ipi-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________

FORM 10-Q

_______________________________________________________

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended

March 31, 2026

☐

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 jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
707 17th Street, Suite 4200
Denver,	Colorado	80202
(Address of principal executive offices)		(Zip Code)

(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

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, par value $0.001 per share

IPI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

As of April 30, 2026, the registrant had outstanding 13,433,030 shares of common stock, par value $0.001 per share.

Table of Contents

INTREPID POTASH, INC.

TABLE OF CONTENTS


						Page
			PART I - FINANCIAL INFORMATION			1
			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
			ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			26
			ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			41
			ITEM 4. Controls and Procedures			41
			PART II - OTHER INFORMATION			42
			ITEM 1. Legal Proceedings			42
			ITEM 1A. Risk Factors			43
			ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
			ITEM 3. Defaults Upon Senior Securities			44
			ITEM 4. Mine Safety Disclosures			44
			ITEM 5. Other Information			44
			ITEM 6. Exhibits			45
			Signatures			46

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

INTREPID POTASH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)


	March 31,		December 31,
	2026		2025
ASSETS
Cash and cash equivalents	$	99,259	$	83,537

Accounts receivable:
Trade, net	46,255		31,979
Other receivables, net	158		159

Inventory, net	95,685		112,191
Prepaid expenses and other current assets	4,535		5,312
Assets held for sale	57,752		59,154
Total current assets	303,644		292,332

Property, plant, equipment, and mineral properties, net	296,001		298,756

Water rights	2,311		2,311
Long-term parts inventory, net	31,316		31,506
Long-term investments	179		179

Other assets, net	8,091		7,095

Total Assets	$	641,542	$	632,179
LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable	$	13,953	$	9,656


Accrued liabilities	11,976		10,456
Accrued employee compensation and benefits	9,169		12,481


Other current liabilities	19,432		19,811
Liabilities held for sale	3,238		3,370
Total current liabilities	57,768		55,774



Asset retirement obligation, net of current portion

SEC Form 10-Q filed by Intrepid Potash Inc