Intrepid Potash(IPI) - 2024 Q3 - Quarterly Results

Financial Performance - Total sales for Q3 2024 were $57.5 million, a 6$54.5 million in Q3 2023[2]. - Net loss narrowed to $1.8 million ($0.14 per diluted share) compared to a net loss of $7.2 million ($0.56 per diluted share) in Q3 2023[2]. - Adjusted EBITDA increased to $10.0 million, up from$2.2 million in Q3 2023[2]. - Sales for the three months ended September 30, 2024, were $57.549 million, an increase of 5$54.465 million in the same period of 2023[32]. - Gross margin for the three months ended September 30, 2024, was $7.732 million, significantly improved from$491 thousand in the same period of 2023[32]. - Net loss for the three months ended September 30, 2024, was $1.833 million, compared to a net loss of$7.196 million in the same period of 2023, indicating a reduction in losses[32]. - Total revenue for the nine months ended September 30, 2024, was $198,891,000, up from$222,420,000 in the same period of 2023[59]. - The company reported a gross margin of $21,790,000 for the nine months ended September 30, 2024, compared to$12,952,000 for the same period in 2023[60]. Sales and Volume - Potash sales volumes were 54 thousand tons, up from 46 thousand tons in Q3 2023, while average net realized sales price per ton decreased by 18% to $356[2][14]. - Trio sales volumes decreased to 45 thousand tons from 52 thousand tons in Q3 2023, with average net realized sales price per ton increasing by 5$312[2][17]. - Total segment sales for Potash in Q3 2024 reached $28,356,000, while Trio segment sales were$18,928,000, resulting in consolidated revenue of $57,549,000[55]. - The company sold 183,000 tons of Potash in Q3 2024, a decrease from 213,000 tons sold in Q3 2023, representing a 14$10,324,000, contributing to the overall revenue growth[60]. Cash Flow and Assets - Cash flow used in operations was $4.3 million, with cash and cash equivalents totaling approximately$34.9 million as of October 31, 2024[10]. - Cash, cash equivalents, and restricted cash at the end of the period were $38,621 thousand, up from$3,367 thousand at the end of the same period in 2023[38]. - Total current assets increased to $190.256 million as of September 30, 2024, compared to$152.040 million as of December 31, 2023[33]. - Total assets reached $806.219 million as of September 30, 2024, up from$768.570 million as of December 31, 2023[34]. - Total liabilities increased to $125.626 million as of September 30, 2024, compared to$84.142 million as of December 31, 2023[34]. - Cash and cash equivalents significantly rose to $38.034 million as of September 30, 2024, from$4.071 million as of December 31, 2023[33]. - The company reported an increase in accounts receivable to $34.882 million as of September 30, 2024, compared to$23.547 million as of December 31, 2023[33]. Capital Expenditures - Capital expenditures for Q3 2024 were $9.6 million, with total capital expenditures for the first nine months of 2024 reaching$32.6 million[4]. - The company expects 2024 capital expenditures to be in the range of $37 million to$40 million, down from previous guidance of $40 million to$50 million[4]. Operational Highlights - Phase Two of the HB Brine Injection Pipeline was successfully commissioned, expected to increase brine injection rates to 2,000 to 2,500 gallons per minute[5]. - Oilfield solutions segment sales increased by $5.4 million in Q3 2024, driven by a$6.8 million increase in water sales[19]. Non-GAAP Measures - The average net realized sales price per ton is a key non-GAAP financial measure used by the company to monitor performance[40]. - The company emphasizes the importance of non-GAAP financial measures for consistent period-over-period performance analysis[41]. Adjustments and Impairments - Total adjustments to net loss income included impairment of long-lived assets of $874 thousand and CEO separation costs of$1,050 thousand for the three months ended September 30, 2024[44]. - The company reported a total of $11,789 thousand in adjustments for the three months ended September 30, 2024, compared to$9,400 thousand in the same period of 2023[48].