Revenue during the quarter dropped 18.72 percent to $43.64 million from $53.69 million in the previous year period. Gross margin for the quarter stood at negative 17.47 percent as compared to a negative 15.54 percent for the previous year period. Operating margin for the quarter stood at negative 33.48 percent as compared to a negative 27.35 percent for the previous year period.

Operating loss for the quarter was $14.61 million, compared with an operating loss of $14.69 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $5.58 million compared with $12.88 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 12.78 percent for the quarter compared to 23.98 percent in the last year period.

"The transition of our business model to a lower-cost solar potash and specialty Trio® producer accelerated this quarter with the idling of West in early July and the completion of commissioning at East," said Bob Jornayvaz, Intrepid's Executive Chairman, President and CEO. "During the third quarter, we reached our goal of achieving an annualized Trio® production run rate of double our 2015 production. We continue to focus on expanding our global presence for Trio®, which we believe is a compelling product for chloride-sensitive crops. We are starting to see a more supportive selling environment for potash as pricing has firmed. Moving into 2017, we anticipate seeing some benefit to our potash gross margin as our lower-cost solar facility production becomes a greater proportion of our potash sales."

Cash flow from investing activities was $31.24 million for the nine month period as against cash outgo of $85.46 million in the last year period.

The company has spent $4.02 million cash to carry out financing activities during the nine month period as against cash outgo of $1.39 million in the last year period.

Cash and cash equivalents stood at $22.98 million as on Sep. 30, 2016, down 5.52 percent or $1.34 million from $24.32 million on Sep. 30, 2015.

Working capital drops significantly
Intrepid Potash, Inc. has witnessed a decline in the working capital over the last year. It stood at $109.63 million as at Sep. 30, 2016, down 35.41 percent or $60.09 million from $169.72 million on Sep. 30, 2015. Current ratio was at 3.37 as on Sep. 30, 2016, down from 4.36 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 109 days for the quarter from 155 days for the last year period. Days sales outstanding went up to 45 days for the quarter compared with 41 days for the same period last year.

Days inventory outstanding has decreased to 91 days for the quarter compared with 143 days for the previous year period. At the same time, days payable outstanding went down to 28 days for the quarter from 29 for the same period last year.