HALLADOR ENERGY CO (HNRG) Form 8-K — Aug 10, 2026
Hallador Energy reported a Q2 2026 net loss of $15.2 million (EPS -$0.32) on revenue of $101.5 million, versus net income of $8.2 million on $102.8 million revenue in the prior-year quarter, with Adjusted EBITDA of negative $2.9 million. The loss reflected the scheduled ~60-day outage at Merom Unit 1 (used to complete reliability upgrades) and limited unplanned downtime at Unit 2 that coincided with elevated power prices, forcing costly power purchases to meet delivery obligations. The strategic headline was positive: the Turtle Creek Gas project budget was reduced to below $800 million (approximately $1,700/kW), and targeted commercial operation was accelerated to the second half of 2028.
Key figures
- Eps
- -$0.32 (basic and diluted, Q2 2026) vs $0.19 (Q2 2025)
- Revenue
- $101.5 million (Q2 2026) vs $102.8 million (Q2 2025)
- Guidance
- Turtle Creek project cost now expected below $800 million (~$1,700/kW); commercial operation targeted for second half of 2028; final investment decision targeted September 2026 following mid-August MISO ERAS results; generation volumes expected to improve sequentially in Q3 2026
- Net Income
- -$15.2 million (Q2 2026) vs $8.2 million net income (Q2 2025)
- Total Debt
- $45.0 million bank debt (plus $4.2 million lease financing)
- Debt Amount
- $45.0 million total bank debt at June 30, 2026 (vs $30.0 million at Dec 31, 2025; drew $45.0 million delayed draw term loan May 15, 2026 and repaid $8.0 million on revolver)
- Revenue Yoy
- -1.3%
- Total Assets
- $468.0 million
- Cash Position
- $29.0 million cash and cash equivalents at June 30, 2026; total liquidity of $84.2 million
- Shares Outstanding
- 47.1 million common shares issued and outstanding at June 30, 2026 (vs 43.8 million at Dec 31, 2025)
- Capex Q2
- $26.3 million (Q2 2026) vs $13.1 million (Q2 2025)
- Project Budget
- below $800 million (~$1,700/kW)
- Adjusted EBITDA
- -$2.9 million (Q2 2026) vs $3.4 million (Q2 2025)
- Operating Cash Flow Q2
- -$23.9 million (Q2 2026) vs $11.4 million (Q2 2025)
- Potential Expansion Capacity
- 460 MW peaking project
- Contracted Capacity Price2028
- $324/MW-day
- Contracted Revenue Consolidated
- $1.84 billion through 2040
- Contracted Revenue Segment Level
- $2.4 billion including intercompany coal sales
- Contracted Capacity Price2029to2040
- $461-$480/MW-day
Price after filing
Close on the filing date to close N calendar days later (from $14.76). Historical, not a forecast.
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