Adjusted EBITDA margin was flat at 21.9%, reflecting strong Solutions margin improvements offsetting lower Attachments volumes.
Consolidated net sales decreased 2.8% compared to Q2 2024, primarily due to lower volumes at Work Truck Attachments related to preseason shipment timing.
Free cash flow improved by approximately $4 million to negative $17.8 million year-to-date.
GAAP net income was $26 million or $1.09 per diluted share, up 6.6% and 6.9% respectively from the prior year.
Interest expense decreased 27.9% to $3 million due to lower borrowings.
Inventory increased to $153.3 million from $139.4 million, driven by component inflows to support Solutions backlog despite Attachments inventory reduction.
Leverage ratio improved significantly to 2.0x from 3.3x a year ago, reflecting improved balance sheet and amended debt agreement.
SG&A expenses decreased 6.9% to $21.8 million due to lower stock-based compensation and employee benefits costs.
Work Truck Attachments net sales were $108.1 million with adjusted EBITDA of $31.6 million, lower due to shipment timing but in line with expectations.
Work Truck Solutions net sales increased 5.4% to $86.2 million, with adjusted EBITDA up 39.8% to $11 million, achieving a record quarterly margin of 12.8%.
Intrepid Potash reported adjusted EBITDA of $16.4 million and adjusted net income of $6 million in Q2 2025, compared to adjusted EBITDA of $9.2 million and adjusted net loss of about $40,000 in Q2 2024.
Oilfield Solutions segment contributed $4.3 million in revenue and $1.3 million in gross margin, consistent with historical averages.
Potash production was 44,000 tons in Q2, 4,000 tons higher than the prior year period, with cost of goods sold improving 13% to $337 per ton.
Potash sales volumes increased by 25% year-over-year to 69,000 tons in Q2, with a net realized sales price of $361 per ton, up $50 per ton from Q1.
Trio segment sold 70,000 tons at an average net realized sales price of $368 per ton, with production also at 70,000 tons and cost of goods sold per ton improving 10% year-over-year.
Dafinchi
