Sales Performance - Total sales for Q1 2024 decreased by $7.6 million, or 9%, compared to Q1 2023, with potash segment sales down by $14.9 million, or 28%[98] - Total sales in the potash segment decreased by $14.9 million, or 31%, in Q1 2024 compared to Q1 2023, primarily due to a 19% decrease in average net realized sales price per ton and 17% fewer tons sold[109] - Trio segment sales increased by $7.2 million, or 21%, in Q1 2024 compared to Q1 2023, driven by a 40% increase in tons sold, despite a 13% decrease in average net realized sales price per ton[118] - Total water sales in Q1 2024 were $2.2 million, down from $2.7 million in Q1 2023, attributed to less water sold from Caprock water rights[92] - Byproduct sales decreased to $5.4 million in Q1 2024 from $6.6 million in Q1 2023, primarily due to decreased sales of magnesium chloride and water[94] Pricing Trends - Average net realized sales price per ton for potash decreased to $395 in Q1 2024 from $485 in Q1 2023, a decline of 19%[97] - Trio average net realized sales price per ton decreased to $300 in Q1 2024 from $344 in Q1 2023, a decline of 13%[99] - The average potash net realized sales price per ton decreased by 19% to $395 in Q1 2024 from $485 in Q1 2023[108] Production and Volume - Sales volume of potash decreased by 17% in Q1 2024 compared to the same period in 2023 due to lower production at HB and Wendover facilities[98] - Trio sales volume increased by 40% in Q1 2024 compared to Q1 2023, driven by strong demand from historical customers[92] Financial Performance - The company reported a net loss of $3.1 million in Q1 2024, compared to net income of $4.5 million in Q1 2023, due to decreased sales and margins[106] - Gross margin for the potash segment decreased by $8.9 million in Q1 2024 compared to Q1 2023, attributed to lower average net realized sales prices and fewer tons sold[113] - The Trio segment experienced a gross deficit of $1.1 million in Q1 2024, compared to a gross margin of $1.5 million in Q1 2023, mainly due to decreased average net realized sales price per ton[118] Cost Management - The cost of goods sold for the potash segment decreased by 18% in Q1 2024, primarily due to selling 17% fewer tons[111] - Selling and administrative expenses decreased by 6% in Q1 2024 compared to Q1 2023, mainly due to a reduction in share-based compensation expense[104] Cash Flow and Investments - Cash flows provided by operating activities were $41.5 million in Q1 2024, an increase of $33.1 million compared to $8.4 million in Q1 2023[139] - Capital investments for 2024 are expected to be between $40 million and $50 million, with $20 million to $25 million allocated for sustaining capital[135] - As of March 31, 2024, cash and cash equivalents increased to $34.1 million from $4.1 million at December 31, 2023, primarily due to a $45 million cash payment received[136] Tax and Financial Position - The effective tax rate for Q1 2024 was 19.8%, a decrease from 28.4% in Q1 2023, mainly due to differences in stock compensation[130] - The company incurred approximately $0.8 million of deferred income tax benefit in Q1 2024, contrasting with an income tax expense of $1.8 million in Q1 2023[131] - The average royalty rate for the three months ended March 31, 2024, was 4.9%, consistent with the previous year[129] Credit and Share Repurchase - The company has a $150 million revolving credit facility, with no borrowings outstanding as of March 31, 2024[142] - The company did not repurchase any shares under the $35 million share repurchase program during Q1 2024, with approximately $13 million remaining available[145] Future Projects - The company expects to commission a new extraction well at the HB Solar Solution Mine in Q2 2024, targeting approximately 330 million gallons of high-grade brine[94] - Phase Two of the HB Injection Pipeline Project is under construction, with commissioning expected in Q3 2024, aiming for the highest brine injection rates in company history[94] - The company is progressing on a sand mine opportunity at Intrepid South and has received all necessary permits to begin construction and full operation[96] Market Risk - There have been no significant changes to the company's market risk exposure since December 31, 2023[151]

Intrepid Potash (IPI) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of $0.04. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -450%. A quarter ago, it was expected that this potash and fertilizer producer would post a loss of $0.21 per share when it actually produced a loss of $0.41, delivering a surprise of -95.24%.Over the last four quarters, the comp ...

[Key Highlights and Management Commentary](index=1&type=section&id=Key%20Highlights%20and%20Management%20Commentary) Intrepid reported a Q1 2024 net loss of $3.1 million, a decline from $4.5 million net income in Q1 2023, despite strong operating cash flow of $41.5 million Q1 2024 Key Financial & Operational Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Sales | $79.3M | $86.9M | | Net (Loss) Income | ($3.1M) | $4.5M | | Diluted (Loss) EPS | ($0.24) | $0.35 | | Gross Margin | $6.4M | $16.4M | | Adjusted EBITDA | $7.7M | $16.4M | | Cash Flow from Operations | $41.5M | $8.4M | | Potash Sales Volume | 74k tons | 89k tons | | Trio® Sales Volume | 91k tons | 65k tons | | Potash Avg. Net Realized Price | $395/ton | $485/ton | | Trio® Avg. Net Realized Price | $300/ton | $344/ton | - Executive Chairman and CEO, Bob Jornayvaz, was granted a temporary medical leave of absence, with CFO Matt Preston appointed acting principal executive officer[4](index=4&type=chunk) - Capital expenditures were **$11.7 million** in Q1 2024, with the full-year forecast remaining between **$40 million and $50 million**, primarily for potash assets to maximize brine availability and residence time[7](index=7&type=chunk) - Key operational projects, including Eddy Shaft Brine Extraction, a new replacement extraction well (IP30B), and the HB Injection Pipeline Project, are progressing to increase future potash production[12](index=12&type=chunk) - A revised operating schedule at the East Underground Trio® Mine is expected to decrease 2024 cash production costs by **$8 million to $10 million (12-15%)** compared to the prior year, while maintaining similar production volumes[13](index=13&type=chunk) [Segment Performance Analysis](index=4&type=section&id=Segment%20Highlights) Q1 2024 segment performance was mixed, with Potash sales and gross margin declining, Trio® sales increasing but with a gross deficit, and Oilfield Solutions showing strong growth [Potash Segment](index=4&type=section&id=Potash) Potash segment sales fell 28% to $37.6 million, with gross margin dropping to $5.6 million, due to a 19% price decrease and 17% volume reduction Potash Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Sales | $37.6M | $52.5M | | Gross Margin | $5.6M | $14.4M | | Sales Volumes | 74k tons | 89k tons | | Production Volumes | 87k tons | 90k tons | | Avg. Net Realized Sales Price | $395/ton | $485/ton | - The decrease in revenue was driven by both a **19% decrease** in average net realized sales price and a **17% decrease** in sales volumes[15](index=15&type=chunk) [Trio® Segment](index=5&type=section&id=Trio) Trio® segment sales increased 21% to $36.5 million due to a 40% volume surge, but a 13% price drop resulted in a $1.1 million gross deficit Trio® Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Sales | $36.5M | $30.3M | | Gross (Deficit) Margin | ($1.1M) | $1.5M | | Sales Volume | 91k tons | 65k tons | | Production Volume | 54k tons | 49k tons | | Avg. Net Realized Sales Price | $300/ton | $344/ton | - The sales increase was primarily due to a **40% increase** in tons sold, as customers found good value for Trio® relative to crop prices, partially offset by a **13% decrease** in the average net realized sales price[19](index=19&type=chunk) [Oilfield Solutions Segment](index=6&type=section&id=Oilfield%20Solutions) Oilfield Solutions sales increased $1.1 million to $5.3 million, with gross margin improving to $2.0 million, driven by higher water sales and reduced costs Oilfield Solutions Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Sales | $5.3M | $4.3M | | Gross Margin | $2.0M | $0.5M | - The sales increase was due to a **$0.6 million** increase in water sales, a **$0.3 million** increase in brine water sales, and a **$0.2 million** increase in other oilfield products, driven by strong demand in the Permian Basin[21](index=21&type=chunk) [Financial Statements (Unaudited)](index=10&type=section&id=Financial%20Statements) Q1 2024 unaudited financial statements show a net loss of $3.1 million, increased total assets to $802.6 million, and strong operating cash flow of $41.5 million [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 statements of operations show total sales of $79.3 million, a gross margin of $6.4 million, an operating loss of $4.3 million, and a net loss of $3.1 million Q1 2024 Statement of Operations Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Sales | $79,287 | $86,920 | | Gross Margin | $6,434 | $16,352 | | Operating (Loss) Income | ($4,306) | $5,374 | | Net (Loss) Income | ($3,130) | $4,506 | | Diluted (Loss) EPS | ($0.24) | $0.35 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached $802.6 million, driven by increased cash, while total liabilities rose to $120.6 million due to deferred income Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $34,067 | $4,071 | | Total current assets | $188,144 | $152,040 | | Total Assets | $802,598 | $768,570 | | Total current liabilities | $39,450 | $46,564 | | Total Liabilities | $120,611 | $84,142 | | Total Stockholders' Equity | $681,987 | $684,428 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash from operations was $41.5 million, significantly up from Q1 2023, primarily due to deferred income, resulting in a $30.0 million cash increase Q1 2024 Cash Flow Highlights (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,532 | $8,449 | | Net cash used in investing activities | ($6,577) | ($20,430) | | Net cash (used in) provided by financing activities | ($4,957) | $3,920 | | Net Change in Cash | $29,998 | ($8,061) | [Non-GAAP Reconciliations](index=13&type=section&id=Non-GAAP%20Reconciliations) Non-GAAP reconciliations show Q1 2024 Adjusted Net Loss of $1.9 million and Adjusted EBITDA of $7.7 million, both down year-over-year, reflecting lower average net realized sales prices Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (Loss) Income | ($3,130) | $4,506 | | Adjustments | $1,205 | $148 | | **Adjusted Net (Loss) Income** | **($1,925)** | **$4,654** | Reconciliation of Net (Loss) Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (Loss) Income | ($3,130) | $4,506 | | Total adjustments | $10,859 | $11,894 | | **Adjusted EBITDA** | **$7,729** | **$16,400** | Average Net Realized Sales Price per Ton | Product | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Potash | $395 | $485 | | Trio® | $300 | $344 |

Denver, CO, April 24, 2024 (GLOBE NEWSWIRE) -- Intrepid Potash, Inc. (NYSE: IPI) plans to release its first quarter 2024 financial results on Wednesday, May 8, 2024, after the market closes. Intrepid will host a conference call on Thursday, May 9, 2024, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in ...

Denver, CO, April 24, 2024 (GLOBE NEWSWIRE) -- Intrepid Potash, Inc. (NYSE:IPI) plans to release its first quarter 2024 financial results on Wednesday, May 8, 2024, after the market closes. Intrepid will host a conference call on Thursday, May 9, 2024, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions. Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in ...

Denver, CO, April 17, 2024 (GLOBE NEWSWIRE) -- Intrepid Potash, Inc. ("Intrepid," "we," or "our") (NYSE:IPI) today announced that on April 16, 2024, the Board of Directors (the "Board") of Intrepid granted Bob Jornayvaz, Executive Chairman of the Board and Chief Executive Officer, a temporary medical leave of absence, effective immediately, as he recovers from his previously announced injury. In connection with Mr. Jornayvaz's leave of absence, the Board has appointed Matt Preston, Intrepid's current Chief ...

Denver, CO, April 09, 2024 (GLOBE NEWSWIRE) -- Intrepid Potash, Inc. ("Intrepid", "we," or "our") (NYSE:IPI) today announced that on Saturday, April 6, 2024, Bob Jornayvaz was involved in an accident while playing in the U.S. Open Polo Championship and is currently receiving treatment. Our thoughts are with him and his family. We will provide updates as more information becomes available. About IntrepidIntrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water prod ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 26-1501877 (State or other jurisd ...

Intrepid Announces Fourth Quarter and Full-Year 2023 Results DENVER, CO --(GLOBE NEWSWIRE - March 6, 2024) -- Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we", "us" and "our") today reports its financial results for the fourth quarter and full-year of 2023. Key Financial & Operational Highlights for the Fourth Quarter and Full-Year 2023 Liquidity & Investments 1 • Total sales of $56.7 million in the fourth quarter and $279.1 million for the full-year 2023. • Net loss of $37.3 million (or $2 ...

Table of Contents _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Speci ...