Intrepid Potash Files Q2 2024 10-Q

TL;DR

Intrepid Potash filed its Q2 10-Q. Financials for minerals, cargo, and warehousing are in.

AI Summary

Intrepid Potash, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first six months of 2024, detailing revenues and expenses related to its mineral, cargo and freight, and warehouse and handling segments. Specific financial figures for these periods are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Intrepid Potash, Inc., crucial for understanding the company's operational health and market position in the mining sector.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, but without comparative analysis or forward-looking statements, assessing the full risk profile requires further investigation.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter financial results)
• 20240630 — End of Period (Date for which financial data is reported)

Key Players & Entities

• Intrepid Potash, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• ipi-20240630.htm (10-Q) — 1498KB
• ipi-06302024xexhibit311.htm (EX-31.1) — 10KB
• ipi-06302024xexhibit321.htm (EX-32.1) — 6KB
• ipi-06302024xexhibit951.htm (EX-95.1) — 40KB
• ipi-20240630_g1.jpg (GRAPHIC) — 98KB
• 0001421461-24-000027.txt ( ) — 8451KB
• ipi-20240630.xsd (EX-101.SCH) — 51KB
• ipi-20240630_cal.xml (EX-101.CAL) — 93KB
• ipi-20240630_def.xml (EX-101.DEF) — 332KB
• ipi-20240630_lab.xml (EX-101.LAB) — 668KB
• ipi-20240630_pre.xml (EX-101.PRE) — 503KB
• ipi-20240630_htm.xml (XML) — 1350KB

- 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 22

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

ITEM 4. Controls and Procedures 41

- OTHER INFORMATION

PART II - OTHER INFORMATION 42

Legal Proceedings

ITEM 1. Legal Proceedings 42

Risk Factors

ITEM 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 44

Other Information

ITEM 5. Other Information 44

Exhibits

ITEM 6. Exhibits 45

Signatures

Signatures 46 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) June 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 51,663 $ 4,071 Short-term investments 2,464 2,970 Accounts receivable: Trade, net 21,617 22,077 Other receivables, net 1,679 1,470 Inventory, net 101,932 114,252 Prepaid expenses and other current assets 3,832 7,200 Total current assets 183,187 152,040 Property, plant, equipment, and mineral properties, net 354,294 358,249 Water rights 19,184 19,184 Long-term parts inventory, net 30,899 30,231 Long-term investments 5,090 6,627 Other assets, net 9,000 8,016 Non-current deferred tax asset, net 195,337 194,223 Total Assets $ 796,991 $ 768,570 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 7,173 $ 12,848 Accrued liabilities 11,310 14,061 Accrued employee compensation and benefits 6,856 7,254 Other current liabilities 8,100 12,401 Total current liabilities 33,439 46,564 Advances on credit facility — 4,000 Asset retirement obligation, net of current portion 31,321 30,077 Operating lease liabilities 345 741 Finance lease liabilities 1,428 1,451 Deferred other income, long-term 46,617 — Other non-current liabilities 1,593 1,309 Total Liabilities 114,743 84,142 Commitments and Contingencies Common stock, 0.001 par value; 40,000,000 shares authorized; 12,908,078 and 12,807,316 shares outstanding at June 30, 2024, and December 31, 2023, respectively 14 13 Additional paid-in capital 667,419 665,637 Retained earnings 36,827 40,790 Less treasury stock, at cost ( 22,012 ) ( 22,012 ) Total Stockholders' Equity 682,248 684,428 Total Liabilities and Stockholders' Equity $ 796,991 $ 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, excep