---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-109272"
form_type: "8-K"
ticker: "HNRG"
cik: "0000788965"
company_name: "HALLADOR ENERGY CO"
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:47:52.918111+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.72
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-109272
- form_type: 8-K
- ticker: HNRG
- cik: 0000788965
- company_name: HALLADOR ENERGY CO
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.72
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/788965/000110465925109272/0001104659-25-109272-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/788965/000110465925109272/hnrg-20251110x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-109272
- JSON: https://secwatch.observer/filing/0001104659-25-109272.json
- Plain text: https://secwatch.observer/filing/0001104659-25-109272.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.