Hallador Energy Company Reports Second Quarter 2025 Financial and Operating Results
Hallador Energy (Nasdaq: HNRG) reported strong Q2 2025 financial results with total revenue increasing 10% YoY to $102.9 million. The company achieved net income of $8.2 million ($0.19 per share) and Adjusted EBITDA of $3.4 million, with operating cash flow of $11.4 million.
Key operational highlights include coal sales growth to $38.1 million and total bank debt of $45.0 million as of June 30, 2025. The company amended its credit agreement, secured a $35.0 million prepaid power sales agreement, and maintained strong liquidity of $42.0 million. Hallador has secured $1.0 billion in forward energy, capacity, and coal sales through 2029 and is actively pursuing long-term power purchase agreements with potential partners.
Hallador Energy (Nasdaq: HNRG) ha riportato solidi risultati finanziari nel Q2 2025 con i ricavi totali in aumento del 10% su base annua a $102.9 million. La società ha registrato un utile netto di $8.2 million ($0.19 per azione) e un EBITDA rettificato di $3.4 million, con un flusso di cassa operativo di $11.4 million.
I principali indicatori operativi includono la crescita delle vendite di carbone a $38.1 million e un debito bancario totale di $45.0 million al 30 giugno 2025. La società ha modificato il proprio accordo di credito, si è assicurata un contratto di vendita di energia prepagata da $35.0 million e ha mantenuto una solida liquidità di $42.0 million. Hallador ha garantito $1.0 billion in forward energy, capacity, and coal sales fino al 2029 ed è attivamente alla ricerca di accordi di acquisto di energia a lungo termine con potenziali partner.
Hallador Energy (Nasdaq: HNRG) informó sólidos resultados financieros del 2T 2025 con ingresos totales que aumentaron 10% interanual hasta $102.9 million. La compañía registró un ingreso neto de $8.2 million ($0.19 por acción) y un EBITDA ajustado de $3.4 million, con flujo de caja operativo de $11.4 million.
Entre los principales hitos operativos se incluyen el crecimiento de las ventas de carbón hasta $38.1 million y una deuda bancaria total de $45.0 million al 30 de junio de 2025. La empresa enmendó su acuerdo de crédito, aseguró un acuerdo de ventas de energía prepagada por $35.0 million y mantuvo una sólida liquidez de $42.0 million. Hallador ha asegurado $1.0 billion in forward energy, capacity, and coal sales hasta 2029 y está activamente buscando contratos de compra de energía a largo plazo con posibles socios.
Hallador Energy (Nasdaq: HNRG)는 2025년 2분기 실적에서 총매출이 전년대비 10% 증가한 $102.9 million을 보고했습니다. 회사는 순이익 $8.2 million (주당 $0.19)을 기록했고, 조정 EBITDA $3.4 million과 영업현금흐름 $11.4 million을 달성했습니다.
주요 운영 성과로는 석탄 판매가 $38.1 million으로 증가했고, 2025년 6월 30일 기준 총 은행부채 $45.0 million을 보유하고 있다는 점이 포함됩니다. 회사는 신용계약을 수정했고, $35.0 million 규모의 선불 전력 판매 계약을 확보했으며 $42.0 million의 강한 유동성을 유지했습니다. Hallador는 2029년까지 $1.0 billion in forward energy, capacity, and coal sales를 확보했으며 잠재 파트너와의 장기 전력구매계약을 적극적으로 추진하고 있습니다.
Hallador Energy (Nasdaq: HNRG) a publié de solides résultats financiers pour le T2 2025, avec un chiffre d'affaires total en hausse de 10% en glissement annuel à $102.9 million. La société a réalisé un bénéfice net de $8.2 million (0,19 $ par action) et un EBITDA ajusté de $3.4 million, avec un flux de trésorerie d'exploitation de $11.4 million.
Parmi les principaux faits opérationnels figurent la croissance des ventes de charbon à $38.1 million et une dette bancaire totale de $45.0 million au 30 juin 2025. La société a modifié son accord de crédit, obtenu un contrat de vente d’électricité prépayé de $35.0 million et maintenu une forte liquidité de $42.0 million. Hallador a sécurisé $1.0 billion in forward energy, capacity, and coal sales jusqu’en 2029 et recherche activement des accords d’achat d’électricité à long terme avec des partenaires potentiels.
Hallador Energy (Nasdaq: HNRG) meldete starke Finanzergebnisse für Q2 2025 mit einem Gesamtumsatz, der im Jahresvergleich um 10% auf $102.9 million gestiegen ist. Das Unternehmen erzielte einen Nettogewinn von $8.2 million (0,19 $ je Aktie) sowie ein bereinigtes EBITDA von $3.4 million und einen operativen Cashflow von $11.4 million.
Zu den wichtigsten operativen Kennzahlen gehören ein Anstieg des Kohlenverkaufs auf $38.1 million und gesamte Bankverbindlichkeiten von $45.0 million zum 30. Juni 2025. Das Unternehmen hat seinen Kreditvertrag geändert, einen vorausbezahlten Stromverkaufsvertrag über $35.0 million abgeschlossen und eine starke Liquidität von $42.0 million beibehalten. Hallador hat $1.0 billion in forward energy, capacity, and coal sales bis 2029 gesichert und verfolgt aktiv langfristige Stromabnahmeverträge mit potenziellen Partnern.
- Revenue increased 10% year-over-year to $102.9 million
- Net income improved to $8.2 million from -$10.2 million in Q2 2024
- Generated positive operating cash flow of $11.4 million
- Secured $1.0 billion in forward sales through 2029
- Successfully amended credit agreement for enhanced operating flexibility
- Secured $35.0 million prepaid power sales agreement
- Bank debt increased to $45.0 million from $23.0 million in Q1 2025
- Total liquidity decreased to $42.0 million from $69.0 million in Q1 2025
- Scheduled debt repayment deferred from October 2025 to January 2026
- Planned maintenance outage impacted Q2 performance
Insights
Hallador delivered solid Q2 results with revenue up 10% YoY to $102.9M and returned to profitability with $8.2M net income despite seasonal challenges.
Hallador Energy's Q2 results demonstrate a meaningful financial recovery with revenue increasing 10% year-over-year to
What's particularly notable is that Hallador achieved these results despite navigating seasonal spring weakness in energy markets and a scheduled maintenance outage at one of its generating units. This suggests underlying operational improvements in both their power generation and coal segments. The
The balance sheet shows some mixed signals. Total bank debt increased to
Hallador's
Overall, these results indicate Hallador is successfully leveraging its integrated power generation and coal production model while positioning for longer-term stability through potential PPAs. The improving operational metrics, particularly the return to profitability, suggest the company has turned a corner after previous challenges, though investors should monitor the increased debt levels and the success of their PPA negotiations in coming quarters.
- Q2 Total Revenue up
- Q2 Net Income Increases to
- Q2 Operating Cash Flow of
- Q2 Adjusted EBITDA increases to
TERRE HAUTE, Ind., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the second quarter ended June 30, 2025.
“We delivered a strong second quarter highlighted by gains across the P&L, including increased revenue, net income and adjusted EBITDA, along with another period of positive cash flow from operations,” said Brent Bilsland, President and Chief Executive Officer. “Our performance reflects the operational resilience of our platform, particularly as we navigated seasonal spring softness in the energy market and a scheduled outage at one of our generating units. The strength of our remaining unit and higher-than-expected market pricing in late June helped offset those headwinds, while our coal operations benefited from improved cost efficiency and stronger recovery rates. As a result of these operational enhancements and our planned outage at Merom, inventory levels rose in the quarter, positioning us for an active second half as both units return to full dispatch and coal customer shipments accelerate.”
Bilsland continued, “We’re also seeing increased momentum in our commercial strategy to secure a long-term power purchase agreement (PPA). Since concluding exclusive discussions with a major data center developer in May, we’ve engaged with a broader slate of potential partners, including utilities whose proposals offer compelling scale and execution benefits. The current market backdrop, characterized by ramping demand for accredited capacity and resilient baseload power, presents a significantly more attractive landscape than when we initiated our RFP process last year. We remain optimistic that these conversations will culminate in a long-term agreement that enhances value for our shareholders.”
“Looking ahead, we remain focused on unlocking the full value of our dispatchable generation assets while continuing to evaluate strategic acquisitions and enhancements. The momentum we're seeing across federal and state policy, combined with growing interest from potential partners for a long-term PPA, reinforces our confidence in the path ahead. We believe Hallador is uniquely positioned to capitalize on the secular trends that are reshaping the energy sector.”
Second Quarter 2025 Highlights
- Despite our planned maintenance outage and typical seasonal softness in the energy market early in the quarter, the Company generated growth on both the top and bottom line.
- Total revenue increased
10% year-over-year to$102.9 million , driven by a strong increase in coal sales to$38.1 million . - Net income and Adjusted EBITDA increased year-over-year to
$8.2 million and$3.4 million , respectively.
- Total revenue increased
- The Company generated
$11.4 million in operating cash flow during the second quarter, which was used to partially fund capex.
- Total bank debt was
$45.0 million at June 30, 2025, compared to$23.0 million at March 31, 2025, and$44.0 million at December 31, 2024. The expected increase from March 31, 2025 was driven by a higher revolver balance related to the planned maintenance outage. - In June 2025, Hallador amended its credit agreement to enhance operating flexibility for the remainder of the year. The amendment redefined covenants, deferred certain covenant requirements until the third quarter and moved the scheduled October 2025 debt repayment to January 2026. During the second quarter, Hallador entered into a
$35.0 million prepaid power sales agreement and at the Company’s request it was permitted to deposit$19.0 million from that transaction into a money market account as a compensating balance to the Term Loan in lieu of immediately paying it off. These changes support improved liquidity management and provide optionality as the Company evaluates refinancing alternatives for the current credit facility prior to their maturities over the course of 2026. - Total liquidity was
$42.0 million at June 30, 2025, compared to$69.0 million at March 31, 2025, and$37.8 million at December 31, 2024. - Capital expenditures in the second quarter were
$13.1 million compared to$13.2 million in the year-ago period.
- Total bank debt was
- Hallador continues to focus on forward sales to secure its energy position.
- At quarter-end, Hallador had total forward energy, capacity and coal sales to 3rd party customers of
$1.0 billion through 2029.
- At quarter-end, Hallador had total forward energy, capacity and coal sales to 3rd party customers of
| Financial Summary($ in Millions and Unaudited) | |||||||
| Q2 2025 | Q2 2024 | ||||||
| Electric Sales | $ | 60.0 | $ | 60.0 | |||
| Coal Sales- 3rdParty | $ | 38.1 | $ | 32.8 | |||
| Other Revenue | $ | 4.8 | $ | 1.0 | |||
| Total Sales and Operating Revenue | $ | 102.9 | $ | 93.8 | |||
| Net Income (Loss) | $ | 8.2 | $ | (10.2 | ) | ||
| Operating Cash Flow | $ | 11.4 | $ | 23.5 | |||
| Adjusted EBITDA* | $ | 3.4 | $ | (5.8 | ) | ||
* Non-GAAP financial measure, defined as EBITDA plus effects of certain subsidiary and equity method investment activity, less other amortization, plus certain operating activities including stock-based compensation, asset retirement obligations accretion, less gain on disposal or abandonment of assets, plus other reclassifications such as special non-recurring project expenses.
Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing Adjusted EBITDA may not be the same method used to compute similar measures reported by other companies. Management believes the non-GAAP financial measure, Adjusted EBITDA, is an important measure in analyzing our liquidity.
| Reconciliation of GAAP "Income (Loss) before Income Taxes" to non-GAAP "Adjusted EBITDA" (In $ Thousands and Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| NET INCOME (LOSS) | $ | 8,248 | $ | (10,204 | ) | $ | 18,227 | $ | (11,900 | ) | ||||||
| Interest expense | 3,819 | 3,735 | 7,542 | 7,672 | ||||||||||||
| Income tax expense (benefit) | — | (3,011 | ) | — | (3,621 | ) | ||||||||||
| Depreciation, depletion and amortization | 5,542 | 13,649 | 20,519 | 29,092 | ||||||||||||
| EBITDA | 17,609 | 4,169 | 46,288 | 21,243 | ||||||||||||
| Other operating revenue | — | 6 | — | 13 | ||||||||||||
| Stock-based compensation | 475 | 1,581 | 1,559 | 2,247 | ||||||||||||
| Asset retirement obligations accretion | 437 | 399 | 864 | 798 | ||||||||||||
| Other amortization (1) | (13,032 | ) | (13,923 | ) | (24,366 | ) | (26,143 | ) | ||||||||
| (Gain) loss on disposal or abandonment of assets, net | (55 | ) | (222 | ) | (76 | ) | (246 | ) | ||||||||
| Loss on extinguishment of debt | — | 1,937 | — | 2,790 | ||||||||||||
| Equity method (investment) loss | (197 | ) | 257 | 39 | 506 | |||||||||||
| Other reclassifications | (1,839 | ) | — | (1,600 | ) | — | ||||||||||
| Adjusted EBITDA | $ | 3,398 | $ | (5,796 | ) | $ | 22,708 | $ | 1,208 | |||||||
| (1) Other amortization relates to the non-cash amortization of the Hoosier PPA entered into in connection with the acquisition of the Merom Power Plant in 2022. |
| Solid Forward Sales Position - Segment Basis, Before Intercompany Eliminations (unaudited): | ||||||||||||||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | Total | |||||||||||||
| Power | ||||||||||||||||||
| Energy | ||||||||||||||||||
| Contracted MWh (in millions) | 2.53 | 4.00 | 1.78 | 1.09 | 0.27 | 9.67 | ||||||||||||
| Average contracted price per MWh | $ | 37.75 | $ | 43.05 | $ | 54.65 | $ | 52.98 | $ | 51.00 | ||||||||
| Contracted revenue (in millions) | $ | 95.51 | $ | 172.22 | $ | 97.28 | $ | 57.75 | $ | 13.77 | $ | 436.53 | ||||||
| Capacity | ||||||||||||||||||
| Average daily contracted capacity MW | 716 | 733 | 623 | 454 | 100 | |||||||||||||
| Average contracted capacity price per MWd | $ | 224 | $ | 230 | $ | 226 | $ | 225 | $ | 230 | ||||||||
| Contracted capacity revenue (in millions) | $ | 29.46 | $ | 61.54 | $ | 51.40 | $ | 37.33 | $ | 3.47 | $ | 183.20 | ||||||
| Total Energy & Capacity Revenue | ||||||||||||||||||
| Contracted Power revenue (in millions) | $ | 124.97 | $ | 233.76 | $ | 148.68 | $ | 95.08 | $ | 17.24 | $ | 619.73 | ||||||
| Coal | ||||||||||||||||||
| Priced tons - 3rd party (in millions) | 1.42 | 2.30 | 2.50 | 0.50 | — | 6.72 | ||||||||||||
| Avg price per ton - 3rd party | $ | 50.96 | $ | 55.58 | $ | 56.74 | $ | 59.00 | $ | — | ||||||||
| Contracted coal revenue - 3rd party (in millions) | $ | 72.36 | $ | 127.83 | $ | 141.85 | $ | 29.50 | $ | — | $ | 371.54 | ||||||
| TOTAL CONTRACTED REVENUE (IN MILLIONS) - CONSOLIDATED | $ | 197.33 | $ | 361.59 | $ | 290.53 | $ | 124.58 | $ | 17.24 | $ | 991.27 | ||||||
| Priced tons - Intercompany (in millions) | 1.67 | 2.30 | 2.30 | 2.30 | — | 8.57 | ||||||||||||
| Avg price per ton - Intercompany | $ | 51.00 | $ | 51.00 | $ | 51.00 | $ | 51.00 | $ | — | ||||||||
| Contracted coal revenue - Intercompany (in millions) | $ | 85.17 | $ | 117.30 | $ | 117.30 | $ | 117.30 | $ | — | $ | 437.07 | ||||||
| TOTAL CONTRACTED REVENUE (IN MILLIONS) - SEGMENT | $ | 282.50 | $ | 478.89 | $ | 407.83 | $ | 241.88 | $ | 17.24 | $ | 1,428.34 | ||||||
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "guidance," "target," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. Forward-looking statements include, without limitation, those relating to our ability to secure a long-term power purchase agreement, to unlock the full value of our dispatchable generation assets and to identify, evaluate and execute potential strategic acquisitions and enhancements. Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year ended December 31, 2024, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
Conference Call and Webcast
Hallador management will host a conference call today, August 11, 2025 at 5:00 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.
Date: Monday, August 11, 2025
Time: 5:00 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here
The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.
About Hallador Energy Company
Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at http://www.halladorenergy.com/.
Company Contact
Todd E. Telesz
Chief Financial Officer
TTelesz@halladorenergy.com
Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
HNRG@elevate-ir.com
| Hallador Energy Company Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) | |||||||||
| June 30, | December 31, | ||||||||
| 2025 | 2024 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 9,228 | $ | 7,232 | |||||
| Restricted cash | 23,142 | 4,921 | |||||||
| Accounts receivable | 18,742 | 15,438 | |||||||
| Inventory | 43,570 | 36,685 | |||||||
| Parts and supplies | 42,755 | 39,104 | |||||||
| Prepaid expenses | 2,437 | 1,478 | |||||||
| Total current assets | 139,874 | 104,858 | |||||||
| Property, plant and equipment: | |||||||||
| Land and mineral rights | 70,307 | 70,307 | |||||||
| Buildings and equipment | 446,278 | 429,857 | |||||||
| Mine development | 96,764 | 92,458 | |||||||
| Finance lease right-of-use assets | 13,034 | 13,034 | |||||||
| Total property, plant and equipment | 626,383 | 605,656 | |||||||
| Less - accumulated depreciation, depletion and amortization | (363,704 | ) | (347,952 | ) | |||||
| Total property, plant and equipment, net | 262,679 | 257,704 | |||||||
| Equity method investments | 2,889 | 2,607 | |||||||
| Other assets | 4,071 | 3,951 | |||||||
| Total assets | $ | 409,513 | $ | 369,120 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Current portion of bank debt, net | $ | 17,139 | $ | 4,095 | |||||
| Accounts payable and accrued liabilities | 51,952 | 44,298 | |||||||
| Current portion of lease financing | 7,229 | 6,912 | |||||||
| Contract liabilities - current | 132,935 | 97,598 | |||||||
| Total current liabilities | 209,255 | 152,903 | |||||||
| Long-term liabilities: | |||||||||
| Bank debt, net | 26,000 | 37,394 | |||||||
| Long-term lease financing | 5,052 | 8,749 | |||||||
| Asset retirement obligations | 15,822 | 14,957 | |||||||
| Contract liabilities - long-term | 29,216 | 49,121 | |||||||
| Other | 2,015 | 1,711 | |||||||
| Total long-term liabilities | 78,105 | 111,932 | |||||||
| Total liabilities | 287,360 | 264,835 | |||||||
| Commitments and contingencies (Note 16) | |||||||||
| Stockholders' equity: | |||||||||
| Preferred stock, $.10 par value, 10,000 shares authorized; none issued | — | — | |||||||
| Common stock, $.01 par value, 100,000 shares authorized; 42,978 and 42,621 issued and outstanding, as of June 30, 2025 and December 31, 2024, respectively | 430 | 426 | |||||||
| Additional paid-in capital | 188,935 | 189,298 | |||||||
| Retained deficit | (67,212 | ) | (85,439 | ) | |||||
| Total stockholders’ equity | 122,153 | 104,285 | |||||||
| Total liabilities and stockholders’ equity | $ | 409,513 | $ | 369,120 | |||||
| Hallador Energy Company Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| SALES AND OPERATING REVENUES: | |||||||||||||||||
| Electric sales | $ | 59,976 | $ | 59,979 | $ | 145,919 | $ | 120,880 | |||||||||
| Coal sales | 38,147 | 32,801 | 68,332 | 82,431 | |||||||||||||
| Other revenues | 4,766 | 1,045 | 6,425 | 2,308 | |||||||||||||
| Total sales and operating revenues | 102,889 | 93,825 | 220,676 | 205,619 | |||||||||||||
| EXPENSES: | |||||||||||||||||
| Fuel | 15,063 | 12,370 | 30,273 | 20,929 | |||||||||||||
| Other operating and maintenance costs | 28,955 | 33,981 | 57,344 | 70,963 | |||||||||||||
| Cost of purchased power | 2,172 | 2,619 | 9,012 | 4,545 | |||||||||||||
| Utilities | 4,507 | 3,910 | 8,659 | 8,504 | |||||||||||||
| Labor | 26,799 | 26,555 | 53,828 | 61,723 | |||||||||||||
| Depreciation, depletion and amortization | 5,542 | 13,649 | 20,519 | 29,092 | |||||||||||||
| Asset retirement obligations accretion | 437 | 399 | 864 | 798 | |||||||||||||
| Exploration costs | 98 | 47 | 119 | 117 | |||||||||||||
| General and administrative | 7,501 | 7,803 | 14,326 | 13,747 | |||||||||||||
| Gain on disposal or abandonment of assets, net | (55 | ) | (222 | ) | (76 | ) | (246 | ) | |||||||||
| Total operating expenses | 91,019 | 101,111 | 194,868 | 210,172 | |||||||||||||
| INCOME (LOSS) FROM OPERATIONS | 11,870 | (7,286 | ) | 25,808 | (4,553 | ) | |||||||||||
| Interest expense (1) | (3,819 | ) | (3,735 | ) | (7,542 | ) | (7,672 | ) | |||||||||
| Loss on extinguishment of debt | — | (1,937 | ) | — | (2,790 | ) | |||||||||||
| Equity method investment (loss) | 197 | (257 | ) | (39 | ) | (506 | ) | ||||||||||
| NET INCOME (LOSS) BEFORE INCOME TAXES | 8,248 | (13,215 | ) | 18,227 | (15,521 | ) | |||||||||||
| INCOME TAX BENEFIT: | |||||||||||||||||
| Current | — | — | — | — | |||||||||||||
| Deferred | — | (3,011 | ) | — | (3,621 | ) | |||||||||||
| Total income tax benefit | — | (3,011 | ) | — | (3,621 | ) | |||||||||||
| NET INCOME (LOSS) | $ | 8,248 | $ | (10,204 | ) | $ | 18,227 | $ | (11,900 | ) | |||||||
| NET INCOME (LOSS) PER SHARE: | |||||||||||||||||
| Basic | $ | 0.19 | $ | (0.27 | ) | $ | 0.43 | $ | (0.32 | ) | |||||||
| Diluted | $ | 0.19 | $ | (0.27 | ) | $ | 0.42 | $ | (0.32 | ) | |||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||||
| Basic | 42,619 | 37,879 | 42,798 | 37,026 | |||||||||||||
| Diluted | 43,048 | 37,879 | 43,434 | 37,026 | |||||||||||||
| (1) Interest Expense: | |||||||||||||||||
| Interest on bank debt | $ | 1,404 | $ | 2,779 | $ | 2,898 | $ | 5,584 | |||||||||
| Other interest | 1,891 | 547 | 3,623 | 1,275 | |||||||||||||
| Amortization of debt issuance costs | 524 | 409 | 1,021 | 813 | |||||||||||||
| Total interest expense | $ | 3,819 | $ | 3,735 | $ | 7,542 | $ | 7,672 | |||||||||
| Hallador Energy Company Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | 18,227 | $ | (11,900 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Deferred income tax (benefit) | — | (3,621 | ) | |||||
| Equity method investment loss | 39 | 506 | ||||||
| Depreciation, depletion and amortization | 20,519 | 29,092 | ||||||
| Loss on extinguishment of debt | — | 2,790 | ||||||
| Gain on disposal or abandonment of assets, net | (76 | ) | (246 | ) | ||||
| Amortization of debt issuance costs | 1,021 | 813 | ||||||
| Asset retirement obligations accretion | 864 | 798 | ||||||
| Cash paid on asset retirement obligation reclamation | (311 | ) | (602 | ) | ||||
| Stock-based compensation | 1,559 | 2,247 | ||||||
| Amortization of contract liabilities | (65,597 | ) | (46,524 | ) | ||||
| Accretion on contract liabilities | 3,215 | — | ||||||
| Other | 284 | 1,402 | ||||||
| Change in current assets and liabilities: | ||||||||
| Accounts receivable | (3,304 | ) | 839 | |||||
| Inventory | (6,885 | ) | (9,520 | ) | ||||
| Parts and supplies | (3,651 | ) | (582 | ) | ||||
| Prepaid expenses | 1,003 | 2,140 | ||||||
| Accounts payable and accrued liabilities | 5,062 | (11,107 | ) | |||||
| Contract liabilities | 77,814 | 83,366 | ||||||
| Net cash provided by operating activities | $ | 49,783 | $ | 39,891 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | $ | (24,737 | ) | $ | (28,044 | ) | ||
| Proceeds from sale of equipment | 162 | 2,474 | ||||||
| Investment in equity method investments | (322 | ) | — | |||||
| Net cash used in investing activities | (24,897 | ) | (25,570 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments on bank debt | (44,000 | ) | (86,500 | ) | ||||
| Borrowings of bank debt | 45,000 | 40,500 | ||||||
| Payments on lease financing | (3,421 | ) | (2,665 | ) | ||||
| Proceeds from sale and leaseback arrangement | — | 3,783 | ||||||
| Issuance of related party notes payable | — | 5,000 | ||||||
| Payments on related party notes payable | — | (5,000 | ) | |||||
| Debt issuance costs | (330 | ) | (76 | ) | ||||
| ATM offering | — | 34,515 | ||||||
| Taxes paid on vesting of RSUs | (1,918 | ) | (273 | ) | ||||
| Net cash used in financing activities | (4,669 | ) | (10,716 | ) | ||||
| Increase in cash, cash equivalents, and restricted cash | 20,217 | 3,605 | ||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 12,153 | 7,123 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 32,370 | $ | 10,728 | ||||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||||||||
| Cash and cash equivalents | $ | 9,228 | $ | 6,446 | ||||
| Restricted cash | 23,142 | 4,282 | ||||||
| $ | 32,370 | $ | 10,728 | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
| Cash paid for interest | $ | 2,768 | $ | 6,312 | ||||
| SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||||||||
| Change in capital expenditures included in accounts payable and prepaid expense | $ | 843 | $ | (1,694 | ) | |||
| Stock issued on redemption of convertible notes and interest | $ | — | $ | 22,993 | ||||
FAQ
What were Hallador Energy's (HNRG) key financial results for Q2 2025?
How much forward sales does Hallador Energy (HNRG) have secured?
What is Hallador Energy's (HNRG) current debt position as of Q2 2025?
What strategic initiatives is Hallador Energy (HNRG) pursuing in 2025?
How much liquidity does Hallador Energy (HNRG) have as of Q2 2025?
