Hallador Q3 revenue up 40% YoY to $146.8M; files ERAS for 525MW gas expansion

HALLADOR ENERGY CO

2025-Q3 EPS reported $0.97 revenue$367,522,000

Net income of $23.9M ($0.56 EPS) vs $1.6M in Q3 2024; Adjusted EBITDA $24.9M (up 1.6x).
Electric sales $93.2M (+29% YoY); coal sales to 3rd party $51.3M (+62% YoY).
Operating cash flow $23.2M; total liquidity $46.4M; bank debt $44.0M.
Filed ERAS application for 525MW gas generation at Merom site; targeting online in Q4 2028.
Forward contracted revenue of $921.7M through 2029; signed 5-month $20M prepaid contract.

item 2.02 item 9.01

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accession 0001104659-25-109272

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