$IPI

Intrepid Potash, Inc.

CIK:0001421461|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Sales	$ 66,685	$ 67,536	$ 165,370	$ 162,063
Less:
Lower of cost or net realizable value inventory adjustments	270	419	1,092	1,754
Gross Margin	16,649	12,361	34,321	25,682
Selling and administrative	10,022	8,925	21,295	18,080
Accretion of asset retirement obligation	777	650	1,553	1,299
Impairment of long-lived assets	0	1,204	0	1,866
Gain on sale of assets	(6)	(1,262)	(34)	(1,422)
Other operating income	(1,129)	(1,222)	(2,289)	(2,505)
Other operating expense	5,922	2,654	6,508	3,250
Operating Income	1,063	1,412	7,288	5,114
Other Income (Expense)
Equity in loss of unconsolidated entities	(11)	(232)	(11)	(232)
Interest expense, net	0	(66)	0	(171)
Interest income	1,327	651	1,994	1,026
Other income (expense)	73	(354)	121	(820)
Income from Continuing Operations Before Income Taxes	2,452	1,411	9,392	4,917
Income tax expense	57	35	116	113
Net Income from Continuing Operations	2,395	1,376	9,276	4,804
Net Income from Discontinued Operations, Net of Tax	13,182	1,887	13,719	3,065
Net Income	$ 15,577	$ 3,263	$ 22,995	$ 7,869
Net income per share:
Continuing operations - Basic	$ 0.18	$ 0.10	$ 0.70	$ 0.37
Discontinued operations - Basic	1.00	0.15	1.04	0.24
Net income - Basic	1.18	0.25	1.74	0.61
Continuing operations - Diluted	0.18	0.10	0.70	0.37
Discontinued operations - Diluted	0.99	0.15	1.03	0.23
Net income - Diluted	$ 1.17	$ 0.25	$ 1.73	$ 0.60
Weighted Average Shares Outstanding:
Basic (in shares)	13,195	12,985	13,168	12,951
Diluted (in shares)	13,272	13,174	13,280	13,131
Freight Costs [Member]
Less:
Cost of goods sold	$ 11,050	$ 11,011	$ 27,780	$ 28,502
Warehouse and Handling [Member]
Less:
Cost of goods sold	3,046	3,114	6,890	6,604
Mineral [Member]
Sales			165,370	162,063
Less:
Cost of goods sold	$ 35,670	$ 40,631	$ 95,287	$ 99,521

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 22,995	$ 7,869
Income from discontinued operations, net of tax	(13,719)	(3,065)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	19,251	18,802
Accretion of asset retirement obligation	1,553	1,299
Amortization of deferred financing costs	164	151
Stock-based compensation	2,021	2,394
Lower of cost or net realizable value inventory adjustments	1,092	1,754
Impairment of long-lived assets	0	1,866
Gain on disposal of assets	(34)	(1,422)
Allowance for parts inventory obsolescence	598	2,041
Loss on equity investment	0	888
Equity in loss of unconsolidated entities	11	232
Changes in operating assets and liabilities:
Trade accounts receivable, net	13,179	(53)
Other receivables, net	72	(1,079)
Inventory, net	6,903	11,418
Prepaid expenses and other current assets	59	809
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	(2,042)	(1,564)
Operating lease liabilities	(499)	(490)
Deferred other income	(1,128)	(1,128)
Other liabilities	4,863	2,167
Net cash provided by operating activities of continuing operations	55,339	42,889
Net cash provided by operating activities of discontinued operations	2,193	7,971
Net cash provided by operating activities	57,532	50,860
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties and other assets	(13,593)	(11,087)
Proceeds from sale of assets	9	1,357
Proceeds from redemptions/maturities of investments	0	1,000
Other investing, net	0	2,129
Net cash used in investing activities of continuing operations	(13,584)	(6,601)
Net cash provided by investing activities of discontinued operations	60,323	803
Net cash provided by (used in) investing activities	46,739	(5,798)
Cash Flows from Financing Activities:
Payments of financing lease	(869)	(500)
Capitalized debt fees	(683)	0
Employee tax withholding paid for restricted stock upon vesting	(1,271)	(856)
Proceeds from exercise of stock options	14	38
Net cash used in financing activities	(2,809)	(1,318)
Net Change in Cash, Cash Equivalents and Restricted Cash	101,462	43,744
Cash, Cash Equivalents, and Restricted Cash, beginning of period	84,135	41,898
Cash, Cash Equivalents, and Restricted Cash, end of period	185,597	85,642
Supplemental disclosure of cash flow information
Interest	241	225
Income taxes	119	214
Amounts included in the measurement of operating lease liabilities	589	848
Accrued purchases for property, plant, equipment, and mineral properties	3,652	2,858
Right-of-use assets exchanged for operating lease liabilities	0	2,185
Right-of-use assets exchanged for financing lease liabilities	$ 1,063	$ 524

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 184,994	$ 83,537
Accounts receivable:
Trade, net	18,976	31,979
Other receivables, net	86	159
Inventory, net	104,881	112,191
Prepaid expenses and other current assets	4,158	5,312
Assets held for sale	0	59,154
Total current assets	313,095	292,332
Property, plant, equipment, and mineral properties, net	295,412	298,756
Water rights	2,311	2,311
Long-term parts inventory, net	30,222	31,506
Long-term investments	168	179
Other assets, net	8,712	7,095
Total Assets	649,920	632,179
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	10,539	9,656
Accrued liabilities	13,059	10,456
Accrued employee compensation and benefits	9,607	12,481
Other current liabilities	16,249	19,811
Liabilities held for sale	0	3,370
Total current liabilities	49,454	55,774
Asset retirement obligation, net of current portion	39,930	38,452
Operating lease liabilities	1,067	1,550
Finance lease liabilities	2,176	1,741
Deferred other income, long-term	42,105	43,233
Total Liabilities	134,732	140,750
Commitments and Contingencies
Common stock, $0.001 par value; 40,000,000 shares authorized; 13,207,226 and 13,131,663 shares outstanding at June 30, 2026, and December 31, 2025, respectively	14	14
Additional paid-in capital	675,061	674,297
Accumulated deficit	(137,875)	(160,870)
Less treasury stock, at cost	(22,012)	(22,012)
Total Stockholders' Equity	515,188	491,429
Total Liabilities and Stockholders' Equity	$ 649,920	$ 632,179
Common Stock Shares Issued Not Disclosed	false	false