Hallador Energy Company

halladorenergy.com

What Do They Do?

Generates and sells wholesale electricity and accredited capacity to utilities and other energy market participants, and mines coal for power plants in the Midwest and Southeast.

How Do They Make Money?

Hallador earns most from electricity delivered under power agreements or sold in spot markets, and from capacity made available under agreements, with both measured daily. Coal customers buy fixed-price or fixed-volume supplies, taking title at the mine-site shipping point.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Delivered energy Usage-based	55% FY2022: 81%	Usage-based
Accredited Energy Capacity Recurring	13%	Recurring
Coal sales Sold outright	32%	Sold outright

Who Are Their Customers?

Utilities, cooperatives and other wholesale energy buyers purchase electricity and capacity through agreements or spot markets. Power plants, typically domestic utilities, buy coal at the mine.

Customers above 10% of revenue, FY2025

of revenue from two customers (23%, 10%)

FY2024: 43% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025

13% of revenue

▲ Now profitable vs FY2024 (−$218.4M, −54%)

Net income, FY2025

9% of revenue

▲ Now profitable vs FY2024 (−$226.1M, −56%)

Free cash flow, FY2025

3% of revenue

▼ −5% vs FY2024 ($12.6M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $102.8M in Q2 FY2025
Net income: ▼ Now a loss; vs $8.2M in Q2 FY2025

Delivered energy revenue share of revenue vs 45.0% in Q2 FY2025

Growing. Revenue grew 90% in 4 years, from $247.7M in FY2021 to $469.5M in FY2025, about 17% a year.

Revenue over time

Delivered energy Accredited Energy Capacity Coal sales Electric Sales Capacity Payments Energy Capacity

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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