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Hallador Energy Company (HNRG+3.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total sales and operating revenues of $404.4 million, a decrease from $634.9 million in the previous year. The decline is attributed to reduced coal sales and lower average sales prices.
Electric operations generated $261.5 million in revenue, with delivered energy contributing $203.4 million and capacity revenue contributing $58.1 million. The segment reported an EBITDA margin of $72.0 million, up from $58.0 million in the prior year.
Coal operations reported $202.5 million in sales, down from $432.9 million in 2023. The segment's EBITDA margin decreased significantly to $1.3 million from $111.6 million, impacted by reduced production and sales volume.
The company recorded a non-cash impairment charge of $215.1 million related to its coal properties, reflecting changes in mining plans and market conditions.
Net income for the year was a loss of $226.1 million, compared to a net income of $44.8 million in 2023. The loss was primarily driven by the impairment charge and reduced revenues.
Hallador's electric operations include the Merom Power Plant, which generated 3.8 million MWh of electricity in 2024. The plant's capacity utilization was 49%, with energy sales averaging $48.62 per MWh.
The company's coal operations are centered around the Oaktown Mining Complex, which produced 3.9 million tons of coal in 2024, down from 6.4 million tons in the previous year.
Hallador has committed to supplying 8.5 million tons of coal to third-party customers and 9.2 million tons to the Merom Power Plant through 2028.
The filing outlines several risks, including market volatility, regulatory changes, and operational challenges, which could impact future performance.
The company reported cash and cash equivalents of $7.2 million as of December 31, 2024, with total liquidity of $37.8 million, including additional borrowing capacity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hallador Energy Company annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.