In This Article:
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Adjusted EBITDA: $8.6 million for Q4 2024, compared to $7.1 million in Q4 2023.
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Adjusted Net Loss: $1.4 million for Q4 2024, compared to $5.2 million in Q4 2023.
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Potash Production: 117,000 tons in Q4 2024, a 50% increase from Q4 2023.
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Full Year Potash Production: 295,000 tons in 2024, over 30% increase from 2023.
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Trio Sales Volumes: Record 254,000 tons in 2024.
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Trio Gross Margin Improvement: $8.5 million increase in 2024 compared to 2023.
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Trio Production: 251,000 tons in 2024, best since 2016.
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Trio COGS per Ton: Improved by 20% in Q4 2024 compared to Q4 2023.
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2025 CapEx Guidance: $36 million to $42 million.
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Potash Sales Volume Guidance for Q1 2025: 95,000 to 105,000 tons.
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Trio Sales Volume Guidance for Q1 2025: 100,000 to 110,000 tons.
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Average Net Realized Sales Price for Potash Q1 2025: $305 to $315 per ton.
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Average Net Realized Sales Price for Trio Q1 2025: $340 to $350 per ton.
Release Date: March 04, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Intrepid Potash Inc (NYSE:IPI) reported an improvement in adjusted EBITDA to $8.6 million for Q4 2024, up from $7.1 million in the previous year.
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The company achieved a significant increase in potash production, with 117,000 tons produced in Q4 2024, marking the third consecutive quarter of year-over-year production growth.
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Trio sales volumes reached a company record of 254,000 tons, with pricing currently higher than potash for the first time since 2016.
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Operational efficiencies led to a $5 million improvement in gross margin for Trio in Q4 2024 compared to the same period in 2023.
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Intrepid Potash Inc (NYSE:IPI) maintained strong operational execution and cost discipline, resulting in improved unit economics and production rates.
Negative Points
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Intrepid Potash Inc (NYSE:IPI) reported an adjusted net loss of $1.4 million for Q4 2024, although this was an improvement from the $5.2 million loss in the previous year.
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The company recorded a valuation allowance against its deferred tax assets due to a projected 3-year pretax book loss, largely due to an impairment at the East Mine in 2023.
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Potash production for 2025 is expected to be roughly flat year-over-year, indicating limited growth in production volumes.
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The company faces risks related to potential impacts from Canadian tariffs on potash, which could affect market dynamics and pricing.
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Intrepid Potash Inc (NYSE:IPI) is cautious about capital allocation and is prioritizing sustaining higher production levels before considering capital return programs to shareholders.