Hallador Energy pany(HNRG) - 2025 Q4 - Annual Results

Financial Performance - FY'25 total revenue increased 16% year-over-year to $469.5 million, driven by electric sales of $310.7 million (+19% YoY) and coal sales of $148.7 million (+8% YoY) [1] - Net income for FY'25 increased to $41.9 million, with Adjusted EBITDA up approximately 3x year-over-year to $56.0 million [2] - Total sales and operating revenues increased to $469,466 thousand in 2025, up 16.2% from $404,159 thousand in 2024 [16] - Net income for 2025 was $41,871 thousand, a significant recovery from a net loss of $226,138 thousand in 2024 [16] - Electric sales rose to $310,737 thousand, representing a 19% increase from $261,527 thousand in the previous year [16] - The company reported a basic net income per share of $0.98 in 2025, compared to a loss of $5.72 per share in 2024 [16] Cash Flow and Liquidity - FY'25 operating cash flow rose 23% year-over-year to $81.1 million, supported by improved earnings and cash proceeds from prepaid forward power sales contracts [2] - Total liquidity was $38.8 million at December 31, 2025, consisting of $28.8 million of additional borrowing capacity and cash [2] - The company generated net cash provided by operating activities of $81,134 thousand in 2025, up from $65,934 thousand in 2024, an increase of 23.1% [18] Debt and Liabilities - Total bank debt decreased to $30.0 million at December 31, 2025, down from $44.0 million at September 30, 2025 [2] - Total liabilities decreased to $248,220 thousand in 2025, down 6.3% from $264,835 thousand in 2024 [14] Capital Expenditures - Capital expenditures for FY'25 totaled $69.2 million, including a ~$14 million deposit for the ERAS expansion at Merom [2] - Capital expenditures for 2025 were $69,215 thousand, an increase from $53,367 thousand in 2024, reflecting a growth of 29.7% [18] Assets - Total current assets increased to $123,387 thousand in 2025, up from $104,858 thousand in 2024, reflecting a growth of 17.6% [14] - Cash and cash equivalents at year-end rose to $10,070 thousand, compared to $7,232 thousand in 2024, marking an increase of 39.5% [18] Strategic Developments - Hallador's ERAS application for a 515 MW natural gas generation expansion was accepted, potentially increasing power generation capabilities by nearly 50% [2] - Hallador closed a new $120 million 3-year senior secured credit facility in March 2026, maturing in 2029 [5] - The company added two new board members with extensive experience in energy management and asset acquisitions to support growth plans [2]