Revenue has plateaued near $100M per quarter (down 1.3% in 2026Q2), while gross margins are highly volatile, swinging from 56.4% in 2026Q2 to -126.5% in 2025Q4, and operating income turned negative at -$12.7M in 2026Q2, reflecting the integration challenges of the Merom power plant.
Hallador Energy Company (HNRG) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 450.47M | 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 % | 7.27% | 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 | 482.34M | 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 | -31.87M | 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 % | -7.08% | 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 | -46.98M | 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 | -27.52M | 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 | 1000K | 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 | 15.11M | 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 % | 3.35% | 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 | 56.73M | 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 % | 12.59% | 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 % | 143.39% | 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) | 41.62M | 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 | 18.89M | 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 | -16.07M | -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 | 1.03M | 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 | 17.1M | 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 | -15.85M | -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 | -747K | 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 % | -0.17% | 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 | 165K | 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 % | -22.09% | 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 | -912K | 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 % | -0.2% | 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 % | 99.53% | 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) | -912K | 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) | -0.02 | 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 % | 100.53% | 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 | 47.13M | 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 | 47.13M | 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% | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin volatility from power segment
Metrics are mathematically derived from official filings.
Revenue Stagnation Amid Segment Shift
Revenue has plateaued near $100M per quarter, with a 1.3% decline in 2026Q2, as the power segment's contribution stabilizes, according to recent financial statements.
The latest quarter's revenue of $101.5M is essentially flat year-over-year, following a 15% drop in 2026Q1. This suggests that the initial boost from integrating Merom has faded, and growth now hinges on power prices and dispatch, not coal volumes. The 39.8% surge in 2025Q3 appears to be an outlier, likely driven by favorable MISO conditions, rather than a sustainable trend.
Gross Margin Volatility Masks Structural Shift
Gross margin swung from 56.4% in 2026Q2 to -126.5% in 2025Q4, reflecting inventory and hedging impacts, as reported in quarterly filings, indicating unstable profitability.
The dramatic swings in gross margin, from 62.8% in 2025Q3 to -126.5% in 2025Q4, are not typical of a stable coal miner. They likely stem from mark-to-market adjustments on power contracts or inventory valuation changes, which obscure the underlying economics. The 18.59% average gross margin over the period suggests that the integrated model's true profitability is far lower than the best quarters imply, and investors should focus on normalized margins.
Operating Leverage Turns Negative
Operating income swung from $29.1M in 2025Q3 to -$12.7M in 2026Q2, with SG&A spiking to $34.3M in 2025Q2, indicating poor cost absorption, per income statement data.
The company's high fixed-cost base is evident in the operating leverage: a modest revenue decline in 2026Q2 led to a $41.8M swing in operating income from the prior year's quarter. SG&A expenses have been erratic, with a $34.3M charge in 2025Q2 versus $7.6M in 2026Q2, suggesting one-time items or cost control issues. This volatility implies that management has limited ability to scale costs down with revenue, a key risk if power prices weaken.
Earnings Distorted by Non-Recurring Items
Net income swung from $23.9M in 2025Q3 to -$15.2M in 2026Q2, with a $215.8M loss in 2024Q4, likely due to impairments, as per reported figures.
The $215.8M net loss in 2024Q4, despite a positive gross profit, points to a massive impairment or write-down, likely related to the Merom acquisition or asset retirement obligations. Similarly, the -$128.9M gross profit in 2025Q4 suggests inventory or contract valuation charges. These non-operating items make reported EPS unreliable for assessing operational performance; adjusted earnings are likely more stable but still negative in recent quarters.
COGS Volatility Undermines Cost Discipline
COGS ranged from $32.5M to $230.9M across quarters, with 2025Q4's $230.9M far exceeding revenue, indicating severe cost volatility, as disclosed in financial statements.
The extreme COGS fluctuations, particularly the $230.9M in 2025Q4, are not explained by normal operating costs. They likely include inventory write-downs or fuel price adjustments, which mask the underlying cost structure. The company's cost per ton and per MWh are not visible, but the data suggests that management has not yet stabilized costs post-acquisition, a concern for future margin predictability.
Merom Acquisition Defines Earnings Trajectory
The 2024Q4 loss of $215.8M and subsequent margin swings mark the inflection from pure coal miner to integrated power producer, as per income statement history.
The acquisition of Merom in late 2024 fundamentally changed HNRG's income statement, introducing power generation revenue and costs. The initial quarters show a learning curve, with 2025Q3's strong performance followed by severe losses, indicating that the integration is not yet smooth. This inflection has lasting impacts: the company's fortunes are now tied to MISO power prices and plant reliability, not just coal demand, which may offer upside but also introduces new risks.
Margin Compression Risk from Power Segment
Despite low debt, the power segment's margin volatility and negative EPS estimates suggest that the integrated model may not deliver stable profits, per latest quarter data.
Short-sellers would argue that HNRG's pivot into power generation has not produced the expected synergies, as evidenced by the negative EPS in 2026Q2 and the -$0.1 estimate. The gross margin swings indicate that the company is exposed to power price volatility without adequate hedging, and the high fixed costs of the plant could lead to sustained losses if dispatch is low. The market's 'coal discount' may be justified if the power segment fails to generate consistent cash flows, making the stock a value trap rather than a turnaround.