---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-027176"
form_type: "8-K"
ticker: "HNRG"
cik: "0000788965"
company_name: "HALLADOR ENERGY CO"
filed_at: "2026-03-12T23:59:59+00:00"
generated_at: "2026-05-15T14:30:07.392332+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Hallador FY2025 net income $41.9M vs -$226M loss; revenue up 16% to $469.5M

## Summary
- Adjusted EBITDA tripled to $56.0M; operating cash flow +23% to $81.1M.
- Q4 net loss $0.2M on $102.4M revenue; Merom plant availability impacted.
- Bank debt reduced to $30M; new $120M 3-year credit facility closed.
- Forward contracted revenue $866.9M through 2029; $1.3B total commitments.
- MISO accepted ERAS application for 515MW gas expansion; $14M deposit paid.

## SEC filing metadata
- accession: 0001104659-26-027176
- form_type: 8-K
- ticker: HNRG
- cik: 0000788965
- company_name: HALLADOR ENERGY CO
- filed_at: 2026-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/788965/000110465926027176/0001104659-26-027176-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/788965/000110465926027176/hnrg-20260312x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-027176
- JSON: https://secwatch.observer/filing/0001104659-26-027176.json
- Plain text: https://secwatch.observer/filing/0001104659-26-027176.txt

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