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Hallador Energy Company
Hallador Energy Company (HNRG) investor relations material
Hallador Energy Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue rose 40% year-over-year to $146.8 million, with net income up to $23.9 million from $1.6 million in Q3 2024, and adjusted EBITDA up 1.6x to $24.9 million, reflecting strong operational performance and strategic execution.
Results were driven by strong summer energy demand, higher natural gas prices, and increased coal shipments, with both electric and coal segments showing improved performance and reduced inventories.
Announced and filed an application to add 525 MW of gas generation at the Merom site, targeting a late 2028 online date and aiming to increase generation capacity by 50%.
Advanced discussions are ongoing with data center developers and load-serving entities for long-term capacity agreements, supporting strategic growth and portfolio diversification.
Entered a $20 million prepaid forward power sales contract for 2027 deliveries, supporting liquidity and capital expenditures.
Financial highlights
Q3 2025 total operating revenue was $146.8 million, up from $105.2 million year-over-year; net income was $23.9 million, up from $1.6 million; adjusted EBITDA reached $24.9 million, up from $9.6 million.
Electric sales for Q3 2025 were $93.2 million (+29% YoY); coal sales were $68.8 million (+42% YoY); operating cash flow improved to $23.2 million from negative $12.9 million in Q3 2024.
Year-to-date capital expenditures reached $44.3 million, mainly for the Merom plant and Oaktown mine.
Q3 2025 basic EPS was $0.56, up from $0.04 in Q3 2024; nine-month 2025 EPS was $0.98 basic.
Operating cash flow for the first nine months of 2025 was $73.0 million, compared to $27.0 million in 2024.
Outlook and guidance
Q4 2025 is expected to resemble Q4 2024 unless extreme weather increases demand; no repeat of exceptional Q3 performance is anticipated.
Projected 2025 coal production is approximately 3.8 million tons, with 3.1 million tons produced in the first nine months.
Targeting long-term agreements with data center developers or load-serving entities by early 2026.
Application for 525 MW gas generation at Merom targets a late 2028 online date.
Average contracted coal sales price for 2026 is about $4/ton higher than 2025.
Merom 525MW expansion: key milestones
Long-term PPA agreement progress by early 2026
M&A focus: plug-and-play vs. capital-starved assets
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Latest summaries
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Net income up 11.7% YoY, shareholder returns at 50.2%, CET1 ratio at 13.33%. - RM
Record 2025 net income, originations, and efficiency set up strong 2026 growth outlook. - KPIL
27% YOY revenue growth, strong profit and order book, and improved debt metrics drive outlook. - FSV
Annual revenues rose 5% to $5.50B, led by Residential growth and improved profitability. - HEXT
Revenue up 7.6% YoY, margin expands, and AI and acquisitions drive future growth. - 4188
Net income surged on discontinued operations gains, but outlook cut due to restructuring costs. - 021240
Record-high profits and strong rental growth, with overseas expansion led by Malaysia and Thailand. - 021240Record revenue and profit growth in 2Q'25, led by robust domestic and overseas performance.
- 021240Record-high revenue and net profit in 3Q'24, driven by robust rental growth and overseas expansion.
- 021240Record revenue and profit, with strong growth in rental accounts and overseas markets.
Next Hallador Energy Company earnings date
Q4 202517 Mar, 2026
Hallador Energy Company
Next Hallador Energy Company earnings date
Q4 202517 Mar, 2026
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Frequently asked questions
Hallador Energy Company is an American energy company primarily engaged in the production of coal through its mining operations in the state of Indiana. The company supplies thermal coal to power plants for electricity generation. Hallador Energy focuses on providing reliable, low-cost energy resources to meet the demand for electricity in the U.S. market. In addition to coal mining, the company is involved in exploring renewable energy opportunities, aiming to diversify its energy portfolio and contribute to the transition towards cleaner energy solutions. The company is headquartered in Terre Haute, Indiana, and its shares are listed on the Nasdaq.
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