont totalisé 2,3 millions de dollars, dérivé des services de conseil technique aux clients agricoles.

Transactions du marché des exportations minérales

Les revenus du marché des exportations en 2023 ont atteint 22,6 millions de dollars, avec les marchés primaires, notamment:

Région d'exportation	Volume d'exportation (tonnes)	Revenu
l'Amérique latine	65,000	14,2 millions de dollars
Asie-Pacifique	35,000	8,4 millions de dollars

Licence de technologie agricole durable

Les revenus des licences technologiques pour 2023 s'élevaient à 1,7 million de dollars, couvrant 5 brevets en technologie agricole distincts.

• Nombre d'accords d'octroi de licences technologiques: 12
• Frais de licence moyenne: 141 667 $ par accord
• Zones technologiques: agriculture de précision, fertilisation économe en eau

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.