The combination of dramatically improved fundamentals, long-term contracted revenue visibility ($1.3B through 2029), and strategic expansion plans suggests Hallador is transitioning from a distressed coal operator to a growing power infrastructure player. The stock may re-rate if the Merom expansion progresses and capacity monetization deals are announced.
Price Chart
Executive Summary
Hallador Energy (HNRG) reported strong FY'25 results with revenue up 16% YoY to $469.5 million, operating cash flow up 23% to $81.1 million, and net income turning positive at $41.9 million versus a $226.1 million loss in FY'24. Adjusted EBITDA tripled to $56.0 million. The company also advanced its 515MW gas expansion project at Merom, secured a new $120 million credit facility, and added two energy industry veterans to its board.
Key Financial Metrics
Key Facts
- FY'25 revenue increased 16% YoY to $469.5 million
- Net income improved to $41.9 million from a $226.1 million loss in FY'24
- Adjusted EBITDA tripled to $56.0 million
- Operating cash flow up 23% YoY to $81.1 million
- MISO accepted ERAS application for 515MW natural gas expansion at Merom site with $14 million deposit paid
- Closed new $120 million senior secured credit facility in March 2026
- Added Barbara Sugg (former SPP CEO) and Daniel Hudson ($35B+ in energy financings) to board
Financial Impact
Revenue increased by $65.3 million YoY, net income improved by $268 million, and operating cash flow increased by $15.2 million. The 515MW expansion represents nearly 50% increase in generation capacity.
Risk Factors
- Execution risk on the 515MW gas expansion project, which is capital-intensive and subject to regulatory, construction, and financing risks
- Fourth quarter net loss of $0.2 million despite strong full-year results, indicating near-term volatility
- Decline in liquidity from $46.4M (Q3) to $38.8M (year-end) despite new credit facility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3255111 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 8-K | $14.50 | awaiting T+60 | — | $11.15 (−23.10%) |
Sep 17, 2026 5w ago | 8-K | $15.17 | awaiting T+60 | — | $11.15 (−26.50%) |
Aug 10, 2026 10w ago | 8-K | $15.64 | awaiting T+60 | — | $11.15 (−28.71%) |
Aug 10, 2026 10w ago | Press Release | $15.64 | awaiting T+60 | — | $11.15 (+28.71%) |
Jul 15, 2026 14w ago | Insider Cluster | $16.05 $13.92 | ▼ −13.27% | ▼ −16.98% | $11.15 (−30.53%) |
Jun 30, 2026 16w ago | Insider Buy | $16.79 $14.54 | ▼ −13.40% | ▼ −16.36% | $11.15 (−33.59%) |
Jun 26, 2026 17w ago | 8-K | $16.93 $15.07 | ▼ −10.99% | ▼ −15.37% | $11.15 (−34.14%) |
Jun 25, 2026 17w ago | Insider Buy | $18.15 $15.12 | ▼ −16.69% | ▼ −20.55% | $11.15 (−38.57%) |
Jun 11, 2026 19w ago | 8-K | $16.44 $16.90 | ▲ +2.80% | ▼ −0.47% | $11.15 (−32.18%) |
Jun 5, 2026 20w ago | 8-K | $16.92 | awaiting T+60 | — | $11.15 (−34.10%) |
US Market Status
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