Intrepid Potash shares fourth quarter and full-year 2024 results reporting $212.8 million net loss

Intrepid Potash (NYSE:IPI) disclosed its financial and operational results for the fourth quarter and the entire year of 2024. The Denver-based company reported total sales reaching $55.8 million in the fourth quarter, culminating in $254.7 million for the year. Despite these figures, the company faced a substantial net loss of $207.0 million in the fourth quarter, with a full-year loss of $212.8 million, significantly influenced by several non-cash charges.

The losses included a $199.0 million non-cash expense linked to a valuation allowance against deferred tax assets and impairment expenses totaling $7.6 million associated with its Intrepid South sand project and other oilfield equipment. Adjusted EBITDA for the year stood at $35.5 million, reflecting some operational efficiency amidst the financial strains.

In terms of production, the company reported potash output of 295 thousand tons for the year, marking a 32% increase from 2023. This improvement is primarily attributed to the successful execution of its multiyear potash asset revitalization process, which also saw the completion of significant infrastructure projects aimed at enhancing production capacity.

Looking ahead to 2025, Intrepid plans further capital expenditures ranging from $36 to $42 million, focusing largely on sustaining capital. The company remains optimistic about its operational capabilities and market position, buoyed by rising crop prices and a favorable shift in potash prices, which are expected to drive improved financial performance and operational efficiencies in the coming year.

Intrepid’s CEO, Kevin Crutchfield, commended the team’s efforts through challenging times and expressed confidence in the strategic initiatives set for 2025, which aim to build on the production gains and operational improvements realized in 2024.