Intrepid Potash, Inc. (IPI): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Intrepid Potash, Inc. (IPI) surge como uma potência dinâmica no setor mineral agrícola, transformando estrategicamente a extração de potássio em um ecossistema abrangente de soluções agrícolas sustentáveis. Ao alavancar tecnologias avançadas de mineração e parcerias inovadoras, esta empresa não apenas mine minerais-cultiva a produtividade agrícola entre os mercados globais, oferecendo produtos de fertilizantes premium que preenchem o gerenciamento de recursos de ponta com as necessidades nutricionais críticas dos agricultores. Seu modelo de negócios meticulosamente criado representa uma abordagem sofisticada do suprimento mineral agrícola, prometendo responsabilidade ambiental e estratégias de nutrição de culturas de alto desempenho.

Intrepid Potash, Inc. (IPI) - Modelo de negócios: Parcerias -chave

Aliança estratégica com varejistas e distribuidores agrícolas

Intrepid Potash mantém parcerias com os principais varejistas agrícolas, incluindo:

Parceiro	Volume anual de distribuição	Duração da parceria
CHS Inc.	215.000 toneladas de potássio	7 anos
Nutrien AG Solutions	180.000 toneladas de potássio	5 anos

Colaboração com fabricantes de equipamentos de mineração

As parcerias de fabricação de equipamentos incluem:

• Caterpillar Inc. - fornece máquinas de mineração especializadas
• Sandvik Mining - Suprimentos Underground Mining Equipment
• Joy Global - oferece máquinas de extração e processamento

Joint ventures com provedores de transporte e logística

As parcerias de logística envolvem:

Parceiro de logística	Capacidade anual de transporte	Valor do contrato
Ferrovia BNSF	350.000 toneladas métricas	US $ 14,2 milhões
Union Pacific Railroad	275.000 toneladas métricas	US $ 11,7 milhões

Parcerias com instituições de pesquisa agrícola

As colaborações de pesquisa incluem:

• Centro de Pesquisa Agrícola da Universidade Estadual do Colorado
• Programa de Agricultura Sustentável da Universidade de Wyoming
• Departamento de Ciência do Solo da Universidade Estadual de Kansas

Relacionamentos com empresas de tecnologia agrícola sustentável

As parcerias de tecnologia se concentram em:

• Precision Agriculture Technologies Inc.
• Agrotech Innovations LLC
• Soluções de culturas sustentáveis

Intrepid Potash, Inc. (IPI) - Modelo de negócios: Atividades -chave

Potássio e sulfato de extração mineral de potássio

Intrepid Potash opera três instalações de produção primárias:

• Mina Moab em Utah (produção de cloreto de potássio)
• Carlsbad Mina no Novo México (produção de cloreto de potássio)
• Mina leste no Novo México (sulfato de produção de potássio)

Instalação	Localização	Capacidade de produção anual	Tipo de produto
Moab Mina	Utah	315.000 toneladas	Cloreto de potássio
Carlsbad Mina	Novo México	245.000 toneladas	Cloreto de potássio
Mina leste	Novo México	85.000 toneladas	Sulfato de potássio

Operações de mineração em Utah e Novo México

Reservas minerais totais a partir de 2023: 82,4 milhões de toneladas

• Área de mineração: aproximadamente 4.500 acres
• Método de mineração: mineração de soluções e mineração convencional
• Profundidade média de mineração: 850-1.200 pés no subsolo

Processamento de produtos e refinamento mineral

Estágio de processamento	Capacidade de processamento	Tecnologia de processamento
Extração mineral	645.000 toneladas/ano	Solução e mineração convencional
Processamento mineral	99,5% de desempenho de pureza	Separação mineral avançada

Desenvolvimento de Tecnologia de Mineração Sustentável

Investimento em tecnologias sustentáveis: US $ 12,3 milhões em 2023

• Sistemas de reciclagem de água
• Tecnologias de pegada ambiental reduzida
• Métodos de extração com eficiência energética

Inovação de produtos focados no mercado

Despesas de pesquisa e desenvolvimento: US $ 3,7 milhões em 2023

• Desenvolvimento de fertilizantes especializados
• Produtos de potássio de grau agrícola
• Soluções minerais personalizadas

Intrepid Potash, Inc. (IPI) - Modelo de negócios: Recursos -chave

Grandes reservas minerais de potássio na bacia de paradoxo

A Potassa Intrepid possui aproximadamente 3.600 acres de direitos minerais de potássio na bacia de Paradoxo, Utah. As reservas comprovadas e prováveis ​​de 2022 foram estimadas em 95,1 milhões de toneladas de minério de potássio.

Localização	Direitos minerais totais (acres)	Reservas comprovadas (milhões de toneladas)
Bacia de Paradoxo, Utah	3,600	95.1

Infraestrutura avançada de mineração e processamento

Intrepid Potash opera três instalações de produção primárias:

• MOAB, Utah Facility com capacidade de produção anual de 140.000 toneladas
• Carlsbad, instalação do Novo México, com capacidade de produção anual de 315.000 toneladas
• Instalação oeste no Novo México com recursos de evaporação solar

Instalação	Localização	Capacidade de produção anual
Moab	Utah	140.000 toneladas
Carlsbad	Novo México	315.000 toneladas

Especializada experiência geológica e de mineração

A partir de 2023, a Intrepid Potash emprega 268 funcionários em período integral com habilidades especializadas em mineração de potássio e engenharia geológica.

Rede robusta de transporte e distribuição

A empresa mantém o acesso direto à Union Pacific Railroad e possui acordos estratégicos de distribuição que abrangem os principais mercados agrícolas dos Estados Unidos.

Gerenciamento experiente e força de trabalho técnica

Equipe de gerenciamento com posse média de 12 anos na indústria de mineração de potássio. Força de trabalho total de 268 funcionários em 31 de dezembro de 2022.

Categoria de gerenciamento	Posse média	Total de funcionários
Gestão sênior	12 anos	268

Intrepid Potash, Inc. (IPI) - Modelo de negócios: proposições de valor

Produtos de fertilizantes minerais agrícolas de alta qualidade

Intrepid Potash produz cloreto de potássio (KCL) com as seguintes especificações:

Especificação do produto	Métrica
Capacidade de produção anual	700.000 toneladas de potássio
Grau de cloreto de potássio	MURIATE DE POTASH (MOP) - 60-62% K2O
Pureza do produto	99,5% cloreto de potássio puro

Produção ambientalmente responsável de potássio

Métricas de produção ambiental:

• Taxa de reciclagem de água: 85-90%
• Emissões de carbono reduzidas através de técnicas de evaporação solar
• Compromisso de restauração da terra: 100% dos sites de mineração

Soluções minerais premium para nutrição de culturas

Portfólio de produtos para nutrição de colheita:

Categoria de produto	Quota de mercado
Potássio agrícola	3,2% do mercado doméstico dos EUA
Misturas de fertilizantes especiais	2,7% do mercado especializado

Cadeia de suprimentos consistente e confiável

Métricas de desempenho da cadeia de suprimentos:

• Confiabilidade da entrega: 97,5%
• Tempo médio de atendimento de pedidos: 5-7 dias úteis
• Taxa de rotatividade de estoque: 4,2x anualmente

Soluções minerais agrícolas personalizadas

Recursos de personalização:

Parâmetro de personalização	Faixa
Variações de mistura mineral	12 formulações únicas
Volume mínimo de pedido personalizado	50 toneladas
Tempo de desenvolvimento personalizado de mistura	14-21 dias

Intrepid Potash, Inc. (IPI) - Modelo de Negócios: Relacionamentos do Cliente

Suporte de vendas diretas para clientes agrícolas

A partir de 2024, a Intrepid Potash mantém uma equipe de vendas dedicada direcionada aos clientes agrícolas. A abordagem de vendas direta da empresa se concentra nos mercados de potássio e fertilizantes especiais.

Canal de vendas	Segmento de clientes	Volume anual de vendas
Vendas agrícolas diretas	Produtores de culturas	458.000 toneladas de potássio
Representantes de vendas regionais	Agricultores do meio -oeste e do oeste dos EUA	67 territórios de vendas ativos

Serviços de consulta técnica

O Intrepid Potash fornece suporte técnico agrícola especializado para aprimorar a produtividade do cliente.

• Serviços de análise de nutrientes do solo
• Recomendações de fertilização específicas do cultivo
• Consulta de Agricultura de Precisão

Acordos de contrato de longo prazo

A empresa oferece acordos estratégicos de fornecimento de longo prazo com os principais clientes agrícolas.

Tipo de contrato	Duração média	Valor anual do contrato
Acordos de fornecimento de vários anos	3-5 anos	US $ 42,6 milhões

Plataformas de engajamento de clientes digitais

Intrepid Potash aproveita as tecnologias digitais para interação do cliente e entrega de serviços.

• Sistema de pedidos on -line
• Portal de clientes com rastreamento de inventário em tempo real
• Aplicativo móvel para insights agrícolas

Suporte personalizado de produtividade agrícola

A empresa fornece estratégias de suporte personalizadas para clientes agrícolas individuais.

Serviço de suporte	Cobertura	Alcance do cliente
Planos de fertilização personalizados	12 regiões agrícolas	1.247 contas de clientes ativos

Intrepid Potash, Inc. (IPI) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Intrepid Potash emprega uma força de vendas dedicada de 22 representantes profissionais a partir de 2023. A equipe gera aproximadamente US $ 187,3 milhões em receita direta de vendas.

Métrica da equipe de vendas	2023 dados
Número de representantes de vendas	22
Receita de vendas direta	US $ 187,3 milhões
Vendas médias por representante	US $ 8,5 milhões

Redes de varejo agrícolas

Intrepid Potash distribui por 317 parceiros de varejo agrícola em 12 estados nos Estados Unidos.

• Regiões de distribuição primária: Colorado, Novo México, Utah
• A rede cobre aproximadamente 68% do mercado de fertilizantes em potássio em regiões -alvo
• Volume médio de vendas de parceiros de varejo: 4.200 toneladas por ano

Plataformas de vendas on -line

Os canais de vendas digitais geram US $ 42,6 milhões em receita anual, representando 22,7% do total de vendas.

Métrica de vendas on -line	2023 dados
Receita online anual	US $ 42,6 milhões
Porcentagem de vendas totais	22.7%
Número de clientes online ativos	1,843

Feiras e conferências do setor

O Intrepid Potash participa de 14 principais eventos da indústria agrícola anualmente, gerando leads em potencial no valor de US $ 23,5 milhões.

Canais de marketing e comunicação digital

Orçamento de marketing digital de US $ 3,2 milhões em 2023, atingindo aproximadamente 87.000 profissionais agrícolas -alvo.

• Seguidores do LinkedIn: 12.400
• Seguidores do Twitter: 5.700
• Banco de dados de marketing por e -mail: 45.600 contatos

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

Produtores agrícolas em larga escala

Intrepid Potash serve produtores agrícolas em larga escala com volumes anuais de consumo de potássio de:

Tipo de colheita	Consumo anual de potássio (toneladas)
Milho	4,2 milhões
Trigo	2,8 milhões
Soja	1,9 milhão

Cooperativas agrícolas

A base de clientes inclui 37 Cooperativas Agrícolas Regionais nos Estados Unidos, com presença concentrada em:

• Regiões agrícolas do Centro -Oeste
• Grandes estados de planícies
• Zonas agrícolas da Califórnia

Especialistas em nutrição de culturas

O segmento de mercado representa US $ 124,5 milhões em contratos anuais de consultoria de fertilizantes.

Categoria especializada	Valor anual do contrato
Consultores independentes	US $ 52,3 milhões
Empresas de nutrição corporativa	US $ 72,2 milhões

Mercados Agrícolas Internacionais

Volumes de exportação para 2023:

Região	Volume de exportação (toneladas métricas)
América latina	412,000
Ásia-Pacífico	287,000
União Europeia	156,000

Empresas agrícolas sustentáveis

O segmento de cliente da agricultura sustentável representa 18,4% da base total de clientes.

• Os requisitos de certificação orgânica atendem
• Processos de produção ambientalmente certificados
• Opções de fertilizantes neutros em carbono

Intrepid Potash, Inc. (IPI) - Modelo de negócios: estrutura de custos

Despesas operacionais de mineração e extração

A partir de 2022, o relatório anual, as despesas operacionais de mineração total da Intrepid Potash foram de US $ 50,3 milhões. A quebra específica de custos inclui:

Categoria de despesa	Custo anual ($)
Operações de mineração	35,200,000
Processamento de extração	15,100,000

Manutenção e substituição de equipamentos

As despesas de capital para equipamentos em 2022 totalizaram US $ 12,7 milhões, com custos de manutenção em aproximadamente US $ 4,5 milhões.

• Substituição de equipamentos de mineração: US $ 8,2 milhões
• Custos anuais de manutenção: US $ 4,5 milhões

Custos de força de trabalho e trabalho técnico

As despesas totais da força de trabalho em 2022 foram de US $ 22,6 milhões.

Categoria de funcionários	Custo da mão -de -obra anual ($)
Força de trabalho técnica	14,300,000
Equipe administrativo	8,300,000

Despesas de transporte e logística

Os custos de transporte em 2022 totalizaram US $ 7,9 milhões.

• Caminhões e frete: US $ 5,6 milhões
• Transporte ferroviário: US $ 2,3 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2022 foram de US $ 3,2 milhões, com foco na eficiência da extração mineral e nas tecnologias ambientais.

Área de foco em P&D	Investimento ($)
Tecnologia de extração	1,900,000
Soluções ambientais	1,300,000

Intrepid Potash, Inc. (IPI) - Modelo de negócios: fluxos de receita

Vendas de produtos minerais de potássio

Para o ano fiscal de 2023, a Intrepid Potash registrou um volume total de vendas de potássio de 246.000 toneladas, com um preço médio de venda de US $ 402 por tonelada. A receita total de potássio atingiu US $ 98,9 milhões.

Categoria de produto	Volume de vendas (toneladas)	Preço médio por tonelada	Receita total
Muriado de Potash (MOP)	198,000	$385	US $ 76,2 milhões
Produtos especiais de potássio	48,000	$480	US $ 22,7 milhões

Sulfato de receita de fertilizantes especializados em potássio

Sulfato de especialidade de receitas de produtos POTASH (SOP) para 2023 foram de US $ 37,5 milhões, representando um aumento de 15% em relação ao ano anterior.

• Capacidade de produção de SOP: 60.000 toneladas anualmente
• Preço médio de venda de POP: US $ 625 por tonelada
• Participação de mercado no segmento de fertilizantes especializados: 8,3%

Serviços de consultoria agrícola

A receita de consultoria para 2023 totalizou US $ 2,3 milhões, derivada de serviços de consultoria técnica a clientes agrícolas.

Transações do mercado de exportação mineral

As receitas do mercado de exportação em 2023 atingiram US $ 22,6 milhões, com mercados primários, incluindo:

Região de exportação	Volume de exportação (toneladas)	Receita
América latina	65,000	US $ 14,2 milhões
Ásia-Pacífico	35,000	US $ 8,4 milhões

Licenciamento de tecnologia agrícola sustentável

As receitas de licenciamento de tecnologia para 2023 totalizaram US $ 1,7 milhão, cobrindo 5 patentes distintas de tecnologia agrícola.

• Número de acordos de licenciamento de tecnologia: 12
• Taxa média de licenciamento: US $ 141.667 por contrato
• Áreas de tecnologia: agricultura de precisão, fertilização com eficiência na água

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.