HNRG on Nasdaq
HALLADOR ENERGY CO
American electric services company based in Terre Haute, active since 19852
In its 2026 annual report the company says: “The Company operates across multiple stages of the energy value chain, from accredited capacity and energy to coal. The Company’s electric operations are located within the Midcontinent Independent System Operator’s footprint. Our operations comprise Hallador Power Company, LLC that provides accredited capacity and energy to utilities and other energy market participants through its MISO interconnection, and Sunrise Coal, LLC that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States.”4 Its shares trade on Nasdaq under the symbol HNRG.2
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Last updated Oct 21, 2026.
Overview
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- TickerHNRG on Nasdaq2
- IndustryElectric Services2
- HeadquartersTerre Haute, United States2
- Incorporated inCO3
- Business address1183 East Canvasback Drive, Terre Haute, In 478023
- Filer categoryAccelerated filer3
- Legal formFor-Profit Corporation2
- LEI254900GKEQRHOI2SSC192
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O Colorado Registered Agents Inc, 80124 Denver, United States2
- Registered withBusiness Division of the Secretary of State’s office, 198716517052
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Hallador Energy Company (“Hallador” or the “Company”) is a vertically integrated, independent power producer (“IPP”) and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy value chain, from accredited capacity and energy to coal. The Company’s electric operations are located within the Midcontinent Independent System Operator’s ("MISO") footprint. Our operations comprise Hallador Power Company, LLC (“Hallador Power”) that provides accredited capacity and energy to utilities and other energy market participants through its MISO interconnection, and Sunrise Coal, LLC (“Sunrise”) that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Delivered Energy brought in 55% of the revenue HALLADOR ENERGY CO broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Delivered Energy | $203.4M | $252.6M |
| Coal Sales | $137.4M | $148.7M |
| Accredited Energy Capacity | $58.1M | $58.1M |
Business segments
Electric Operations brought in 68% of the revenue HALLADOR ENERGY CO broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Electric Operations | $261.5M | $310.7M |
| Coal Operations | $137.4M | $148.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin6¢$26.2M
- Other costs82¢$382.6M
- Interest4¢$16.9M
- Income tax0¢$1.8M
- Profit9¢$41.9M
Out of $469.5M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending85¢$69.2M
- Kept or used elsewhere15¢$11.9M
Out of $81.1M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Other revenues | $10.1M | $5.2M |
| Total sales and operating revenues | $469.5M | $404.2M |
| Fuel | $63.9M | $49.3M |
| Other operating and maintenance costs | $129.2M | $118.4M |
| Cost of purchased power | $20.9M | $10.9M |
| Utilities | $16.8M | $15.9M |
| Labor | $110.7M | $116.2M |
| Depreciation, depletion and amortization | $41.2M | $65.6M |
| Asset retirement obligations accretion | $1.8M | $1.6M |
| Exploration costs | $216.0K | $260.0K |
| General and administrative | $26.2M | $26.5M |
| Gain on disposal or abandonment of assets, net | -$2.5M | -$50.0K |
| Asset impairment | $0 | $215.1M |
| Settlement of litigation | $2.8M | |
| Total operating expenses | $408.4M | $622.5M |
| INCOME FROM OPERATIONS | $61.1M | -$218.4M |
| Interest income | $602.0K | $235.0K |
| Interest expense | -$16.9M | -$13.8M |
| Loss on extinguishment of debt | -$608.0K | -$2.8M |
| Equity method investment (loss) | -$450.0K | -$746.0K |
| NET INCOME (LOSS) BEFORE INCOME TAXES | $43.7M | -$235.5M |
| Current | -$169.0K | |
| Deferred | $1.8M | -$9.2M |
| Total income tax expense (benefit) | $1.8M | -$9.4M |
| NET INCOME (LOSS) | $41.9M | -$226.1M |
| Basic (in dollar per share) | $0.98 | -$5.72 |
| Diluted (in dollar per share) | $0.96 | -$5.72 |
| Basic (in shares) | 42.9M shares | 39.5M shares |
| Diluted (in shares) | 43.4M shares | 39.5M shares |
| Interest on bank debt | $5.8M | $9.3M |
| Other interest | $9.1M | $2.8M |
| Amortization of debt issuance costs | $2.0M | $1.7M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $10.1M | $7.2M | |
| Restricted cash | $5.3M | $4.9M | |
| Accounts receivable | $14.0M | $15.4M | $19.9M |
| Inventory | $42.5M | $36.7M | |
| Parts and supplies | $45.9M | $39.1M | |
| Prepaid expenses | $5.6M | $1.5M | |
| Total current assets | $123.4M | $104.9M | |
| Land and mineral rights | $70.0M | $70.3M | |
| Buildings and equipment | $421.0M | $402.6M | |
| Mine development | $102.3M | $92.5M | |
| Construction work in process | $39.7M | $27.2M | |
| Finance lease right-of-use assets | $12.6M | $13.0M | |
| Total property, plant and equipment | $645.6M | $605.7M | |
| Less - accumulated depreciation, depletion and amortization | -$367.8M | -$348.0M | |
| Total property, plant and equipment, net | $277.8M | $257.7M | |
| Equity method investments | $2.6M | $2.6M | |
| Other assets | $4.2M | $4.0M | |
| Total assets | $408.1M | $369.1M | |
| Current portion of bank debt, net | $4.1M | ||
| Accounts payable and accrued liabilities | $41.8M | $44.3M | |
| Current portion of lease financing | $7.4M | $6.9M | |
| Contract liabilities - current | $103.3M | $97.6M | |
| Total current liabilities | $152.6M | $152.9M | |
| Bank debt, net | $29.7M | $37.4M | |
| Long-term lease financing | $1.3M | $8.7M | |
| Deferred income taxes | $1.8M | ||
| Asset retirement obligations | $15.2M | $15.0M | |
| Contract liabilities - long-term | $45.7M | $49.1M | |
| Other | $1.8M | $1.7M | |
| Total long-term liabilities | $95.6M | $111.9M | |
| Total liabilities | $248.2M | $264.8M | |
| Common stock, $.01 par value, 100,000 shares authorized; 43,817 and 42,621 issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively | $438.0K | $426.0K | |
| Additional paid-in capital | $203.0M | $189.3M | |
| Retained deficit | -$43.6M | -$85.4M | |
| Total stockholders' equity | $159.8M | $104.3M | $268.6M |
| Total liabilities and stockholders' equity | $408.1M | $369.1M | |
| Preferred stock, par value (in dollars per share) | $0.10 | $0.10 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, shares issued | 43.8M shares | 42.6M shares | |
| Common stock, shares outstanding | 43.8M shares | 42.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $10.1M | $7.2M | |
| Restricted cash | $5.3M | $4.9M | |
| Accounts receivable | $14.0M | $15.4M | $19.9M |
| Inventory | $42.5M | $36.7M | |
| Parts and supplies | $45.9M | $39.1M | |
| Prepaid expenses | $5.6M | $1.5M | |
| Total current assets | $123.4M | $104.9M | |
| Land and mineral rights | $70.0M | $70.3M | |
| Buildings and equipment | $421.0M | $402.6M | |
| Mine development | $102.3M | $92.5M | |
| Construction work in process | $39.7M | $27.2M | |
| Finance lease right-of-use assets | $12.6M | $13.0M | |
| Total property, plant and equipment | $645.6M | $605.7M | |
| Less - accumulated depreciation, depletion and amortization | -$367.8M | -$348.0M | |
| Total property, plant and equipment, net | $277.8M | $257.7M | |
| Equity method investments | $2.6M | $2.6M | |
| Other assets | $4.2M | $4.0M | |
| Total assets | $408.1M | $369.1M | |
| Current portion of bank debt, net | $4.1M | ||
| Accounts payable and accrued liabilities | $41.8M | $44.3M | |
| Current portion of lease financing | $7.4M | $6.9M | |
| Contract liabilities - current | $103.3M | $97.6M | |
| Total current liabilities | $152.6M | $152.9M | |
| Bank debt, net | $29.7M | $37.4M | |
| Long-term lease financing | $1.3M | $8.7M | |
| Deferred income taxes | $1.8M | ||
| Asset retirement obligations | $15.2M | $15.0M | |
| Contract liabilities - long-term | $45.7M | $49.1M | |
| Other | $1.8M | $1.7M | |
| Total long-term liabilities | $95.6M | $111.9M | |
| Total liabilities | $248.2M | $264.8M | |
| Common stock, $.01 par value, 100,000 shares authorized; 43,817 and 42,621 issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively | $438.0K | $426.0K | |
| Additional paid-in capital | $203.0M | $189.3M | |
| Retained deficit | -$43.6M | -$85.4M | |
| Total stockholders' equity | $159.8M | $104.3M | $268.6M |
| Total liabilities and stockholders' equity | $408.1M | $369.1M | |
| Preferred stock, par value (in dollars per share) | $0.10 | $0.10 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, shares issued | 43.8M shares | 42.6M shares | |
| Common stock, shares outstanding | 43.8M shares | 42.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income (loss) | $41.9M | -$226.1M |
| Deferred income tax (benefit) | $1.8M | -$9.2M |
| Equity method investment loss | $450.0K | $746.0K |
| Depreciation, depletion and amortization | $41.2M | $65.6M |
| Asset impairment | $0 | $215.1M |
| Loss on extinguishment of debt | $608.0K | $2.8M |
| (Gain) loss on disposal or abandonment of assets, net | -$2.5M | -$50.0K |
| Amortization of debt issuance costs | $2.0M | $1.7M |
| Asset retirement obligations accretion | $1.8M | $1.6M |
| Cash paid on asset retirement obligation reclamation | -$727.0K | -$1.4M |
| Stock-based compensation | $3.5M | $4.5M |
| Amortization of contract liabilities | -$99.7M | -$70.2M |
| Accretion on contract liabilities | $8.4M | $1.2M |
| Director fees paid in stock | $192.0K | $150.0K |
| Accounts receivable | $1.4M | $4.5M |
| Inventory | -$5.8M | -$13.6M |
| Parts and supplies | -$6.8M | -$227.0K |
| Prepaid expenses | $1.9M | $784.0K |
| Accounts payable and accrued liabilities | -$2.2M | -$14.6M |
| Contract liabilities | $93.6M | $102.0M |
| Other | -$56.0K | $643.0K |
| Net cash provided by operating activities | $81.1M | $65.9M |
| Capital expenditures | -$69.2M | -$53.4M |
| Proceeds from sale of equipment | $3.2M | $4.2M |
| Proceeds from held-for-sale assets | $3.2M | |
| Investment in equity method investments | -$490.0K | -$542.0K |
| Net cash used in investing activities | -$66.5M | -$46.5M |
| Payments on bank debt | -$106.0M | -$147.0M |
| Borrowings of bank debt | $92.0M | $99.5M |
| Payments on lease financing | -$7.0M | -$5.6M |
| Proceeds from sale and leaseback arrangement | $0 | $5.1M |
| Issuance of related party notes payable | $5.0M | |
| Payments on related party notes payable | -$5.0M | |
| Debt issuance costs | -$330.0K | -$673.0K |
| ATM offering | $13.5M | $34.5M |
| Taxes paid on vesting of RSUs | -$3.6M | -$277.0K |
| Net cash used in financing activities | -$11.4M | -$14.4M |
| Increase in cash, cash equivalents, and restricted cash | $3.2M | $5.0M |
| Cash paid for interest | $6.7M | $10.5M |
| Non-cash change in capital expenditures related to accounts payable and prepaid expenses | $7.2M | $356.0K |
| Stock issued on redemption of convertible notes and interest | $23.0M |
No quarter-by-quarter statement was filed.
Corporate structure
HALLADOR ENERGY CO sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of HALLADOR ENERGY CO
- Mark D. Becker Filed SCHEDULE 13G/A on HALLADOR ENERGY CO, latest Aug 11, 2026 (2 filings since Nov 6, 2025)
- BlackRock Filed SCHEDULE 13G on HALLADOR ENERGY CO, latest Jul 28, 2026 (7 filings since Feb 2, 2024)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on HALLADOR ENERGY CO, latest Mar 26, 2026 (2 filings since Jul 29, 2025)
- Hallador Alternative Assets Fund, LLC Filed SCHEDULE 13D/A on HALLADOR ENERGY CO, latest Feb 27, 2026 (5 filings since Jul 20, 2022)
- AEGIS FINANCIAL CORP Filed SCHEDULE 13G/A on HALLADOR ENERGY CO, latest Nov 12, 2025 (4 filings since Feb 10, 2023)
- ALJ Investment Company, LLC Filed SCHEDULE 13G/A on HALLADOR ENERGY CO, latest Feb 14, 2025 (2 filings since Jul 5, 2024)
- Lubar Equity Fund, LLC Filed SC 13D/A on HALLADOR ENERGY CO, latest Sep 3, 2024 (4 filings since Jun 22, 2022)
- Lubar & Co., Inc Filed SC 13D/A on HALLADOR ENERGY CO, latest Feb 27, 2024
- Steven Hardie Filed SC 13D on HALLADOR ENERGY CO, latest Jun 21, 2022
- HALLADOR ENERGY CO Terre Haute, Indiana, United States
- HALLADOR POWER COMPANY, LLC Subsidiary · Terre Haute, Indiana, United States
- SUNRISE COAL, LLC Subsidiary · Terre Haute, Indiana, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What HALLADOR ENERGY CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Construction in progress | $39.7M5 Dec 31, 2025 | $27.2M5 Dec 31, 2024 | +45.8% |
| Property and equipment, before depreciation | $645.6M5 Dec 31, 2025 | $605.7M5 Dec 31, 2024 | +6.6% |
| Accumulated depreciation | $367.8M5 Dec 31, 2025 | $348.0M5 Dec 31, 2024 | +5.7% |
| Property and equipment, net | $277.8M5 Dec 31, 2025 | $257.7M5 Dec 31, 2024 | +7.8% |
| Finance-lease assets | $12.6M5 Dec 31, 2025 | $13.0M5 Dec 31, 2024 | −3.4% |
| Operating-lease assets (leased space) | $646.0K5 Dec 31, 2025 | $664.0K5 Dec 31, 2024 | −2.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $10.1M5 Dec 31, 2025 | $7.2M5 Dec 31, 2024 | +39.2% |
| Stakes in other companies (equity method) | $2.6M5 Dec 31, 2025 | $2.6M5 Dec 31, 2024 | +1.5% |
Inventory
Properties, in its own words
Hallador Power, the Company’s wholly-owned electric subsidiary, owns and operates the Merom Power Plant (“Merom”), a 1,080 MW coal-fired power generating station, consisting of two steam turbine generators. Unit 1 entered commercial operations in 1982 and Unit 2 in 1983. The units are dispatched through its MISO interconnection. In order to purchase energy through the MISO Interconnection, an end user must supply or purchase accredited capacity for an equivalent load. As accredited capacity is primarily available in large quantities from dispatchable sources of energy, such as natural gas and coal-fired power plants, Hallador Power sells accredited capacity and energy to utilities, generation and transmission cooperatives, and other energy market participants within the MISO system through power purchase agreements (“PPA”) and other bilateral transactions. Merom is located in Sullivan County, Indiana, on approximately 691 acres, which also holds a 112-acre landfill. Hallador Power has two tracts under option for approximately 72 acres for expansion and future development at Merom. Merom is about twenty miles from Sunrise’s Oaktown Mining Complex and has rail and truck access. The Company acquired Merom from Hoosier Energy Rural Electric Cooperative, Inc. in 2022.
Power Capacity and Utilization
The rest of Item 2
Nameplate capacity (MW)(i) · 1,080 · 1,080
Accredited capacity for the period (MW)(ii) · 775 · 823
Net capacity factor(iii) · 56 · 44
i. · Nameplate capacity for Merom refers to the maximum electric output generated by the plant in the period presented and may not reflect actual production. Actual production each period varies based on weather conditions, operational conditions, market conditions and other factors.
ii. · Accredited capacity is based on MISO’s average seasonal accreditations for the year. Average seasonal accreditations were 775 MW and 808 MW per day for 2025 and 2024, respectively. Accreditations are weighted and adjusted annually based on 3-year rolling performance metrics.
iii. · Net capacity factor is the net amount of electricity that a generating unit produces over a period of time divided by the net amount of electricity it could have produced if it had run at full power over that time period. The net amount of electricity produced is the total amount of electricity generated minus the amount of electricity used during generation by the station.
Permits are required by federal and state law for Merom’s facilities and landfill. Merom holds several construction and environmental permits for air, wastewater and solids waste disposal. All necessary permits to support current operations are in place. New permits or permit revisions may be necessary from time to time to facilitate future operations or to keep pace with the changing regulatory landscape. Given sufficient time and planning, we should be able to secure new permits, as required, to maintain our planned operations within the context of the current regulations. Merom continually excels in environmental excellence and compliance.
Permits generally require that the Company post a performance bond in an amount established by the regulator program to: (1) provide assurance that any disturbance or liability created is properly mitigated, and (2) assure that all regulation requirements of the permit are fully satisfied. We hold surety bonds of $9.7 million to cover obligations relating to reclamation at Merom.
The preparation of coal reserve and resource estimates is conducted by independent entities who are by virtue of their education, experience and professional association considered qualified persons (as defined in SEC rules). Company personnel meet on an annual basis with the independent qualified person to provide updates to the reserve and resource estimates. Company personnel review the work of the qualified person to ensure such work is prepared in accordance
with applicable rules and regulations and that the data and assumptions provided were properly applied to the final reserve and resource model. The Company’s engineering personnel ensure estimates are based on current mine plans, incorporate the most recent drilling and lab data, properly reflect changes in permitting status, consider known encumbrances, and are consistent with operating knowledge and expectations in terms of mining methods, recovery rates, minimum seam heights or maximum strip ratios, and saleable qualities.
An American National Standards Institute-certified third-party laboratory is utilized to support reserve and resource estimates. The laboratory follows standard sample preparation, security, and environmental procedures. In addition, the Company’s qualified person performs independent data verification procedures to ensure data is of sufficient quantity and reliability to reasonably support the coal reserve and resource estimates.
Estimates of any mineral reserve and resources are always subject to a degree of uncertainty. The level of confidence that can be applied to a particular estimate is a function of, among other things, the amount, quality, and completeness of exploration data; geological complexity of the deposit; and economic, legal, social, and environmental factors associated with mining the reserve/resource. The Company’s current coal reserves and resource estimates are based on the best information available and are subject to updates as conditions change. Also refer to "Item 1A. Risk Factors" for discussion of risks associated with the estimates of the Company’s reserves and resources.
Summary of All Mining Properties
Item 2 of the 10-K filed Mar 12, 2026.4
Leadership
Who has led HALLADOR ENERGY CO, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerBrent K. Bilsland Feb 4, 2014 to now13
- Chief executive officerVictor P. Stabio Jul 10, 2007 to Dec 18, 201314
- ChairVictor P. Stabio Jan 30, 2014 to Jun 8, 201715
- ChairDavid C. Hardie Jul 26, 2006 to Dec 20, 201316
- PresidentHeath Aaron Lovell Sep 6, 2024 to now17
- PresidentBrent K. Bilsland Sep 17, 2009 to Sep 6, 202418
- PresidentVictor P. Stabio Jul 10, 2007 to Jul 7, 200914
- Chief financial officerTodd E. Telesz Jul 14, 2025 to now19
- Chief financial officerMarjorie Anne Hargrave Apr 19, 2024 to Jul 14, 202520
- Chief financial officerLawrence D. Martin Nov 27, 2012 to Apr 3, 202421
- Chief financial officerW. Anderson Bishop Sep 18, 2009 to Dec 18, 201522
- Chief financial officerVictor P. Stabio Jan 18, 2008 to Jan 18, 200823
- Chief operating officerHeath Aaron Lovell Apr 2, 2026 to now24
Board members and other officers (15)
- Chief Accounting OfficerDeman Eric Matthew Van Dec 22, 2025 to now25
- Board memberBarbara Ann Sugg Jan 20, 2026 to now26
- Board memberDaniel Timothy Hudson Mar 25, 2026 to now27
- Board memberZarrell Thomas Gray Aug 26, 2024 to now28
- Board memberLawrence D. Martin Dec 18, 2020 to Dec 18, 202029
- Board memberDavid J. Lubar Aug 14, 2018 to now30
- Board memberDavid C. Hardie Jul 15, 2011 to now31
- Board memberBrent K. Bilsland Sep 17, 2009 to now18
- Board memberJohn Van Heuvelen Sep 18, 2009 to Oct 4, 201632
- Board memberBryan H. Lawrence Oct 5, 2009 to Sep 21, 202233
- Board memberSheldon B. Lubar Aug 5, 2008 to Sep 17, 200934
- Board memberVictor P. Stabio Jul 10, 2007 to Dec 20, 201614
- Board memberCortlandt S. Dietler Nov 29, 2007 to Jul 21, 200835
- Board memberSteven Hardie Jul 26, 2006 to Jun 13, 202236
- General counselMatthew Bradford White Jun 17, 2026 to now37
Former names
- HALLADOR PETROLEUM COMay 12, 1995 to Dec 21, 20093
Timeline
- Oct 8, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure38
- Sep 17, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure39
- Aug 14, 20268-K Entered a material agreement; New debt or obligation40
- Aug 10, 20268-K Results of operations41
- Jun 26, 20268-K Entered a material agreement; New debt or obligation42
- Jun 11, 20268-K Executive or director change43
- Jun 5, 20268-K Regulation FD disclosure44
- Jun 2, 20268-K Entered a material agreement; Regulation FD disclosure45
- May 29, 20268-K Shareholder vote46
- May 6, 20268-K Results of operations47
- May 6, 20268-K Executive or director change; Other events48
- Apr 15, 20268-K Executive or director change49
- Feb 4, 2014New chief executive Brent K. Bilsland becomes CEO13
- Jul 10, 2007New chief executive Victor P. Stabio becomes CEO14
- Dec 31, 1985Founded HALLADOR ENERGY CO is founded2
Calendar
Coming up
- Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.55 a share, on Nov 10, 2025.50
When it reported results
- Aug 10, 2026Reported quarterly or annual results41
- May 6, 2026Reported quarterly or annual results47
- Mar 12, 2026Reported quarterly or annual results51
- Nov 10, 2025Reported quarterly or annual results52
- Aug 11, 2025Reported quarterly or annual results53
- May 12, 2025Reported quarterly or annual results54
- Mar 17, 2025Reported quarterly or annual results55
- Nov 12, 2024Reported quarterly or annual results56
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
259 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 97 insider forms, 28 large holders, 51 other. The latest 20:
- Oct 8, 20268-K EDGAR
- Sep 17, 20268-K EDGAR
- Aug 14, 20268-K EDGAR
- Aug 11, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Jul 28, 2026SCHEDULE 13G EDGAR
- Jul 15, 20264 EDGAR
- Jul 10, 20264 EDGAR
- Jun 30, 20264 EDGAR
- Jun 26, 20268-K EDGAR
- Jun 25, 20264 EDGAR
- Jun 25, 20264 EDGAR
- Jun 17, 20263 EDGAR
- Jun 17, 20264 EDGAR
- Jun 11, 20268-K EDGAR
- Jun 5, 20268-K EDGAR
- Jun 3, 20268-K EDGAR
- Jun 2, 20268-K EDGAR
- Jun 1, 20264 EDGAR
The 259 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
61 open-market trades by officers, directors and large owners since October 2021: 22 buys and 39 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 14, 2026 | Sugg Barbara AnnDirector | Buy | 5,000 | $17.13 | $85.7K | Form 4 |
| Jul 9, 2026 | Hudson Daniel TimothyDirector | Buy | 5,000 | $16.59 | $82.9K | Form 4 |
| Jun 29, 2026 | Hudson Daniel TimothyDirector | Buy | 10,000 | $16.94 | $169.4K | Form 4 |
| Jun 25, 2026 | Hudson Daniel TimothyDirector | Buy | 2,000 | $17.70 | $35.4K | Form 4 |
| Jun 24, 2026 | Hudson Daniel TimothyDirector | Buy | 3,000 | $17.04 | $51.1K | Form 4 |
| Jun 16, 2026 | Wesley Charles Ray IVDirector | Buy | 15,000 | $16.69 | $250.3K | Form 4 |
| Dec 17, 2025 | Wesley Charles Ray IVDirector | Buy | 20,000 | $17.83 | $356.6K | Form 4 |
| Nov 21, 2025 | Wesley Charles Ray IVDirector | Buy | 13,000 | $19.28 | $250.6K | Form 4 |
| Oct 1, 2025 | HARDIE DAVID CDirector | Sale | 100,000 | $19.76 | $2.0M | Form 4 |
| Sep 30, 2025 | HARDIE DAVID CDirector | Sale | 100,000 | $19.53 | $2.0M | Form 4 |
| Sep 29, 2025 | HARDIE DAVID CDirector | Sale | 73,783 | $19.65 | $1.4M | Form 4 |
| Sep 26, 2025 | HARDIE DAVID CDirector | Sale | 77,868 | $19.18 | $1.5M | Form 4 |
| Sep 25, 2025 | HARDIE DAVID CDirector | Sale | 34,982 | $19.82 | $693.3K | Form 4 |
| Sep 23, 2025 | HARDIE DAVID CDirector | Sale | 8,770 | $19.08 | $167.3K | Form 4 |
| Sep 22, 2025 | HARDIE DAVID CDirector | Sale | 76,659 | $19.25 | $1.5M | Form 4 |
| Aug 19, 2025 | Wesley Charles Ray IVDirector | Buy | 20,000 | $15.27 | $305.4K | Form 4 |
| May 19, 2025 | HARDIE DAVID CDirector | Sale | 97,837 | $19.05 | $1.9M | Form 4 |
| Apr 10, 2025 | Gray Zarrell ThomasDirector | Buy | 9,000 | $13.60 | $122.4K | Form 4 |
| Apr 7, 2025 | Wesley Charles Ray IVDirector | Buy | 10,000 | $10.40 | $104.0K | Form 4 |
| Dec 10, 2024 | HARDIE DAVID CDirector | Sale | 16,282 | $13.10 | $213.3K | Form 4 |
All 61 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Mark D. BeckerSCHEDULE 13G/A, 2 filings Nov 6, 2025 to Aug 11, 202657
- BlackRockSCHEDULE 13G, 7 filings Feb 2, 2024 to Jul 28, 202658
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Jul 29, 2025 to Mar 26, 202659
- Hallador Alternative Assets Fund, LLCSCHEDULE 13D/A, 5 filings Jul 20, 2022 to Feb 27, 202660
- AEGIS FINANCIAL CORPSCHEDULE 13G/A, 4 filings Feb 10, 2023 to Nov 12, 202561
- ALJ Investment Company, LLCSCHEDULE 13G/A, 2 filings Jul 5, 2024 to Feb 14, 202562
- Lubar Equity Fund, LLCSC 13D/A, 4 filings Jun 22, 2022 to Sep 3, 202463
- Lubar & Co., IncSC 13D/A, 1 filing Feb 27, 202464
- Steven HardieSC 13D, 1 filing Jun 21, 202265
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Brent K. Bilsland | 52 | $675.0K | $1.4M66 |
| 2025 | Marjorie Hargrave | $201.5K | $1.1M66 | |
| 2025 | Heath A. Lovell | $450.0K | $953.2K66 | |
| 2025 | Todd E. Telesz | $250.0K | $805.9K66 | |
| 2024 | President and Chief Executive Officer | $658.8K | $2.8M66 | |
| 2024 | Chief Operating Officer | $436.5K | $1.4M66 | |
| 2024 | Former Chief Financial Officer | $281.5K | $941.6K66 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Lubar & Co., Inc | 5,452,019 | $94.8M | 75.0% | No change |
| BlackRock, Inc. | 2,851,856 | $49.6M | 0.0% | +457,110 |
| Point72 Asset Management, L.P. | 2,121,228 | $36.9M | 0.1% | +219,974 |
| Aegis Financial Corp | 1,812,026 | $31.5M | 5.0% | −2,000 |
| Orbis Allan Gray Ltd | 1,695,845 | $29.5M | 0.1% | −63,966 |
| Vanguard Capital Management LLC | 1,531,550 | $26.6M | 0.0% | +45,721 |
| American Century Companies Inc | 1,518,138 | $26.4M | 0.0% | +135,011 |
| Dimensional Fund Advisors LP | 1,043,820 | $18.1M | 0.0% | +20,837 |
| Geode Capital Management, LLC | 980,431 | $17.1M | 0.0% | −10,309 |
| Highland Peak Capital, LLC | 947,219 | $16.5M | 4.8% | New |
| Dayah Capital LLC | 887,236 | $15.4M | 13.0% | +238,936 |
| State Street Corp | 780,330 | $13.6M | 0.0% | +71,032 |
| Deutsche Bank Ag\ | 778,244 | $13.5M | 0.0% | +67,248 |
| Morgan Stanley | 758,982 | $13.2M | 0.0% | +352,594 |
| Tyro Capital Management LLC | 735,471 | $12.8M | 2.9% | New |
| Garnet Equity Capital Holdings, Inc. | 633,895 | $11.0M | 4.9% | +201,421 |
| Fmr LLC | 616,268 | $10.7M | 0.0% | −27,850 |
| Vanguard Portfolio Management LLC | 485,567 | $8.4M | 0.0% | −286,619 |
| Goldman Sachs Group Inc | 478,277 | $8.3M | 0.0% | +124,508 |
| Susquehanna International Group, Llp | 417,786 | $7.3M | 0.0% | +125,473 |
| Bank of New York Mellon Corp | 404,653 | $7.0M | 0.0% | +6,020 |
| D. E. Shaw & Co., Inc. | 383,587 | $6.7M | 0.0% | +235,502 |
| Tudor Investment Corp Et Al | 370,838 | $6.4M | 0.0% | New |
| CenterBook Partners LP | 340,622 | $5.9M | 0.3% | −82,338 |
| Charles Schwab Investment Management Inc | 335,693 | $5.8M | 0.0% | −73,798 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How HALLADOR ENERGY CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARHALLADOR ENERGY CO1
- CIK0000788965
- Employer ID (EIN)84-10146104
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inColorado4
- Fiscal year endsDecember 311
- Industry code (SIC)4911 Electric Services1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address1183 East Canvasback Drive, Terre Haute, IN 478021
- Phone303-839-55041
- Shares outstanding47,143,357 as of Aug 6, 202612
- Public float$520.7M as of Jun 30, 20264
- AuditorGRANT THORNTON LLP, Tulsa, Oklahoma PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceMay 12, 19951
- Filings881 in all: 4 (342), 8-K (168), 10-Q (57), 10QSB (39), SC 13D/A (36), UPLOAD (24), 3 (22), CORRESP (22)1
All 42 form types
10-K (19), 4/A (12), DEF 14A (12), SC 13D (9), 144 (8), SC 13G/A (8), 10KSB (7), 8-K/A (7), NT 10-Q (7), 5 (6), DEFA14A (6), NT 10-K (6), SC 13G (6), SCHEDULE 13G/A (6), 10-K/A (5), 3/A (5), DEF 14C (5), SCHEDULE 13G (5), 10KSB40 (4), 424B5 (4), S-8 (4), 10-Q/A (3), 10QSB/A (2), EFFECT (2), PRE 14A (2), S-3 (2), S-3/A (2), 10-K405 (1), 10KSB/A (1), 8-A12B (1), CERTNAS (1), D (1), S-3ASR (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Mar 12, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 15, 2026
Latest 8-K (8-K) Oct 8, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.01 par value per share | HNRG | Nasdaq |
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks HALLADOR ENERGY CO names in Item 1A of its 10-K filed Mar 12, 2026: 49 risks under these headings, as written.4
- Risks Related to our Business
- Global economic conditions or economic conditions in any of the industries in which our customers operate as well as sustained uncertainty in financial markets could have material adverse impacts on our business and financial condition that we currently cannot predict.
- The stability and profitability of our operations could be adversely affected if our customers do not honor existing contracts or do not extend existing contracts or enter into new long-term contracts for accredited capacity, electric power or coal.
- Our financial performance may be impacted by price fluctuations in the electric power markets, as well as fluctuations in coal markets and other market factors that are beyond our control.
- Some of our long-term sales contracts contain provisions allowing for the termination of the contract or the suspension of purchases by customers or, in certain cases, the renegotiation of prices.
- We depend on a limited number of customers for a significant portion of our revenues, and the loss of one or more significant customers could affect our ability to maintain the sales volume, price of our products and profitability.
- Our recent efforts to sell our accredited capacity to long-term customers may not be successful.
- In light of the fact that the Company believes it holds a considerable portion of the remaining unsold accredited capacity in MISO Zone 6, covering Indiana and parts of western Kentucky, the Company has recently focused its efforts on entering into one or more long-term contracts for the sale of its accredited capacity and energy to large load end user(s) through a utility or cooperative. Failure to enter into one or more long-term contracts may have a material adverse effect on our business, financial condition and results of operations.
- Participation in MISO’s ERAS program may not achieve the benefits targeted by the Company and, if not successful, could have a material adverse effect on the Company’s business, financial condition and/or results of operations.
- Expected demand growth from the technology sector, manufacturing and other users of electricity, which has driven recent improvements in the outlook for the competitive wholesale power generation market, may not actually occur or be sustained.
- Our ability to collect payments from our customers could be impaired if their creditworthiness declines or if they fail to honor their contracts with us.
- Contractors that we use to provide employees at our power plant may experience work stoppages, slowdowns, lockouts or other labor disputes.
The other 38 risks
- At Merom, our operator, CAMS, employs represented workers. While these workers are not Hallador Power employees, work stoppages, slowdowns, lockouts or other labor disputes within the CAMS workforce could adversely affect and disrupt our productivity and operations at the plant.
- In our Coal Operations, although none of our coal employees are members of unions, our workforce may not remain union-free in the future.
- The operation and maintenance of the Merom facilities or future investment in the Merom facilities are subject to operational risks that could adversely affect our financial position, results of operations and cash flows.
- Completion of growth projects and future expansion could require significant amounts of financing that may not be available to us on acceptable terms, or at all.
- Terrorist attacks or cyber-incidents could result in information theft, data corruption, operational disruption and/or financial loss.
- We may not recover our investments in our power, mining, and other assets, which may require us to recognize impairment charges related to those assets.
- If we are unable to comply with the covenants contained in our credit agreement, the lenders could declare all amounts outstanding to be due and payable and foreclose on their collateral, which could materially adversely affect our financial condition and operations.
- Our indebtedness may limit our ability to borrow additional funds or capitalize on business opportunities.
- If our financial condition deteriorates, certain credit assurance provisions in our power contracts could require additional collateral.
- Investor and lender focus on ESG matters may negatively impact our business, financial results, and stock price.
- Enhanced data privacy and data protection laws and regulations or any non-compliance with such laws and regulations, could adversely affect our business and financial results.
- Risks Related to our Industries
- Substantial or extended volatility in coal prices could negatively impact our results of operations in both our Electric Operations and Coal Operations segments.
- Competition within the coal industry could adversely affect our financial results.
- Changes in taxes or tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.
- Changes in consumption patterns by utilities regarding the use of coal, including plans by utilities to shut down or move away from coal-fired generation, have affected our ability to sell the coal we produce.
- Extensive environmental laws and regulations affect coal consumers and have corresponding effects on the demand for coal as a fuel source.
- Our operations are subject to a series of risks resulting from climate change.
- We or our customers could be subject to risks related to the alleged effects of climate change.
- Our operations may impact the environment or cause exposure to hazardous substances, and our properties may have environmental contamination, which could result in liabilities to us. In addition, government inspectors, under certain circumstances, have the ability to order our operations to be shut down based on environmental considerations.
- Litigation resulting from disputes with our customers could result in substantial costs, liabilities, and loss of revenues.
- Our profitability in our Electric and Coal Operations could decline due to unanticipated operating conditions and other events that are not within our control and that may not be fully covered under our insurance policies.
- Our inability to obtain commercial insurance at acceptable rates or our failure to adequately reserve for self-insured exposures could increase our expenses and have a negative impact on our business.
- Our Electric and Coal Operations are subject to extensive and costly laws and regulations, and such current and future laws and regulations could increase current operating costs or limit our ability to produce coal.
- Changes in the U.S. political environment, including those resulting from the new in Presidential Administration and control of Congress, and to regulatory agencies, may result in significant changes to regulatory framework and enforcements.
- We may be unable to obtain and renew permits necessary for our operations, which could reduce our production, cash flow and profitability.
- Inflation could result in higher costs and decreased profitability.
- Increases in interest rates could adversely affect our business.
- Fluctuations in transportation costs and the availability or reliability of transportation could reduce revenues by causing us to reduce our production or by impairing our ability to supply coal to our customers.
- We may not be able to successfully grow through future acquisitions.
- Expansions and acquisitions involve a number of risks, including integration risk, which could cause us not to realize the anticipated benefits.
- The estimates of our coal reserves could prove inaccurate and could result in decreased profitability in our Coal Operations.
- Mining in certain areas in which we operate is more difficult and involves more regulatory constraints than mining in other areas of the U.S., which could affect the mining operations and cost structures of these areas.
- Unexpected increases in raw material costs could significantly impair our operating profitability.
- Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation and coal lease obligations and, therefore, our ability to mine or lease coal.
- Certain federal income tax deductions currently available with respect to coal mining and production may be eliminated as a result of future legislation.
- Disruptions in supply chains could significantly impair our operating profitability.
- The Russian-Ukrainian conflict, and sanctions brought against Russia, as well as other disruptions throughout Europe and the Middle East have caused significant market disruptions that may lead to increased volatility in the price of commodities.
- Natural disasters and other events beyond our control could materially adversely affect us.
Legal proceedings
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including, but not limited to, environmental matters, contractual disputes, regulatory issues, personal injury, and employment claims. As of the filing date of this report, the Company does not have any active lawsuits or claims which are deemed material, but should facts or circumstances change, some or all of these alleged claims could have a material impact on the Company’s financial results, results of operations and/or cash flows.
The Company accrues liabilities for legal matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. While the Company believes that it has made appropriate provisions for all known legal matters, the outcome of legal proceedings is inherently uncertain, and there can be no assurance that the resolution of such matters will not have a material adverse effect on the Company's financial position, results of operations, or cash flows.
The Company will continue to monitor all proceedings and will update shareholders as necessary, in accordance with applicable legal and regulatory requirements.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARVictor P. Stabio, Chair
- 16SEC EDGARDavid C. Hardie, Chair
- 17SEC EDGARHeath Aaron Lovell, President
- 18SEC EDGARBrent K. Bilsland, President
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- 26SEC EDGARBarbara Ann Sugg, Board member
- 27SEC EDGARDaniel Timothy Hudson, Board member
- 28SEC EDGARZarrell Thomas Gray, Board member
- 29SEC EDGARLawrence D. Martin, Board member
- 30SEC EDGARDavid J. Lubar, Board member
- 31SEC EDGARDavid C. Hardie, Board member
- 32SEC EDGARJohn Van Heuvelen, Board member
- 33SEC EDGARBryan H. Lawrence, Board member
- 34SEC EDGARSheldon B. Lubar, Board member
- 35SEC EDGARCortlandt S. Dietler, Board member
- 36SEC EDGARSteven Hardie, Board member
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- 41SEC EDGARResults of operations
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- 43SEC EDGARExecutive or director change
- 44SEC EDGARRegulation FD disclosure
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- 46SEC EDGARShareholder vote
- 47SEC EDGARResults of operations
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- 49SEC EDGARExecutive or director change
- 50NasdaqNasdaq calendar
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