10-Q · May 6, 2026
Hallador Energy Company reported its Q1 2026 results with revenue of $101.8 million, falling short of analyst expectations by 3%. EPS was reported at -$0.20, significantly lower than the forecasted -$0.12, reflecting…
Earnings analysis · 10-Q
HNRG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Hallador reported Q2 revenue of $101.505 million, beating consensus by 13.82%, but diluted EPS of negative $0.32 materially missed the negative $0.10 estimate and deteriorated versus both Q1 2026 and Q2 2025. Liquidity…
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Hallador reported Q2 revenue of $101.505 million, beating consensus by 13.82%, but diluted EPS of negative $0.32 materially missed the negative $0.10 estimate and deteriorated versus both Q1 2026 and Q2 2025. Liquidity resources improved, with cash and restricted cash of $34.9 million and undrawn debt availability of $55.3 million, but these amounts remain substantially below the approximately $338.8 million remaining turbine purchase obligation. The newly disclosed turbine financing, MISO approval, and logistics risks are significant, while no numeric revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.32
What stood out
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Revenue beat estimates
Q2 revenue was $101.505 million, 13.82% above the $89.178264 million consensus estimate. Revenue increased approximately 1.5% from approximately $100 million in Q1 2026 but declined approximately 1.5% from $103 million in Q2 2025.
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EPS materially missed estimates
Diluted EPS was negative $0.32 versus the $0.10-per-share loss estimate, an unfavorable $0.22-per-share variance. EPS also worsened from negative $0.20 in Q1 2026 and positive $0.19 in Q2 2025.
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Debt capacity expanded
Variable-rate indebtedness increased to $45.0 million at June 30, 2026, from $30.0 million at December 31, 2025, while the weighted-average variable interest rate declined to 7.11% from 8.17%.
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Liquidity resources increased
Aggregate undrawn debt-facility availability increased to $55.3 million from $28.8 million at December 31, 2025. Cash and restricted cash also increased to $34.9 million from $15.4 million.
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Generation expansion advanced
The company paid $8.2 million toward the turbine-equipment purchase price by June 30, 2026 and an additional $3.0 million after quarter end, supporting a proposed approximately 460 MW generation expansion.
What to watch
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Large unfunded turbine commitment
The APA covers approximately $350.0 million of turbine equipment plus approximately $100.0 million of transportation, refurbishment, insurance, and logistics costs. The remaining purchase-price balance was approximately $338.8 million, versus total liquidity of $84.2 million at June 30, 2026, and financing commitments had not been secured.
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MISO approval and execution risk
The turbine project depends on MISO approval of the ERAS application and other construction, permitting, financing, and regulatory contingencies. If the project does not proceed, the company may have to sell the equipment or project at a loss.
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Logistics cost and delay risk
International and domestic transportation involves complex logistics, including ocean shipment, customs clearance, specialized heavy-lift transport, and refurbishment. The company estimates related costs of approximately $100.0 million, but actual costs could materially exceed that amount.
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Variable-rate interest exposure
A 100-basis-point increase in SOFR would increase annual interest expense by approximately $0.5 million. The company had $45.0 million of variable-rate indebtedness at June 30, 2026 and held no interest-rate derivatives.
Management's outlook
No numeric EPS or revenue guidance was disclosed in the supplied 10-Q text. Management disclosed a substantial turbine-equipment commitment and is evaluating financing alternatives; the previously reported gas-project budget was below $800 million.
Earlier filings 4
10-K · March 12, 2026
Hallador presents itself as a vertically integrated independent power producer and coal miner, operating Merom (a 1,080 MW coal-fired plant) and Sunrise coal mines to supply fuel. The filing highlights the proximity of…
10-Q · November 10, 2025
Hallador Energy reported a strong Q3 2025 with revenue of $146,846,000 and diluted EPS of $0.55, materially ahead of the prior-year quarter. Income from operations rose to $29,059,000, driven by growth in both Electric…
10-Q · August 11, 2025
Hallador Energy reported Q2 2025 revenue of $102.889M, up $9.064M (9.7%) versus Q2 2024, and returned to profitability with net income of $8.248M (diluted EPS $0.19). Operating income improved to $11.870M from an…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.