Hallador Energy Company reported robust financial results for the first quarter ended March 31, 2025. Total revenue increased 6% year-over-year to $117.8 million. Net income rose significantly to $10.0 million, resulting in $0.23 earnings per share.
Operating cash flow nearly doubled year-over-year to $38.4 million, and Adjusted EBITDA surged approximately threefold to $19.3 million. These results underscore the strength of the company's strategic shift to a vertically integrated independent power producer.
The company is making progress in negotiations with a global data center developer for a long-term power supply agreement. The partner has demonstrated commitment through investments in land, transmission capacity, and equipment, in addition to the existing exclusivity agreement through early June 2025.
Hallador is also evaluating the addition of natural gas co-firing capabilities at its Merom Power Plant to enhance fuel flexibility and operational control. Furthermore, the company is actively exploring opportunities to acquire additional dispatchable generation assets to expand its scale and diversify revenue streams.
For the remainder of 2025, Hallador has contracted approximately 3.0 million MWh at an average price of $37.20/MWh. Looking ahead to 2026, 3.4 million MWh are contracted at a higher average price of $44.43/MWh, indicating improving future pricing.
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