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Hallador Energy Company

Hallador Energy Company

NASDAQ•HNRG
CEO: Mr. Brent K. Bilsland
Sector: Energy
Industry: Coal
Listing Date: 1994-04-06
Hallador Energy Company, through its subsidiaries, engages in the production of steam coal in the State of Indiana for the electric power generation industry. The company owns the Oaktown Mine 1 and Oaktown Mine 2 underground mines in Oaktown; Freelandville Center Pit surface mine in Freelandville; and Prosperity Surface mine in Petersburg, Indiana. It is also involved in gas exploration activities in Indiana; and operation of logistics transport facility. Hallador Energy Company was founded in 1949 and is headquartered in Terre Haute, Indiana.
Contact Information
1183 East Canvasback Drive, Terre Haute, IN, 47802, United States
812-299-2800
www.halladorenergy.com
Market Cap
$840.00M
P/E (TTM)
-4.3
6.3
Dividend Yield
--
52W High
$24.70
52W Low
$8.37
52W Range
69%
Rank59Top 76.7%
2.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$146.85M+39.80%
4-Quarter Trend

EPS

$0.56+1434.25%
4-Quarter Trend

FCF

$3.66M-114.94%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Growth Total sales reached $367.522M USD for nine months ended September 30, 2025, marking an 18.27% increase over prior year.
Net Income Reversal Nine-month net income was $42.111M USD, successfully reversing the $10.346M net loss reported for the same period in 2024.
Operating Cash Flow Surge Cash provided by operations totaled $73.0M USD for nine months, a substantial $46.0M improvement compared to the $27.0M generated previously.
Electric Segment Profitability Electric Operations income before taxes grew 20.0% year-to-date, reaching $49.051M USD for the first nine months of 2025.

Risk Factors

Debt Maturity Liquidity Risk Credit Agreement maturities approaching in 2026; failure to refinance current debt could adversely affect company liquidity and financial condition.
Environmental Compliance Uncertainty Pending final EPA ruling on NPDES permit extensions; non-compliance with ELG rule post-December 2025 risks enforcement actions and penalties.
Coal Mine Impairment History Coal Operations recorded a $215.1M non-cash impairment charge in 2024 due to lower quality samples found at the Oaktown 2 mine.
Litigation Settlement Pending FLSA litigation settlement of $2.8M recorded in 2024 has $2.7M currently held in escrow awaiting final court approval in 2025.

Outlook

Gas Generation Expansion Plan Submitted MISO application for 525 MW gas generation addition at Merom, targeting late 2028 online, subject to capital intensity risks.
Data Center Capacity Sales Advanced discussions ongoing with data center developers for long-term capacity agreements, anticipating positive progress by early 2026.
Coal Price Optimization Assessing 2026 coal expansion feasibility; contracted sales price is approximately $4.00 per ton higher than the average contracted 2025 price.
Merom Dual Fuel Evaluation Evaluating incorporating natural gas capability at Merom to create dual fuel configuration, enhancing resiliency and managing fuel cost fluctuations.

Peer Comparison

Revenue (TTM)

SunCoke Energy, Inc.SXC
$1.84B
-6.4%
RPC, Inc.RES
$1.54B
+4.2%
Kosmos Energy Ltd.KOS
$1.39B
-21.9%

Gross Margin (Latest Quarter)

Hallador Energy CompanyHNRG
59.3%
+36.6pp
NPK International Inc.NPKI
31.9%
+4.5pp
HighPeak Energy, Inc.HPK
26.5%
-9.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RES$1.28B26.54.4%3.4%
TTI$1.18B9.643.8%32.8%
HLX$1.10B25.92.8%23.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
15.9%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|
    Revenue: $146.85M+39.8%
    |
    EPS: $0.56+1434.2%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 11, 2025|
    Revenue: $102.89M-148.3%
    |
    EPS: $0.19-170.4%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 12, 2025|
    Revenue: $117.79M+8.7%
    |
    EPS: $0.23-572.3%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 17, 2025|
    Revenue: $404.39M-85.1%
    |
    EPS: $-5.72-523.7%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $105.04M-36.6%
    |
    EPS: $0.04-92.6%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: -$212.89M-232.1%
    |
    EPS: $-0.27-152.9%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $108.39M-42.5%
    |
    EPS: $-0.05-107.3%
    Meet

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 14, 2024|
    Revenue: $634.48M+75.3%
    |
    EPS: $1.35+136.8%
    Beat