Latest news with #Intrepid
Skift
a day ago
- Business
- Skift
Inside Intrepid's Growth Strategy: Purpose, Product Expansion, and Resilience
Intrepid CEO James Thornton shares how purpose-led strategy, human-centered experiences, and bold expansion plans can drive growth and resilience for travel companies in a time of disruption. James Thornton has led Intrepid since 2017, guiding the company through rapid growth, industry upheaval, and its evolution into the world's largest certified B Corp in travel. His leadership blends sharp commercial instincts with a clear view of travel's role in tackling social and environmental challenges. Now, as the industry faces a hyper-digital and disrupted landscape, Thornton is doubling down on connection, values, and bold diversification. Ahead of his session at Skift Global Forum 2025, he shares why embedding purpose into operations and expanding beyond core products are the next frontier for building resilient and future-ready travel brands. As the world becomes more digital, how do you see the human side of travel evolving? 'We live in a hyperconnected digital world. Despite this, much of the developed world is suffering from a loneliness epidemic and people are craving human connection more than ever – and I believe businesses that provide it will thrive.' 'At Intrepid, one of our biggest strengths is our ability to drive positive social connection, whether that's through community interactions, forging friendship with other travellers or learning from our local tour leaders. Travel is one of the few industries that has an in-built capacity to bring people together and create positive change. We're keeping human connection at the heart of our business strategy because we know it's what sets us apart.' What role should travel companies play in a time of increased division, disruption, and uncertainty? 'In today's climate, being an impact-driven brand comes with its challenges. But I fundamentally believe companies need to stand for something. We can address some of the most pressing issues of our time by doing so.' 'For Intrepid, that means creating connection in a time of social isolation and tackling inequality around the world. For me, it's about staying razor-sharp focused on our values, and ensuring these values are not just symbolic, but actually coming to life in everything that we do as a business.' What's one big bet you're making on the future of travel? 'Intrepid is looking at ways to deepen our local impact and expand our portfolio of Intrepid experiences, providing more brand touchpoints for our customers outside of our core multi-day tour product, and closer to home. One way we will do this is through accommodation.' 'Intrepid will contribute to the market by delivering immersive experiences that reflect our fundamental responsible business approach, driving value in communities through job creation and training, local procurement and charitable giving. We believe this will be a game-changing initiative for our business, partners and customers.' Don't Miss James Thornton at Skift Global Forum 2025 James Thornton's vision underscores a shift many travel leaders are grappling with: growth increasingly depends on deepening impact, diversifying offerings, and translating purpose into measurable action. Join us at Skift Global Forum 2025 to hear him unpack how this strategy can redefine the playbook for travel companies worldwide.
NZ Herald
a day ago
- Business
- NZ Herald
Intrepid Travel fully acquires NZ's Haka Tours and ANZ Nature Tours
As part of the acquisition, Haka Tours will now operate as Intrepid DMC New Zealand Limited. Haka House Hostels chief executive Ryan Sanders said Haka Tours is in very capable hands with the Intrepid leadership team. As Sanders explained, the deal to take over the whole business was always part of the original deal, and something he had a lot of time to prepare for. 'In terms of the size of the business now and what we have achieved, I feel really proud,' Sanders said. 'What started as a dream when on my OE in the UK to launching the business, having never worked in tourism before, to where it is now with a global pandemic and the Christchurch earthquakes thrown in (our head office was in Christchurch) is something I will always look back on with a huge sense of achievement.' Sanders confirmed he is 100% out of the business, but said it's in very capable hands with the Intrepid leadership team. Reflecting on the wider tourism industry, Sanders believes it is still yet to normalise post-Covid, but feels the recent changes to Tourism New Zealand's strategy were the right move. 'Specific to group tours, I feel like we were ahead of the curve, focusing on small group tours as increasingly travellers are looking for more tailored and bespoke options.' 'I feel there will always be a place for small group touring, especially for those travellers who are time poor, travelling solo and want to prioritise safety.' Sanders also announced the news on his LinkedIn, sharing in a post: 'I had never worked in tourism before starting a nationwide tour company, so it really was a baptism by fire. Nor did I have any ambition to be a tour guide – to be honest, I never ran a single tour for Haka Tours in those nearly 20 years. 'But I knew I was representative of our target customer and developing the business from the standpoint of what would excite me was the best north star I could have had and is something I still do today with my other businesses.' His focus moving forward will be his position as chief executive of Haka House Hostels, Australasia's second-largest hostel network, which has 14 properties across New Zealand. As for the funds he's received from selling Haka Tours, it has gone into a new project – the purchase and restoration of Earnscleugh Castle in Central Otago, which is set to be featured in a major TV show. Intrepid's Australia and New Zealand managing director Brett Mitchell said that Haka Tours shares their DNA. Photo / Supplied Important for the strategy Intrepid Travel's Australia and New Zealand managing director Brett Mitchell said that New Zealand has always been an important part of strengthening their operational presence. 'From the outset we always intended to acquire 100% of the business, as we saw strong alignment, culturally, strategically and commercially,' Mitchell said. 'New Zealand continues to be a core market and focus for us. It aligns with our long-term ambition to grow Intrepid's presence in Aotearoa and invest deeper in one of our core markets.' Mitchell explained New Zealand was Intrepid's highest-performing market per capita, and one of the most aspirational destinations globally. He wouldn't confirm how much Intrepid acquired the business for, but said it was a long-term investment and that any changes would be mostly operational. 'Haka also shares our DNA. Both businesses started as homegrown startups, and both are built on a passion for adventure, connection and doing tourism responsibly.' 'While some products may still reference Haka during the transition, all branding will shift to Intrepid by the end of the year. What won't change is the great small group experience, with local guides and local insights, and support from our global reach and operational strength.' To help reflect the next phase of the business, Simon Mckearney has been appointed Intrepid's first New Zealand country manager to bring both inbound and outbound operations together for the first time under a single leadership position. 'Simon is a Kiwi with more than two decades of experience in the New Zealand travel industry. He understands the market and our customers and is well respected across the sector. 'Based in Auckland, he'll lead our operations with a focus on growing inbound and outbound travel and engaging local travellers. We're confident he'll grow the Intrepid brand in New Zealand and take the business to the next level.' Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
Business Wire
3 days ago
- Business
- 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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Malay Mail
3 days ago
- Business
- Malay Mail
Intrepid Metals Acquires Key Patented Mining Claims Near Ivanhoe Electric at Corral Copper Project in Arizona
Intrepid shall pay the vendor US$100,000 upon closing and the remaining balance of US$375,000 on or before January 31 st , 2026. , 2026. No common shares or other securities are issuable pursuant to the Agreement. The vendor is arm's length to the Company. No finder's fees are payable in connection with this transaction. [email protected] Vancouver, British Columbia - Newsfile Corp. - August 6, 2025 -or the) is pleased to announce that it has entered into a Purchase and Sale Agreement (the "Agreement") with private owners for highly sought after patented mining claims (the "Viewsite Claims") immediately south/southwest of the Ringo Copper-Gold Zone at the Corral Copper Property ("Corral" or the "Property") in Cochise County, Arizona. The Viewsite Claims are located within 2km of the Ivanhoe Electric ("Ivanhoe") claims, which Ivanhoe acquired following Intrepid's successful 2024 drill program. Please refer to Intrepid News Release dated January 15, 2025 for further details. The Viewsite Claims cover several prospective targets that are geologically consistent with mineralization previously encountered at the Ringo Zone, where drilling intersected 112.95m of 1.50% copper and 216.50m of 0.71% copper*."The Viewsite Claims are strategically located between our high-grade Ringo Zone and the claims acquired by Ivanhoe following our highly successful 2024 drill program at Corral and securing these patented mining claims is a strategic step that strengthens our position in the district," said Ken Engquist, Chief Executive Officer of Intrepid. "Located immediately adjacent to our Ringo mineral rights, the Viewsite Claims host several compelling targets that we are eager to evaluate through upcoming exploration. An added advantage is that the Viewsite Claims are patented mining claims, which provide full ownership of both surface and mineral rights. This advantage streamlines permitting, increases operational flexibility, and adds long-term value to our portfolio."The Viewsite Claims add 348 acres of patented mining claims and increases the Company's land position to roughly 10,346 acres (4,187 hectares). They have excellent exploration potential, supported by geological, geophysical, and historical data. The Viewsite Claims share key characteristics with the adjoining Ringo Zone, including intensely altered multi-phase porphyry intrusions, porphyry style alteration (quartz-sericite-pyrite), and skarn and carbonate replacement style mineralization. Geophysical surveys reveal magnetic and resistivity features consistent with subsurface mineralization, together representing several priority targets. Historical drilling intersected anomalous copper, gold, and silver in several locations. The presence of reactive Paleozoic limestones, jasperoids, and supportive trace element geochemistry further demonstrate the potential for CRD-style mineralization. Complex structural fabrics, including stacked thrust faults and abrupt geological transitions, enhance the likelihood of mineralization. Zones of high-grade mineralization are present, underscoring the need for additional mapping and drilling. Overall, the Viewsite Claims are highly prospective for porphyry, CRD, and skarn-type systems and warrant continued terms of the Agreement are as follows:*For additional technical information on the drill results disclosed in this news release, including data verification and QA/QC procedures, please refer to the Company's news releases entitled "Intrepid Metals Intersects 216.50m of 0.71% Copper Starting 29m from Surface at Corral Copper in Arizona" dated July 10, 2025 and "Intrepid Metals Drills 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq) at its Corral Copper Property in Arizona" dated July 9, 2024 available on SEDAR+ at and Mr. Daniel MacNeil, P. Geo, a consultant of the Company, is a Qualified Person ("QP") as defined by National Instrument 43-101. Mr. MacNeil has reviewed and approved the technical information disclosed in this news Corral Copper Property, located near historical mining areas, is an advanced exploration and development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historic Bisbee mining camp which has produced more than 8 billion pounds of copper. Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. There is over 50,000m of historical drilling at Corral mainly centered on the Ringo, Earp and Holliday Zones and although this core has been destroyed, Intrepid has a historical digital drill hole archive database which the Company uses for the purposes of exploration targeting and drill hole planning. Intrepid, through ongoing exploration drilling and surface geological mapping, sampling and prospecting is increasing confidence in the validity of these Corral Copper Property is currently comprised of the Excelsior Property, the CCCI Properties, the Sara Claim Group and the MAN Property. The Company has completed the acquisition of the Excelsior Property and Sara Claim Group through purchase and sale agreements. The Company has the right to acquire the corporate group that holds the CCCI Properties through an option agreement. The Company has the right to acquire the MAN Property through an option agreement. See the "Commitments" section of the Company's most recently filed Management Discussion and Analysis for further is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral Copper Property can quickly become an advanced exploration stage project and move towards development Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 2018, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit On behalf of the Company"Ken Engquist"CEOKen Engquist, CEO604-681-8030Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website and on the City of Bisbee website ( ).Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 ( South32 completes acquisition of Arizona Mining ). The issuer is solely responsible for the content of this announcement.
Business Wire
24-07-2025
- Business
- Business Wire
Benchmark Completes Key Role in U.S. Manufacturing and Testing for Intel's Aurora Exascale Supercomputer
TEMPE, Ariz.--(BUSINESS WIRE)--Benchmark Electronics, Inc. (NYSE: BHE), a global provider of engineering, design, and manufacturing services, announced the successful commissioning and validation of the Aurora exascale supercomputer at Argonne National Laboratory. Benchmark collaborated closely with Intel to provide manufacturing, test development, and test support for Aurora. Argonne's first exascale computer, Aurora will primarily serve the U.S. scientific community and the Department of Energy (DOE). Intel selected Benchmark for its expertise in building liquid-cooled, high-performance computing subsystems and for its unique capabilities in test development for complex computing infrastructure. All of Benchmark's work in support of Aurora was completed in the United States. 'With Aurora now online, scientists across the country are using the supercomputer for ambitious projects that combine AI, simulation, and data in innovative ways,' said Michael Papka, director of the Argonne Leadership Computing Facility. 'Aurora is expanding researchers' capabilities across science and engineering, enabling advances in areas ranging from aircraft design and fusion energy to cosmic exploration and the discovery of new materials. We're proud to partner with Intel and Benchmark to provide the scientific community with a resource that will power breakthroughs for years to come.' For decades, Argonne National Laboratory has been building a world-class scientific computing environment as part of DOE's efforts to give the nation a strategic competitive advantage in the advancement of science and technology. Today, the nation's supercomputing capabilities are unrivaled in the world and continue to deliver groundbreaking discoveries across all fields of research. Developed by Intel, Aurora is capable of performing one quintillion calculations per second; it's a true exascale system. The system continues the Argonne Leadership Computing Facility's legacy of supercomputers, following Intrepid, Mira, Theta, and Polaris in enabling breakthroughs in science and engineering. 'Building a system like Aurora takes deep collaboration, precision, and a shared commitment to pushing the boundaries of what's possible in science and engineering,' said David Tuhy, Intel Vice President and Aurora engineering lead. 'Benchmark brought deep technical expertise and a relentless focus on quality that helped bring this ambitious vision to life. Together, we've delivered a powerful tool for the U.S. scientific community, one that will accelerate discovery for years to come.' Benchmark supported the project across multiple dimensions, including developing and implementing tests for the system's liquid-cooled components and manufacturing system blades. With its robust U.S.-based advanced engineering and manufacturing network, Benchmark brought vital experience in complex computing hardware to the Aurora initiative. 'Benchmark is honored to have worked with Intel to build one of the fastest and most powerful supercomputers ever created,' said Jeff Benck, president and CEO, Benchmark. 'Our dedicated team of computing experts has shown time and again that they can deliver under the most demanding conditions, and Aurora is a testament to that capability.' To learn more about Benchmark's capabilities in high-performance computing, please visit About Benchmark Electronics, Inc. Benchmark provides comprehensive solutions across the entire product lifecycle; leading through its innovative technology and engineering design services; leveraging its optimized global supply chain; and delivering world-class manufacturing services in the following industries: commercial aerospace, defense, advanced computing, next-generation communications, medical, industrial, and semiconductor capital equipment. Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
