Hallador Energy Company filings document the formal disclosures of an operating energy company with electric operations and coal operations in Indiana. The record includes 8-K reports on operating and financial results, material definitive agreements, senior secured credit facilities, and capital-structure terms such as revolving credit, delayed draw term loans, letters of credit, security interests, maturity, and leverage-based interest pricing.
Hallador’s filings also cover proxy governance, executive compensation plans, board appointments, director compensation, shareholder voting matters, and enterprise risk oversight through a board risk committee. Additional disclosures address mine-safety reporting for the Sunrise Coal subsidiary and Oaktown operations, along with risk, compliance, market, financial, operational, and cybersecurity oversight matters.
Hallador Energy Company is offering 2,777,778 shares of common stock at $18.00 per share, with expected net proceeds of about $46.6 million, or $53.6 million if underwriters fully exercise a 416,666-share option. The shares are listed on Nasdaq under “HNRG.” The company plans to use the cash for general corporate purposes, which may include initial financial commitments to reserve equipment for a planned additional natural gas generating facility next to its Merom power plant. After the offering, Hallador expects to have 46,498,457 shares outstanding, or 46,915,123 shares if the underwriter option is fully exercised.
Hallador Energy Company plans to raise $50,000,000 through a primary offering of common stock listed on the Nasdaq Capital Market under the symbol HNRG, with underwriters holding a 30-day option to purchase up to an additional $7,500,000 of shares. The company expects to use the net proceeds for general corporate purposes, including initial financial commitments to reserve equipment for a planned additional natural gas generating facility.
Hallador recently had its application accepted into MISO’s Expedited Resource Addition Study program for a potential 515 MW natural gas project adjacent to its Merom Generating Station, which it targets to bring online in late 2028, subject to a 6- to 9‑month review and significant construction, regulatory and financing risks. The company has also received commitments for new senior credit facilities consisting of a $75.0 million revolving credit facility and a $45.0 million delayed draw term facility, intended to refinance an existing credit agreement and provide working capital, though closing remains subject to customary conditions and may not occur.
Hallador Energy Company has filed an automatic shelf registration statement on Form S-3ASR as a well-known seasoned issuer, allowing it to offer various securities from time to time after effectiveness. The base prospectus covers potential issuances of common stock, preferred stock, depositary shares, debt securities, warrants, subscription rights, purchase contracts and units, with specific terms and pricing to be detailed in future prospectus supplements.
Hallador expects to use any net proceeds, unless stated otherwise in a supplement, for general corporate purposes. The company is a vertically integrated power and coal business operating primarily in Indiana through its Sunrise coal mining subsidiary and its wholly owned 1,080 MW Merom coal-fired power plant, which sells energy and capacity into the MISO market. Hallador’s common stock trades on the Nasdaq Capital Market under the symbol HNRG, and the last reported sale price was $20.29 on January 12, 2026. As of September 30, 2025, there were 43,012,620 shares of common stock outstanding.
Hallador Energy Company is updating its at-the-market common stock program to permit sales of up to $100,000,000 of shares under an existing sales agreement with B. Riley Securities.
The company has already sold Common Stock for aggregate gross proceeds of approximately $50,000,000 under the prior prospectus, and this supplement increases the maximum aggregate gross sales price from $50,000,000 to $100,000,000, enabling up to an additional $50,000,000 of stock sales. The terms of the sales agreement and the offering mechanics remain unchanged, and the shares continue to trade on Nasdaq under the symbol HNRG.
Hallador Energy (HNRG) director reports insider stock purchase. Director Charles R. Wesley IV, through the Charles R. Wesley IV Revocable Trust, bought 13,000 shares of Hallador Energy common stock on 11/21/2025 at a price of $19.2819 per share, in an open-market purchase reported with transaction code "P".
Following this transaction, the trust now beneficially owns 247,914 Hallador Energy shares indirectly, while Wesley also holds 91,270 shares directly. The filing is made by a single reporting person and reflects increased insider ownership, with no derivative securities reported.
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 furnished a Form 8-K to announce it issued a press release with third quarter 2025 financial and operating results. The press release is included as Exhibit 99.1 and incorporated by reference in the 8-K.
The company states the information furnished under Item 2.02, including Exhibit 99.1, is not deemed “filed” under the Exchange Act and will not be incorporated by reference into other filings unless specifically referenced.
Hallador Energy (HNRG): Director David C. Hardie reported open‑market sales of company stock on 10/01/2025. He sold 75,000 shares at a weighted average price of $19.7596 through Hallador Alternative Assets Fund LLC and 25,000 shares at a weighted average price of $19.7596 through the David Hardie Separate Property Trust.
Following these transactions, he beneficially owned 1,584,929 shares indirectly via Hallador Alternative Assets Fund LLC and 21,072 shares indirectly via the David Hardie Separate Property Trust.
David C. Hardie, a director of Hallador Energy Company (HNRG), reported sales of common stock on September 29 and September 30, 2025. The Form 4 shows four sale transactions totaling 173,783 shares sold: 55,337 and 18,446 shares on 09/29/2025 at a weighted average price of $19.6484, and 75,000 and 25,000 shares on 09/30/2025 at a weighted average price of $19.5285. After the transactions, the Form 4 reports beneficial ownership of 1,659,929 shares indirectly by Hallador Alternative Assets Fund LLC and 46,072 shares indirectly by the David Hardie Separate Property Trust. The filing is signed by Mr. Hardie on 10/01/2025 and includes footnotes disclosing the price ranges underlying the weighted averages and an offer to provide share-by-share pricing information on request.
Todd E. Telesz, Chief Financial Officer of Hallador Energy Co. (HNRG), received a grant of 24,907 restricted stock units (RSUs) reported as a non-derivative transaction on 09/26/2025. Each RSU represents a contingent right to one share of common stock and the reporting person is shown as the direct beneficial owner of the 24,907 shares following the award. The RSUs vest in three scheduled tranches: 8,219 on June 23, 2026; 8,219 on June 23, 2027; and 8,469 on June 23, 2028, subject to continued service through each vesting date. The award also vests in full upon a Change in Control, and shares will be delivered under the company’s 2nd Amended and Restated 2008 RSU Plan.