Hallador Q2 net loss $15.2M; Turtle Creek budget cut to <$800M, COD H2 2028

HALLADOR ENERGY CO

Q2 revenue $101.5M vs $102.8M; net loss $15.2M vs income $8.2M; adj EBITDA -$2.9M vs +$3.4M.
Turtle Creek gas project budget reduced to <$800M (~$1,700/kW); COD targeted H2 2028; FID expected Sept 2026.
Contracted forward sales $1.8B consolidated, $2.4B segment through 2040, incl. accredited capacity to 2040.
Drew $45M delayed draw term loan; total bank debt $45M at June 30, 2026; liquidity $84.2M.
Q2 capex $26.3M vs $13.1M YoY, driven by reliability upgrades and Turtle Creek expenditures.

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