Hallador Energy Swings to Q2 Loss as Electric Operations EBITDA Turns Negative; Liquidity at $84M

summarizeSummary

Hallador Energy swung to a $15.2M Q2 loss as a plant outage crushed electric margins. Liquidity stands at $84.2M against a $338.8M turbine payment due in H2 2026.

check_boxKey Events · Earnings and Guidance · HNRG

• Q2 Net Loss of $15.2M

  Net loss of $15.2M ($0.32/share) vs. a profit of $8.2M ($0.19/share) in Q2 2025, driven by a $17.7M swing in Electric Operations Segment EBITDA.

• Electric Operations EBITDA Turns Negative

  Electric Operations Segment EBITDA fell to -$2.1M from +$15.6M, as a planned major maintenance outage, higher purchased power costs ($8.6M vs. $2.2M), and lower energy prices hit margins.

• Liquidity at $84.2M; Turbine Payment Looms

  Total liquidity of $84.2M ($29.0M cash + $55.3M revolver availability) as of June 30, 2026. The company still owes ~$338.8M for the turbine acquisition, with the bulk due in H2 2026.

• Merom Useful Life Extended to 2040

  Extended the estimated useful life of the Merom plant to 2040, reducing depreciation expense by $1.2M in Q2 and adding $0.03 to EPS.

auto_awesomeAnalysis · HNRG · Energy & Transportation

A sharp reversal in profitability marks Hallador Energy's Q2, with a net loss of $15.2 million compared to an $8.2 million profit a year ago. The primary culprit is the Electric Operations segment, where EBITDA swung from +$15.6 million to -$2.1 million, pressured by a major planned maintenance outage, higher purchased power costs, and lower energy prices. While the company holds $84.2 million in liquidity and a massive $1.8 billion contracted revenue backlog, near-term cash burn and the looming $338.8 million turbine acquisition payment create a financing overhang. The 10-Q also discloses a useful-life extension for the Merom plant that cut depreciation by $1.2 million, a terminated ATM program, and a new 10b5-1 plan from the COO.