GCSC Foundation receives $80,000 grant for TRiO program
According to a news release, this award will provide essential support to students served by GCSC's TRiO program, an initiative that empowers low-income, first-generation and disabled students to succeed in higher education.
The GCSC Foundation has awarded $670,000 from this fund since 2011. The gifts have supported almost 600 students through direct scholarship and essential programming across campus, including TRiO, the Career Center and Veterans Affairs.
'We are honored to be entrusted with these funds to support the educational journeys of students whose paths to college haven't always been easy,' said Ashlin Glatthar, Executive Director of the GCSC Foundation. 'This grant will have a profound impact, especially for part-time students, student parents, and those pursuing workforce credentials in high-demand fields. We're especially grateful for the flexibility to address not just academic needs but also essential living expenses, which are often the greatest barriers to persistence and completion.'
To learn more about the Edward K. Roberts Community College Fund of the Community Foundation of Sarasota County, click here.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Wire
07-08-2025
- Business Wire
Inovalis Real Estate Investment Trust Announces the Financial Results for Q2 2025
TORONTO--(BUSINESS WIRE)--Inovalis Real Estate Investment Trust (the 'REIT') (TSX: today reported financial results for the quarter ended June 30, 2025. The unaudited Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for Q2 2025 are available on the REIT's website at and at All amounts except rental rates, square footage and per unit amounts are presented in thousands of Canadian dollars or Euros, or as otherwise stated. Stephane Amine, CEO and President of the REIT, commented ' We are focused on preserving and generating liquidity by managing capital expenditures, selling non-core assets, and staying closely engaged with our lenders, ensuring the REIT remains stable and adaptable in the current environment to protect Unitholder value.' Net Rental Income For the portfolio that includes assets owned entirely by the REIT ("IP Portfolio"), Net Rental Income ('NRI') for Q2 2025 decreased to $3,280 (€2,130), compared to the $4,616 (€3,144) NRI for Q2 2024, notably caused by the vacancies at the Trio and Metropolitain properties, and the bad debt allowance on the Gaia property for the two tenants in default of rent payments. For the six months ended June 30, 2025, the IP Portfolio Net Rental Income ('NRI') was $3,436 (€2,231), compared to $5,528 (€3,765) for the same period of 2024, the decrease being mostly attributable to the above-described factors and the main tenant departure at the Bad Homburg property in Q1 2024. In Q2 2025, NRI, adjusted for IFRIC 21 1 for the portfolio that includes the REIT's proportionate share in joint ventures ("Total Portfolio"), was $4,289 (€2,785), compared to $5,841 (€3,978) for Q2 202. The decrease is due to the same factors as for the IP Portfolio, and the non-recurring $1,720 indemnity placed on the Duisburg and Trio properties made necessary by the early departure of tenants in Q1 2024, that were partially offset by new leases at the Duisburg property on 18% building areas. Leasing Operations As of June 30, 2025, the occupancy rate of the REIT's IP Portfolio was 46.7% and the occupancy rate of the REIT's Total Portfolio was 58.9%. Strategic vacancies are being maintained in the Arcueil and Baldi properties in support of planned dispositions as outlined in the Asset Recycling Plan. Excluding properties designated for asset recycling, the Total Portfolio occupancy rate was 80.5% at June 30, 2025. During the second quarter of 2025, Management negotiated a long-term lease for most of the vacant area of the Neu Isenburg property which, effective beginning in September. The lease execution requires significant capital expenditures and incentives but is expected to bring approximately $300 annual NRI over a 10-year term (with a potential break option in year five). To support leasing activity, management continues to collaborate with on-site brokers and is selectively evaluating tenant improvement allowances as a means to enhance the competitiveness of key assets and optimize rental income. Asset Recycling Plan On April 30, 2025, the REIT completed the sale of the Sablière property, located in downtown Paris, for €18,200 ($28,625), as part of its Asset Recycling Plan. This transaction aligns with the REIT's strategic objectives of repositioning the portfolio and strengthening financial flexibility. Net proceeds of approximately $15,300 (€9,700) will be allocated toward debt reduction and reinvestment in value-enhancing initiatives across the portfolio. An exchange contract confirming the sale of 87.5% of the Arcueil property for €37,540 ($58,420) was announced in January 2025 with closing expected in the second half of 2026. The long closing is required to satisfy the administrative, building permit and financing conditions. The remaining 12.5% of the Arcueil office property is being marketed for a new office tenant. Capital Market Considerations Since the end of 2023, net asset values for the REIT's Total Portfolio have been significantly pressured, primarily due to geopolitical tensions, high inflation, high interest rates and energy costs. The decline in net asset values significantly reduced Unitholders' equity which stood at $186,770 (€116,433) at June 30, 2025. The book value per Unit at June 30, 2025 was $5.62/Unit and $5.57/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the 'Units') for the period. The closing price of a Unit on the TSX at June 30, 2025 was $0.90/Unit. The REIT has addressed the volatile risks in the current capital markets by selling certain properties, implementing short term leasing initiatives for properties in the REIT's Asset Recycling Plan, maintaining a debt-to-gross-book value ratio of 51.4% of the IP Portfolio (59.5% on the Total Portfolio) at June 30, 2025. Funds From Operations and Adjusted Funds From Operations 2 The REIT's funds from operations (FFO) was slightly negative for the quarter (-$0.01 per unit) largely due to a provision related to bad debt at the Gaia property, where two tenants have defaulted on rent. We are actively addressing the situation. One of the tenants is in the process of being evicted, and we expect the property to return to a more stable position by 2026. Financing Activity The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 2.2 years for the Total Portfolio (2.6 years for the IP Portfolio). For the three-month period ended June 30, 2025, the weighted average interest rate across the Total Portfolio, despite the downward trend in EURIBOR, slightly increased to 3.73% reflecting the 12% fixed interest rate on the short-term €5,600 financing of the Bad Homburg property. As at June 30, 2025, 68% of the REIT's Total Portfolio debt was subject to variable interest rates, primarily associated with short-term financing on properties currently being marketed for sale. In Q2, a new mezzanine loan was taken out on the Bad Homburg property, which was used to repay the €5,500 Trio mortgage and satisfy a waiver condition related to a second-ranking mortgage held by HCOB on the Bad Homburg property. Management intends to refinance the 12% mezzanine facility with conventional financing as leasing activity progresses. Environmental, Social and Governance (ESG) Integration of ESG objectives and strategies into the REIT's business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in "human capital" for the implementation and monitoring of all ESG initiatives. FORWARD-LOOKING INFORMATION Certain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT's future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'predict', 'potential', 'continue' or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following: The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to: the REIT's ability to execute its growth and capital deployment strategies; the impact of changing conditions in the European office market; the marketability and value of the REIT's portfolio; changes in the attitudes, financial condition and demand in the REIT's demographic markets; fluctuation in interest rates and volatility in financial markets; the geopolitical conflict around the world on the REIT's business, operations and financial results; general economic conditions, including any continuation or intensification of the current economic conditions; developments and changes in applicable laws and regulations; and such other factors discussed under ''Risk and Uncertainties'' in the MD&A dated June 30, 2025 ('the MD&A'). If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under ''Risks and Uncertainties'' in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Certain statements included in press release may be considered a ''financial outlook'' for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements. Non-GAAP Financial Measures and Other Measures There are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include Funds from Operations, Adjusted Funds from Operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT's financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. USE OF OPERATING METRICS The REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT's financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the REIT. ' Adjusted Funds From Operations ' or ' AFFO ' is a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings. AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans. ' Adjusted Funds From Operations / Unit ' or ' AFFO / Unit ' is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). ' AFFO Payout Ratio ' is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO. ' Average term to maturity ' refers to the average number of years remaining in the lease term. ' Book value per Unit ' refers to the REIT's total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis). ' Debt-service covenant ratio calculation ' or ' DSCR ' refers to the rental income divided by the debt service, including interest and amortization. ' Debt-to-Gross-Book Value ' refers to the REIT's apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners. ' Exchangeable Securities ' means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital. ' Fully diluted basis ' refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities. ' Funds From Operations ' or ' FFO ' follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception. Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund capital expenditures, and provide distributions to Unitholders. FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment. Exchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT's Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders. ' Funds From Operations / Unit ' or ' FFO / Unit ' is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). ' Gross book value ' refers to the total consolidated assets for the IP Portfolio and Total Portfolio. ' Interest Coverage Ratio ' or ' ICR ' covenant refers to a financial metric used to assess a REIT's ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT's interest expenses over a given period. ' Investments in Joint Ventures ' refers to the REIT's proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT's ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT's ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management. For the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting. ' Investment Properties Portfolio ' or ' IP Portfolio ' refers to the seven wholly owned properties of the REIT. ' Net Rental Income Adjusted for IFRIC 21 ' refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules. ' Net Rental Income ' or ' NRI ' refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs. ' Total Portfolio ' refers to the seven properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties. ' Weighted average lease term ' or ' WALT ' is a metric used to measure a property portfolio's risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term. ' Weighted Average number of Units ' refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period. FFO and AFFO Calculation The reconciliation of FFO and AFFO for the three-month periods ended June 30, 2025 and 2024, based on proportionate consolidation figures including REIT's interest in joint ventures is as follows: Overview – GAAP and Non-GAAP The REIT has identified specific key performance indicators to measure the progress of its long-term objectives. These are set out below: Six months ended June 30, (thousands of $ except per Unit and other data) 2025 2024 2025 2024 Financial performance metrics Rental revenue 4,419 4,062 8,657 8,693 Rental revenue - Total Portfolio (1) 6,877 6,067 13,418 12,824 Net rental income 3,280 4,616 3,436 5,528 Net rental income - Total Portfolio (1) 5,401 6,799 7,358 10,435 Net income, attributable to the Trust (11,251) (20,140) (9,329) (33,718) Funds from Operations (FFO) (1) (2) (222) 727 (98) 1,770 Adjusted Funds from Operations (AFFO) (1) (2) (514) (108) 59 639 FFO per Unit (diluted) (1) (2) (0.01) 0.02 (0.00) 0.05 AFFO per Unit (diluted) (1) (2) (0.02) (0.00) 0.00 0.02 (1) See the section "Non-GAAP Financial Measures" in the Q1 MD&A for more information on the REIT's non-GAAP financial measures and reconciliations thereof. (2) The reconciliation of FFO and AFFO to Net Income can be found under the section 'Non-GAAP Reconciliation (FFO and AFFO)' in the Q2 MD&A. Expand About Inovalis REIT Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 12 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A. About Inovalis Group Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets. Inovalis Group ( founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services. SOURCE Inovalis Real Estate Investment Trust Net rental income adjusted for IFRIC 21 is a Non-GAAP Measure. See the "Net Rental Income" section for further discussion on the composition and usefulness of this metric as well as a quantitative reconciliation to its most directly comparable financial measure. See the section "Non-GAAP Financial measures and Other Measures" for more information on the REIT's non-GAAP financial measures in the Q2 2025 MD&A. FFO and AFFO are non-GAAP measures. See the section "Non-GAAP Financial measures and Other Measures" for more information on the REIT's Non-GAAP financial measures. A reconciliation of FFO and AFFO to Net Income can be found on page 8.
CBS News
07-08-2025
- CBS News
Stockton's University of the Pacific receives federal grant for first-generation students
Amid defunding of the Department of Education, nearly $2 million of funding was renewed for the University of the Pacific in Stockton – specifically for students who are the first in their family to attend college. Success TRiO, UOP's federally funded student educational opportunity program, says this money will change lives in Stockton. "I'll be the first in the family to finish my bachelor's degree," said Sounie Proeung-Sok, a senior at Pacific. Proeung-Sok, a native Stocktonian, will not only be the first in his family to graduate and get a degree, but also the first to be a university student. "I'm very proud to be first-generation. I'm first-generation Cambodian-American," Proeung-Sok said. "I come from a family of eight. I'm the first in my family to attend college." Recently, the Department of Education awarded TRiO $1.7 million – money that will be going to 1,000 first-generation students who attend UOP over the next five years. Students just like Sounie. "They're coming from low-income backgrounds, such as myself," Proeung-Sok said. "For us to be awarded that $1.7 million grant, that's going to support so many more students who think they don't have that ... financial support to even attend college." It's support the TRiO program was preparing to lose. "It's been really tough, but we had a contingency plan for a couple months now just in case the TRiO grant didn't get refunded for the next five years," said Rosie Montes with TRiO. Montes is the director for the Success TRiO program at Pacific. A first-generation graduate herself, she knows that this money going towards these students is the boost they need. "They're providing for the household, they're paying for groceries. How do first-gen students continue their education while also providing for their family at home?" Montes said. The grant will help 200 students every year for five years, then it could hopefully be renewed again. "I thought I wasn't going to be able to afford college. With the support I received from UOP and the Success TRiO program, it's a possibility for anyone, to be honest," Proeung-Sok said. Sounie says this program has helped him so much, he switched his major to sociology and now plans to help more first-generation students make it through college, just like TRiO helped him.
Business Wire
06-08-2025
- Business Wire
Intrepid Announces Second Quarter 2025 Results
DENVER--(BUSINESS WIRE)--Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the second quarter of 2025. Second Quarter Highlights & Management Commentary Improved pricing, steady demand for potash and Trio ®, and solid unit economics led to another quarter of strong financial results, highlighted by: Total sales of $71.5 million; Net income of $3.3 million, or $0.25 per diluted share; Adjusted net income (1) of $6.0 million, or $0.45 per diluted share; Adjusted EBITDA (1) of $16.4 million; and Cash flow from operations of $39.9 million, and capital expenditures of $4.1 million. Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "In the second quarter, we again delivered results that exceeded our expectations, and I'd like to congratulate the team on achieving strong performance across the board. Owing to supportive potash market fundamentals, and steady demand for our potash and Trio ®, our second quarter was highlighted by solid pricing and sales volumes, which helped drive higher gross margins in both segments compared to the prior year. On a consolidated basis, our adjusted EBITDA (1) of $16.4 million was roughly 75% higher than last year's second quarter, while our cash flow from operations of $39.9 million helped Intrepid end the quarter in a very strong financial position. Looking ahead, we'll continue to remain focused on strong operational and project execution, while the potash market continues to see pricing support driven by strong underlying fundamentals. Overall, we're very pleased with our performance and we remain constructive on the outlook for the balance of the year." 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. Expand Summer 2025 Weather Impacts, Project Updates, & Updated Potash Production Outlook Increased Rainfall at HB Facility Above average precipitation at our HB facility in June and July has reduced our evaporation rates and pond inventory compared to the prior year. As a result, we expect that 1H 2026 production from our HB facility will be approximately 20,000 tons lower than we previously expected. In response to the reduced pond inventory, we plan to shut down our HB mill for a few weeks in September to maximize potential late-season evaporation. This will shift approximately 15,000 tons of 2025 production into the first half of 2026. HB Solar Solution Mine in Carlsbad, New Mexico HB AMAX Cavern: We successfully drilled the AMAX Cavern sample well in July and did not find an existing brine pool in the open mine workings. Given the outcome, we are continuing our evaluation of options to pursue an injection well and pipeline that would connect the AMAX mine to our HB injection system. Construction of the injection well and pipeline depends on further technical review, as well as quantifying permit requirements. We previously expected that the AMAX brine pool would be available for our 2026 evaporative season. Without AMAX brine available, we anticipate our overall brine grade into our HB pond system will be reduced. We expect this will decrease our 2026 production by approximately 25,000 tons, in addition to the weather impact discussed above. Potash Production Outlook Liquidity As of August 1, 2025, our cash and cash equivalents totaled $87 million and we had no outstanding borrowings on our $150 million revolving credit facility that matures in August 2027. Capital Expenditures In the second quarter of 2025, our capital expenditures totaled $4.1 million. We expect our 2025 capital expenditures will be in the range of $32 to $37 million, with the majority of this being sustaining capital. Segment Highlights Potash In the second quarter of 2025, our potash segment sales increased $4.0 million compared to the same prior year period. This was primarily driven by a 25% increase in our potash sales volumes to 69 thousand tons, and a $0.7 million increase in magnesium chloride sales, partially offset by an 11% decrease in our average net realized sales price per ton to $361. We sold more tons of potash as we had more potash to sell due to an increase in production during the second half of 2024 and the first half of 2025. Our average net realized sales price per ton decreased compared to the prior year as Midwest warehouse prices during the 2025 spring season were lower and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes. In the second quarter of 2025, our potash production of 44 thousand tons was four thousand tons higher than the same prior year period. The improving production profile continues to have a positive impact on our unit economics. In the second quarter of 2025, our potash segment cost of goods sold ("COGS") per ton totaled $337, which represents a 13% improvement from $386 per ton in the second quarter of 2024. Our segment gross margin increased by $1.5 million compared to the same prior year period, primarily driven by the higher sales volumes and improving COGS per ton, partially offset by the lower average net realized sales price. Trio ® In the second quarter of 2025, Trio ® segment sales increased 25% compared to the same prior year period, primarily driven by a $6.8 million increase in Trio ® sales. Trio ® sales increased due to an 11% increase in tons sold to 70 thousand tons and a 17% increase in our average net realized sales price per ton to $368. Our Trio ® sales volumes increased in the second quarter of 2025 compared to the same prior year period, as we had more tons available to sell owing to the improved production rates in 2024 and first half of 2025, and we also continued to experience strong in-season demand. Strong spring demand for Trio ® continued as increased corn acres supported an uptick in nutrient demand, and individual Trio ® components such as sulfate were in tight supply throughout the spring application season, which led to increased prices. In Trio ®, we continue to see strong efficiencies and lower operating expenses related to the relatively new continuous miners, as well as from last year's restart of our fine langbeinite recovery system and reduced operating schedule. Moreover, higher Trio ® production also continues to have a positive impact on our unit economics, and in the second quarter, our Trio ® production of 70 thousand tons was two thousand tons higher than the same prior year period. In the second quarter of 2025, our Trio ® segment COGS per ton totaled $235, which represents a 10% improvement from $261 per ton in the second quarter of 2024. Our Trio ® segment generated gross margin of $8.1 million in the second quarter of 2025, which compares to $2.2 million in the same prior year period, with the increase primarily attributable to the higher sales volumes and average net realized sales price per ton, as well as an improvement in our Trio ® segment COGS per ton. Oilfield Solutions In the second quarter of 2025, our oilfield solutions segment sales decreased $1.2 million compared to the same prior year period, due to a $2.0 million decrease in water sales, which was partially offset by a $0.9 million increase in surface use and easement sales. 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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