MARKETS / NASDAQ / HNRG

NASDAQ · ELECTRIC SERVICES · MID CAP

Hallador Energy Co. HNRG

16 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$469.5M

▲ 16.2% YoY

Net income

$41.9M

Free cash flow

$11.9M

▼ 5.2% YoY

In brief

What this company does

Hallador Energy Company operates as a vertically integrated, independent power producer and fuel company with operations primarily in Indiana. Its business is organized in two segments: Electric Operations and Coal Operations. Hallador Power owns and operates the Merom Power Plant, a 1,080 MW coal-fired power generating station consisting of two steam turbine generators, with Unit 1 entering commercial operations in 1982 and Unit 2 in 1983. Sunrise mines coal from reserves in the Illinois Basin, which is used as a primary fuel source for generating electricity at power plants in the Midwest and Southeast United States. As of December 31, 2025, Hallador and its subsidiaries employed 633 full-time employees and temporary miners, of whom 599 were directly involved in the coal mining or coal washing process. Its principal executive office, as well as Sunrise's and Hallador Power's principal executive office, is located at 1183 East Canvasback Drive, Terre Haute, Indiana.

Written from the business description in HALLADOR ENERGY CO's annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

USD 469.5M

Revenue, FY2025 · full 16-year series below

Revenue $M Net income $M

FY2025 · Revenue 469.5 · Net income 41.9

Compound annual growth

Revenue

+9.1%

+14.2%

+3.3%

+9.0%

Net income

+32.2%

+7.6%

+4.3%

EPS, diluted

+20.4%

+3.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +14.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

9 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 13.0% · Net 8.9%

ROE

FY2025 · ROE 31.7%

Gross margin—

Operating margin13.0%

Net margin8.9%

Return on assets10.8%

EBITDAUSD 102.3M

Each USD of equity produced 32 cents of profit this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 11.9

Net buybacks $M Dividends $M

FY2021 · Dividends 0.0 · Net buybacks —

Total assetsUSD 408.1M

EquityUSD 159.8M

CashUSD 10.1M

Gross debtUSD 29.7M

Net debtUSD 19.6M

Current ratio0.81×

Net debt stands at 12% of equity.

The 16-year record

16 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue $B	0.5	0.4	0.6	0.4	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.1	0.2	0.1
Operating income $B	0.1	−0.2	0.1	0.0	−0.0	0.0	−0.1	0.0	0.0	0.0	0.0	0.0	·	·	·	·
EBITDA $B	0.1	−0.2	0.1	0.1	0.0	0.0	−0.0	0.0	0.1	0.0	0.1	0.0	·	·	·	·
Income tax $B	0.0	−0.0	0.0	0.0	0.0	−0.0	−0.0	−0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	−0.2	0.0	0.0	−0.0	−0.0	−0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	0.0	0.0	−0.0	0.0	0.0	0.0	0.0	·	·	·	·	·	·	·	0.0	0.0
EPS, diluted $	0.96	−5.72	1.25	0.55	−0.12	−0.20	−1.95	0.25	1.08	0.42	0.68	0.34	0.78	0.83	1.25	0.78
Dividend / sh $	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout %	·	·	·	·	−0	−20	−8	65	15	38	24	47	16	98	10	13
ROE %	31.7	−121.3	18.5	9.1	−2.0	−3.3	−26.8	3.0	14.2	5.9	10.1	5.5	13.0	14.7	24.9	17.7
Shares out B	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.00	0.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 25 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityElectric Services

Listed onNASDAQ

Incorporated inColorado

Fiscal year endsDecember 31

Data on record since2010