HNRG

MKT CAP:$742M

Hallador Energy Company

Market Cap

$742M

Energy·Coal·🇺🇸 United States·NASDAQ

Energy·Coal·🇺🇸·NASDAQ

Stock Price

$15.20-$4.16 (-21.49%)

Apr 20, 2026

Company Details

Hallador Energy Company, through its subsidiaries, engages in the production of steam coal in the State of Indiana for the electric power generation industry. The company owns the Oaktown Mine 1 and Oaktown Mine 2 underground mines in Oakto...

CEO

Brent K. Bilsland

IPO Date

Apr 6, 1994

Website

halladorenergy.com

Key Metrics TTM

Revenue

$462M

+8.3% YoY

Net Income

-$174M

EPS (Diluted)

-$4.07

Free Cash Flow

$54M

Revenue / Share

$10.63

Gross Margin

60.2%

Operating Margin

-35.4%

Net Margin

-37.6%

FCF Margin

11.7%

P/S

1.6x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$147M+39.8%EPS $0.55

Q2 2025

Aug 11, 2025

$103M+9.7%EPS $0.19

Q1 2025

May 12, 2025

$118M+8.7%EPS $0.23

FY 2024

Mar 17, 2025

$404M-36.3%EPS -$5.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$80M	$2M	-$1M
Q4 21	$66M	$11M	-$3M
Q1 22	$59M	-$5M	-$9M
Q3 22	$85M	$21M	$5M
Q4 22	$152M	$56M	$35M
Q1 23	$188M	$55M	$29M
Q2 23	$161M	$87M	$22M
Q3 23	$166M	$89M	$24M
Q4 23	$119M	$14M	-$10M
Q1 24	$108M	$7M	$1M
Q2 24	$94M	$45M	-$7M
Q3 24	$105M	$55M	$5M
Q4 24	$94M	$62M	-$218M
Q1 25	$118M	$67M	$14M
Q2 25	$103M	$57M	$12M
Q3 25	$147M	$92M	$29M

Valuation

Quarter	P/S	P/E
Q3 21	0.3x	—
Q4 21	0.3x	—
Q1 22	0.5x	—
Q3 22	0.7x	—
Q4 22	0.9x	23.7x
Q1 23	0.7x	7.3x
Q2 23	0.5x	4.4x
Q3 23	0.7x	5.4x
Q4 23	0.5x	6.9x
Q1 24	0.3x	7.9x
Q2 24	0.6x	—
Q3 24	0.8x	—
Q4 24	1.2x	—
Q1 25	1.3x	—
Q2 25	1.6x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$24M	$17M
Q4 21	$11M	$968.0K
Q1 22	$3M	-$6M
Q3 22	$14M	-$2M
Q4 22	$40M	$25M
Q1 23	$26M	$13M
Q2 23	$18M	$1M
Q3 23	$35M	$17M
Q4 23	-$20M	-$47M
Q1 24	$16M	$1M
Q2 24	$24M	$10M
Q3 24	-$13M	-$24M
Q4 24	$39M	$25M
Q1 25	$38M	$27M
Q2 25	$11M	-$2M
Q3 25	$23M	$4M

Capital Expenditures

Quarter	CapEx
Q3 21	$7M
Q4 21	$10M
Q1 22	$9M
Q3 22	$15M
Q4 22	$16M
Q1 23	$13M
Q2 23	$17M
Q3 23	$18M
Q4 23	$27M
Q1 24	$15M
Q2 24	$13M
Q3 24	$12M
Q4 24	$14M
Q1 25	$12M
Q2 25	$13M
Q3 25	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+22.3%	+32.3%
Q4 21	-0.2%	+2.0%
Q1 22	+26.2%	+42.1%
Q3 22	+52.9%	+42.1%
Q4 22	+90.5%	+44.8%
Q1 23	+187.5%	+131.0%
Q2 23	+173.6%	+105.6%
Q3 23	+94.8%	+78.1%
Q4 23	-21.6%	+10.1%
Q1 24	-42.5%	-32.8%
Q2 24	-41.8%	-27.2%
Q3 24	-36.6%	-29.3%
Q4 24	-20.9%	+141.4%
Q1 25	+8.7%	-2.9%
Q2 25	+9.7%	-10.0%
Q3 25	+39.8%	+17.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$267.0K	0.3%
Q4 21	$170.0K	0.3%
Q1 22	$55.0K	0.1%
Q3 22	$0	0.0%
Q4 22	$1M	0.7%
Q1 23	$1M	0.6%
Q2 23	$781.0K	0.5%
Q3 23	$773.0K	0.5%
Q4 23	$780.0K	0.7%
Q1 24	$666.0K	0.6%
Q2 24	$2M	1.7%
Q3 24	$1M	1.0%
Q4 24	$1M	1.4%
Q1 25	$1M	0.9%
Q2 25	$475.0K	0.5%
Q3 25	$585.0K	0.4%

OpEx Breakdown

Quarter	G&A
Q3 21	$3M
Q4 21	$6M
Q1 22	$3M
Q3 22	$4M
Q4 22	$6M
Q1 23	$7M
Q2 23	$42M
Q3 23	$44M
Q4 23	$8M
Q1 24	$6M
Q2 24	$34M
Q3 24	$33M
Q4 24	$34M
Q1 25	$34M
Q2 25	$34M
Q3 25	$5M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$9M	$0	$9M
Q3 22	$10M	$0	$10M
Q4 22	$6M	$0	$6M
Q1 23	$2M	$0	$2M
Q2 23	$6M	$0	$6M
Q3 23	$7M	$0	$7M
Q4 23	$3M	$0	$3M
Q1 24	$2M	$0	$2M
Q2 24	$6M	$0	$6M
Q3 24	$4M	$0	$4M
Q4 24	$7M	$0	$7M
Q1 25	$7M	$0	$7M
Q2 25	$9M	$0	$9M
Q3 25	$13M	$0	$13M
Q4 25	$10M	$0	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	31M	0.0%	+0.5%
Q4 21	31M	0.0%	+0.6%
Q1 22	31M	+0.6%	+0.6%
Q3 22	33M	+7.1%	+7.7%
Q4 22	33M	-0.0%	+7.7%
Q1 23	37M	+11.4%	+20.0%
Q2 23	37M	-0.1%	+19.2%
Q3 23	37M	+0.4%	+11.7%
Q4 23	33M	-9.8%	+0.8%
Q1 24	35M	+4.7%	-5.2%
Q2 24	38M	+8.8%	+3.2%
Q3 24	43M	+13.6%	+16.7%
Q4 24	43M	-0.9%	+28.2%
Q1 25	43M	+2.0%	+24.8%
Q2 25	43M	-1.0%	+13.6%
Q3 25	43M	+0.9%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$115.7K	690
Q4 21	$81.4K	805
Q1 22	$73.2K	805
Q3 22	$105.7K	805
Q4 22	$155.2K	980
Q1 23	$192.2K	980
Q2 23	$164.5K	980
Q3 23	$169.2K	980
Q4 23	$127.3K	936
Q1 24	$115.8K	936
Q2 24	$100.2K	936
Q3 24	$112.2K	936
Q4 24	$153.2K	615
Q1 25	$191.5K	615
Q2 25	$167.3K	615
Q3 25	$238.8K	615

Revenue / Employee