Hallador Energy Company (HNRG) Earnings
Hallador Energy Company is expected to report next earnings on August 10, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. HNRG has beaten EPS estimates in 3 of its last 11 reported quarters (average surprise -43.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.16 | $-0.20 | -25.0% | $102M | -0.5% |
| Mar 12, 2026 | $-0.01 | $-0.01 | -46.0% | $102M | -3.3% |
| Mar 17, 2025 | $-0.18 | $-0.02 | +88.9% | $94M | -1.3% |
| Mar 13, 2024 | $0.29 | $-0.27 | -193.1% | $118M | -40.5% |
| Mar 16, 2023 | $0.20 | $0.93 | +365.0% | $152M | +158.2% |
| Nov 14, 2022 | $0.08 | $0.05 | -37.5% | $85M | — |
| Aug 15, 2022 | — | $-0.11 | — | $66M | — |
| May 23, 2022 | $-0.06 | $-0.33 | -450.0% | $59M | +0.0% |
| May 3, 2021 | $-0.01 | $-0.03 | -175.0% | $47M | -59.6% |
| Mar 9, 2021 | $-0.02 | $-0.15 | -850.0% | $65M | — |
| Nov 2, 2020 | $0.17 | $0.11 | -35.3% | $65M | -32.5% |
| Mar 9, 2020 | $0.00 | $0.08 | +6101.6% | $78M | +5859.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Executed a 12 - year capacity agreement with a utility subsidiary, expected to generate over $1 billion of contracted revenue from 2028 through 2040 at pricing over 2x historical contracted capacity pricing. - Path of transformation: 6 years ago was an underground coal mining company, then acquired interconnection, power plant, started marketing plant output, and now has significant capacity agreements. - Two capacity - only sales total approximately $1.1 billion, placing Halidor in a substantially sold - forward position on accredited capacity for about 14 consecutive years. - Agreement initially covers smaller volume in 2028, increasing to two - thirds of accredited capacity from 2029 through 2040. - Agreement only for capacity, preserves energy market optionality. - First quarter results affected by availability constraints at Merrim, currently in planned maintenance outage for reliability - related investments. - Second quarter results to be affected by planned outage, but下半年 availability to improve. - First quarter operationally challenging but long - term earnings potential remains, market fundamentals positive, strategy推进 milestone by milestone
Guidance
- Expect capital expenditures to increase modestly compared to 2025 levels for the full year, excluding potential errors - related development investments. - New credit agreement provides more flexible capital structure to fund planned outage, reliability investments, manage working capital, and support commercial strategy. - Continue to evaluate ways to monetize remaining capacity and optimize forward energy position, maintain disciplined approach
Segment performance
Electric sales for the first quarter were $65.1 million compared to $85.9 million in the prior year period, while third - party coal sales increased to $35.1 million compared to $30.2 million in the prior year period. Total operating revenue was $101.8 million for the first quarter, compared to $117.7 million in the prior year period. Net loss for the first quarter was $9.3 million compared to net income of $10 million in the prior year period. Offering cash flow for the first quarter was $20.5 million compared to $38.4 million in the prior year period. Adjusted EBITDA was $5.5 million for the first quarter compared to $19.3 million in the prior year period. We invested $7.7 million in capital expenditures during the first quarter of 2026 compared to $11.7 million in the year - ago period. As of March 31, 2026, our forward energy and capacity sales position was $571.2 million compared to $543.5 million at December 31, 2025, and $630.4 million at March 31, 2025. When combined with our third - party forward coal sales of $288.4 million, our total forward sales book as of March 31, 2026 was approximately $1.2 billion. Caldwell had no outstanding bank debt at March 31st, 2026 compared to $29.7 million at December 31st, 2025 and $21 million at March 31st, 2025. Total liquidity at March 31st, 2026 was $97.5 million compared to $38.8 million at December 31st, 2025 and $69 million at March 31st, 2025
Risks & headwinds
- Forward - looking statements subject to various risks, uncertainties, and assumptions in SEC filings. - Agreement with utility subsidiary subject to approval by Indiana Utility Regulatory Commission, uncertainty exists. - Equipment and EPC acquisition difficulties. - Uncertainty in the time difference between energy market and capacity market development. - Uncertainty in M&A ambitions and opportunities
Analyst Q&A
Q: Now looking forward towards the gas extension, can you talk about what would get you more confident here in pursuing that moving forward with the gas extension and what your strategy there is, both with regards to securing the turbine and towards the EPC?
A: Selling a big block of capacity puts us in better financial footing. We're in conversations with parties regarding equipment and EPC, and will announce transactions when securing equipment and EPC if we decide to go forward. Equipment and EPC are hard to get, but we're moving discussions forward.
Q: Should we assume that this deal is ultimately linked to a hyperscaler end user? And, you know, how should we think about how, you know, end users have shifted on the energy front?
A: Limited to say due to confidentiality requirements in the agreement. But data centers are a big demand, also seeing potential steel plant expansions in Indiana, aluminum smelters in Oklahoma, etc. Indiana is attractive for data centers as it has population, great business climate, favorable tax policy. Energy markets: capacity is a lead indicator for energy, typically a couple - year lag between capacity markets and energy markets response, curves starting to reflect that.
Q: Can you give an updated view on kind of where you see energy pricing today?
A: Capacity is a lead indicator for energy. We've seen some price movement up, which is encouraging, but will see if it holds. By and large, everything is encouraging.
Q: Given that some of the juice on the energy side could come with a lag, would you be willing to kind of wait it out given you have the stability of the capacity revenue secured now? Or, you know, would you rather, you know, sign something sooner?
A: We're well - hedged for 2026. Capacity deals set a great foundation through 2040. We've locked in profit for 14 years before turning the plant on. We feel no pressure. Will take energy deals as they come, different customers have different needs and opportunities.
Q: You're a little more vocal, it seems, in this release regarding the dual fuel ambitions at Merum. Is there any more detail you can share regarding potential timing, next steps? And as I recall, it was a little bit more of a potential bargaining chip, I suppose, for Merum. With that seemingly not really a constraint or consideration, can you talk about what the, I guess, benefits for Halidor would be should you pursue a project like that?
A: Bringing in a gas line for the gas plant has dual use. It can be used for the gas plant and potentially dual fuel the coal - fired units. It would transition Halador from a coal company to a multi - fuel company, which could potentially lead to a multiple uplift. We're reviewing such projects, but need to see if investments make economic sense and are the best use of capital.
Q: Does this help further or serve M&A ambitions? Are these independent? And can you just give us a broad update on the opportunity set in that world?
A: Haldor is unique with a public vehicle, sales team to lock in long - term contracts, team working on developing interconnect and expanding to meet market demands. Can touch coal assets, which sets us apart for potential M&A possibilities. Will do deals that bring most value to shareholders.
Q: Could you provide a rough ballpark on, you know, that improvement on pricing on the new capacity agreement?
A: Somewhat limited on what can be said due to confidentiality. Can compare with previous 10 - Q to get a feel. Once approved by IURC, the deal will be firmly bound, and then volumes and pricing will be reported.
Q: Have there been any changes to the timeline regarding MISO completing the ARIS application? And have they picked up the application as you stand today?
A: They've not picked up the application yet, but still anticipate them doing that in June, then we'll have to make a decision sometime in September, with about 90 days after picking up to work through details