Hallador Energy Co
NASDAQ:HNRG
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Hallador Energy Co
NASDAQ:HNRG
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Hallador Energy Co
Hallador Energy Co. engages in business through its subsidiary, Sunrise Coal, LLC, which produces coal in the Illinois Basin for the electric power generation industry. The company is headquartered in Terre Haute, Indiana and currently employs 805 full-time employees. The firm is primarily focused on the coal mining in the State of Indiana through Sunrise Coal, LLC (Sunrise Coal), serving the electric power generation industry. The company also owns an interest in Sunrise Energy, LLC (Sunrise Energy), a private gas exploration company with operations in Indiana. The firm's business includes Hallador Renewables, Sunrise Coal, Sunrise Energy and Logistics. Its Hallador Renewables focuses on developing up to 1 Gigawatt (GW) of renewable energy through a joint venture with Hoosier Energy Cooperative. Its Sunrise Coal operates mines, including Oaktown Mine 1, Oaktown Mine 2 and Ace In The Hole Mine, which are located in the Illinois Basin, Indiana. Its Sunrise Energy is engaged in developing and exploring oil, gas, and coal-bed methane gas reserves on or near its underground coal reserves. Its Logistics business provides coal storage facilities for shipments.
Hallador Energy Co. engages in business through its subsidiary, Sunrise Coal, LLC, which produces coal in the Illinois Basin for the electric power generation industry. The company is headquartered in Terre Haute, Indiana and currently employs 805 full-time employees. The firm is primarily focused on the coal mining in the State of Indiana through Sunrise Coal, LLC (Sunrise Coal), serving the electric power generation industry. The company also owns an interest in Sunrise Energy, LLC (Sunrise Energy), a private gas exploration company with operations in Indiana. The firm's business includes Hallador Renewables, Sunrise Coal, Sunrise Energy and Logistics. Its Hallador Renewables focuses on developing up to 1 Gigawatt (GW) of renewable energy through a joint venture with Hoosier Energy Cooperative. Its Sunrise Coal operates mines, including Oaktown Mine 1, Oaktown Mine 2 and Ace In The Hole Mine, which are located in the Illinois Basin, Indiana. Its Sunrise Energy is engaged in developing and exploring oil, gas, and coal-bed methane gas reserves on or near its underground coal reserves. Its Logistics business provides coal storage facilities for shipments.
Revenue: Full-year 2025 revenue was $469.5 million, up 16% year-over-year driven by higher electric and coal sales.
Profitability: Net income improved to $41.9 million for 2025 (vs large loss in prior year) and operating cash flow rose to $81.1 million, up 23%.
Operational issue: Merom had equipment failures in Q4 and Q1 that reduced availability; a planned 60-day major outage in May is expected to materially improve reliability for the summer peak.
Market opportunity: Management sees tightening supply in MISO and strong demand for accredited capacity; multiple parties have expressed interest in long-term capacity deals and management expects announcements in tranches.
ERAS expansion: Company won an ERAS slot and funded ~$14 million of refundable deposits toward up to 515 MW of natural gas generation, targeting commercial online around Q3 2029 and an ERAS study completion in Q3 2026.
Liquidity & capital: Strengthened balance sheet with a $120 million credit facility, ~$57.5 million gross proceeds from a January share offering, and a $25 million prepaid energy forward contract completed in Q4 2025.
Forward sales book: Forward energy and capacity sales were $540 million (Dec 31, 2025) and total forward sales book (including coal) was approximately $1.3 billion.
