Intrepid Potash Files Q3 2024 10-Q
Ticker: IPI · Form: 10-Q · Filed: 2024-11-05T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, earnings, mining
TL;DR
Intrepid Potash's Q3 2024 10-Q is in. Check financials.
AI Summary
Intrepid Potash, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and operational metrics are presented within the report.
Why It Matters
This filing provides investors with a detailed look at Intrepid Potash's financial health and operational status for the most recent quarter, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a mining company, Intrepid Potash is subject to commodity price fluctuations and operational risks inherent in the industry.
Key Numbers
- 2024-09-30 — End of Reporting Period (Indicates the end date for the financial data presented in the 10-Q.)
- 2024-11-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Intrepid Potash, Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-05 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the nine months ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 5, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0001421461.
What is the Standard Industrial Classification (SIC) code for Intrepid Potash?
The SIC code for Intrepid Potash is 1400, which corresponds to Mining, Quarrying of Nonmetallic Minerals (No Fuels).
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,629 words · 19 min read · ~15 pages · Grade level 15.3 · Accepted 2024-11-05 12:46:45
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share IPI New York Stock Exchange
Filing Documents
- ipi-20240930.htm (10-Q) — 1512KB
- ipi-09302024xexhibit311.htm (EX-31.1) — 10KB
- ipi-09302024xexhibit321.htm (EX-32.1) — 6KB
- ipi-09302024xexhibit951.htm (EX-95.1) — 40KB
- ipi-20240930_g1.jpg (GRAPHIC) — 98KB
- 0001421461-24-000032.txt ( ) — 8498KB
- ipi-20240930.xsd (EX-101.SCH) — 51KB
- ipi-20240930_cal.xml (EX-101.CAL) — 93KB
- ipi-20240930_def.xml (EX-101.DEF) — 335KB
- ipi-20240930_lab.xml (EX-101.LAB) — 674KB
- ipi-20240930_pre.xml (EX-101.PRE) — 498KB
- ipi-20240930_htm.xml (XML) — 1369KB
- 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 24
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 44
Controls and Procedures
ITEM 4. Controls and Procedures 44
- OTHER INFORMATION
PART II - OTHER INFORMATION 45
Legal Proceedings
ITEM 1. Legal Proceedings 45
Risk Factors
ITEM 1A. Risk Factors 46
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 47
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 47
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 47
Other Information
ITEM 5. Other Information 47
Exhibits
ITEM 6. Exhibits 47
Signatures
Signatures 48 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) September 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 38,034 $ 4,071 Short-term investments 1,979 2,970 Accounts receivable: Trade, net 32,223 22,077 Other receivables, net 2,659 1,470 Inventory, net 109,578 114,252 Prepaid expenses and other current assets 5,783 7,200 Total current assets 190,256 152,040 Property, plant, equipment, and mineral properties, net 354,898 358,249 Water rights 19,184 19,184 Long-term parts inventory, net 32,385 30,231 Long-term investments 4,699 6,627 Other assets, net 9,395 8,016 Non-current deferred tax asset, net 195,402 194,223 Total Assets $ 806,219 $ 768,570 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 8,917 $ 12,848 Accrued liabilities 14,733 14,061 Accrued employee compensation and benefits 11,810 7,254 Other current liabilities 7,730 12,401 Total current liabilities 43,190 46,564 Advances on credit facility — 4,000 Asset retirement obligation, net of current portion 31,944 30,077 Operating lease liabilities 855 741 Finance lease liabilities 2,082 1,451 Deferred other income, long-term 46,053 — Other non-current liabilities 1,502 1,309 Total Liabilities 125,626 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 September 30, 2024, and December 31, 2023, respectively 14 13 Additional paid-in capital 667,597 665,637 Retained earnings 34,994 40,790 Less treasury stock, at cost ( 22,012 ) ( 22,012 ) Total Stockholders' Equity 680,593 684,428 Total Liabilities and Stockholders' Equity $ 806,219 $ 768,570 See accompanying notes to these Condensed Consolidated Financial Statements. 1 Table of Contents INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED