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Sep 30
Hallador Energy Q3 2025 Earnings Report
Hallador Energy reported strong financial and operating results for the third quarter of 2025, with significant increases in revenue, net income, and Adjusted EBITDA.
Key Takeaways
Hallador Energy Company delivered an exceptional third quarter in 2025, achieving substantial growth across key financial metrics. Total revenue surged by 40% year-over-year to $146.8 million, driven by strong performance in both electric and coal sales. Net income increased significantly to $23.9 million, and Adjusted EBITDA rose by 1.6x to $24.9 million. The company also generated $23.2 million in operating cash flow, which helped fund capital expenditures and debt service.
Total revenue increased by 40% year-over-year, reaching $146.8 million.
Net income for the quarter was $23.9 million, a substantial increase from the previous year.
Adjusted EBITDA grew by 1.6x year-over-year to $24.9 million.
Operating cash flow stood at $23.2 million, contributing to capital expenditures and debt reduction.
Hallador Energy
Hallador Energy
Hallador Energy Revenue by Segment
Revenue by Segment
Electric Sales Revenue
CapyFin.comCoal Sales Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Hallador Energy is actively pursuing growth initiatives, including expanding its generation capabilities at the Merom site by 525 MWs through MISO’s ERAS program, targeting an online date in Q4 2028. The company is also working towards a long-term agreement to support large load development, aiming to add approximately 50% additional generating capacity.
Positive Outlook
- Filing an ERAS application to expand generation capabilities by 525 MWs at the Merom site.
- Targeting an on-line date for the gas generation expansion in the fourth quarter of 2028.
- Positive progress towards a long-term agreement for large load development.
- Anticipated addition of roughly 50% additional generating capacity to the Merom site.
- Strong forward sales position with $921.7 million in total contracted revenue through 2029.
Challenges Ahead
- The ERAS program requires acceptance of the application by ERAS.
- Execution on growth initiatives is subject to various risks and uncertainties.
- Future results could differ materially from forward-looking statements.
- Reliance on favorable energy-pricing environment and increased energy demand.
- Potential for changes in market conditions affecting contracted revenue.