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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2025
Hallador Energy Company
(Exact name of registrant as specified in its charter)
Colorado |
001-34743 |
84-1014610 |
(State or other jurisdiction |
(Commission File Number) |
(IRS Employer |
1183 East Canvasback Drive, Terre Haute, Indiana 47802 |
(Address, including zip code, of principal executive offices) |
Registrant’s telephone number, including area code: (812) 299-2800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange |
Common Shares, $.01 par value |
|
HNRG |
|
Nasdaq |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition
On November 10, 2025, Hallador Energy Company issued a press release announcing its third quarter 2025 financial and operating results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits
99.1 – Hallador Energy Company Reports Third Quarter 2025 Financial and Operating Results
104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
November 10, 2025 |
By: |
/s/ TODD E. TELESZ |
|
|
Todd E. Telesz CFO |
EXHIBIT 99.1
Hallador Energy Company Reports Third Quarter 2025 Financial and Operating Results
- Q3 Total Revenue up 40% YoY to $146.8 Million -
- Q3 Net Income Increases to $23.9 Million or $0.56 Earnings per Share -
- Q3 Operating Cash Flow of $23.2 Million -
- Q3 Adjusted EBITDA up 1.6x to $24.9 Million -
- Filed ERAS Application for 525MW Gas Generation Expansion -
TERRE HAUTE, Ind., November 10, 2025 – Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the third quarter ended September 30, 2025.
“This was an exceptional quarter for Hallador as we delivered significant gains across all key financial metrics, including material growth in revenue, net income, Adjusted EBITDA and cash flow from operations,” said Brent Bilsland, President and Chief Executive Officer. “Favorable summer weather, increased energy demand, and stronger natural gas prices provided a supportive backdrop that drove strong revenue at Hallador Power. Following the completion of our second unit’s planned maintenance early in the quarter, both generating units operated efficiently throughout the summer, while our coal operations continued to deliver solid production, increased shipments, and stable operating costs. The combination of higher dispatch levels and strong operational execution helped reduce inventories and meaningfully enhanced our financial performance.”
“We continue to see accelerating demand for accredited capacity, particularly from data center developers and load serving entities seeking dispatchable energy. The strength of this interest led us in early November to file an application seeking to expand our generation capabilities at the Merom site by 525 MWs through MISO’s Expedited Resource Addition Study (ERAS) program. ERAS aims to fast-track critical capacity additions to the grid and we are currently targeting an on-line date for the gas generation in the fourth quarter of 2028.”
Bilsland continued, “the combination of the ERAS application and the positive progress towards a long-term agreement in support of large load development is providing a definitive pathway for meaningful company growth. If we are able to execute on these growth initiatives, adding roughly 50% additional generating capacity to the Merom site should provide exceptional value to our shareholders now and in the future.”
Third Quarter 2025 Highlights
| ● | A favorable energy-pricing environment for Hallador Power and optimized fuel production, increased shipments and consistent operating costs at Sunrise Coal enabled the Company to generate material growth across all key financial metrics. |
Financial Summary ($ in Millions and Unaudited)
|
|
Q3 2025 |
|
Q3 2024 |
||
Electric Sales |
|
$ |
93.2 |
|
$ |
72.1 |
Coal Sales - 3rd Party |
|
$ |
51.3 |
|
$ |
31.7 |
Other Revenue |
|
$ |
2.3 |
|
$ |
1.4 |
Total Sales and Operating Revenue |
|
$ |
146.8 |
|
$ |
105.2 |
Net Income |
|
$ |
23.9 |
|
$ |
1.6 |
Operating Cash Flow |
|
$ |
23.2 |
|
$ |
(12.9) |
Adjusted EBITDA* |
|
$ |
24.9 |
|
$ |
9.6 |
* 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 |
|
Nine Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
NET INCOME (LOSS) |
|
$ |
23,884 |
|
$ |
1,554 |
|
$ |
42,111 |
|
$ |
(10,346) |
Interest expense |
|
|
4,927 |
|
|
2,692 |
|
|
12,469 |
|
|
10,364 |
Income tax expense (benefit) |
|
|
— |
|
|
232 |
|
|
— |
|
|
(3,389) |
Depreciation, depletion and amortization |
|
|
9,142 |
|
|
13,838 |
|
|
29,661 |
|
|
42,930 |
EBITDA |
|
|
37,953 |
|
|
18,316 |
|
|
84,241 |
|
|
39,559 |
Other operating revenue |
|
|
— |
|
|
6 |
|
|
— |
|
|
13 |
Stock-based compensation |
|
|
585 |
|
|
1,073 |
|
|
2,144 |
|
|
3,320 |
Asset retirement obligations accretion |
|
|
446 |
|
|
410 |
|
|
1,310 |
|
|
1,208 |
Other amortization (1) |
|
|
(12,212) |
|
|
(10,192) |
|
|
(36,578) |
|
|
(36,510) |
Gain on disposal or abandonment of assets, net |
|
|
(2,334) |
|
|
(290) |
|
|
(2,410) |
|
|
(536) |
Loss on extinguishment of debt |
|
|
— |
|
|
— |
|
|
— |
|
|
2,790 |
Equity method loss |
|
|
248 |
|
|
234 |
|
|
287 |
|
|
740 |
Other reclassifications |
|
|
180 |
|
|
— |
|
|
(1,420) |
|
|
— |
Adjusted EBITDA |
|
$ |
24,866 |
|
$ |
9,557 |
|
$ |
47,574 |
|
$ |
10,584 |
|
(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):
|
|
Q4 2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
Total |
||||||
Power |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted MWh (in millions) |
|
|
1.15 |
|
|
4.00 |
|
|
2.31 |
|
|
1.09 |
|
|
0.27 |
|
|
8.82 |
Average contracted price per MWh |
|
$ |
38.07 |
|
$ |
43.09 |
|
$ |
50.78 |
|
$ |
52.94 |
|
$ |
51.33 |
|
|
|
Contracted revenue (in millions) |
|
$ |
43.78 |
|
$ |
172.36 |
|
$ |
117.30 |
|
$ |
57.70 |
|
$ |
13.86 |
|
$ |
405.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily contracted capacity MW |
|
|
668 |
|
|
733 |
|
|
623 |
|
|
454 |
|
|
100 |
|
|
|
Average contracted capacity price per MWd |
|
$ |
211 |
|
$ |
230 |
|
$ |
226 |
|
$ |
225 |
|
$ |
230 |
|
|
|
Contracted capacity revenue (in millions) |
|
$ |
12.98 |
|
$ |
61.54 |
|
$ |
51.40 |
|
$ |
37.33 |
|
$ |
3.47 |
|
$ |
166.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy & Capacity Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Power revenue (in millions) |
|
$ |
56.76 |
|
$ |
233.90 |
|
$ |
168.70 |
|
$ |
95.03 |
|
$ |
17.33 |
|
$ |
571.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Priced tons - 3rd party (in millions) |
|
|
0.51 |
|
|
2.72 |
|
|
2.50 |
|
|
0.50 |
|
|
— |
|
|
6.23 |
Avg price per ton - 3rd party |
|
$ |
53.08 |
|
$ |
55.72 |
|
$ |
56.74 |
|
$ |
59.00 |
|
$ |
— |
|
|
|
Contracted coal revenue - 3rd party (in millions) |
|
$ |
27.07 |
|
$ |
151.56 |
|
$ |
141.85 |
|
$ |
29.50 |
|
$ |
— |
|
$ |
349.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONTRACTED REVENUE (IN MILLIONS) - CONSOLIDATED |
|
$ |
83.83 |
|
$ |
385.46 |
|
$ |
310.55 |
|
$ |
124.53 |
|
$ |
17.33 |
|
$ |
921.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Priced tons - Intercompany (in millions) |
|
|
1.33 |
|
|
2.30 |
|
|
2.30 |
|
|
2.30 |
|
|
— |
|
|
8.23 |
Avg price per ton - Intercompany |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
— |
|
|
|
Contracted coal revenue - Intercompany (in millions) |
|
$ |
67.83 |
|
$ |
117.30 |
|
$ |
117.30 |
|
$ |
117.30 |
|
$ |
— |
|
$ |
419.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONTRACTED REVENUE (IN MILLIONS) - SEGMENT |
|
$ |
151.66 |
|
$ |
502.76 |
|
$ |
427.85 |
|
$ |
241.83 |
|
$ |
17.33 |
|
$ |
1,341.43 |
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 participate in the ERAS program (which requires acceptance of our application by ERAS) and achieve the expected benefits thereof, our ability to secure a long-term agreement in support of large load development and our expectations with respect to potential accelerating demand for accredited capacity. 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, November 10, 2025 at 5:00 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.
Date: Monday, November 10, 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)
|
|
September 30, |
|
December 31, |
|
||
|
|
2025 |
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,663 |
|
$ |
7,232 |
|
Restricted cash |
|
|
22,819 |
|
|
4,921 |
|
Accounts receivable |
|
|
24,763 |
|
|
15,438 |
|
Inventory |
|
|
28,006 |
|
|
36,685 |
|
Parts and supplies |
|
|
44,002 |
|
|
39,104 |
|
Prepaid expenses |
|
|
4,293 |
|
|
1,478 |
|
Total current assets |
|
|
136,546 |
|
|
104,858 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
Land and mineral rights |
|
|
69,961 |
|
|
70,307 |
|
Buildings and equipment |
|
|
454,040 |
|
|
429,857 |
|
Mine development |
|
|
99,852 |
|
|
92,458 |
|
Finance lease right-of-use assets |
|
|
13,034 |
|
|
13,034 |
|
Total property, plant and equipment |
|
|
636,887 |
|
|
605,656 |
|
Less - accumulated depreciation, depletion and amortization |
|
|
(370,903) |
|
|
(347,952) |
|
Total property, plant and equipment, net |
|
|
265,984 |
|
|
257,704 |
|
Equity method investments |
|
|
2,713 |
|
|
2,607 |
|
Other assets |
|
|
4,218 |
|
|
3,951 |
|
Total assets |
|
$ |
409,461 |
|
$ |
369,120 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Current portion of bank debt, net |
|
$ |
42,698 |
|
$ |
4,095 |
|
Accounts payable and accrued liabilities |
|
|
44,010 |
|
|
44,298 |
|
Current portion of lease financing |
|
|
7,395 |
|
|
6,912 |
|
Contract liabilities - current |
|
|
113,244 |
|
|
97,598 |
|
Total current liabilities |
|
|
207,347 |
|
|
152,903 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
Bank debt, net |
|
|
— |
|
|
37,394 |
|
Long-term lease financing |
|
|
3,140 |
|
|
8,749 |
|
Asset retirement obligations |
|
|
16,268 |
|
|
14,957 |
|
Contract liabilities - long-term |
|
|
34,362 |
|
|
49,121 |
|
Other |
|
|
2,156 |
|
|
1,711 |
|
Total long-term liabilities |
|
|
55,926 |
|
|
111,932 |
|
Total liabilities |
|
|
263,273 |
|
|
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 September 30, 2025 and December 31, 2024, respectively |
|
|
430 |
|
|
426 |
|
Additional paid-in capital |
|
|
189,086 |
|
|
189,298 |
|
Retained deficit |
|
|
(43,328) |
|
|
(85,439) |
|
Total stockholders’ equity |
|
|
146,188 |
|
|
104,285 |
|
Total liabilities and stockholders’ equity |
|
$ |
409,461 |
|
$ |
369,120 |
|
Hallador Energy Company
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||
SALES AND OPERATING REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric sales |
|
$ |
93,235 |
|
$ |
72,116 |
|
$ |
239,154 |
|
$ |
192,996 |
|
Coal sales |
|
|
51,256 |
|
|
31,662 |
|
|
119,588 |
|
|
114,093 |
|
Other revenues |
|
|
2,355 |
|
|
1,377 |
|
|
8,780 |
|
|
3,685 |
|
Total sales and operating revenues |
|
|
146,846 |
|
|
105,155 |
|
|
367,522 |
|
|
310,774 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
27,119 |
|
|
13,755 |
|
|
57,392 |
|
|
34,684 |
|
Other operating and maintenance costs |
|
|
44,415 |
|
|
32,741 |
|
|
101,759 |
|
|
103,704 |
|
Cost of purchased power |
|
|
2,074 |
|
|
3,149 |
|
|
11,086 |
|
|
7,694 |
|
Utilities |
|
|
4,543 |
|
|
3,586 |
|
|
13,202 |
|
|
12,090 |
|
Labor |
|
|
27,574 |
|
|
26,721 |
|
|
81,402 |
|
|
88,444 |
|
Depreciation, depletion and amortization |
|
|
9,142 |
|
|
13,838 |
|
|
29,661 |
|
|
42,930 |
|
Asset retirement obligations accretion |
|
|
446 |
|
|
410 |
|
|
1,310 |
|
|
1,208 |
|
Exploration costs |
|
|
38 |
|
|
62 |
|
|
157 |
|
|
179 |
|
General and administrative |
|
|
4,770 |
|
|
6,471 |
|
|
19,096 |
|
|
20,218 |
|
Gain on disposal or abandonment of assets, net |
|
|
(2,334) |
|
|
(290) |
|
|
(2,410) |
|
|
(536) |
|
Total operating expenses |
|
|
117,787 |
|
|
100,443 |
|
|
312,655 |
|
|
310,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
29,059 |
|
|
4,712 |
|
|
54,867 |
|
|
159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (1) |
|
|
(4,927) |
|
|
(2,692) |
|
|
(12,469) |
|
|
(10,364) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,790) |
|
Equity method investment (loss) |
|
|
(248) |
|
|
(234) |
|
|
(287) |
|
|
(740) |
|
NET INCOME (LOSS) BEFORE INCOME TAXES |
|
|
23,884 |
|
|
1,786 |
|
|
42,111 |
|
|
(13,735) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE (BENEFIT): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Deferred |
|
|
— |
|
|
232 |
|
|
— |
|
|
(3,389) |
|
Total income tax expense (benefit) |
|
|
— |
|
|
232 |
|
|
— |
|
|
(3,389) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
$ |
23,884 |
|
$ |
1,554 |
|
$ |
42,111 |
|
$ |
(10,346) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.56 |
|
$ |
0.04 |
|
$ |
0.98 |
|
$ |
(0.27) |
|
Diluted |
|
$ |
0.55 |
|
$ |
0.04 |
|
$ |
0.97 |
|
$ |
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,007 |
|
|
42,598 |
|
|
42,869 |
|
|
38,455 |
|
Diluted |
|
|
43,434 |
|
|
43,018 |
|
|
43,287 |
|
|
38,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on bank debt |
|
$ |
1,763 |
|
$ |
2,073 |
|
$ |
4,661 |
|
$ |
7,657 |
|
Other interest |
|
|
2,585 |
|
|
181 |
|
|
6,208 |
|
|
1,456 |
|
Amortization of debt issuance costs |
|
|
579 |
|
|
438 |
|
|
1,600 |
|
|
1,251 |
|
Total interest expense |
|
$ |
4,927 |
|
$ |
2,692 |
|
$ |
12,469 |
|
$ |
10,364 |
|
Hallador Energy Company
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
42,111 |
|
$ |
(10,346) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
Deferred income tax (benefit) |
|
|
— |
|
|
(3,389) |
Equity method investment loss |
|
|
287 |
|
|
740 |
Depreciation, depletion and amortization |
|
|
29,661 |
|
|
42,930 |
Loss on extinguishment of debt |
|
|
— |
|
|
2,790 |
Gain on disposal or abandonment of assets, net |
|
|
(2,410) |
|
|
(536) |
Amortization of debt issuance costs |
|
|
1,600 |
|
|
1,251 |
Asset retirement obligations accretion |
|
|
1,310 |
|
|
1,208 |
Cash paid on asset retirement obligation reclamation |
|
|
(455) |
|
|
(820) |
Stock-based compensation |
|
|
2,144 |
|
|
3,320 |
Amortization of contract liabilities |
|
|
(82,639) |
|
|
(59,236) |
Accretion on contract liabilities |
|
|
5,659 |
|
|
— |
Other |
|
|
274 |
|
|
1,352 |
Change in current assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(9,325) |
|
|
8,029 |
Inventory |
|
|
8,679 |
|
|
(8,002) |
Parts and supplies |
|
|
(4,898) |
|
|
(786) |
Prepaid expenses |
|
|
1,190 |
|
|
(1,098) |
Accounts payable and accrued liabilities |
|
|
1,923 |
|
|
(7,715) |
Contract liabilities |
|
|
77,867 |
|
|
57,293 |
Net cash provided by operating activities |
|
|
72,978 |
|
|
26,985 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Capital expenditures |
|
|
(44,277) |
|
|
(39,606) |
Proceeds from sale of equipment |
|
|
2,891 |
|
|
3,373 |
Investment in equity method investments |
|
|
(394) |
|
|
— |
Net cash used in investing activities |
|
|
(41,780) |
|
|
(36,233) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Payments on bank debt |
|
|
(63,000) |
|
|
(86,500) |
Borrowings of bank debt |
|
|
63,000 |
|
|
65,000 |
Payments on lease financing |
|
|
(5,187) |
|
|
(4,105) |
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) |
|
|
(654) |
ATM offering |
|
|
— |
|
|
34,515 |
Taxes paid on vesting of RSUs |
|
|
(2,352) |
|
|
(273) |
Net cash (used in) provided by financing activities |
|
|
(7,869) |
|
|
11,766 |
Increase in cash, cash equivalents, and restricted cash |
|
|
23,329 |
|
|
2,518 |
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
12,153 |
|
|
7,123 |
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
35,482 |
|
$ |
9,641 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,663 |
|
$ |
3,829 |
Restricted cash |
|
|
22,819 |
|
|
5,812 |
|
|
$ |
35,482 |
|
$ |
9,641 |
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
4,718 |
|
$ |
8,679 |
SUPPLEMENTAL NON-CASH FLOW INFORMATION: |
|
|
|
|
|
|
Change in capital expenditures included in accounts payable and prepaid expense |
|
$ |
(5,855) |
|
$ |
(7,825) |
Stock issued on redemption of convertible notes and interest |
|
$ |
— |
|
$ |
22,993 |