Every 10-Q that Hallador Energy Company (HNRG) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HNRG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HNRG filings page.
Hallador Energy Company reported weaker results for the six months ended June 30, 2026, moving from net income of $18.2 million in 2025 to a net loss of $24.6 million, or $(0.52) per basic share. Total sales and operating revenues declined to $206.0 million from $220.5 million, driven mainly by lower Electric Operations revenue and outages at the Merom power plant, partially offset by higher coal pricing and volume.
Electric Operations sales fell to $127.3 million from $145.9 million as delivered energy revenue dropped and cost of purchased power and maintenance expenses rose sharply due to equipment issues and a major outage, producing Segment EBITDA of only $2.2 million versus $41.8 million a year earlier. Coal Operations sales were $97.3 million versus $100.3 million, with higher realized coal prices offset by cost pressure and lower segment EBITDA.
Operating cash flow reversed from an inflow of $49.8 million to an outflow of $3.4 million, while capital expenditures increased to $33.9 million. Liquidity totaled $84.2 million, including $28.98 million of cash and $55.3 million of revolver availability under a new $120 million credit facility. Hallador also entered into a $350.0 million agreement to acquire approximately 460 MW of Siemens turbine equipment, expecting about $100.0 million of additional related costs, and extended Merom’s useful life to 2040, reducing current depreciation expense.
Hallador Energy Company reported a Q1 2026 net loss as it reshaped its balance sheet and contract portfolio. Total sales and operating revenues were $101.8 million, down from $117.7 million a year earlier, as electric sales declined while coal sales to third parties increased.
The company posted a net loss of $9.3 million, versus net income of $10.0 million in Q1 2025, with diluted earnings per share moving from $0.23 to a loss of $0.20. Electric Operations swung from strong profitability to a loss before income taxes of $5.0 million, driven by lower generation volumes, higher purchased power and maintenance tied to equipment issues at the Merom plant. Coal Operations narrowed their loss before taxes to $3.0 million, helped by higher realized coal prices and much lower depreciation after prior impairments.
Liquidity improved meaningfully: cash, cash equivalents and restricted cash rose to $43.4 million, and bank debt was reduced from $30.0 million to zero. Hallador closed a new $75.0 million revolving credit facility with an additional $45.0 million delayed draw term loan and completed an equity offering with net proceeds of about $53.8 million. As of March 31, 2026, total liquidity was $97.5 million and forward contracted consolidated revenue across power and third‑party coal totaled $859.6 million through 2029.
Hallador Energy (HNRG) reported stronger results for the quarter ended September 30, 2025. Revenue rose to $146.8 million from $105.2 million a year ago, and net income increased to $23.9 million from $1.6 million. For the nine months, revenue was $367.5 million versus $310.8 million, with net income of $42.1 million compared to a $10.3 million loss in the prior-year period.
Electric sales were $93.2 million and coal sales were $51.3 million in Q3. Operating cash flow for the nine months was $73.0 million; capital expenditures were $44.3 million. Liquidity totaled $46.4 million, including $33.8 million of revolver availability and cash. Bank debt was $44.0 million at quarter-end at an all-in rate of 9.27%. A third amendment to the credit agreement deferred certain covenants to Q3 2025 and moved the $6.0 million October 2025 and $6.5 million January 2026 payments to January 2026, with full repayment of the term loan by March 2026 funded from restricted cash.
The company executed prepaid, physically delivered power contracts of $35.0 million and $20.0 million, and ended with contract liabilities of $147.6 million. Management is in discussions to refinance the facility and remained in covenant compliance as of September 30, 2025.
Hallador Energy Company (HNRG) reported revenue of $102.9 million in Q2 2025, up from $93.8 million a year earlier, driven by stable electric sales and higher coal sales. The company generated $17.6 million of EBITDA margin for the quarter (an improvement of $9.1 million year-over-year) and reported net income of $8.248 million for the three months and $18.227 million for the six months ended June 30, 2025, resulting in basic EPS of $0.19 and $0.43, respectively.
Balance sheet highlights: total assets of $409.5 million, total liabilities of $287.4 million, and stockholders' equity of $122.2 million. Cash and restricted cash totaled $32.4 million at June 30, 2025, including $23.1 million restricted primarily for workers' compensation and a $19.0 million compensating balance related to a $35.0 million prepaid forward power contract that generated restricted proceeds. Bank debt totaled $45.0 million with current term loan amounts moved into January 2026 under a Third Amendment; management is pursuing refinancing but no assurance of success was provided.