$HNRG

HALLADOR ENERGY CO

CIK:0000788965|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SALES AND OPERATING REVENUES:
Other revenues	$ 1,395	$ 4,702	$ 3,026	$ 6,298
Total sales and operating revenues	101,505	102,825	205,993	220,549
EXPENSES:
Fuel	15,451	15,063	30,414	30,273
Other operating and maintenance costs	39,132	28,955	68,288	57,344
Cost of purchased power	8,633	2,172	23,496	9,012
Utilities	3,960	4,507	9,974	8,659
Labor	28,812	26,799	56,200	53,828
Depreciation, depletion and amortization	9,905	5,542	20,511	20,519
Asset retirement obligations accretion	416	437	824	864
Exploration costs	287	98	371	119
General and administrative	7,552	7,501	14,410	14,326
(Gain) loss on disposal or abandonment of assets, net	15	(55)	(186)	(76)
Total operating expenses	114,163	91,019	224,302	194,868
INCOME (LOSS) FROM OPERATIONS	(12,658)	11,806	(18,309)	25,681
Interest income	279	64	426	127
Interest expense	(3,776)	(3,819)	(7,746)	(7,542)
Loss on extinguishment of debt			(230)
Equity method investment (loss)	(244)	197	(365)	(39)
NET INCOME (LOSS) BEFORE INCOME TAXES	(16,399)	8,248	(26,224)	18,227
INCOME TAX EXPENSE (BENEFIT):
Deferred	(1,164)		(1,668)
Total income tax expense (benefit)	(1,164)		(1,668)
NET INCOME (LOSS)	$ (15,235)	$ 8,248	$ (24,556)	$ 18,227
NET INCOME (LOSS) PER SHARE:
Basic (in dollar per share)	$ (0.32)	$ 0.19	$ (0.52)	$ 0.43
Diluted (in dollar per share)	$ (0.32)	$ 0.19	$ (0.52)	$ 0.42
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	47,133	42,619	46,831	42,798
Diluted (in shares)	47,133	43,048	46,831	43,434
Interest Expense:
Interest on bank debt	$ 978	$ 1,404	$ 1,840	$ 2,898
Other interest	2,270	1,891	5,104	3,623
Amortization of debt issuance costs	528	524	802	1,021
Total interest expense	3,776	3,819	7,746	7,542
Electric sales
SALES AND OPERATING REVENUES:
Revenues	59,509	59,976	127,286	145,919
Coal sales
SALES AND OPERATING REVENUES:
Revenues	$ 40,601	$ 38,147	$ 75,681	$ 68,332

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$ (24,556)	$ 18,227
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax (benefit)	$ (1,164)		(1,668)
Equity method investment loss	244	$ (197)	365	39
Depreciation, depletion and amortization	9,905	5,542	20,511	20,519
Gain on disposal or abandonment of assets, net	15	(55)	(186)	(76)
Loss on extinguishment of debt			230
Amortization of debt issuance costs	528	524	802	1,021
Asset retirement obligations accretion	416	437	824	864
Cash paid on asset retirement obligation reclamation			(332)	(311)
Stock-based compensation			2,543	1,559
Amortization of contract liabilities			(69,505)	(65,597)
Accretion on contract liabilities			5,104	3,215
Amortization of right-of-use assets			319
Other			1,465	284
Change in current assets and liabilities:
Accounts receivable			(407)	(3,304)
Inventory			(5,307)	(6,885)
Parts and supplies			(5,472)	(3,651)
Prepaid expenses			(452)	1,003
Accounts payable and accrued liabilities			10,527	5,062
Contract liabilities			61,801	77,814
Net cash (used in) provided by operating activities			(3,394)	49,783
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(33,941)	(24,737)
Proceeds from sale of equipment			200	162
Investment in equity method investments				(322)
Net cash used in investing activities			(33,741)	(24,897)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on bank debt			(79,200)	(44,000)
Borrowings of bank debt			94,200	45,000
Payments on lease financing			(4,631)	(3,421)
Debt issuance costs			(6,189)	(330)
Taxes paid on vesting of RSUs			(1,441)	(1,918)
Net cash (used in) provided by financing activities			56,692	(4,669)
Increase in cash, cash equivalents, and restricted cash			19,557	20,217
Cash, cash equivalents, and restricted cash, beginning of period			15,372	12,153	$ 12,153
Cash, cash equivalents, and restricted cash, end of period	34,929	32,370	34,929	32,370	15,372
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	28,979	9,228	28,979	9,228	10,070
Restricted cash	5,950	23,142	5,950	23,142	5,302
Cash, Cash Equivalents and Restricted Cash	$ 34,929	$ 32,370	34,929	32,370	$ 15,400
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest			1,435	2,768
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Non-cash change in capital expenditures included in accounts payable and prepaid expense			14,773	$ 843
Right-of-use asset additions			2,407
ATM
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from offering, net of issuance costs			189
Confidentially marketed public offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from offering, net of issuance costs			$ 53,764

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 28,979	$ 10,070
Restricted cash	5,950	5,302
Accounts receivable	14,396	13,989
Inventory	47,841	42,534
Parts and supplies	51,326	45,854
Prepaid expenses	1,507	5,638
Total current assets	149,999	123,387
Property, plant and equipment:
Land and mineral rights	69,952	69,952
Buildings and equipment	447,072	421,037
Mine development	102,302	102,302
Construction work in progress	57,955	39,671
Finance lease right-of-use assets	12,591	12,591
Total property, plant and equipment	689,872	645,553
Less - accumulated depreciation, depletion and amortization	(384,551)	(367,775)
Total property, plant and equipment, net	305,321	277,778
Equity method investments	2,284	2,647
Operating lease right-of-use assets	2,734
Other noncurrent assets	7,706	4,241
Total assets	468,044	408,053
Current liabilities:
Current portion of bank debt, net	3,747
Accounts payable	31,632	12,594
Accrued liabilities and other	33,008	29,254
Current portion of lease financing	3,849	7,411
Contract liabilities - current	136,457	103,343
Total current liabilities	208,693	152,602
Long-term liabilities:
Bank debt, net	39,183	29,678
Long-term lease financing	310	1,338
Deferred income taxes	165	1,833
Asset retirement obligations	16,065	15,241
Contract liabilities - long-term	10,000	45,714
Other	3,296	1,814
Total long-term liabilities	69,019	95,618
Total liabilities	277,712	248,220
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued
Common stock, $.01 par value, 100,000 shares authorized; 47,144 and 43,817 issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively	471	438
Additional paid-in capital	257,985	202,963
Retained deficit	(68,124)	(43,568)
Total stockholders' equity	190,332	159,833
Total liabilities and stockholders' equity	$ 468,044	$ 408,053