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HNRG

Hallador Energy Company

HNRG

Hallador Energy Company • NASDAQ
$20.39 ▲ 2.51% (+0.50)
Market Cap $872.96 M
52w High $24.70
52w Low $8.37
Dividend Yield 0%
P/E -4.55
Volume 154.33K
Outstanding Shares 42.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $146.846M ▲ $63.094M ▲ $23.884M ▲ 16.265% ▲ $0.56 ▲ $37.953M ▲
Q2-2025 $102.889M ▼ $44.829M ▼ $8.248M ▼ 8.016% ▼ $0.19 ▼ $17.085M ▼
Q1-2025 $117.787M ▲ $53.41M ▼ $9.979M ▲ 8.472% ▲ $0.23 ▲ $28.182M ▲
Q4-2024 $94.219M ▼ $280.021M ▲ $-215.792M ▼ -229.032% ▼ $-5.06 ▼ $-196.121M ▼
Q3-2024 $105.044M $50.687M $1.554M 1.479% $0.036 $17.878M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.663M ▲ $409.461M ▼ $263.273M ▼ $146.188M ▲
Q2-2025 $9.228M ▲ $409.513M ▲ $287.36M ▲ $122.153M ▲
Q1-2025 $6.891M ▼ $366.097M ▼ $250.749M ▼ $115.348M ▲
Q4-2024 $7.232M ▲ $369.12M ▼ $264.835M ▲ $104.285M ▼
Q3-2024 $3.829M $579.73M $260.933M $318.797M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.884M ▲ $23.195M ▲ $-16.883M ▼ $-3.2M ▼ $3.112M ▼ $3.655M ▲
Q2-2025 $8.248M ▼ $11.364M ▼ $-13.225M ▼ $18.024M ▲ $16.163M ▲ $-1.68M ▼
Q1-2025 $9.979M ▲ $38.419M ▼ $-11.672M ▼ $-22.693M ▲ $4.054M ▲ $26.726M ▲
Q4-2024 $-215.792M ▼ $38.949M ▲ $-10.237M ▲ $-26.2M ▼ $2.512M ▲ $25.188M ▲
Q3-2024 $1.554M $-12.906M $-10.663M $22.482M $-1.087M $-24.468M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Coal Sales
Coal Sales
 $60.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew nicely through 2023 but then dropped sharply in 2024, and the company moved from solid profits back into meaningful losses. Margins, which had improved over the past few years, weakened again with negative operating income and negative EBITDA in 2024. This pattern suggests a business in the middle of a major transition: past years show the model can be profitable, but the latest year highlights how sensitive results are to contract timing, plant utilization, and one‑off items. Overall, earnings quality looks volatile, and recent performance has stepped back from the progress made in 2022–2023.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business with a relatively small equity base. Assets swelled during the build‑out and acquisition phase, then pulled back more recently, reflecting a tighter, more focused asset mix. Equity is still positive but has shrunk noticeably with the 2024 loss, leaving a thinner cushion to absorb future setbacks. On the positive side, total debt was cut meaningfully in 2024, which reduces financial risk. The trade‑off is that cash on hand is modest, so the company has less room for error if operations or contract signings disappoint.

Cash Flow

Cash Flow Despite swings in accounting profits, operating cash flow has been fairly steady over the last several years, which is a sign that the core assets still generate dependable cash. Free cash flow, however, has been up and down as the company spends more on capital projects tied to its pivot into power generation. Recent years show higher investment and only small free‑cash surpluses or small deficits. In practical terms, Hallador is using much of its cash generation to fund its transformation rather than to build a large cash buffer, so the success of these projects and contracts will be important for future flexibility.

Competitive Edge

Competitive Edge Hallador’s main strength is its vertically integrated model: it controls both the coal mines and the Merom power plant, giving it secure fuel supply and more control over power costs. This structure can create a cost and reliability edge versus power producers that must buy coal on the open market, and versus standalone coal miners that rely on external power plants. Long‑term power contracts add another layer of stability by locking in demand and pricing, which can soften exposure to spot electricity markets. The plant’s location in a major grid region and its ability to supply steady, around‑the‑clock power also position it well to serve large industrial and data‑center customers that value reliability. On the other hand, Hallador is still a relatively small player, heavily concentrated in one main plant and one fuel type, and it operates in a sector facing long‑term environmental and policy headwinds. Its moat rests on integration, contracts, and reliability rather than scale.

Innovation and R&D

Innovation and R&D Hallador’s “innovation” is mostly strategic rather than traditional lab‑style R&D. The big step is its move from being mainly a coal miner to a vertically integrated power producer, using the Merom plant as the anchor asset. The company is working on several forward‑looking initiatives: signing long‑term deals with data‑center and industrial customers, studying the ability to co‑fire with natural gas, applying to add significant gas‑fired capacity at the Merom site, and coordinating with partners on eventual solar and battery projects. These efforts aim to stretch the economic life of the site, diversify its fuel mix, and keep it relevant as the grid adds more renewables. While these projects are still in various stages of development and carry execution risk, they show an active approach to adapting a coal‑based asset to a changing power market.

Summary

Hallador Energy is in the middle of a major shift from a traditional coal company to an integrated power producer built around the Merom plant. Financially, the company demonstrated that it can be profit‑making in 2022–2023, but the return to losses in 2024 highlights how bumpy the transition can be. The balance sheet remains serviceable, helped by lower debt, but the equity cushion and cash reserves are not large, which raises the importance of successful execution. Cash flows from operations are reasonably steady, yet much of that cash is being reinvested into the power platform. Strategically, Hallador’s combination of owned coal supply, a dispatchable plant in a key grid region, and growing long‑term contracts—especially with power‑hungry customers like data centers—creates a differentiated position. At the same time, reliance on coal, concentration in a single major facility, and the energy transition introduce meaningful uncertainty. The company is trying to navigate these pressures by layering in gas capacity, potential renewables, and long‑dated contracts to turn its legacy assets into a more durable power business.

NEWS

November 10, 2025 · 4:05 PM UTC

Hallador Energy Company Reports Third Quarter 2025 Financial and Operating Results

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October 27, 2025 · 8:30 AM UTC

Hallador Energy Company Schedules Third Quarter 2025 Conference Call for November 10, 2025 at 5:00 p.m. ET

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