IPI

Download the Complete Report Here Key Takeaways: Completion of project-wide FEED awards moves Autazes further from permitting-led de-risking toward lender-facing engineering and construction readiness. During 2Q26, GRO awarded the mine shafts and underground development FEED to WSP UK, with Redpath Deilmann supporting the shaft scope, complementing the surface facilities and infrastructure FEED already being executed by Wood and Promon Engenharia. Engineering design coverage now spans both the surface and underground components of the ~$2.5 billion Autazes Project, strengthening the technical foundation for DFI and ECA construction-debt discussions. The two mine shafts sit on the project’s critical path, making their design and execution central to subsequent underground development, processing, tailings, and logistics. Redpath’s experience across more than 500 shafts globally, including major potash projects such as Jansen, Rocanville, K3, Woodsmith, and Nezhinsky, adds further credibility to the lender diligence package. The Gera Center power MOU provides initial evidence that GRO’s BOOT strategy could reduce upfront project capital requirements and, in turn, the equity burden associated with Autazes. In May, GRO signed a non-binding MOU with Gera Center for a 28-year Build, Own, Operate and Transfer arrangement covering a modular diesel generation system that would provide construction power before transitioning into emergency backup power during the mine’s 23-year operating life. The proposed 20 MW plant would initially deploy 10 MW and ramp to 20 MW during the first construction year, with first power available within 120 days after definitive contract execution and 98% minimum availability during the backup phase. More importantly from a financing perspective, if finalized, the structure is expected to shift approximately $33 million of upfront power-generation capex into operating costs over the contract term while generating approximately $10 million of net savings versus the Pre-Feasibility Study budget. New Profert legislation introduces another potential lever to lower Autazes’ construction funding requirement and expand access to domestic financing. Brazil’s Senate approved Profert on August 11, 2026, creating a new incentive framework for domestic fertilizer production that now awaits presidential signature into law. Management estimates that Profert, when combined with existing SUFRAMA incentives, could exempt up to ~$190 million of federal taxes on Autazes’ ~$2.5 billion initial capex, reducing required construction capital by approximately 7%. The legislation also authorizes BNDES to invest in the construction of new domestic fertilizer production capacity and introduces a domestic-content requirement for fertilizer sold in Brazil, beginning at 2% in 2027 and rising to 10% by 2037, with potential to increase to 30% depending on supply availability. Importantly, the benefits are not yet assured, as GRO’s eligibility will depend on a competitive selection process and implementing regulations from MAPA that have not yet been published. Separately, Profert provides for a production tax credit of up to 20% of eligible investment, subject to a R$2 billion annual program cap from 2027 through 2031, which management notes is distinct from the ~$190 million capex tax analysis. Infrastructure carve-outs could become a meaningful component of the broader construction funding stack if additional proposals convert into definitive agreements. GRO continues to frame Autazes around approximately $2.5 billion of total capex, with ~$1.8 billion expected from DFIs and ECAs and up to ~$350 million of potential third-party infrastructure funding across the powerline, port, steam plant, construction/backup power, and trucking system. The project also has potential access to approximately $150 million from Franco-Nevada’s binding royalty option, subject to the applicable funding condition. On a purely illustrative basis, if all three funding sources were fully realized, they would represent roughly $2.3 billion of the $2.5 billion requirement, leaving approximately $200 million to be addressed through strategic project equity or other capital. The $350 million remains prospective and the Gera agreement remains non-binding, but the $33 million identified in the proposed Gera construction-power BOOT begins to demonstrate how the BOOT strategy could reduce the amount of equity capital ultimately required at the project level. Recent judicial developments have further reduced perceived legal risk around Autazes, with both the PGR’s position and separate favorable TRF-1 rulings supporting the project’s legal and permitting position. In July, the DPU filed an application with the Federal Supreme Court seeking to suspend installation activities, but the matter did not constitute a new lawsuit or introduce new allegations and instead challenged prior TRF-1 decisions favorable to GRO and the Mura Indigenous Council. The underlying consultation process spanned more than six years, covered over 35 Mura villages and concluded with approximately 90% support among participating communities. On July 9, the PGR, Brazil’s highest prosecutorial authority before the STF, recommended that the application not be heard on the merits, citing lack of standing and an inappropriate procedural mechanism. Separately, on August 11, TRF-1 found other special and extraordinary appeals inadmissible for referral to the Superior Court of Justice and Federal Supreme Court, thereby preserving prior rulings supporting the Mura consultation process, IPAAM’s licensing authority and the validity of Autazes’ environmental licenses. Together with the project’s 21 Installation Licenses covering the mine, processing plant and port, the cumulative judicial record further supports the project’s legal and permitting position, while residual procedural risk remains given that additional appeals may still be available. Development-stage operating expenses fell materially y/y, while reported 2Q26 net income was driven by a non-cash warrant revaluation rather than an operating earnings inflection. GRO remains pre-revenue, but operating loss declined 77% y/y to $3.35 million from $14.54 million. The largest driver was share-based compensation, which fell 93% to $0.79 million from $11.63 million as prior-period share-based compensation expense normalized sharply; professional fees also declined to $0.17 million from $0.47 million, while consulting and management fees were broadly stable at $1.44 million. Reported net income of $7.60 million versus a $14.83 million loss in 2Q25 primarily reflected a $10.67 million gain from the change in fair value of warrant liabilities. We therefore view operating loss as the better measure of underlying corporate expense intensity. The May financing materially strengthened GRO’s ability to fund FEED and development activity while larger project-level financing is pursued. Cash increased to $75.7 million at June 30 from $27.8 million at December 31, 2025, while working capital rose to $74.6 million from $26.6 million. The increase primarily reflects the May 4 public offering, which generated $63.23 million of gross proceeds through 7.0 million common shares at $2.50 per share and 18.3 million pre-funded warrants at $2.499, with approximately $4.27 million of issuance costs. Common shares outstanding increased 15% from 53.69 million at year-end to 61.95 million at June 30, reflecting the public offering as well as RSU and DSU exercises and other share issuances during the period, while the 18.3 million new pre-funded warrants create additional economic dilution given their $0.001 exercise price. The financing nevertheless gives GRO substantially greater negotiating flexibility as it works through FEED, BOOT agreements, and project-level debt/equity discussions. Current liquidity materially extends GRO’s runway for corporate and engineering activities, but it should not be confused with construction funding capacity. GRO used $5.12 million of cash in operating activities during 1H26 and invested $6.13 million into exploration and evaluation assets, implying combined operating and project cash deployment of roughly $11.25 million before financing flows. Annualizing that 1H pace would imply approximately $22.5 million of cash deployment, against $75.7 million of quarter-end cash; however, that run-rate is unlikely to remain static as the $4.3 million underground FEED Early Works program progresses alongside surface FEED and other pre-construction activities. Accordingly, the balance sheet materially reduces near-term corporate financing risk, but the financial statements continue to note that GRO’s ability to continue development remains dependent on securing additional financing, and the principal investment question remains GRO’s ability to assemble the approximately $2.5 billion project funding package required to reach full production. Autazes’ long-term financial profile remains intact. Based on ERCOSPLAN technical report assumptions, management illustrates potential run-rate EBITDA of ~$1.0 billion at commercial scale, supported by an estimated realized price of ~$493/ton FOB Port and operating costs of ~$79/ton at full run-rate. This implies mine-gate gross margins above 80% and an EBITDA margin approaching ~75% after transportation and G&A, reflecting the project’s structural delivered-cost advantage in Brazil’s import-dependent potash market. We continue to view GRO as pre-revenue through 2026 and 2027, with near-term value creation driven by milestone completion rather than quarterly earnings progression. Commercial production could begin approximately four years after construction commencement, while current project materials continue to show 2.4 million tons of annual nameplate production and approximately $1.0 billion of estimated run-rate EBITDA once steady-state operations are reached. Over the next several quarters, the more relevant indicators are therefore advancement of the 12-month, $4.3 million underground Early Works program; progression of the Wood/Promon surface FEED; conversion of the Gera Center and other BOOT proposals into definitive agreements; and progress toward the approximately $1.8 billion of targeted DFI/ECA debt and strategic project-level equity required to begin full-scale construction. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. GRO’s current valuation continues to reflect substantial financing and execution risk despite meaningful project de-risking and a materially stronger liquidity position. At $2.15 per share, GRO carries a basic market capitalization of approximately $133.2 million and enterprise value of $57.5 million, reflecting $75.7 million of cash and no debt as of June 30, 2026. Cash therefore represents roughly 57% of basic market capitalization, while the stock remains approximately 26% below the $2.92 price used in our May update despite subsequent progress across underground FEED, infrastructure funding optimization, liquidity, and the project’s legal position. GRO also has 84.8 million basic shares plus pre-funded warrants and approximately 106.8 million fully diluted shares, highlighting that dilution remains an important consideration as the company assembles the larger construction funding package. We expect valuation to evolve with project milestones, with the largest rerating potential tied to financing de-risking and progression into full-scale construction. GRO is targeting approximately $1.8 billion of DFI/ECA debt against the ~$2.5 billion Autazes funding requirement, supplemented by potential third-party infrastructure funding of up to ~$350 million, the Franco-Nevada royalty option, and strategic project-level equity. As these funding sources move from indicative discussions toward binding commitments, we would expect the market to assign greater value to Autazes’ prospective operating economics and reduce the discount currently applied for financing, dilution and execution risk. Key catalysts include completion and lender acceptance of the Wood/Promon and WSP/Redpath FEED programs, binding DFI/ECA commitments, additional BOOT infrastructure agreements, strategic equity participation and ultimately the start of full-scale construction. With 91% of nameplate capacity already covered by long-term offtake agreements, full-project FEED coverage established, and the legal/permitting backdrop improving, valuation remains highly sensitive to further milestone delivery, while the scale of the remaining construction requirement keeps funding execution and dilution as the principal risks to the rerating path. Read Exec Edge’s Initiation on Brazil Potash Corp. Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Brazil Potash Reports Full-Project FEED Coverage, Liquidity & Policy Support for Autazes – Quarterly Update Report appeared first on ExecEdge.

Interested in Intrepid Potash, Inc? Here are five stocks we like better. Profitability improved in Q2: Adjusted EBITDA rose to $17.5 million from $13.8 million, while gross margin increased 35% to $16.6 million, driven by stronger Trio margins and improved potash operations. Production outlook raised: Intrepid increased 2026 production guidance to 290,000–300,000 tons for potash and 295,000–305,000 tons for Trio, citing better recovery, throughput and reliability. Share repurchases are expected to begin in Q3: Following the $68.9 million South Ranch sale, the company had $185 million in cash and expanded its buyback authorization to $50 million, while reducing 2026 capital-spending guidance to about $40 million. ScottsMiracle-Gro Stock Blooms After Investor Day Optimism Intrepid Potash (NYSE:IPI) reported improved second-quarter profitability, raised its full-year production guidance for potash and Trio fertilizer products, and outlined plans to begin share repurchases in the third quarter following the sale of its South Ranch asset. Chief Executive Officer Kevin Crutchfield said the company’s second-quarter performance reflected better process control, reliability and recovery performance across its operations. He characterized the company’s priorities as improving execution, pursuing opportunities in the fertilizer business and maintaining capital discipline. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The 8 best agricultural ETFs to consider for your portfolio “Better process control, improving reliability, and recovery performance helped deliver year-over-year earnings growth, stronger production results, better Trio unit economics, and improved margin quality,” Crutchfield said. Second-quarter sales from continuing operations were approximately flat from a year earlier at $66.7 million. However, gross margin rose 35% to $16.6 million. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Net income from continuing operations was $2.4 million, or $0.18 per diluted share. Chief Financial Officer Jason Tremblay said the result included a $5 million accrual related to anticipated water repayment and associated obligations in the Pecos water rights matter. Adjusted EBITDA from continuing operations increased to $17.5 million from $13.8 million in the prior-year quarter, driven primarily by stronger Trio margins and improved potash production performance, Tremblay said. Trio segment sales increased to $35.7 million from $33.2 million a year earlier. Trio sales volumes were flat, while average net realized selling prices increased 6%. Potash segment sales declined to $30.6 million from $34 million. Potash sales volumes fell to 59,000 tons, while average net realized selling prices rose 8% to $391 per ton. Potash production increased by 8,000 tons from the prior-year quarter to 52,000 tons. → No Hangover: Revisiting Microsoft One Week After Earnings Tremblay said Trio recorded its lowest cost of goods sold per ton since the fourth quarter of 2019, reflecting operating improvements. Potash gross margin was essentially unchanged from a year earlier, as higher prices and better production were offset by lower sales volumes and higher average cost of goods sold per ton. Year-to-date cash flow from continuing operations was $55.3 million, compared with $42.9 million in the prior-year period. Capital expenditures totaled $8.5 million in the second quarter and $13.6 million through the first half. The company completed the sale of South Ranch for $68.9 million net of customary transaction adjustments, including $62 million of cash proceeds received during the second quarter. At quarter-end, Intrepid had $185 million of cash and cash equivalents, no borrowings under its revolving credit facility and $149.8 million of revolver availability. Intrepid increased its full-year 2026 potash production guidance to 290,000 to 300,000 tons and raised Trio production guidance to 295,000 to 305,000 tons. Vice President of Operations Rick Kim said the higher outlook was supported by improvements at all three potash facilities. At HB, new mill operating procedures improved recovery by 3% year to date and supported first-half production of 72,000 tons. At Moab, first-half recovery improved 2% year over year, contributing more than 1,000 additional tons of production, while better-than-expected early-season evaporation largely offset the effect of late-2025 storms. At Wendover, the company idled operations in April and processed in May to allow additional evaporation, increasing its production outlook for the remainder of 2026, Kim said. For Trio, mine tons per operating hour increased by more than 7% as the company reduced downtime and improved process control. First-half recovery rose four percentage points from 2025, adding more than 5,000 tons of incremental production, according to Kim. Intrepid expects Trio production to exceed 2025 output by more than 25,000 tons. Kim also said the company’s increased 2026 potash production outlook does not pull production forward from 2027. He attributed the additional expected output primarily to sustainable improvements in mill recoveries and throughput. Vice President of Sales and Marketing Zachry Adams said potash market conditions remained constructive, citing strong global demand, record first-half shipments into Brazil and China, and broadly balanced channel inventories. He said recently announced maintenance-related production reductions in Belarus were expected to keep supply-and-demand balances tight for the rest of the year. Adams said Intrepid’s June summer fill program received a good customer response, with pricing stable compared with ending spring values. Customer commitments remain disciplined and just in time, he said, but the company expects growers to seek additional tons as the fall application season begins. For Trio, Adams said the opportunity is increasingly tied to demand for sulfate nutrition and low-chloride potassium. He said global sulfur supply disruptions associated with geopolitical developments have reinforced the value of Trio’s naturally occurring sulfate component. Pressure on sulfate of potash operating rates due to feedstock concerns could also create an opportunity for Trio, he added. The company expects third-quarter potash sales volumes of 55,000 to 65,000 tons, with average net realized prices of $380 to $390 per ton. The outlook reflects late-season price increases, summer fill pricing and a second-half sales mix with a higher proportion of feed tons. For Trio, Intrepid expects third-quarter sales volumes of 30,000 to 40,000 tons and average net realized prices of $400 to $410 per ton. Adams said Trio demand softened somewhat in late May and early June, while the third-quarter volume outlook primarily reflects the product’s seasonal pattern as a spring-applied fertilizer. Intrepid reduced its full-year 2026 capital expenditure guidance to about $40 million. The lower outlook reflects updated timing for the AMAX project at HB and a lower expected cost for Primary Pond 8 at Wendover. The company said its current production outlook provides flexibility to defer near-term AMAX capital spending without affecting expected production volumes while it evaluates the cavern. At Wendover, Intrepid revised the construction process for Primary Pond 8 while continuing to support long-term brine management needs. Tremblay said the company intends to maintain approximately $50 million of cash for balance-sheet protection during trough conditions and about $35 million for working-capital needs and cash-flow variability. Cash beyond those needs may be directed to high-return investments or shareholder returns, depending on timing and relative opportunities. In June, Intrepid’s board expanded its share repurchase authorization to $50 million. The company expects to begin repurchases during the third quarter, while retaining flexibility over the pace based on market conditions, liquidity requirements and potential investment opportunities. Crutchfield said Intrepid is evaluating potential investments in east underground Trio capacity, potash production, reliability improvements and byproduct utilization. The company’s partners are also advancing engineering and permitting work on the Wendover lithium project, with Crutchfield saying Intrepid expects to provide a more substantive update later in the year. Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production. Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Intrepid Potash Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: Second quarter sales from continuing operations were roughly flat year-over-year at $66.7 million. Gross Margin: Gross margin increased by 35% to $16.6 million. Net Income: Net income from continuing operations improved to $2.4 million, or $0.18 per diluted share, including a $5 million accrual related to the Payco water rights matter. Adjusted EBITDA: Adjusted EBITDA from continuing operations increased to $17.5 million from $13.8 million in the prior year. Trio Segment Sales: Increased to $35.7 million from $33.2 million in the prior year quarter, with flat sales volumes and a 6% increase in average net realized selling price. Potash Segment Sales: Decreased to $30.6 million from $34 million in the prior year quarter, with sales volumes declining to 59,000 tons and average net realized sales price increasing 8% to $391 per ton. Potash Production: Increased by 8,000 tons from the prior year quarter to 52,000 tons. Cash Flow: Year-to-date cash flow from continuing operations was $55.3 million compared with $42.9 million in the prior year. Capital Expenditures: $8.5 million invested in the second quarter and $13.6 million year-to-date; full-year 2026 guidance reduced to approximately $40 million. Liquidity: $185 million of cash on hand, no revolver borrowings, and $149.8 million of revolver availability at quarter end. Share Repurchase Authorization: Expanded to $50 million, with repurchases expected to begin in the third quarter. Warning! GuruFocus has detected 5 Warning Sign with IPI. Is IPI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Improved operational execution led to a 35% increase in gross margin and higher adjusted EBITDA of $17.5 million in Q2 2026. Raised full-year 2026 production guidance for both potash (290,000-300,000 tons) and Trio (295,000-305,000 tons) due to better recoveries and throughput. Trio segment achieved its lowest cost of goods sold per ton since Q4 2019, with a 6% increase in average net realized selling price. Strong balance sheet with $185 million in cash, no revolver borrowings, and $149.8 million in available credit, further strengthened by $62 million in cash proceeds from the South Ranch sale. Capital allocation framework includes a $50 million share repurchase authorization, with buybacks expected to begin in Q3 2026, and reduced 2026 capex guidance to approximately $40 million. Potash segment sales declined to $30.6 million from $34 million year-over-year due to lower sales volumes of 59,000 tons. Potash average COGS per ton increased, offsetting gains from higher prices and improved production performance. Trio demand softened in late May and early June, with Q3 sales volumes expected to be seasonally lower (30,000-40,000 tons). Q3 2026 potash sales volumes are expected to be lower (55,000-65,000 tons) due to seasonal demand patterns and a higher proportion of feed tons. The company recorded a $5 million accrual related to anticipated water repayment obligations in the Payco's water rights matter, impacting net income. Q: Can you provide an update on the progress of the lithium projects and the expected timeline for further developments?A: Kevin Crutchfield, CEO, stated that while there isn't much new to report, the partners are progressing on permitting and engineering, working toward a definitive feasibility study. He indicated that the fourth quarter is expected to be very active, with a more detailed update anticipated on the next quarterly call, as things are progressing as planned. Q: Is the increase in full-year potash production guidance pulling tons forward from 2027, or is this truly incremental production?A: Rick Kim, VP of Operations, clarified that the increased guidance is not a result of pulling tons forward from next year. The incremental tonnage is based on meaningful and sustainable improvements in mill recoveries and throughput, ensuring there is no adverse impact on 2027 production. Q: How does the company plan to balance its capital allocation between internal investments and returning capital to shareholders, especially considering the potential for future milestone payments?A: Kevin Crutchfield, CEO, explained that the company felt pressure from shareholders to return capital, leading to the announcement of a $50 million share repurchase program set to begin in Q3. He noted that while they are evaluating internal projects, the timing and intensity of capital allocation could change significantly if the Exxon payments materialize, but it is premature to commit to a specific plan beyond starting the buyback program. Q: What are the key drivers behind the improved cost performance and production in the Trio segment, and what is the outlook for further cost reductions?A: Rick Kim, VP of Operations, attributed the meaningful progress to the installation of a continuous miner and a focus on increasing tons per operating hour. While significant improvements have been made, he noted that there are still opportunities to address bottlenecks in the mill and improve the process, indicating a strong potential for further growth and cost improvements over the next couple of years. Q: How is the recent softness in demand for Trio and Potash factored into the third-quarter guidance, and what is the outlook for the fall season?A: Zachry Adams, VP of Sales and Marketing, acknowledged a slight softness in Trio demand in late May and early June, but stated that the Q3 guidance is primarily a function of normal seasonality, as Trio is a spring-applied product. He expects customers to return in Q4 to position for next spring. Regarding crop prices, he noted that any appreciation would help the fall application season outlook, and they are watching this closely. Q: Can you elaborate on the potash pricing environment and the expectations for the second half of the year?A: Zachry Adams, VP of Sales and Marketing, stated that pricing into the summer field program was flat to spring values. The Q3 guidance reflects a mix of ag, feed, and industrial tons. The overall pricing outlook for potash remains constructive through the remainder of the year, supported by a balanced global picture and recent supply reductions in Belarus. Q: What are the expectations for cost improvements in the potash segment, and how will operational improvements translate to the bottom line?A: Rick Kim, VP of Operations, stated that while there are opportunities for cost improvements, they may not be major this year. The focus is on long-term initiatives for meaningful cost improvements in both Potash and Trio into 2027. Jason Tremblay, CFO, added that as operational improvements increase volumes, the company will see cost benefits on a unit basis due to high fixed-cost leverage. Q: What is the company's strategy for managing its strong cash balance, and what are the specific buckets for capital allocation?A: Jason Tremblay, CFO, outlined a balanced framework: holding approximately $50 million for balance sheet strength, roughly $35 million for working capital and cash flow variability, and allocating the remaining cash to high-return investments or returning it to shareholders. This framework supports the decision to expand the share repurchase authorization to $50 million, with repurchases expected to begin in Q3. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Intrepid Potash (IPI) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +47.37%. A quarter ago, it was expected that this potash and fertilizer producer would post earnings of $0.48 per share when it actually produced earnings of $0.62, delivering a surprise of +29.17%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Intrepid Potash, which belongs to the Zacks Fertilizers industry, posted revenues of $55.64 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.52%. This compares to year-ago revenues of $60.46 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Intrepid Potash shares have added about 20.1% since the beginning of the year versus the S&P 500's gain of 11%. While Intrepid Potash has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Intrepid Potash was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $42.61 million in revenues for the coming quarter and $1.62 on $238.29 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Fertilizers is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Nutrien (NTR), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This producer of potash and other fertilizers is expected to post quarterly earnings of $2.70 per share in its upcoming report, which represents a year-over-year change of +1.9%. The consensus EPS estimate for the quarter has been revised 3.2% lower over the last 30 days to the current level. Nutrien's revenues are expected to be $10.67 billion, up 2.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intrepid Potash, Inc (IPI) : Free Stock Analysis Report Nutrien Ltd. (NTR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

DENVER, August 04, 2026--(BUSINESS WIRE)--Intrepid Potash, Inc. ("Intrepid", "the Company", "we", "us", or "our") (NYSE:IPI) today reported its results for the second quarter of 2026. Second Quarter Highlights & Management Commentary Supportive pricing, stable Trio® sales volumes, and continued improvement in Trio® margins drove improved profitability in the second quarter of 2026, highlighted by: Expanded gross margin by 35% compared with the prior-year quarter despite slightly lower sales from continuing operations. Increased full-year 2026 production guidance for potash to 290-300 thousand tons and Trio® to 295-305 thousand tons. Lowest Trio® COGS per ton since Q4 2019. Increased net income to $15.6 million including $13.2 million gain on sale of Intrepid South, compared with $3.3 million in the second quarter of 2025. Reported net income from continuing operations of $2.4 million, up from $1.4 million in the prior year quarter. Delivered Adjusted EBITDA(1) from continuing operations of $17.5 million, up from $13.8 million in the second quarter of 2025. Completed the sale of Intrepid South for $68.9 million, including $62.0 million of cash proceeds received during the second quarter of 2026. Lowered full-year 2026 capital expenditure guidance to approximately $40 million. Expanded the Company’s share repurchase authorization to $50 million. Kevin Crutchfield, Intrepid's Chief Executive Officer, commented: "We delivered improved profitability in the second quarter, reflecting supportive markets, disciplined execution, and continued progress across our core fertilizer portfolio. Trio® performed particularly well, with higher production, improved unit costs, and stronger margins as demand for chloride-free, sulfate-containing nutrients continued to benefit from supportive market conditions. In potash, higher production and improved pricing helped offset lower sales volumes. For both Trio® and potash, we are raising our full-year production outlook based on the operating progress achieved to date. We remain focused on the areas within our control—operating safely, improving reliability and efficiency, and delivering value from our core assets. With a strong balance sheet, increased production guidance for both potash and Trio®, lower expected capital expenditures, and an expanded share repurchase authorization, we believe Intrepid is well positioned to build on our momentum through the remainder of 2026." Key Financial Metrics Second quarter 2026 sales from continuing operations were generally consistent with the prior year quarter, as higher average realized prices for potash and Trio® and improved Trio® production were offset by lower potash sales volumes. Gross margin increased to $16.6 million in the second quarter of 2026 from $12.4 million in the same prior year period, driven primarily by improved Trio® segment margins, supportive realized pricing, and lower average Trio® COGS per ton. Adjusted net income from continuing operations increased to $7.4 million, or $0.56 per diluted share in the second quarter of 2026, compared with $4.1 million, or $0.30 per diluted share, in the second quarter of 2025, while Adjusted EBITDA increased to $17.5 million in the second quarter of 2026 from $13.8 million in the same prior year period. Including discontinued operations, net income was $15.6 million, or $1.17 per diluted share, in the second quarter of 2026, compared with $3.3 million, or $0.25 per diluted share, in the same prior year period. Net income from discontinued operations was $13.2 million in the second quarter of 2026, primarily reflecting the completed sale of Intrepid South. We received two payments totaling $70.0 million related to the sale of Intrepid South, with an $8.0 million deposit received in December 2025, and a $62.0 million payment received on April 1, 2026, the closing date of the transaction. The final sales price after customary adjustments was $68.9 million and we recorded a gain, net of taxes, of $13.2 million during the second quarter of 2026. For the six months ended June 30, 2026, sales from continuing operations increased to $165.4 million from $162.1 million in the same prior year period, while gross margin increased to $34.3 million from $25.7 million in the same prior year period. The year-to-date improvement reflects higher average realized sales prices, stronger Trio® margins, improved production performance, and lower cost of goods sold relative to the prior year period. Net income from continuing operations was $9.3 million, or $0.70 per diluted share in the first half of 2026, compared with $4.8 million, or $0.37 per diluted share, in the first six months of 2025. Adjusted EBITDA(1) increased to $36.5 million in the first half of 2026 from $28.4 million in the same prior year period. Including discontinued operations, net income was $23.0 million, or $1.73 per diluted share in the first half of 2026, including $13.7 million of net income from discontinued operations, compared with net income of $7.9 million, or $0.60 per diluted share, in the same prior year period. Cash flow from continuing operations was $34.0 million in the second quarter of 2026, compared with $36.1 million in the same prior year period. The year-over-year decrease was primarily due to less favorable working capital movements compared with the prior year quarter, partially offset by higher earnings from continuing operations. For the six months ended June 30, 2026, cash flow from continuing operations increased to $55.3 million from $42.9 million in the same prior year period, reflecting improved profitability and continued working capital discipline. Segment Highlights Potash In the second quarter of 2026, potash segment sales decreased $3.4 million compared to the same prior year period. The decrease was primarily driven by a 14% decline in sales volumes to 59 thousand tons, partially offset by an 8% increase in our average net realized sales price per ton(1) to $391. Sales volumes were lower compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter. Potash production was 52 thousand tons in the second quarter of 2026, an increase of 8 thousand tons compared to the same prior year period, as we benefited from efficiency improvements across all of our mines. The benefit of higher production was partially offset by a production mix weighted more heavily toward our higher-cost sites, which increased our average potash segment cost of goods sold ("COGS") per ton to $359 in the second quarter of 2026, compared with $337 per ton in the second quarter of 2025 and $334 per ton in the first quarter of 2026. Potash segment gross margin increased by $0.1 million in the second quarter of 2026 compared to the same prior year period, as higher average net realized sales prices were largely offset by lower sales volumes and higher average COGS per ton. Trio® In the second quarter of 2026, Trio® segment sales increased $2.5 million, or 8% compared to the same prior year period. The increase was largely driven by a 6% increase in our average net realized sales price per ton(1) to $389, reflecting continued supportive pricing for Trio®'s individual nutrient components, particularly sulfate and potassium. Sales volumes were flat compared to the same prior year period at 70 thousand tons. Trio® production of 75 thousand tons in the second quarter of 2026 was 7% higher than the second quarter last year, showing the benefit of the new continuous miner commissioned earlier this year and ongoing plant optimization projects. Our Trio® segment COGS per ton totaled $205 in the second quarter of 2026, which compares to $235 per ton in the second quarter of 2025, and $229 per ton in the first quarter of 2026. Our Trio® segment generated gross margin of $11.4 million in the second quarter of 2026, which compares to $8.1 million in the same prior year period, with the increase primarily attributable to the higher average net realized sales price per ton, as well as an improvement in our Trio® segment COGS per ton. Operating Updates, Guidance and Capital Allocation Potash Segment Production Outlook We are increasing our full-year 2026 potash production guidance to a range of 290 thousand to 300 thousand tons, reflecting improved recoveries from focused mill efficiency initiatives and improved brine grade and evaporation which extended the harvest season ahead of our summer shutdown. Increased Production at East Underground Mine In early 2026, we commissioned a new continuous miner at our East Mine, which has improved operating efficiency and increased Trio® production. We also increased operating hours per shift and continue to advance mill improvements that support higher production of granular and premium products. For 2026, we are increasing our Trio® full-year production guidance to a range of 295 thousand to 305 thousand tons. Wendover Lithium Project Our partners continue to advance engineering and related permitting activities for the Wendover lithium project. We expect to provide additional detail as those efforts progress later this year. Pecos Water Rights Matter We recorded a $5.0 million loss contingency during the second quarter of 2026 related to anticipated water repayment and associated obligations. Additional costs may be incurred as the matter is resolved. Capital Expenditures Capital expenditures totaled $8.5 million in the second quarter of 2026. We now expect 2026 capital expenditures of approximately $40 million. The lowered guidance is a result of the removal of AMAX spend and reduction in costs for Primary Pond 8 at Wendover. Liquidity and Capital Allocation As of June 30, 2026, cash and cash equivalents totaled $185.0 million, including $62.0 million of cash proceeds received during the quarter upon completion of the sale of Intrepid South. We had no borrowings and $0.2 million in outstanding letters of credit under our revolving credit facility, leaving $149.8 million available under our $150 million facility, which matures in March 2031. In June 2026, Intrepid’s Board approved an expansion of the Company’s share repurchase authorization to $50 million. We expect to evaluate share repurchases opportunistically as part of our disciplined capital allocation framework, while maintaining the flexibility to fund high-return operating and efficiency projects and preserve balance sheet strength. Guidance Summary Notes 1 Adjusted net income from continuing operations, adjusted net income from continuing operations 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 Wednesday, August 5, 2026 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 (833) 461-5787 or International dial-in number 1 (585) 542-9983; please use meeting ID 800547056. The call will also be streamed on the Intrepid website, intrepidpotash.com. A recording of the conference call will be available approximately two hours after the completion of the call via webcast. The recording will be available for 12 months following the call. About Intrepid Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. 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 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 intrepidpotash.com, 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 and cash flows, water sales, production costs, and its market outlook. 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; our ability to comply with the terms of our revolving credit facility, including any underlying covenants; 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 ability to fund necessary capital investments; the impact of global conflicts including the conflict involving Iran and the blockage of the Strait of Hormuz; the timing, amount and impact of any repurchases under our stock repurchase program; 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 Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q. 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.UNAUDITED NON-GAAP RECONCILIATIONSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025(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, adjusted net income 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. Adjusted Net Income and Adjusted Net Income Per Diluted Share Adjusted net income and adjusted net income per diluted share are calculated as net income or net income 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 from Continuing Operations to Adjusted Net Income from Continuing Operations: Reconciliation of Net Income to Adjusted Net Income per Diluted Share: Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net income from continuing operations 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 to Adjusted EBITDA: 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. Reconciliation of Sales to Average Net Realized Sales Price per Ton: View source version on businesswire.com: https://www.businesswire.com/news/home/20260804606038/en/ Contacts Ryan SchultzInterim Investor Relations ManagerEmail: [email protected]

Wall Street expects a year-over-year increase in earnings on higher revenues when Nutrien (NTR) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This producer of potash and other fertilizers is expected to post quarterly earnings of $2.76 per share in its upcoming report, which represents a year-over-year change of +4.2%. Revenues are expected to be $10.84 billion, up 3.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.18% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Nutrien, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.79%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Nutrien will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Nutrien would post earnings of $0.48 per share when it actually produced earnings of $0.51, delivering a surprise of +6.25%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Nutrien doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Intrepid Potash (IPI), another stock in the Zacks Fertilizers industry, is expected to report earnings per share of $0.38 for the quarter ended June 2026. This estimate points to a year-over-year change of -15.6%. Revenues for the quarter are expected to be $55.35 million, down 8.5% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Intrepid Potash has remained unchanged. Nevertheless, the company now has an Earnings ESP of -2.63%, reflecting a lower Most Accurate Estimate. When combined with a Zacks Rank of #5 (Strong Sell), this Earnings ESP makes it difficult to conclusively predict that Intrepid Potash will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nutrien Ltd. (NTR) : Free Stock Analysis Report Intrepid Potash, Inc (IPI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Intrepid Potash (IPI) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This potash and fertilizer producer is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of -15.6%. Revenues are expected to be $55.35 million, down 8.5% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Intrepid Potash, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.63%. On the other hand, the stock currently carries a Zacks Rank of #5. So, this combination makes it difficult to conclusively predict that Intrepid Potash will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Intrepid Potash would post earnings of $0.48 per share when it actually produced earnings of $0.62, delivering a surprise of +29.17%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Intrepid Potash doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intrepid Potash, Inc (IPI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Intrepid Potash, Inc.'s (NYSE:IPI) strong earnings report was rewarded with a positive stock price move. We did some digging and found some further encouraging factors that investors will like. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. For anyone who wants to understand Intrepid Potash's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit was reduced by US$8.5m due to unusual items. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Intrepid Potash to produce a higher profit next year, all else being equal. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Because unusual items detracted from Intrepid Potash's earnings over the last year, you could argue that we can expect an improved result in the current quarter. Based on this observation, we consider it likely that Intrepid Potash's statutory profit actually understates its earnings potential! And it's also positive that the company showed enough improvement to book a profit this year, after losing money last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you'd like to know more about Intrepid Potash as a business, it's important to be aware of any risks it's facing. While conducting our analysis, we found that Intrepid Potash has 1 warning sign and it would be unwise to ignore this. Today we've zoomed in on a single data point to better understand the nature of Intrepid Potash's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Download the Complete Report Here Key Takeaways: FEED award moves Autazes toward lender-ready execution planning, with Wood and Promon strengthening technical credibility and Brazilian delivery capability. The $63.3 million equity raise materially improves liquidity, supporting FEED, engineering, and development work while project financing discussions continue. 1Q26 progress across water rights, Mura engagement, and BOOT proposals further de-risked key regulatory, community, and infrastructure workstreams. Development-stage financials improved y/y, with operating loss narrowing to $4.1 million from $18.7 million on lower non-cash compensation. Valuation remains compelling at $93 million pro forma EV, with rerating tied to FEED completion and construction financing milestones. Surface FEED contract award materially improves Autazes’ bankability and advances the project from permitting-led de-risking toward lender-facing execution readiness. In May 2026, GRO awarded the FEED contract for key surface infrastructure to a Wood plc and Promon Engenharia consortium, covering the processing plant, tailings facility, river barge port, and approximately 13 km of road upgrades linking the plant to the port. This scope is central to the project’s execution case as it ties together processing throughput, tailings handling, water balance, power requirements, port logistics, and construction sequencing into a single engineering framework. The FEED work should make the financing process more actionable by replacing broad project assumptions with diligence-ready engineering detail. That should improve lender confidence in the construction plan, sharpen the basis for cost and schedule discussions, and give DFIs, ECAs, infrastructure partners, and strategic equity investors a more concrete framework for evaluating risk, returns, and required capital commitments. The Wood-Promon consortium is important because it combines global potash engineering credibility with local Brazilian execution capability. Wood brings direct potash and fertilizer infrastructure experience, including K+S’s Bethune potash mine in Canada and multiple international potash expansions exceeding 8 million annual tons of production, which should support lender confidence in the FEED package. Promon adds more than 60 years of Brazilian EPCM and project management experience, including complex industrial, mining, and fertilizer projects, which is relevant given Autazes’ local engineering, licensing, logistics, and Amazonas State execution requirements. In our view, this combination strengthens GRO’s ability to deliver a financeable engineering package and advance discussions around construction debt, infrastructure funding, and anchor equity participation. Recently closed $63.3 million equity offering materially strengthens liquidity and improves GRO’s ability to advance Autazes while larger project financing discussions continue. GRO closed an underwritten public offering generating $63.3 million of gross proceeds, including full exercise of the underwriters’ option to purchase an additional 3.3 million shares. The financing included 7.0 million common shares issued at $2.50 per share and pre-funded warrants to purchase up to 18.3 million common shares at $2.499 per warrant, with proceeds intended for working capital and general corporate purposes. While not a substitute for the larger construction financing required to build Autazes, the raise is important because it extends corporate runway, supports ongoing engineering and development work, and gives GRO greater flexibility as it advances FEED, infrastructure funding discussions, and potential DFI/ECA-led construction financing. 1Q26 execution further de-risked Autazes and showed steady progress across the water, community, and infrastructure funding workstreams needed to move the project closer to construction readiness. Water rights approval improved project design and reduced execution complexity. ANA granted GRO a 10-year authorization to extract up to 2,400 m³/hour for 12 hours per day, or 10.5 million m³ annually, from the Rio Madeira. The approval allows the company to replace the original plan for 16 groundwater wells at 250 meters depth with surface water sourcing, reducing construction complexity and potentially lowering capital requirements. The water strategy also incorporates recycling, surface runoff capture, and water purification, which should help align the project design with environmental requirements while supporting processing needs. Together with 21 Installation Licenses already secured across the mine shafts, processing plant, eight-mile road upgrade, and river barge port, the water approval represents another tangible step in converting Autazes from a permitted development asset into a more execution-ready construction project. Stakeholder alignment progressed through a more formal community partnership framework with the Mura Indigenous Council. Through Potássio do Brasil, GRO signed a Term of Commitment and Cooperation with the Mura Indigenous Council, creating a framework for sustainable territorial development across 37 Mura villages in Autazes. The agreement supports the Bem Viver Mura Program across four pillars – social development, cultural appreciation, income generation, and institutional strengthening – with governance and monitoring mechanisms to track implementation. Indigenous engagement is central to Autazes’ project durability, permitting resilience, and community acceptance, and the agreement complements WSP Global’s ongoing work with Mura communities on demographic analysis, needs assessment, and development priorities. BOOT proposals add a potential capital-efficiency lever as GRO evaluates third-party funding for core infrastructure. GRO received third-party Build, Own, Operate and Transfer proposals covering several core infrastructure components, including the river barge port, steam plant, and a 20MW construction power system that is designed to convert into backup power during operations. These proposals remain under evaluation, but they are strategically important because third-party infrastructure ownership could shift a portion of project capital requirements away from GRO while preserving access to critical logistics and utility assets. For a development-stage company advancing a capital-intensive potash project, this type of structure could improve financing flexibility, reduce equity funding pressure, and help align specialized infrastructure operators with project execution. GRO’s 2026 execution agenda is now more clearly defined following the FEED award, equity raise, and 1Q26 permitting/community progress. The near-term roadmap is now centered on converting Autazes into a financeable construction package by completing FEED for surface facilities, continuing engineering work across mine shafts and processing infrastructure, and using the recently completed $63.3 million equity raise to support corporate runway and ongoing project advancement while larger funding discussions progress. The next major milestones remain securing construction debt, potentially through DFI/ECA participation, advancing third-party infrastructure funding for components such as the port, steam plant, and power systems, and identifying a strategic anchor equity partner at the project level to reduce reliance on corporate-level dilution. In parallel, the ANA water rights approval, 21 Installation Licenses, and formal Mura cooperation agreement provide a stronger regulatory and stakeholder foundation for moving toward long-lead equipment procurement, initial civil works, and eventual full-scale construction. With high offtake coverage, a clearer engineering path, improved liquidity, and continued alignment around Indigenous engagement, Autazes is increasingly positioned as a strategic domestic potash supply asset for Brazil’s import-dependent fertilizer market. 1Q26 financials remained consistent with GRO’s development-stage profile, with reported losses driven more by funding structure and non-cash items than operating deterioration. GRO has not yet commenced mining operations or potash production, so the income statement continues to reflect corporate costs, project advancement activity, and financing-related items rather than commercial operating performance. This profile should persist until Autazes reaches commercial production, which management has indicated could occur approximately four years after construction begins. The going concern language in the 1Q26 financial statements remains important, as the company is still dependent on external financing to fund construction; however, the recently completed $63.3 million equity raise improves near-term liquidity and partially mitigates corporate runway risk while larger project-level financing discussions continue. Operating loss narrowed sharply, reflecting normalization of non-cash compensation and lower promotional spending rather than a change in revenue trajectory. Operating loss improved to $4.1 million in 1Q26 from $18.7 million in 1Q25, primarily due to a material decline in share-based compensation, which fell to $1.7 million from $15.0 million in the prior-year period following elevated RSU amortization in 1Q25. Reduced communications and promotion expense also supported the y/y improvement, and no RSUs were granted during 1Q26. Excluding share-based compensation, adjusted operating loss was closer to $2.4 million in 1Q26 versus $3.7 million in 1Q25, suggesting a lower underlying corporate cost base while the company continues to advance permitting, engineering, financing, and stakeholder workstreams. Net loss improved only modestly because financing-related costs and warrant fair value movements offset most of the operating expense improvement. Net loss declined to $16.8 million in 1Q26 from $18.4 million in 1Q25, despite the $14.6 million improvement in operating loss, as the quarter included higher finance costs tied to shares issued under the equity line of credit and a $12.5 million non-cash loss from changes in the fair value of warrant liabilities. The key point is that reported net loss was shaped more by capital structure and mark-to-market items than operating spend, which improved y/y as GRO continued advancing Autazes. Operating cash burn improved y/y, while investing outflows increased as Autazes development activity continued. Net cash used in operating activities declined to $2.9 million in 1Q26 from $4.3 million in 1Q25, reflecting lower underlying corporate cash costs despite GAAP net loss volatility. Net cash used in investing activities increased to $2.3 million from $0.9 million y/y, primarily reflecting higher exploration and evaluation expenditures as the company continued advancing Autazes. Financing cash flow was minimal during 1Q26, with the more meaningful liquidity event occurring after quarter-end through the $63.3 million equity raise. Net cash used in financing activities was ~$50,000 in 1Q26, primarily lease payments, compared with ~$14,000 of net cash provided in 1Q25 from stock option exercises net of lease payments. Autazes’ long-term financial profile remains intact. Based on ERCOSPLAN technical report assumptions, management illustrates potential run-rate EBITDA of ~$1.0 billion at commercial scale, supported by an estimated realized price of ~$493/ton FOB Port and operating costs of ~$79/ton at full run-rate. This implies mine-gate gross margins above 80% and an EBITDA margin approaching ~75% after transportation, G&A, and financing costs, reflecting the project’s structural delivered-cost advantage in Brazil’s import-dependent potash market. The opportunity remains significant, though still execution dependent. Autazes is planned for ~2.4 million tons of annual production over a ~23-year reserve life, with projected capital investment of ~$2.5 billion, or ~$926 per ton of annual nameplate capacity. While the October 2022 pre-feasibility assumptions remain exposed to cost inflation, funding terms, potash pricing, and timing risk, they illustrate why FEED, construction financing, infrastructure funding, and stakeholder alignment are critical valuation catalysts. Cash declined sequentially during 1Q26, but post-quarter financing materially improved pro forma liquidity. Cash and equivalents totaled $22.5 million as of March 31, 2026, down from $27.8 million at year-end 2025, primarily reflecting $2.9 million of operating cash use and $2.3 million of investing outflows tied to exploration and evaluation expenditures at Autazes. Subsequent to quarter-end, GRO completed the $63.3 million equity offering, lifting pro forma cash to roughly $85.8 million before offering expenses and strengthening near-term liquidity as FEED, engineering, and construction financing workstreams continue. Download the Complete Report Here Read Exec Edge’s Initiation on Brazil Potash Corp. 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