[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 ...

Sales Performance - Potash average net realized sales price per ton decreased to $433 and $474 for the three and nine months ended September 30, 2023, compared to $734 and $718 for the same periods in 2022[92]. - Trio average net realized sales price per ton decreased to $298 and $329 for the three and nine months ended September 30, 2023, compared to $488 and $482 for the same periods in 2022[94]. - Total sales for Q3 2023 decreased by $20.3 million, or 27%, compared to Q3 2022, with potash segment sales down 35% and oilfield solutions segment sales down 42%[102]. - Average net realized sales price per ton for potash decreased by 41% in Q3 2023, while tons sold remained unchanged[102]. - Trio sales decreased by $2.6 million, or 11%, in Q3 2023, despite a 33% increase in tons sold, as the average net realized sales price per ton decreased by 39%[103]. - Total sales for the nine months ended September 30, 2023, decreased by $48.5 million, or 18%, with potash segment sales down 14%[112]. - Potash sales for the first nine months of 2023 decreased by $21.5 million, with an average net realized sales price per ton down 34%[112]. - Total segment sales for potash in the nine months ended September 30, 2023, were $127.4 million, while Trio segment sales were $81.1 million, compared to $147.6 million and $100.6 million in 2022, respectively[174]. Production and Costs - Total cost of goods sold increased by $2.3 million, or 6%, in Q3 2023, with potash costs up 8% despite unchanged tons sold[105]. - Total cost of goods sold for the first nine months of 2023 increased by $27.8 million, or 23%, with potash costs up 35%[117]. - Gross margin for Q3 2023 was $0.5 million, a significant decrease from $26.8 million in Q3 2022, due to lower sales prices and increased costs[107]. - Gross margin for the first nine months of 2023 was $32.2 million, down from $115.8 million in the same period of 2022[120]. - Trio segment cost of goods sold increased by 44% in the third quarter of 2023, attributed to a 33% increase in tons sold and rising natural gas and electricity expenses[139]. - Cost of goods sold for the Trio segment increased by 29% in the first nine months of 2023, attributed to increased carrying costs and a 9% decrease in production volume[141]. Financial Results - Net loss for Q3 2023 was $7.2 million, compared to net income of $13.1 million in Q3 2022[111]. - Net income for the first nine months of 2023 was $1.6 million, a significant decrease from $68.2 million in the same period of 2022[123]. - Potash segment gross margin decreased by $43.1 million in the first nine months of 2023 compared to the same period in 2022[136]. Investments and Capital Expenditures - Capital investments for the first nine months of 2023 totaled $58.5 million, with expectations of $65 million to $75 million for the full year[160][161]. - Net cash used in investing activities increased by $6.2 million to $54.6 million in the first nine months of 2023, driven by a $21.4 million increase in capital investments[164]. Operational Developments - The company successfully commissioned the Eddy Shaft Brine Extraction Project in October 2023, targeting a brine pool estimated to contain approximately 270 million gallons of brine at over 9% potassium chloride[100]. - The new extraction well at the HB Solar Solution Mine is expected to be commissioned in the first half of 2024, targeting approximately 330 million gallons of high-grade brine[100]. - Phase Two of the HB Injection Pipeline Project is anticipated to begin construction in Q1 2024, aiming for the highest brine injection rates in company history[100]. - The company is targeting approximately one million tons per year of wet sand from the Intrepid South sand mine, contingent upon receiving necessary operating permits[98]. Market and Economic Factors - Inflationary pressures have led to increased labor costs and supply costs, impacting production margins[96]. - The effective tax rate for the nine months ended September 30, 2023, was 54.0%, significantly higher than the 24.5% rate for the same period in 2022[157]. - There have been no significant changes to market risk exposure since December 31, 2022[175]. Borrowings and Liquidity - As of September 30, 2023, cash and cash equivalents were $2.8 million, down from $18.5 million at the end of 2022, primarily due to capital expenditures[162]. - As of September 30, 2023, the company had $2.0 million in borrowings outstanding under the revolving credit facility, with $146.0 million of remaining availability[167]. - The company made $7.0 million in borrowings and $5.0 million in repayments under the revolving credit facility during the nine months ended September 30, 2023[166]. - The company was in compliance with all applicable covenants under the revolving credit facility as of September 30, 2023[167]. Byproduct Sales - Byproduct sales were $7.0 million during Q3 2023, slightly down from $7.1 million in Q3 2022; year-to-date byproduct sales increased to $21.3 million from $19.0 million in the prior year[96]. - Potash segment byproduct sales increased by $1.2 million, or 7%, in the first nine months of 2023, driven by strong demand for byproduct salt and brine water[132]. - Trio segment byproduct water sales increased due to a higher percentage sourced from byproduct water, contributing to overall revenue[141].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of approximately $15.9 million for Q2 2023, bringing the first half total to about $32 million, indicating strong performance driven by increased potash sales [3][21] - Average net realized sales price for potash in Q2 was approximately $480 per ton, which is about 25% higher than average NOLA pricing [4][21] - Adjusted net income for Q2 was $4.3 million, reflecting a decrease in fertilizer pricing compared to last year [21] Business Line Data and Key Metrics Changes - Potash sales volumes in Q2 totaled 79,000 tons, a 41% increase year-over-year, while first half sales reached 167,000 tons, a 33% increase [48] - Trio sales volumes for Q2 and first half 2023 were 63,000 tons and 128,000 tons, respectively, remaining consistent with last year's performance [22] Market Data and Key Metrics Changes - The agricultural market is experiencing strong demand, with farmers benefiting from high commodity prices, which supports potash sales [16][42] - The company noted that the summer-fill program pricing for potash was set at $370 per short ton, reflecting a positive response from the market [48] Company Strategy and Development Direction - The company is focused on revitalizing its potash operations through projects aimed at maximizing brine availability and production consistency [17][20] - Key projects include Phase II of the HB injection pipeline and the Eddy Shaft project, which are expected to enhance production capabilities [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agricultural market's fundamentals, indicating that higher income levels and strong crop futures will support potash demand [16][42] - The company anticipates a strong fall application season in the US, driven by attractive fertilizer pricing and solid agricultural fundamentals [50] Other Important Information - Capital expenditures for Q2 were $21 million, with a total of approximately $42 million spent in the first half of the year, primarily directed towards major potash projects [24][25] - The company maintains a strong balance sheet with a net cash position of approximately $165 million, positioning it well for future investments [25] Q&A Session Summary Question: What is the outlook for potash volumes in 2024 and 2025? - Management indicated that while they are not ready to provide specific guidance for 2024 or 2025, recent project executions position the company well for increased production [27] Question: How are the injection rates at the HB facility impacting production? - Injection rates have increased by 50% to 60% compared to previous years, which is expected to enhance brine withdrawal and overall production [28] Question: What are the expectations for free cash flow in the second half of the year? - Management noted that cash flow from operations may slow in the second half due to seasonal sales patterns, but the strong balance sheet will support ongoing projects [31] Question: How does the company view the summer-fill program and its impact on demand? - Management expressed skepticism about the necessity of the summer-fill program, suggesting that it may have conditioned farmers to wait for such programs despite strong underlying demand [62] Question: What are the long-term capital allocation priorities? - The company aims to maintain a strong balance sheet and may consider leveraging once consistent production levels are achieved, with a focus on stock buybacks in the future [64]

(Address of principal executive offices) (Zip Code) Denver, Colorado 80202 (303) 296-3006 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Rep ...