Earnings Releases·Nov 9, 2026, 5:05 PM ET

Hallador Energy Company — Q3 2026 Earnings Summary

Revenue decreased 11% year-over-year to $130.3 million but increased 28% quarter-over-quarter; net loss narrowed to $4.5 million from a $15.2 million loss in Q2 2026, while adjusted EBITDA improved to $17.3 million from a $2.9 million loss in the prior quarter.
Total debt surged to $551.9 million following a $600 million senior secured construction bridge loan and refinancing, though total liquidity rose to $103.2 million, supported by a $53.8 million public offering and $0.2 million ATM offering.
Management targets a Final Investment Decision for the $800 million Turtle Creek project before year-end 2026, aiming to generate $1.6 billion in value over the subsequent 24 months with commercial operation expected in H2 2028.
The forward sales position increased 26% to $3.0 billion, including a new October agreement priced over $80/MWh, while Merom generation output rose 77% to 1.4 million MWh following a major maintenance outage.
The company acquired title to pre-owned turbine equipment for $350 million to secure a speed-to-market advantage, though risks remain regarding interconnection, equipment refurbishment, and securing final offtake agreements.