HALLADOR ENERGY CO

Listed Company

HNRGCIK 0000788965NasdaqAcceleratedElectric ServicesColoradoFY ends Dec 31

Period

FY 2025

Revenue

$469.47M

Net Income

$41.87M

Total Assets

$408.05M

Equity

$159.83M

Shares Out

47.02M

Op. Cash Flow

$81.13M

Business

HALLADOR ENERGY CO is a vertically integrated power and coal company that mines coal and sells wholesale electric energy. It produces and supplies bituminous coal and operates a coal-fired power generating station, providing processed and transported coal for electricity generation and wholesale energy and capacity sales. The company operates through its mining subsidiary Sunrise Coal, LLC and its power subsidiary Hallador Power, LLC, which owns and operates the Merom Power Plant. It sells coal to utilities in Indiana and the southeastern United States and distributes power within the MISO wholesale market.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Other revenues	10	5	5	6	4
Total sales and operating revenues	469	404	635	362	248
Fuel	64	49	103	—	—
Other operating and maintenance costs	129	118	200	—	—
Cost of purchased power	21	11	—	—	—
Utilities	17	16	18	—	—
Labor	111	116	152	—	—
Depreciation, depletion and amortization	41	66	67	47	40
Asset retirement obligations accretion	2	2	2	1	2
Exploration costs	216,000	260,000	904,000	651,000	482,000
General and administrative	26	27	26	16	15
Gain on disposal or abandonment of assets, net	−2	−50,000	398,000	—	—
Asset impairment	0	215	0	—	—
Settlement of litigation	—	3	—	—	—
Total operating expenses	408	623	570	332	254
INCOME FROM OPERATIONS	61	−218	65	30	−6
Interest income	602,000	235,000	—	—	—
Interest expense	−17	−14	−14	−11	−8
Loss on extinguishment of debt	−608,000	−3	−1	0	10
Equity method investment (loss)	−450,000	−746,000	−552,000	443,000	364,000
NET INCOME (LOSS) BEFORE INCOME TAXES	44	−236	49	20	−4
Current	—	−169,000	−164,000	0	0
Deferred	2	−9	5	2	26,000
Total income tax expense (benefit)	2	−9	4	2	26,000
NET INCOME (LOSS)	42	−226	45	18	−4
Basic (in dollar per share)	0.98	−5.72	1.35	0.57	−0.12
Diluted (in dollar per share)	0.96	−5.72	1.25	0.55	−0.12
Basic (in shares)	43	40	33	32	31
Diluted (in shares)	43	40	37	34	31
Interest on bank debt	6	9	—	—	—
Other interest	9	3	2	715,000	0
Amortization of debt issuance costs	2	2	3	4	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	7	3	3	3
Restricted cash	5	5	4	3	3
Accounts receivable	14	15	20	30	14
Inventory	43	37	23	50	8
Parts and supplies	46	39	—	—	—
Prepaid expenses	6	1	2	5	2
Total current assets	123	105	93	139	39
Land and mineral rights	70	70	115	116	116
Buildings and equipment	421	403	537	534	343
Mine development	102	92	—	—	—
Construction work in process	40	27	159	140	113
Finance lease right-of-use assets	13	13	12	0	—
Total property, plant and equipment	646	606	824	790	571
Less - accumulated depreciation, depletion and amortization	−368	−348	−335	−309	−268
Total property, plant and equipment, net	278	258	489	480	303
Equity method investments	3	3	3	4	4
Other assets	4	4	6	8	8
Total assets	408	369	590	631	354
Current portion of bank debt, net	—	4	24	33	23
Accounts payable and accrued liabilities	42	44	63	83	42
Current portion of lease financing	7	7	4	0	—
Contract liabilities - current	103	98	66	124	—
Total current liabilities	153	153	158	240	65
Bank debt, net	30	37	63	50	85
Long-term lease financing	1	9	8	0	—
Deferred income taxes	2	—	9	5	3
Asset retirement obligations	15	15	15	17	14
Contract liabilities - long-term	46	49	47	84	—
Other	2	2	2	1	2
Total long-term liabilities	96	112	164	176	103
Total liabilities	248	265	321	416	168
Commitments and contingencies (Note 22)	—	—	—	—	—
Preferred stock, $.10 par value, 10,000 shares authorized; none issued	—	—	—	0	4
Common stock, $.01 par value, 100,000 shares authorized; 43,817 and 42,621 issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively	438,000	426,000	341,000	330,000	308,000
Additional paid-in capital	203	189	128	119	104
Retained deficit	−44	−85	141	96	78
Total stockholders' equity	160	104	269	215	182
Total liabilities and stockholders' equity	408	369	590	631	354

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	42	−226	45	18	−4
Cash paid on asset retirement obligation reclamation	−727,000	−1	−3	−3	0
Stock-based compensation	4	4	4	1	1
Amortization of contract liabilities	−100	−70	−97	−20	0
Accretion on contract liabilities	8	1	—	—	—
Director fees paid in stock	192,000	150,000	—	—	—
Accounts receivable	1	4	10	−16	830,000
Inventory	−6	−14	16	−26	17
Parts and supplies	−7	−227,000	−11	−6	−1
Prepaid expenses	2	784,000	1	−6	−5
Accounts payable and accrued liabilities	−2	−15	−19	24	11
Contract liabilities	94	102	—	—	—
Other	−56,000	643,000	610,000	719,000	−362,000
Net cash provided by operating activities	81	66	59	54	48
Capital expenditures	−69	−53	−75	−54	−28
Proceeds from sale of equipment	3	4	62,000	655,000	525,000
Proceeds from held-for-sale assets	—	3	—	—	—
Investment in equity method investments	−490,000	−542,000	—	—	0
Net cash used in investing activities	−67	−46	−75	−53	−28
Payments on bank debt	−106	−147	−60	−78	−46
Borrowings of bank debt	92	100	66	52	20
Payments on lease financing	−7	−6	—	—	—
Proceeds from sale and leaseback arrangement	0	5	11	0	—
Issuance of related party notes payable	—	5	0	18	—
Payments on related party notes payable	—	−5	—	—	—
Debt issuance costs	−330,000	−673,000	−6	−2	−418,000
ATM offering	14	35	7	0	—
Taxes paid on vesting of RSUs	−4	−277,000	−2	0	−274,000
Net cash used in financing activities	−11	−14	17	−207,000	−27
Increase in cash, cash equivalents, and restricted cash	3	5	697,000	597,000	−6
Cash paid for interest	7	11	10	8	9
Non-cash change in capital expenditures related to accounts payable and prepaid expenses	7	356,000	2	—	—
Stock issued on redemption of convertible notes and interest	—	23	—	—	—

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