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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): August 11, 2025
Hallador Energy Company
(Exact name of registrant as specified in its charter)
Colorado |
001-34743 |
84-1014610 |
(State or other jurisdiction |
(Commission |
(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 August 11, 2025, Hallador Energy Company issued a press release announcing its second 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 Second 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.
August 11, 2025 |
By: |
/s/ TODD E. TELESZ |
|
|
Todd E. Telesz CFO |
EXHIBIT 99.1
Hallador Energy Company Reports Second Quarter 2025 Financial and Operating Results
- Q2 Total Revenue up 10% YoY to $102.9 Million -
- Q2 Net Income Increases to $8.2 Million or $0.19 Earnings per Share –
- Q2 Operating Cash Flow of $11.4 Million -
- Q2 Adjusted EBITDA increases to $3.4 Million -
TERRE HAUTE, Ind., August 11, 2025 – Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the second quarter ended June 30, 2025.
“We delivered a strong second quarter highlighted by gains across the P&L, including increased revenue, net income and adjusted EBITDA, along with another period of positive cash flow from operations,” said Brent Bilsland, President and Chief Executive Officer. “Our performance reflects the operational resilience of our platform, particularly as we navigated seasonal spring softness in the energy market and a scheduled outage at one of our generating units. The strength of our remaining unit and higher-than-expected market pricing in late June helped offset those headwinds, while our coal operations benefited from improved cost efficiency and stronger recovery rates. As a result of these operational enhancements and our planned outage at Merom, inventory levels rose in the quarter, positioning us for an active second half as both units return to full dispatch and coal customer shipments accelerate.”
Bilsland continued, “We’re also seeing increased momentum in our commercial strategy to secure a long-term power purchase agreement (PPA). Since concluding exclusive discussions with a major data center developer in May, we’ve engaged with a broader slate of potential partners, including utilities whose proposals offer compelling scale and execution benefits. The current market backdrop, characterized by ramping demand for accredited capacity and resilient baseload power, presents a significantly more attractive landscape than when we initiated our RFP process last year. We remain optimistic that these conversations will culminate in a long-term agreement that enhances value for our shareholders.”
“Looking ahead, we remain focused on unlocking the full value of our dispatchable generation assets while continuing to evaluate strategic acquisitions and enhancements. The momentum we're seeing across federal and state policy, combined with growing interest from potential partners for a long-term PPA, reinforces our confidence in the path ahead. We believe Hallador is uniquely positioned to capitalize on the secular trends that are reshaping the energy sector.”
Second Quarter 2025 Highlights
Financial Summary ($ in Millions and Unaudited)
|
|
Q2 2025 |
|
Q2 2024 |
||
Electric Sales |
|
$ |
60.0 |
|
$ |
60.0 |
Coal Sales - 3rd Party |
|
$ |
38.1 |
|
$ |
32.8 |
Other Revenue |
|
$ |
4.8 |
|
$ |
1.0 |
Total Sales and Operating Revenue |
|
$ |
102.9 |
|
$ |
93.8 |
Net Income (Loss) |
|
$ |
8.2 |
|
$ |
(10.2) |
Operating Cash Flow |
|
$ |
11.4 |
|
$ |
23.5 |
Adjusted EBITDA* |
|
$ |
3.4 |
|
$ |
(5.8) |
* 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 |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
NET INCOME (LOSS) |
|
$ |
8,248 |
|
$ |
(10,204) |
|
$ |
18,227 |
|
$ |
(11,900) |
Interest expense |
|
|
3,819 |
|
|
3,735 |
|
|
7,542 |
|
|
7,672 |
Income tax expense (benefit) |
|
|
— |
|
|
(3,011) |
|
|
— |
|
|
(3,621) |
Depreciation, depletion and amortization |
|
|
5,542 |
|
|
13,649 |
|
|
20,519 |
|
|
29,092 |
EBITDA |
|
|
17,609 |
|
|
4,169 |
|
|
46,288 |
|
|
21,243 |
Other operating revenue |
|
|
— |
|
|
6 |
|
|
— |
|
|
13 |
Stock-based compensation |
|
|
475 |
|
|
1,581 |
|
|
1,559 |
|
|
2,247 |
Asset retirement obligations accretion |
|
|
437 |
|
|
399 |
|
|
864 |
|
|
798 |
Other amortization (1) |
|
|
(13,032) |
|
|
(13,923) |
|
|
(24,366) |
|
|
(26,143) |
(Gain) loss on disposal or abandonment of assets, net |
|
|
(55) |
|
|
(222) |
|
|
(76) |
|
|
(246) |
Loss on extinguishment of debt |
|
|
— |
|
|
1,937 |
|
|
— |
|
|
2,790 |
Equity method (investment) loss |
|
|
(197) |
|
|
257 |
|
|
39 |
|
|
506 |
Other reclassifications |
|
|
(1,839) |
|
|
— |
|
|
(1,600) |
|
|
— |
Adjusted EBITDA |
|
$ |
3,398 |
|
$ |
(5,796) |
|
$ |
22,708 |
|
$ |
1,208 |
|
(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):
|
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
Total |
||||||
Power |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted MWh (in millions) |
|
|
2.53 |
|
|
4.00 |
|
|
1.78 |
|
|
1.09 |
|
|
0.27 |
|
|
9.67 |
Average contracted price per MWh |
|
$ |
37.75 |
|
$ |
43.05 |
|
$ |
54.65 |
|
$ |
52.98 |
|
$ |
51.00 |
|
|
|
Contracted revenue (in millions) |
|
$ |
95.51 |
|
$ |
172.22 |
|
$ |
97.28 |
|
$ |
57.75 |
|
$ |
13.77 |
|
$ |
436.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily contracted capacity MW |
|
|
716 |
|
|
733 |
|
|
623 |
|
|
454 |
|
|
100 |
|
|
|
Average contracted capacity price per MWd |
|
$ |
224 |
|
$ |
230 |
|
$ |
226 |
|
$ |
225 |
|
$ |
230 |
|
|
|
Contracted capacity revenue (in millions) |
|
$ |
29.46 |
|
$ |
61.54 |
|
$ |
51.40 |
|
$ |
37.33 |
|
$ |
3.47 |
|
$ |
183.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy & Capacity Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Power revenue (in millions) |
|
$ |
124.97 |
|
$ |
233.76 |
|
$ |
148.68 |
|
$ |
95.08 |
|
$ |
17.24 |
|
$ |
619.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Priced tons - 3rd party (in millions) |
|
|
1.42 |
|
|
2.30 |
|
|
2.50 |
|
|
0.50 |
|
|
— |
|
|
6.72 |
Avg price per ton - 3rd party |
|
$ |
50.96 |
|
$ |
55.58 |
|
$ |
56.74 |
|
$ |
59.00 |
|
$ |
— |
|
|
|
Contracted coal revenue - 3rd party (in millions) |
|
$ |
72.36 |
|
$ |
127.83 |
|
$ |
141.85 |
|
$ |
29.50 |
|
$ |
— |
|
$ |
371.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONTRACTED REVENUE (IN MILLIONS) - CONSOLIDATED |
|
$ |
197.33 |
|
$ |
361.59 |
|
$ |
290.53 |
|
$ |
124.58 |
|
$ |
17.24 |
|
$ |
991.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Priced tons - Intercompany (in millions) |
|
|
1.67 |
|
|
2.30 |
|
|
2.30 |
|
|
2.30 |
|
|
— |
|
|
8.57 |
Avg price per ton - Intercompany |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
51.00 |
|
$ |
— |
|
|
|
Contracted coal revenue - Intercompany (in millions) |
|
$ |
85.17 |
|
$ |
117.30 |
|
$ |
117.30 |
|
$ |
117.30 |
|
$ |
— |
|
$ |
437.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONTRACTED REVENUE (IN MILLIONS) - SEGMENT |
|
$ |
282.50 |
|
$ |
478.89 |
|
$ |
407.83 |
|
$ |
241.88 |
|
$ |
17.24 |
|
$ |
1,428.34 |
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 secure a long-term power purchase agreement, to unlock the full value of our dispatchable generation assets and to identify, evaluate and execute potential strategic acquisitions and enhancements. 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, August 11, 2025 at 5:00 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.
Date: Monday, August 11, 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)
|
|
June 30, |
|
December 31, |
|
||
|
|
2025 |
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,228 |
|
$ |
7,232 |
|
Restricted cash |
|
|
23,142 |
|
|
4,921 |
|
Accounts receivable |
|
|
18,742 |
|
|
15,438 |
|
Inventory |
|
|
43,570 |
|
|
36,685 |
|
Parts and supplies |
|
|
42,755 |
|
|
39,104 |
|
Prepaid expenses |
|
|
2,437 |
|
|
1,478 |
|
Total current assets |
|
|
139,874 |
|
|
104,858 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
Land and mineral rights |
|
|
70,307 |
|
|
70,307 |
|
Buildings and equipment |
|
|
446,278 |
|
|
429,857 |
|
Mine development |
|
|
96,764 |
|
|
92,458 |
|
Finance lease right-of-use assets |
|
|
13,034 |
|
|
13,034 |
|
Total property, plant and equipment |
|
|
626,383 |
|
|
605,656 |
|
Less - accumulated depreciation, depletion and amortization |
|
|
(363,704) |
|
|
(347,952) |
|
Total property, plant and equipment, net |
|
|
262,679 |
|
|
257,704 |
|
Equity method investments |
|
|
2,889 |
|
|
2,607 |
|
Other assets |
|
|
4,071 |
|
|
3,951 |
|
Total assets |
|
$ |
409,513 |
|
$ |
369,120 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Current portion of bank debt, net |
|
$ |
17,139 |
|
$ |
4,095 |
|
Accounts payable and accrued liabilities |
|
|
51,952 |
|
|
44,298 |
|
Current portion of lease financing |
|
|
7,229 |
|
|
6,912 |
|
Contract liabilities - current |
|
|
132,935 |
|
|
97,598 |
|
Total current liabilities |
|
|
209,255 |
|
|
152,903 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
Bank debt, net |
|
|
26,000 |
|
|
37,394 |
|
Long-term lease financing |
|
|
5,052 |
|
|
8,749 |
|
Asset retirement obligations |
|
|
15,822 |
|
|
14,957 |
|
Contract liabilities - long-term |
|
|
29,216 |
|
|
49,121 |
|
Other |
|
|
2,015 |
|
|
1,711 |
|
Total long-term liabilities |
|
|
78,105 |
|
|
111,932 |
|
Total liabilities |
|
|
287,360 |
|
|
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 June 30, 2025 and December 31, 2024, respectively |
|
|
430 |
|
|
426 |
|
Additional paid-in capital |
|
|
188,935 |
|
|
189,298 |
|
Retained deficit |
|
|
(67,212) |
|
|
(85,439) |
|
Total stockholders’ equity |
|
|
122,153 |
|
|
104,285 |
|
Total liabilities and stockholders’ equity |
|
$ |
409,513 |
|
$ |
369,120 |
|
Hallador Energy Company
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||
SALES AND OPERATING REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric sales |
|
$ |
59,976 |
|
$ |
59,979 |
|
$ |
145,919 |
|
$ |
120,880 |
|
Coal sales |
|
|
38,147 |
|
|
32,801 |
|
|
68,332 |
|
|
82,431 |
|
Other revenues |
|
|
4,766 |
|
|
1,045 |
|
|
6,425 |
|
|
2,308 |
|
Total sales and operating revenues |
|
|
102,889 |
|
|
93,825 |
|
|
220,676 |
|
|
205,619 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
15,063 |
|
|
12,370 |
|
|
30,273 |
|
|
20,929 |
|
Other operating and maintenance costs |
|
|
28,955 |
|
|
33,981 |
|
|
57,344 |
|
|
70,963 |
|
Cost of purchased power |
|
|
2,172 |
|
|
2,619 |
|
|
9,012 |
|
|
4,545 |
|
Utilities |
|
|
4,507 |
|
|
3,910 |
|
|
8,659 |
|
|
8,504 |
|
Labor |
|
|
26,799 |
|
|
26,555 |
|
|
53,828 |
|
|
61,723 |
|
Depreciation, depletion and amortization |
|
|
5,542 |
|
|
13,649 |
|
|
20,519 |
|
|
29,092 |
|
Asset retirement obligations accretion |
|
|
437 |
|
|
399 |
|
|
864 |
|
|
798 |
|
Exploration costs |
|
|
98 |
|
|
47 |
|
|
119 |
|
|
117 |
|
General and administrative |
|
|
7,501 |
|
|
7,803 |
|
|
14,326 |
|
|
13,747 |
|
Gain on disposal or abandonment of assets, net |
|
|
(55) |
|
|
(222) |
|
|
(76) |
|
|
(246) |
|
Total operating expenses |
|
|
91,019 |
|
|
101,111 |
|
|
194,868 |
|
|
210,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
|
|
11,870 |
|
|
(7,286) |
|
|
25,808 |
|
|
(4,553) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (1) |
|
|
(3,819) |
|
|
(3,735) |
|
|
(7,542) |
|
|
(7,672) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
(1,937) |
|
|
— |
|
|
(2,790) |
|
Equity method investment (loss) |
|
|
197 |
|
|
(257) |
|
|
(39) |
|
|
(506) |
|
NET INCOME (LOSS) BEFORE INCOME TAXES |
|
|
8,248 |
|
|
(13,215) |
|
|
18,227 |
|
|
(15,521) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Deferred |
|
|
— |
|
|
(3,011) |
|
|
— |
|
|
(3,621) |
|
Total income tax benefit |
|
|
— |
|
|
(3,011) |
|
|
— |
|
|
(3,621) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
$ |
8,248 |
|
$ |
(10,204) |
|
$ |
18,227 |
|
$ |
(11,900) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
$ |
(0.27) |
|
$ |
0.43 |
|
$ |
(0.32) |
|
Diluted |
|
$ |
0.19 |
|
$ |
(0.27) |
|
$ |
0.42 |
|
$ |
(0.32) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
42,619 |
|
|
37,879 |
|
|
42,798 |
|
|
37,026 |
|
Diluted |
|
|
43,048 |
|
|
37,879 |
|
|
43,434 |
|
|
37,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on bank debt |
|
$ |
1,404 |
|
$ |
2,779 |
|
$ |
2,898 |
|
$ |
5,584 |
|
Other interest |
|
|
1,891 |
|
|
547 |
|
|
3,623 |
|
|
1,275 |
|
Amortization of debt issuance costs |
|
|
524 |
|
|
409 |
|
|
1,021 |
|
|
813 |
|
Total interest expense |
|
$ |
3,819 |
|
$ |
3,735 |
|
$ |
7,542 |
|
$ |
7,672 |
|
Hallador Energy Company
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
Six Months Ended June 30, |
||||
|
|
2025 |
|
2024 |
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
18,227 |
|
$ |
(11,900) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
Deferred income tax (benefit) |
|
|
— |
|
|
(3,621) |
Equity method investment loss |
|
|
39 |
|
|
506 |
Depreciation, depletion and amortization |
|
|
20,519 |
|
|
29,092 |
Loss on extinguishment of debt |
|
|
— |
|
|
2,790 |
Gain on disposal or abandonment of assets, net |
|
|
(76) |
|
|
(246) |
Amortization of debt issuance costs |
|
|
1,021 |
|
|
813 |
Asset retirement obligations accretion |
|
|
864 |
|
|
798 |
Cash paid on asset retirement obligation reclamation |
|
|
(311) |
|
|
(602) |
Stock-based compensation |
|
|
1,559 |
|
|
2,247 |
Amortization of contract liabilities |
|
|
(65,597) |
|
|
(46,524) |
Accretion on contract liabilities |
|
|
3,215 |
|
|
— |
Other |
|
|
284 |
|
|
1,402 |
Change in current assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(3,304) |
|
|
839 |
Inventory |
|
|
(6,885) |
|
|
(9,520) |
Parts and supplies |
|
|
(3,651) |
|
|
(582) |
Prepaid expenses |
|
|
1,003 |
|
|
2,140 |
Accounts payable and accrued liabilities |
|
|
5,062 |
|
|
(11,107) |
Contract liabilities |
|
|
77,814 |
|
|
83,366 |
Net cash provided by operating activities |
|
$ |
49,783 |
|
$ |
39,891 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Capital expenditures |
|
$ |
(24,737) |
|
$ |
(28,044) |
Proceeds from sale of equipment |
|
|
162 |
|
|
2,474 |
Investment in equity method investments |
|
|
(322) |
|
|
— |
Net cash used in investing activities |
|
|
(24,897) |
|
|
(25,570) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Payments on bank debt |
|
|
(44,000) |
|
|
(86,500) |
Borrowings of bank debt |
|
|
45,000 |
|
|
40,500 |
Payments on lease financing |
|
|
(3,421) |
|
|
(2,665) |
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) |
|
|
(76) |
ATM offering |
|
|
— |
|
|
34,515 |
Taxes paid on vesting of RSUs |
|
|
(1,918) |
|
|
(273) |
Net cash used in financing activities |
|
|
(4,669) |
|
|
(10,716) |
Increase in cash, cash equivalents, and restricted cash |
|
|
20,217 |
|
|
3,605 |
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
12,153 |
|
|
7,123 |
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
32,370 |
|
$ |
10,728 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,228 |
|
$ |
6,446 |
Restricted cash |
|
|
23,142 |
|
|
4,282 |
|
|
$ |
32,370 |
|
$ |
10,728 |
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
2,768 |
|
$ |
6,312 |
SUPPLEMENTAL NON-CASH FLOW INFORMATION: |
|
|
|
|
|
|
Change in capital expenditures included in accounts payable and prepaid expense |
|
$ |
843 |
|
$ |
(1,694) |
Stock issued on redemption of convertible notes and interest |
|
$ |
— |
|
$ |
22,993 |