Intrepid Potash, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Intrepid Potash, Inc. filed its Q1 2024 10-Q, detailing financial performance and operational segments for the period ending March 31, 2024.</b>

AI Summary

Intrepid Potash, Inc. (IPI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Intrepid Potash, Inc. reported its Q1 2024 financial results on May 9, 2024. The filing covers the period ending March 31, 2024. The company's primary business is mining and producing potash and langbeinite. Key segments include Minerals, Cargo and Freight, and Warehouse and Handling. The report details financial data for the first quarter of 2024 and comparative periods.

Why It Matters

For investors and stakeholders tracking Intrepid Potash, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Intrepid Potash, Inc. Understanding the segment performance and financial health is crucial for assessing the company's current standing and future prospects in the mining sector.

Risk Assessment

Risk Level: — Intrepid Potash, Inc. shows moderate risk based on this filing. The company operates in the mining sector, which is subject to commodity price fluctuations and regulatory changes, as indicated by the SIC code for nonmetallic minerals.

Analyst Insight

Monitor Intrepid Potash's revenue and net income trends in the upcoming quarters to assess its ability to navigate market volatility.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of Date)
• 1400 — SIC Code (Standard Industrial Classification)
• 0001421461 — CIK (Central Index Key)

Key Players & Entities

• Intrepid Potash, Inc. (company) — Filer
• 0001421461 (company) — Central Index Key
• 1400 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 303-296-3006 (company) — Business Phone
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-09 (date) — Filed as of Date
• 2024-01-01 (date) — Quarterly period start date

FAQ

Risk Factors

• Market Price Fluctuations [medium — market]: The company's financial performance is subject to the volatility of commodity prices for its products.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations in the mining sector are subject to stringent environmental regulations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of the company's financial performance during the quarter.)

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share IPI New York Stock Exchange

Filing Documents

• ipi-20240331.htm (10-Q) — 1108KB
• ipi-03312024xexhibit311.htm (EX-31.1) — 10KB
• ipi-03312024xexhibit321.htm (EX-32.1) — 6KB
• ipi-03312024xexhibit951.htm (EX-95.1) — 40KB
• ipi-20240331_g1.jpg (GRAPHIC) — 98KB
• 0001421461-24-000022.txt (&nbsp;) — 7167KB
• ipi-20240331.xsd (EX-101.SCH) — 51KB
• ipi-20240331_cal.xml (EX-101.CAL) — 93KB
• ipi-20240331_def.xml (EX-101.DEF) — 318KB
• ipi-20240331_lab.xml (EX-101.LAB) — 647KB
• ipi-20240331_pre.xml (EX-101.PRE) — 481KB
• ipi-20240331_htm.xml (XML) — 960KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Condensed Consolidated Financial Statements (Unaudited)

ITEM 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

ITEM 4. Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION 37

Legal Proceedings

ITEM 1. Legal Proceedings 37

Risk Factors

ITEM 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 39

Other Information

ITEM 5. Other Information 39

Exhibits

ITEM 6. Exhibits 40

Signatures

Signatures 41 i Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) March 31, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 34,067 $ 4,071 Short-term investments 2,971 2,970 Accounts receivable: Trade, net 41,826 22,077 Other receivables, net 1,201 1,470 Inventory, net 102,549 114,252 Prepaid expenses and other current assets 5,530 7,200 Total current assets 188,144 152,040 Property, plant, equipment, and mineral properties, net 354,809 358,249 Water rights 19,184 19,184 Long-term parts inventory, net 30,543 30,231 Long-term investments 6,297 6,627 Other assets, net 8,609 8,016 Non-current deferred tax asset, net 195,012 194,223 Total Assets $ 802,598 $ 768,570 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 11,029 $ 12,848 Accrued liabilities 13,374 14,061 Accrued employee compensation and benefits 6,299 7,254 Other current liabilities 8,748 12,401 Total current liabilities 39,450 46,564 Advances on credit facility — 4,000 Asset retirement obligation, net of current portion 30,699 30,077 Operating lease liabilities 518 741 Finance lease liabilities 1,608 1,451 Deferred other income, long-term 47,170 — Other non-current liabilities 1,166 1,309 Total Liabilities 120,611 84,142 Commitments and Contingencies Common stock, 0.001 par value; 40,000,000 shares authorized; 12,875,520 and 12,807,316 shares outstanding at March 31, 2024, and December 31, 2023, respectively 13 13 Additional paid-in capital 666,326 665,637 Retained earnings 37,660 40,790 Less treasury stock, at cost ( 22,012 ) ( 22,012 ) Total Stockholders' Equity 681,987 684,428 Total Liabilities and Stockholders' Equity $ 802,598 $ 768,570 See accompanying notes to these condensed consolidated financial statements. 1 Table of Contents INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, ex