HNRG
Hallador Energy Company20.42
-0.79-3.72%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
PPA bids intensify, pricing climbs
Q&A spotlighted surging competition for Hallador's accredited capacity, with Bilsland likening it to musical chairs where Hallador owns the last seat—pricing pressure from multiple utilities and industrials points to tranche PPAs above the forward curve. Merom details clarified Q4/Q1 equipment failures curbing output until a 60-day May outage readies units for summer peaks. CapEx will rise modestly above 2025's $69.2M excluding ARRIS gas expansion, while coal stays vital for fuel. Management remains active on M&A. Brent's excitement signals pending announcements; watch ERAS Q3 study and PPA inkings.
Key Stats
Market Cap
894.91MP/E (TTM)
-Basic EPS (TTM)
-4.48Dividend Yield
0%Recent Filings
10-K
FY2025 results
Hallador Energy swung to net income of $41.9M in FY2025 ended December 31, 2025, from a $226.1M loss in 2024, driven by Electric Operations' 19% revenue growth to $310.7M on 23% higher MWh sold (5.2M vs 4.2M) while fuel costs per MWh dipped to $25.62 from $26.71. Coal Operations mined solely from lower-cost Oaktown #1 after idling #2, boosting segment EBITDA to $20.1M from $1.3M on 11% more tons sold (4.3M) at $51.27/ton despite restructuring. Q4 faltered with Merom outages hiking purchased power 92% to $20.9M and dragging net to a $0.2M loss—yet margins held. Debt fell to $30M (paid post-year-end); capex hit $69M. Forward book: $867M revenue through 2029. Customer non-performance risks quarterly flows.
8-K
FY'25 revenue up 16%
Hallador Energy crushed FY'25 with revenue up 16% to $469.5M, net income of $41.9M, and Adjusted EBITDA tripling to $56.0M versus 2024. Operating cash flow rose 23% to $81.1M while bank debt dropped to $30.0M. MISO accepted their ERAS application for a 515MW gas plant at Merom, targeting Q3 2029 completion. Strong forward book: $867M contracted revenue through 2029.
8-K
Hallador closes $120M credit facility
Hallador Energy secured a $120M senior secured credit facility on March 5, 2026, featuring a $75M revolving line and $45M delayed-draw term loan, both maturing March 5, 2029. The deal refinances the prior PNC agreement without penalties, bolstering liquidity for working capital while imposing leverage and liquidity covenants. Lenders get asset security; covenants tighten post-acceptable PPA.
8-K
Appoints Hudson to board, Lovell COO
Hallador Energy appointed power veteran Daniel Hudson to its board and promoted Heath Lovell to COO, both effective March 6, 2026, expanding the board to seven with six independents. Hudson's $35B energy deal expertise bolsters power expansion strategy; Lovell retains subsidiary presidencies. Board gains strategic depth.
8-K
Closes $53.6M share offering
Hallador Energy closed a public offering of 3,194,444 common shares on January 15, 2026, netting $53.6 million after expenses. It terminated its $100 million ATM program effective January 18, with no penalties. Funds target general corporate needs, possibly reserving equipment for a planned natural gas facility. Dilution hits shareholders hard.
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