Citi Launches the Citi Strata Elite Credit Card
'The new Citi Strata Elite Card is the smart choice for savvy premium cardmembers who want to earn high rewards on travel and dining while still earning generously on every dollar spent,' said Pam Habner, Head of U.S. Branded Cards & Lending at Citi. 'You shouldn't need a math degree and a spreadsheet to track your credit card benefits! We have curated flexible lifestyle benefits that we know our customers will want to use—because we asked them what they value. And, this is the only branded credit card that has American Airlines benefits built right into the card.'
The Citi Strata Elite Card rewards cardmembers with ThankYou ® Points for the things they care about most, with the ability to earn:
12x points on Hotels, Car Rentals, and Attractions booked on cititravel.com.
6x points on Air Travel booked on cititravel.com.
6x points at Restaurants including Restaurant Delivery Services, every Friday and Saturday from 6 p.m. to 6 a.m. ET and 3x points any other time.
1.5x points on All Other Purchases.
With Citi Strata Elite, cardmembers can feel confident knowing they've chosen the card that can maximize their rewards earn. Citi Strata Elite cardmembers will also enjoy access to the following premium benefits and protections:
Valuable Lifestyle Benefits Cardmembers Will Want to Use
Citi research i found 75% of premium cardmembers indicate that customization—like opting for perks—is a very or extremely important part of the equation. Citi Strata Elite offers:
Up to $300 Annual Hotel Benefit: Every calendar year, enjoy up to $300 off a hotel stay of two nights or more booked through Citi Travel.
Up to $200 Annual Splurge Credit ℠: Every calendar year, earn up to $200 in statement credits on your choice of up to two of the following brands: 1stDibs, American Airlines, Best Buy ®, Future Personal Training, and Live Nation.
Up to $200 Annual Blacklane Credit: Every calendar year, enjoy up to $200 in statement credits when booking with Blacklane, a global chauffeur service. Earn up to $100 on Blacklane purchases January through June and up to $100 July through December.
Up to $120 Global Entry ® or TSA PreCheck ® Application Fee Credit: Receive a statement credit, up to $120 every four years, as reimbursement for the application fee for Global Entry or TSA PreCheck ®.
Even More Perks for Those Who Fly with American Airlines
In addition to being a Splurge Credit option, American Airlines has partnered with Citi to offer additional benefits:
Four American Airlines Admirals Club ® Citi Strata Elite Passes (Worth Over $300 Annually): Every calendar year, receive four Admirals Club ® Citi Strata Elite℠ Passes for access to nearly 50 Admirals Club ® lounges worldwide.
Points Transfer: Ability to transfer Citi ThankYou ® Points into American Airlines AAdvantage ® miles, which can be used on flights and more to create a personalized travel experience.
'American is deepening its partnership with Citi to deliver even more benefits that combine the best of American and Citi's rewards offerings,' said Scott Long, American Airlines Senior Vice President of AAdvantage. 'We're always looking for innovative ways to enhance our products and reward our customers for their loyalty. The new Citi Strata Elite Card provides Citi cardmembers an exciting opportunity to experience some of the fantastic benefits the AAdvantage program offers.'
Additional Premium Perks for Savvy Consumers
Complimentary Priority Pass Select ™ membership (Worth $469 Annually): Complimentary access for primary cardmembers and authorized users, and up to two guests to 1,500+ airport lounges worldwide (not all lounges admit guests).
Access to The Reserve by Citi Travel: A collection of 4.5-5 star participating hotels on the Citi Travel platform offering on-property benefits including daily complimentary breakfast for two, free wi-fi, a $100 experience credit (varies by property) and early check-in, late check-out, and room upgrades (subject to availability).
No foreign transaction fees ii: No foreign transaction fees when traveling internationally.
Access to Citi Entertainment ®: Get special access to purchase tickets to thousands of events, including presale tickets and exclusive experiences for the year's most anticipated concerts, sporting events, arts and dining experiences.
Access to The Mastercard Collection benefits: Citi Strata Elite is the first World Legend credit card issued featuring Mastercard's new premium tier benefits, offering priority reservations at thousands of the most sought-after restaurants abroad; ticketing access across music, theater, and sporting events globally; and more.
'We're thrilled to introduce World Legend with Citi, a payment experience to meet people's growing expectations of a payments card,' said John Levitsky, U.S. co-president at Mastercard. 'Our new World Legend card tier will help deepen cardmember loyalty by offering elevated benefits, experiences and exclusive Priceless access in categories that people love—dining, entertainment, and travel.'
Protections for Peace of Mind
Additionally, Citi Strata Elite cardmembers will receive travel and shopping protections including trip delay protection, enhanced trip cancellation and trip interruption protection, lost or damaged luggage protection, MasterRental coverage, extended warranty and purchase assurance plus.
With access to nearly $1,500 in value and a suite of new benefits, the new Citi Strata Elite comes with a $595 annual fee and $75 annual fee for each authorized user ii.
Rewards for Citi Wealth Clients
Citigold ® Private Client Relationship Tier credit: Qualifying Citigold Private Clients receive a $595 first year banking relationship credit and $145 Annual Credit each year thereafter if the primary cardmember has an open and current Citi Strata Elite Card account.
Citigold ® Relationship Tier credit: Qualifying Citigold clients receive $145 Banking Relationship Annual Credit if the primary cardmember has an open and current Citi Strata Elite Card.
Rounding out the Citi Strata Family of Rewards Credit Cards
The Citi Strata Elite Card and new Citi Strata℠ Card join the Citi Strata credit card portfolio, a range of products uniquely tailored to what cardmembers value most. Each of the cards—Citi Strata Elite, Citi Strata Premier ®, and Citi Strata—is designed to give cardmembers the flexibility to curate the life they envision for themselves.
Today, the Citi Strata Card—a rich enhancement of the former Citi Rewards+ ® Card—offers cardmembers increased opportunities to earn more points on hotel, car rentals and attractions booked on Citi Travel, and at restaurants, supermarkets, gas stations and on select transit purchases. Additionally, the new Self-Select category offers 3x points on an eligible category like fitness clubs, select streaming services, live entertainment, among others that speak to their personal desires, all at no annual fee iii.
The Citi Strata Card offers benefits that cater to cardmembers' everyday routines and passions while helping them enjoy experiences now and in the future. With the Citi Strata Card, cardmembers can earn:
5x points on Hotels, Car Rentals, and Attractions booked on cititravel.com.
3x points at Supermarkets.
3x points on Select Transit and at Gas & EV Charging Stations.
3x points on an eligible Self-Select Category of their choice. (Eligible categories include Fitness Clubs, Select Streaming Services, Live Entertainment, Cosmetic Stores/Barber Shops/Hair Salons, or Pet Supply Stores.)
2x points at Restaurants including Restaurant Delivery Services.
1x points on All Other Purchases.
For more information on the Citi Strata credit card portfolio, visit www.citicards.com.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
i Citi partnered with Material in June-July 2025 to conduct a poll of 1,000 adults ages 18+ who own at least one premium credit card (annual fee of $395 or more) and contribute to financial decision-making for their household. In addition, this survey included another 854 adults age 18+ who own at least one credit card, that is not a premium credit card and contribute to financial decision-making for their household.
ii Pricing for Citi Strata Elite Card: The variable APR for purchases and balance transfers is 21.24%-29.24% based on your creditworthiness. For Citi Flex Plans subject to an APR, the variable APR is 21.24%-29.24%, based on creditworthiness. For Citi Flex Pay Plans subject to a Plan Fee, a monthly fee of up to 1.72% will apply, based on the Citi Flex Plan duration, the APR that would otherwise apply to the Transaction, and other factors. The variable APR for cash advances is 29.49%. The variable penalty APR is up to 29.99% and may be applied if you make a late payment or make a payment that is returned. Minimum interest charge - $0.50. Annual fee - $595. Annual fee for Authorized Users - $75. Fee for foreign purchases - None. Cash advance fee - 5% of each cash advance (min. $10). Balance transfer fee - 5% of each transfer (min. $5). Rates as of 07/27/2025.
iii Pricing for the Citi Strata Card: 0% Intro APR for 15 months on purchases and balance transfers from date of account opening; after that, the variable APR for unpaid promotional balances, new purchases, and new balance transfers is 19.24% - 29.24%, based on your creditworthiness. For Citi Flex Plans subject to an APR, the variable APR is 19.24% - 29.24%, based on creditworthiness. For Citi Flex Pay Plans subject to a Plan Fee, a monthly fee of up to 1.72% will apply, based on the Citi Flex Plan duration, the APR that would otherwise apply to the Transaction, and other factors. The variable APR for cash advances is 29.49%. The variable penalty APR is up to 29.99%. Minimum interest charge - $0.50. Annual fee - $0. Fee for foreign purchases - 3% of the U.S. dollar amount of each purchase. Cash advance fee - 5% of each cash advance (min. $10). Balance transfer fee - intro fee of 3% of each transfer ($5 minimum) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 minimum). Rates as of 07/27/2025.
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Key Financial & Operational Metrics Summary Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions unless otherwise stated) Total sales $ 71.5 $ 62.1 $ 169.2 $ 141.3 Gross margin $ 14.3 $ 7.6 $ 28.9 $ 14.1 Net income (loss) $ 3.3 $ (0.8 ) $ 7.9 $ (4.0 ) Net income (loss) per diluted share $ 0.25 $ (0.06 ) $ 0.60 $ (0.31 ) Adjusted net income (loss) (1) $ 6.0 $ 0.0 $ 11.1 $ (2.0 ) Adjusted net income (loss) per diluted share (1) $ 0.45 $ 0.00 $ 0.84 $ (0.15 ) Adjusted EBITDA (1) $ 16.4 $ 9.2 $ 33.0 $ 17.0 Cash flow from operations* $ 39.9 $ 27.7 $ 50.9 $ 69.3 Potash sales volumes (in thousands and tons) 69 55 172 129 Average potash net realized sales price per ton (1) $ 361 $ 405 $ 332 $ 399 Trio ® sales volumes (in thousands and tons) 70 63 181 154 Average Trio ® net realized sales price per ton (1) $ 368 $ 314 $ 352 $ 306 *Please note that cash flow from operations for the six months ended June 30, 2024 includes a $45 million payment we received pursuant to the terms of the Third Amendment to the Cooperative Development Agreement between Intrepid and XTO. 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In the second quarter of 2025, our water sales decreased due to slightly lower oilfield activity on and around the Intrepid South Ranch, and from reduced sales from our Caprock wells, while our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements. In the second quarter of 2025, our COGS decreased by $0.4 million compared to the same prior year period, which was primarily due to reduced water sales. Our segment gross margin decreased $0.8 million to $1.3 million due to the factors discussed above. Notes 1 Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information. Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds. Conference Call Information Intrepid will host a conference call on Thursday, August 7, 2025, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. The call will also be streamed on the Intrepid website, A recording of the conference call will be available approximately two hours after the completion of the call by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or at The replay of the call will require the input of the replay access code 1179359. The recording will be available through August 14, 2025. About Intrepid Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio ®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services. Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid's mineral production comes from three solar solution potash facilities and one conventional underground Trio ® mine. Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at to receive automatic email alerts for new postings. Forward-looking Statements This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance, cash flow from operations expectations, water sales, production costs, operating plans, its market outlook, and statements regarding future production. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following: changes in the price, demand, or supply of our products and services; challenges and legal proceedings related to our water rights; our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio ®, byproducts, and other non-potassium related products or other revenue diversification activities; the costs of, and our ability to successfully execute, any strategic projects; declines or changes in agricultural production or fertilizer application rates; declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; our ability to prevail in outstanding legal proceedings against us; our ability to comply with the terms of our revolving credit facility, including the underlying covenants; further write-downs of the carrying value of assets, including inventories; circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; changes in reserve estimates; currency fluctuations; adverse changes in economic conditions or credit markets; the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; the impact of trade tariffs and any potential changes to them we are unable to mitigate; adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines; increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel; changes in the prices of raw materials, including chemicals, natural gas, and power; our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; interruptions in rail or truck transportation services, or fluctuations in the costs of these services; our inability to fund necessary capital investments; global inflationary pressures and supply chain challenges; the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and the other risks, uncertainties, and assumptions described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the SEC. In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events. INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (In thousands, except share and per share amounts) June 30, December 31, 2025 2024 ASSETS Cash and cash equivalents $ 85,049 $ 41,309 Short-term investments — 989 Accounts receivable: Trade, net 20,749 22,465 Other receivables, net 2,234 763 Inventory, net 100,196 112,968 Prepaid expenses and other current assets 3,404 5,269 Total current assets 211,632 183,763 Property, plant, equipment, and mineral properties, net 336,255 344,338 Water rights 19,184 19,184 Long-term parts inventory, net 29,150 33,775 Long-term investments 322 3,571 Other assets, net 10,617 9,889 Total Assets $ 607,160 $ 594,520 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 7,778 $ 8,616 Accrued liabilities 11,388 9,483 Accrued employee compensation and benefits 7,976 9,842 Other current liabilities 12,941 10,062 Total current liabilities 40,083 38,003 Asset retirement obligation, net of current portion 33,669 32,354 Operating lease liabilities 2,110 780 Finance lease liabilities 1,308 1,838 Deferred other income, long-term 44,361 45,489 Other non-current liabilities 1,792 1,664 Total Liabilities 123,323 120,128 Commitments and Contingencies Common stock, $0.001 par value; 40,000,000 shares authorized; 13,002,170 and 12,908,078 shares outstanding at June 30, 2025, and December 31, 2024, respectively 14 14 Additional paid-in capital 670,021 668,445 Accumulated deficit (164,186 ) (172,055 ) Less treasury stock, at cost (22,012 ) (22,012 ) Total Stockholders' Equity 483,837 474,392 Total Liabilities and Stockholders' Equity $ 607,160 $ 594,520 Expand INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash Flows from Operating Activities: Net income (loss) $ 3,263 $ (833 ) $ 7,869 $ (3,963 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 9,569 8,594 20,051 17,898 Accretion of asset retirement obligation 658 622 1,315 1,244 Amortization of deferred financing costs 76 76 151 151 Amortization of intangible assets 82 84 164 164 Stock-based compensation 1,295 1,235 2,394 2,557 Lower of cost or net realizable value inventory adjustments 419 1,352 1,754 1,855 Impairment of long-lived assets 1,204 831 1,866 2,208 (Gain) loss on disposal of assets (1,274 ) 241 (1,456 ) 492 Allowance for doubtful accounts (75 ) — 62 — Allowance for parts inventory obsolescence 2,041 419 2,041 472 Loss on equity investment 414 — 888 — Equity in loss (earnings) of unconsolidated entities 232 116 232 (33 ) Changes in operating assets and liabilities: Trade accounts receivable, net 27,173 20,208 1,654 459 Other receivables, net 194 (497 ) (1,482 ) (250 ) Inventory, net (5,183 ) (1,509 ) 13,601 9,326 Prepaid expenses and other current assets 497 1,353 827 2,275 Deferred tax assets, net — (325 ) — (1,114 ) Accounts payable, accrued liabilities, and accrued employee compensation and benefits (2,086 ) (3,271 ) (1,779 ) (6,892 ) Operating lease liabilities (112 ) (356 ) (490 ) (740 ) Deferred other income (564 ) (562 ) (1,128 ) 43,872 Other liabilities 2,120 (32 ) 2,326 (703 ) Net cash provided by operating activities 39,943 27,746 50,860 69,278 Cash Flows from Investing Activities: Additions to property, plant, equipment, mineral properties and other assets (4,137 ) (11,301 ) (12,409 ) (22,974 ) Proceeds from sale of assets 1,378 55 3,482 4,651 Proceeds from redemptions/maturities of investments 500 1,000 1,000 1,500 Other investing, net 2,129 416 2,129 416 Net cash used in investing activities (130 ) (9,830 ) (5,798 ) (16,407 ) Cash Flows from Financing Activities: Repayments of short-term borrowings on credit facility — — — (4,000 ) Payments of financing lease (257 ) (176 ) (500 ) (500 ) Employee tax withholding paid for restricted stock upon vesting (174 ) (142 ) (856 ) (775 ) Proceeds from exercise of stock options — — 38 — Net cash used in financing activities (431 ) (318 ) (1,318 ) (5,275 ) Net Change in Cash, Cash Equivalents and Restricted Cash 39,382 17,598 43,744 47,596 Cash, Cash Equivalents and Restricted Cash, beginning of period 46,260 34,649 41,898 4,651 Cash, Cash Equivalents and Restricted Cash, end of period $ 85,642 $ 52,247 $ 85,642 $ 52,247 Expand INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share Adjusted net income (loss) and adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations. Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss): Three Months Ended June 30, Six Months Ended June 30, (in thousands) Net Income (Loss) $ 3,263 $ (833 ) $ 7,869 $ (3,963 ) Adjustments Impairment of long-lived assets 1,204 831 1,866 2,208 (Gain) loss on sale of assets (1,274 ) 241 (1,456 ) 492 Employee separation costs 638 — 638 — Unpermitted discharge penalty 2,155 — 2,155 — Calculated income tax effect (1) — (279 ) — (702 ) Total adjustments 2,723 793 3,203 1,998 Adjusted Net Income (Loss) $ 5,986 $ (40 ) $ 11,072 $ (1,965 ) Expand Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) per Share: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net Income (Loss) Per Diluted Share $ 0.25 $ (0.06 ) $ 0.60 $ (0.31 ) Adjustments Impairment of long-lived assets 0.09 0.06 0.14 0.17 (Gain) loss on sale of assets (0.10 ) 0.02 (0.11 ) 0.04 Employee separation costs 0.05 — 0.05 — Unpermitted discharge penalty 0.16 — 0.16 — Calculated income tax effect (1) — (0.02 ) — (0.05 ) Total adjustments 0.20 0.06 0.24 0.16 Adjusted Net Income (Loss) Per Diluted Share $ 0.45 $ — $ 0.84 $ (0.15 ) (1) Assumes an annual effective tax rate of 0% and 26% for 2025 and 2024, respectively. Expand INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income (loss) adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance. Reconciliation of Net Income (Loss) to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Net Income (Loss) $ 3,263 $ (833 ) $ 7,869 $ (3,963 ) Impairment of long-lived assets 1,204 831 1,866 2,208 (Gain) loss on sale of assets (1,274 ) 241 (1,456 ) 492 Employee separation costs 638 — 638 — Unpermitted discharge penalty 2,155 — 2,155 — Interest expense 66 — 171 — Income tax expense (benefit) 30 (304 ) 226 (1,079 ) Depreciation, depletion, and amortization 9,569 8,594 20,051 17,898 Amortization of intangible assets 82 84 164 164 Accretion of asset retirement obligation 658 622 1,315 1,244 Total adjustments 13,128 10,068 25,130 20,927 Adjusted EBITDA $ 16,391 $ 9,235 $ 32,999 $ 16,964 Expand INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Average Potash and Trio ® Net Realized Sales Price per Ton Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio ® is calculated as Trio ® segment sales less Trio ® segment byproduct sales and Trio ® freight costs and then dividing that difference by Trio ® tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio ® average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio ® sales and price trends. INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Three Months Ended June 30, 2025 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 27,799 $ — $ — $ (58 ) $ 27,741 Trio ® — 33,192 — — 33,192 Water — — 587 — 587 Salt 3,169 20 — — 3,189 Magnesium Chloride 1,623 — — — 1,623 Brine Water 1,403 — 1,035 — 2,438 Other — — 2,702 — 2,702 Total Revenue $ 33,994 $ 33,212 $ 4,324 $ (58 ) $ 71,472 Six Months Ended June 30, 2025 Potash $ 65,122 $ — $ — $ (117 ) $ 65,005 Trio ® — 82,870 — — 82,870 Water — — 2,059 — 2,059 Salt 6,304 184 — — 6,488 Magnesium Chloride 2,771 — — — 2,771 Brine Water 3,374 — 2,234 — 5,608 Other — — 4,431 — 4,431 Total Revenue $ 77,571 $ 83,054 $ 8,724 $ (117 ) $ 169,232 Expand Three Months Ended June 30, 2024 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 24,138 $ — $ — $ (40 ) $ 24,098 Trio ® — 26,413 — — 26,413 Water — — 2,572 — 2,572 Salt 3,335 109 — — 3,444 Magnesium Chloride 932 — — — 932 Brine Water 1,584 — 1,166 — 2,750 Other 45 — 1,801 — 1,846 Total Revenue $ 30,034 $ 26,522 $ 5,539 $ (40 ) $ 62,055 Product Potash Segment Trio® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 56,550 $ — $ — $ (140 ) $ 56,410 Trio ® — 62,697 — — 62,697 Water — — 4,741 — 4,741 Salt 6,479 313 — — 6,792 Magnesium Chloride 1,351 — — — 1,351 Brine Water 3,167 — 2,293 — 5,460 Other 63 — 3,828 — 3,891 Total Revenue $ 67,610 $ 63,010 $ 10,862 $ (140 ) $ 141,342 Expand INTREPID POTASH, INC. UNAUDITED NON-GAAP RECONCILIATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (In thousands) Three Months Ended June 30, 2025 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 33,994 $ 33,212 $ 4,324 $ (58 ) $ 71,472 Less: Freight costs 3,660 7,409 — (58 ) 11,011 Warehousing and handling costs 1,818 1,296 — — 3,114 Cost of goods sold 23,239 16,421 2,981 — 42,641 Lower of cost or net realizable value inventory adjustments 419 — — — 419 Gross Margin $ 4,858 $ 8,086 $ 1,343 $ — $ 14,287 Depreciation, depletion, and amortization incurred 1 $ 7,302 $ 871 $ 981 $ 497 $ 9,651 Six Months Ended June 30, 2025 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 77,571 $ 83,054 $ 8,724 $ (117 ) $ 169,232 Less: Freight costs 9,446 19,173 — (117 ) 28,502 Warehousing and handling costs 3,529 3,075 — — 6,604 Cost of goods sold 55,481 42,286 5,716 — 103,483 Lower of cost or net realizable value inventory adjustments 1,754 — — — 1,754 Gross Margin $ 7,361 $ 18,520 $ 3,008 $ — $ 28,889 Depreciation, depletion, and amortization incurred 1 $ 15,553 $ 1,715 $ 1,962 $ 985 $ 20,215 Three Months Ended June 30, 2024 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 30,034 $ 26,522 $ 5,539 $ (40 ) $ 62,055 Less: Freight costs 2,803 6,660 — (40 ) 9,423 Warehousing and handling costs 1,343 1,243 — — 2,586 Cost of goods sold 21,224 16,437 3,409 — 41,070 Lower of cost or net realizable value inventory adjustments 1,352 — — — 1,352 Gross Margin $ 3,312 $ 2,182 $ 2,130 $ — $ 7,624 Depreciation, depletion, and amortization incurred 1 $ 6,178 $ 851 $ 1,195 $ 454 $ 8,678 Six Months Ended June 30, 2024 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 67,610 $ 63,010 $ 10,862 $ (140 ) $ 141,342 Less: Freight costs 6,759 15,634 — (140 ) 22,253 Warehousing and handling costs 3,070 2,605 — — 5,675 Cost of goods sold 47,040 43,728 6,733 — 97,501 Lower of cost or net realizable value inventory adjustments 1,855 — — — 1,855 Gross Margin $ 8,886 $ 1,043 $ 4,129 $ — $ 14,058 Depreciation, depletion and amortization incurred 1 $ 13,149 $ 1,735 $ 2,266 $ 912 $ 18,062 (1) Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory. 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