Revenue performance remains inconsistent, highlighted by a 13.6% year-over-year decline in 2026Q1 and extreme gross margin volatility that swung from -126.5% in 2025Q4 to 62.8% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 453.49M | 469.47M | 404.39M | 634.88M | 361.99M | 247.67M | 244.24M | 317.44M | 291.78M | 268.2M | 278.92M | 339.49M | 233.9M | 137.44M | 131.37M | 150.96M | 128.23M | 116.33M | 70.7M | 27.23M | 2.47M | 1.65M | 1.07M | 9.5M | 7.75M | 7.76M | 7.97M | 3.85M | 4.4M | 5.2M | 5.4M |
| Revenue Growth % | 10.37% | 16.09% | -36.3% | 75.39% | 46.16% | 1.4% | -23.06% | 8.79% | 8.79% | -3.84% | -17.84% | 45.14% | 70.19% | 4.62% | -12.97% | 17.72% | 10.23% | 64.56% | 159.64% | 1003.24% | 49.94% | 53.54% | -88.72% | 22.56% | -0.15% | -2.55% | 107.18% | -12.61% | -15.38% | -3.7% | 17.39% |
| Cost of Goods Sold | 374.1M | 382.18M | 178.59M | 303.24M | 266.61M | 198.84M | 185.96M | 296.44M | 259.53M | 228.65M | 228.34M | 281.84M | 198.95M | 111.48M | 95.77M | 78.23M | 73.31M | 65.44M | 40.41M | 21.87M | 349K | 284K | 149K | 6.04M | 6.14M | 5.1M | 4.16M | 2.98M | 2.8M | 2.9M | 2.7M |
| COGS % of Revenue | - | 81.41% | 44.16% | 47.76% | 73.65% | 80.29% | 76.14% | 93.39% | 88.95% | 85.25% | 81.87% | 83.02% | 85.06% | 81.11% | 72.9% | 51.82% | 57.17% | 56.25% | 57.16% | 80.31% | 14.14% | 17.25% | 13.9% | 63.56% | 79.27% | 65.66% | 52.27% | 77.58% | 63.64% | 55.77% | 50% |
| Gross Profit | 79.39M | 87.28M | 225.8M | 331.63M | 95.38M | 48.83M | 58.28M | 21M | 32.25M | 39.56M | 50.58M | 57.65M | 34.95M | 25.96M | 35.6M | 72.73M | 54.92M | 50.89M | 30.28M | 5.36M | 2.12M | 1.36M | 923K | 3.46M | 1.61M | 2.67M | 3.8M | 862K | 1.6M | 2.3M | 2.7M |
| Gross Margin % | 17.51% | 18.59% | 55.84% | 52.24% | 26.35% | 19.71% | 23.86% | 6.61% | 11.05% | 14.75% | 18.13% | 16.98% | 14.94% | 18.89% | 27.1% | 48.18% | 42.83% | 43.75% | 42.84% | 19.69% | 85.86% | 82.75% | 86.1% | 36.44% | 20.73% | 34.34% | 47.73% | 22.42% | 36.36% | 44.23% | 50% |
| Gross Profit Growth % | - | -61.35% | -31.91% | 247.69% | 95.35% | -16.23% | 177.57% | -34.9% | -18.46% | -21.8% | -12.26% | 64.96% | 34.64% | -27.09% | -51.05% | 32.42% | 7.92% | 68.05% | 464.77% | 153.04% | 55.58% | 47.56% | -73.34% | 115.43% | -39.72% | -29.88% | 341.07% | -46.13% | -30.43% | -14.81% | 42.11% |
| Operating Expenses | 37.92M | 26.23M | 443.95M | 266.62M | 64.95M | 54.87M | 55.19M | 15.35M | 14.19M | 16.69M | 12.19M | 14.66M | 13.4M | 10.03M | 9.98M | 21.1M | 17.37M | 12.88M | 10.76M | 6.58M | 1.99M | 655K | 996K | 2.38M | 3.2M | 2.27M | 1.75M | 1.3M | 2.3M | 2.4M | 1.2M |
| OpEx % of Revenue | - | 5.59% | 109.78% | 42% | 17.94% | 22.15% | 22.59% | 4.83% | 4.86% | 6.22% | 4.37% | 4.32% | 5.73% | 7.3% | 7.6% | 13.98% | 13.55% | 11.07% | 15.22% | 24.17% | 80.67% | 39.79% | 92.91% | 25.11% | 41.23% | 29.27% | 22.01% | 33.81% | 52.27% | 46.15% | 22.22% |
| Selling, General & Admin | -770K | 26.23M | 142.69M | 178.58M | 16.42M | 14.83M | 11.59M | 12.85M | 11.84M | 14.98M | 10.52M | 12.62M | 12.04M | 7.67M | 7.53M | 7M | 5.56M | 4.04M | 6.13M | 4.16M | 1.94M | 612K | 852K | 801K | 951K | 909K | 777K | 662K | 600K | 500K | 400K |
| SG&A % of Revenue | - | 5.59% | 35.29% | 28.13% | 4.54% | 5.99% | 4.75% | 4.05% | 4.06% | 5.58% | 3.77% | 3.72% | 5.15% | 5.58% | 5.73% | 4.64% | 4.33% | 3.47% | 8.67% | 15.28% | 78.4% | 37.18% | 79.48% | 8.43% | 12.27% | 11.71% | 9.75% | 17.22% | 13.64% | 9.62% | 7.41% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102K | 0 | 0 | 0 | 0 | 0 | 700K | 1.1M | 300K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.51% | - | - | - | - | - | 15.91% | 21.15% | 5.56% |
| Other Operating Expenses | 2M | 0 | 301.26M | 88.05M | 48.54M | 40.04M | 43.59M | 2.5M | 64.58M | 36.78M | 2.21M | 2.24M | 24.36M | 3.29M | 4.7M | 14.1M | 11.82M | 8.84M | 4.63M | 2.42M | 56K | 43K | 42K | 1.25M | 2.25M | 1.36M | 976K | 638K | 1M | 800K | 500K |
| Operating Income | 41.47M | 61.06M | -218.16M | 65.01M | 30.43M | -6.04M | 3.1M | 5.65M | 18.06M | 26.3M | 40.91M | 43.63M | 27.82M | 32.36M | 35.57M | 38.67M | 37.55M | 38.02M | 18.13M | -1.22M | -9K | 524K | -73K | -395K | -2.53M | 394K | 2.05M | 9K | -700K | -100K | 1.5M |
| Operating Margin % | 9.14% | 13.01% | -53.95% | 10.24% | 8.41% | -2.44% | 1.27% | 1.78% | 6.19% | 9.8% | 14.67% | 12.85% | 11.89% | 23.55% | 27.08% | 25.62% | 29.28% | 32.68% | 25.64% | -4.48% | -0.36% | 31.83% | -6.81% | -4.16% | -32.63% | 5.08% | 25.72% | 0.23% | -15.91% | -1.92% | 27.78% |
| Operating Income Growth % | - | 127.99% | -435.56% | 113.64% | 603.47% | -295.09% | -45.2% | -68.7% | -31.32% | -35.73% | -6.21% | 56.83% | -14.05% | -9.02% | -8.02% | 2.99% | -1.23% | 109.7% | 1587.2% | -13444.44% | -101.72% | 817.81% | 81.52% | 84.38% | -741.88% | -80.77% | 22666.67% | 101.29% | -600% | -106.67% | 66.67% |
| EBITDA | 78.32M | 102.28M | -152.53M | 132.22M | 77.31M | 33.93M | 42.74M | 55.5M | 63.39M | 65.65M | 77.51M | 87.57M | 57.08M | 50.95M | 51.6M | 52.77M | 49.37M | 46.85M | 22.76M | 1.2M | 47K | 567K | 648K | 765K | -250K | 1.69M | 3.02M | 647K | -230K | 380K | 1.92M |
| EBITDA Margin % | 17.27% | 21.79% | -37.72% | 20.83% | 21.36% | 13.7% | 17.5% | 17.48% | 21.73% | 24.48% | 27.79% | 25.79% | 24.4% | 37.07% | 39.28% | 34.96% | 38.5% | 40.28% | 32.19% | 4.41% | 1.9% | 34.45% | 60.45% | 8.05% | -3.23% | 21.82% | 37.97% | 16.83% | -5.23% | 7.31% | 35.56% |
| EBITDA Growth % | 155.23% | 167.05% | -215.36% | 71.04% | 127.84% | -20.62% | -22.98% | -12.46% | -3.44% | -15.3% | -11.49% | 53.41% | 12.03% | -1.26% | -2.22% | 6.89% | 5.37% | 105.87% | 1795% | 2455.32% | -91.71% | -12.5% | -15.29% | 406% | -114.76% | -44% | 367.54% | 381.3% | -160.53% | -80.21% | 27.15% |
| D&A (Non-Cash Add-back) | 36.85M | 41.22M | 65.63M | 67.21M | 46.88M | 39.97M | 39.64M | 49.84M | 45.33M | 39.36M | 36.59M | 43.94M | 29.26M | 18.59M | 16.03M | 14.1M | 11.82M | 8.84M | 4.63M | 2.42M | 56K | 43K | 721K | 1.16M | 2.28M | 1.3M | 976K | 638K | 470K | 480K | 420K |
| EBIT | 48.91M | 62.11M | -223.44M | 59.74M | 28.14M | 4.78M | 1.79M | -64.02M | 19.83M | 27.02M | 23.96M | 43.13M | 19.76M | 32.36M | 35.57M | 58.03M | 38.55M | 38.02M | 17.63M | 1.28M | 128K | 707K | -73K | -395K | -1.59M | 394K | 2.05M | -199K | -1.4M | -1.1M | 400K |
| Net Interest Income | -12.57M | -16.29M | -13.85M | -13.71M | -11.88M | -11.07M | -13.42M | -16M | -16.29M | -12.41M | -14.84M | -15.56M | -9.06M | -1.55M | -1.1M | -1.29M | -1.93M | -2.04M | -4.03M | -3.87M | 109K | 544K | 0 | 120K | 20K | 89K | 65K | 0 | 0 | 0 | 0 |
| Interest Income | 749K | 602K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 244K | 804K | 544K | 0 | 120K | 43K | 130K | 159K | 0 | 0 | 0 | 0 |
| Interest Expense | 9.2M | 16.9M | 13.85M | 13.71M | 11.88M | 11.07M | 13.42M | 16M | 16.29M | 12.41M | 14.84M | 15.56M | 9.06M | 1.55M | 1.1M | 1.29M | 1.93M | 2.04M | 4.03M | 4.11M | 695K | 0 | 0 | 0 | 23K | 41K | 94K | 0 | -400K | -500K | -600K |
| Other Income/Expense | -17.57M | -17.35M | -17.39M | -15.75M | -10.57M | 2.32M | -11.98M | -87.85M | -14.51M | -12.41M | -32.43M | -16.05M | -17.12M | -2.77M | -1.1M | 18.07M | -921K | -2.04M | -4.53M | -1.2M | -933K | -217K | -144K | -67K | 0 | -233K | 147K | 0 | -300K | -500K | -500K |
| Pretax Income | 23.9M | 43.7M | -235.54M | 49.26M | 19.86M | -3.73M | -8.88M | -82.2M | 3.55M | 13.88M | 8.48M | 27.57M | 10.7M | 29.6M | 34.48M | 56.74M | 36.63M | 35.98M | 13.6M | -2.42M | -942K | 337K | -217K | 1.01M | -4.41M | 161K | 2.2M | 970K | -1M | -600K | 1M |
| Pretax Margin % | 5.27% | 9.31% | -58.25% | 7.76% | 5.49% | -1.51% | -3.63% | -25.9% | 1.22% | 5.18% | 3.04% | 8.12% | 4.58% | 21.54% | 26.24% | 37.59% | 28.56% | 30.93% | 19.24% | -8.87% | -38.17% | 20.47% | -20.24% | 10.63% | -56.88% | 2.07% | 27.57% | 25.23% | -22.73% | -11.54% | 18.52% |
| Income Tax | 1.33M | 1.83M | -9.4M | 4.46M | 1.76M | 26K | -2.66M | -22.35M | -4.08M | -19.19M | -4.03M | 7.44M | 482K | 7.66M | 10.67M | 20.93M | 14.25M | 13.77M | 2.93M | 1.23M | -118K | 145K | -9.94M | 412K | 167K | 219K | 466K | -787K | -700K | -1M | 0 |
| Effective Tax Rate % | 5.56% | 4.19% | 3.99% | 9.06% | 8.84% | -0.7% | 29.94% | 27.19% | -114.92% | -138.27% | -47.45% | 26.98% | 4.5% | 25.89% | 30.94% | 36.89% | 38.91% | 38.28% | 21.51% | -50.97% | 12.53% | 43.03% | 4582.03% | 40.79% | -3.79% | 136.02% | 21.22% | -81.13% | 70% | 166.67% | 0% |
| Net Income | 22.57M | 41.87M | -226.14M | 44.79M | 18.11M | -3.75M | -6.22M | -59.85M | 7.62M | 33.08M | 12.51M | 20.13M | 10.22M | 22.42M | 23.81M | 35.81M | 22.38M | 20.18M | 8.9M | -2.42M | -824K | 162K | 9.87M | 665K | -1.76M | 175K | 1.58M | 349K | -700K | -500K | 1M |
| Net Margin % | 4.98% | 8.92% | -55.92% | 7.06% | 5% | -1.52% | -2.55% | -18.86% | 2.61% | 12.33% | 4.49% | 5.93% | 4.37% | 16.32% | 18.12% | 23.72% | 17.45% | 17.35% | 12.59% | -8.87% | -33.39% | 9.84% | 920.71% | 7% | -22.66% | 2.25% | 19.87% | 9.08% | -15.91% | -9.62% | 18.52% |
| Net Income Growth % | 110.52% | 118.52% | -604.85% | 147.41% | 582.29% | 39.65% | 89.61% | -885.38% | -76.96% | 164.4% | -37.86% | 97.01% | -54.43% | -5.81% | -33.52% | 60.04% | 10.85% | 126.8% | 468.53% | -193.08% | -608.64% | -98.36% | 1384.21% | 137.87% | -1103.43% | -88.94% | 353.58% | 149.86% | -40% | -150% | - |
| Net Income (Continuing) | 22.57M | 41.87M | -226.14M | 44.79M | 18.11M | -3.75M | -6.22M | -59.85M | 7.62M | 33.08M | 12.51M | 20.13M | 10.22M | 22.42M | 23.81M | 35.81M | 22.38M | 22.2M | 10.68M | -2.83M | -824K | 162K | 0 | 0 | -1.76M | 0 | 1.58M | 349K | 0 | 0 | 1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 4M | 4M | 4M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.68M | 384K | 0 | 0 | 9.74M | 5.05M | 4.76M | 5.52M | 5.44M | 4.76M | 0 | 0 | 0 |
| EPS (Diluted) | 0.49 | 0.96 | -5.72 | 1.25 | 0.55 | -0.12 | -0.20 | -1.98 | 0.25 | 1.08 | 0.42 | 0.68 | 0.34 | 0.80 | 0.83 | 1.25 | 0.78 | 0.83 | 0.46 | -0.18 | -0.07 | 0.02 | 1.39 | 0.09 | -0.25 | 0.02 | 0.22 | 0.05 | -0.10 | -0.07 | 0.14 |
| EPS Growth % | 110.59% | 116.78% | -557.6% | 127.27% | 558.33% | 40% | 89.9% | -892% | -76.85% | 157.14% | -38.24% | 100% | -57.5% | -3.61% | -33.6% | 60.26% | -6.02% | 80.43% | 355.56% | -156.05% | -451.5% | -98.56% | 1444.44% | 136% | -1350% | -90.91% | 340% | 150.71% | -40.06% | -150.29% | - |
| EPS (Basic) | - | 0.98 | -5.72 | 1.35 | 0.57 | -0.12 | -0.20 | -1.98 | 0.25 | 1.08 | 0.42 | 0.68 | 0.34 | 0.81 | 0.84 | 1.27 | 0.81 | 0.84 | 0.47 | -0.18 | -0.07 | 0.02 | 1.39 | 0.09 | -0.25 | 0.02 | 0.22 | 0.05 | -0.10 | -0.07 | 0.14 |
| Diluted Shares Outstanding | 46.52M | 43.43M | 39.5M | 36.83M | 33.65M | 30.61M | 30.45M | 30.25M | 30.07M | 29.66M | 29.26M | 29.03M | 28.78M | 28.91M | 28.84M | 28.69M | 28.57M | 24.44M | 19.29M | 13.3M | 11.71M | 7.16M | 7.09M | 7.09M | 7.09M | 7.51M | 7.32M | 7.09M | 7.1M | 7.1M | 7.1M |
| Basic Shares Outstanding | 46.52M | 42.93M | 39.5M | 33.13M | 32.04M | 30.61M | 30.45M | 30.25M | 30.07M | 29.66M | 29.26M | 29.03M | 28.78M | 28.59M | 28.33M | 28.14M | 27.79M | 24.02M | 18.98M | 13.3M | 11.71M | 7.16M | 7.09M | 7.09M | 7.09M | 7.09M | 7.09M | 7.09M | 7.1M | 7.1M | 7.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 64.85% | 14.79% | 38.36% | 23.81% | 46.95% | 15.5% | 98.18% | 9.79% | 13.13% | 4.5% | - | - | - | 4988.27% | - | - | - | - | - | - | - | - | - |
Regulatory and operational volatility
As reported in recent financial filings, HNRG's revenue trajectory remains highly inconsistent, characterized by a 13.6% year-over-year decline in 2026Q1 following a period of erratic growth, suggesting that the integration of power generation assets has yet to stabilize the company's top-line performance against legacy mining headwinds.
The revenue fluctuations appear to reflect the company's ongoing pivot from a pure-play coal miner to an integrated energy provider. Investors should monitor whether the power generation segment can provide a consistent revenue floor, as the current data suggests that seasonal MISO market dynamics and contract-based coal sales are not yet offsetting the inherent volatility of the underlying commodity markets.
Based on the provided income statement data, HNRG's gross margins have exhibited extreme variance, swinging from a negative 126.5% in 2025Q4 to a positive 62.8% in 2025Q3, which indicates significant sensitivity to operational disruptions and the high fixed-cost nature of the company's integrated mining and power assets.
The wide swings in gross margin suggest that the company's cost structure is highly susceptible to unabsorbed fixed costs during periods of lower output. This instability warrants further investigation into whether the Merom power plant's operational requirements are creating unpredictable cost spikes that periodically overwhelm the mining segment's profitability.
According to historical income statements, HNRG's net income has been frequently impacted by substantial non-operating charges, most notably the $218.3 million operating loss in 2024Q4, which obscures the underlying profitability of the core energy production business and complicates the assessment of sustainable earnings power.
The presence of large, periodic losses suggests that accounting adjustments related to asset acquisitions or environmental liabilities may be masking the true operational performance. Analysts should be cautious in relying on headline EPS figures, as these non-recurring items appear to be a recurring feature of the company's financial reporting during its recent transformation.
While management emphasizes the benefits of vertical integration, the income statement data suggests that the company's shift into power generation has introduced significant operational complexity, as evidenced by the inconsistent operating margins that have struggled to maintain positive territory across several of the last ten quarters.
Short-term observers may argue that the company is trading the relative simplicity of coal mining for the high-risk, capital-intensive nature of power utility management. If the Merom station fails to consistently capture favorable spark spreads, the company may find itself burdened by a high fixed-cost base that lacks the flexibility to adapt to shifting regional energy demand.
Quick answers to the most common questions about buying HNRG stock.
For fiscal year 2025, Hallador Energy Company (HNRG) reported total revenue of $469.5M. This represents a 8593.8% increase compared to $5.4M in 1996.
Hallador Energy Company (HNRG) is profitable, generating $41.9M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
Hallador Energy Company (HNRG) reported an operating income of $61.1M, resulting in an operating profit margin of 13.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Hallador Energy Company (HNRG) generated $87.3M in gross profit for the year, representing a gross profit margin of 18.6%. This demonstrates the company's core pricing power and production efficiency.