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TERRE HAUTE, Ind. - Hallador Energy Company (NASDAQ:HNRG) reported fourth quarter revenue of $94.2 million, falling short of analyst expectations of $107.8 million. The company’s shares dropped 10.1% following the earnings release.
The Indiana-based energy company saw a significant shift in its revenue mix, with electric sales comprising 74% of total Q4 revenue at $69.7 million, compared to just 31% in the year-ago period. Coal sales declined to 25% of total revenue at $23.4 million, down from 68% a year earlier.
Despite missing revenue estimates, Hallador reported improved cash flow and profitability metrics. Q4 operating cash flow rose substantially to $32.5 million, while adjusted EBITDA nearly tripled YoY to $6.2 million.
"2024 was a transformative year for Hallador as we continued our evolution from a bituminous coal producer to a vertically integrated independent power producer," said CEO Brent Bilsland.
The company reduced its coal production volume by approximately 40% in 2024 and shifted focus away from higher cost reserves. This resulted in a $215 million non-cash write-down of its Sunrise Coal subsidiary in Q4.
Hallador ended the year with $1.1 billion in forward energy, capacity and coal sales through 2029. The company also reduced its total bank debt to $44 million at year-end, down from $91.5 million a year earlier.
Looking ahead, Hallador aims to finalize a strategic partnership with a global data center developer that could secure long-term power sales at enhanced margins. The company is also pursuing opportunities to acquire additional power generation assets.
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