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Visual21 Nov 2025
Data center suppliers
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 of $23.9 million and adjusted EBITDA up 1.6x to $24.9 million, reflecting strong operational execution and market demand.
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.
Filed an application to add 525 MW of gas generation at the Merom site, targeting a late 2028 online date to capitalize on robust market demand and long-term growth opportunities.
Executed a $20 million prepaid forward power sales contract for 2027 deliveries, providing immediate liquidity and supporting capital expenditures.
Advanced discussions with data center developers and load-serving entities for long-term capacity agreements, with expectations for progress by early 2026.
Financial highlights
Q3 2025 revenue was $146.8 million, net income $23.9 million, and adjusted EBITDA $24.9 million, with electric sales up 29% to $93.2 million and coal sales up 62% to $68.8 million.
Q3 2025 EPS was $0.56 basic, $0.55 diluted; operating cash flow improved to $23.2 million for the quarter and $73.0 million year-to-date.
Year-to-date capital expenditures reached $44.3 million, mainly for the Merom plant and Oaktown mine.
Gross margin improved in both segments, with Electric Operations EBITDA margin at 27.8% and Coal Operations at 12.8%.
Bank debt at September 30, 2025, was $44.0 million, with total liquidity at $46.4 million.
Outlook and guidance
Expect Q4 2025 performance to be similar to Q4 2024, barring extreme weather events.
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 submitted to add 525 MW of gas generation at Merom, targeting late 2028 online date.
Anticipate higher energy and capacity pricing as demand for reliable baseload power grows.
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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Next Hallador Energy Company earnings date
Q4 202517 Mar, 2026
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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