Hallador Energy
Indiana power producer running a coal plant and adding gas capacity for data-center demand.
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Profile
Runs a roughly 1-gigawatt coal-fired power plant in Indiana through one subsidiary while a second mines the coal that fuels it, a structure formed by converting a former coal miner into a power producer in 2022. Growth plans center on selling capacity to utilities and data-center operators and on adding gas-fired generation onsite.
Operates as a vertically integrated independent power producer in the Midwest, built around two subsidiaries: Hallador Power Company, which runs the roughly 1-gigawatt Merom Generating Station in Sullivan County, Indiana, and Sunrise Coal, which supplies fuel to the plant.
The company reorganized around Merom in 2022, converting a coal-mining business into a power generator and turning a former fuel customer into an owned asset that Sunrise Coal now feeds directly.
Current strategy centers on selling dispatchable capacity to Midwest utilities and to data-center and AI operators seeking reliable power, while the coal side has been reorganized around its lowest-cost mines to support that shift.
A proposed natural-gas expansion at Merom, accepted into a regional interconnection queue in late 2025, would add further generating capacity alongside the existing coal-fired unit.
Company facts
Key statistics
Year to date −16.0% · Average volume (30d) 781.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | Northland Securities | Target | $28 | ||
| Mar 26, 2026 | UBS | Target | $34 | ||
| Mar 26, 2026 | Jefferies | Target | $22.50 | ||
| Mar 13, 2026 | B. Riley Securities | Upgrade | Neutral | Buy | |
| Nov 11, 2025 | Industrial Alliance Securities | Target | $28 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.12 | −$0.32 | −166.7% | $90.3M | $101.5M | +12.4% | −1.51% |
| May 6, 2026Q1 FY26 | −$0.16 | −$0.20 | −25.0% | $102.3M | $101.8M | −0.5% | +1.73% |
| Mar 12, 2026Q4 FY25 | −$0.01 | −$0.01 | 0.0% | $103.1M | $102.4M | −0.7% | −11.54% |
| Nov 10, 2025Q3 FY25 | $0.06 | $0.55 | +816.7% | $105.5M | $146.8M | +39.2% | +18.99% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $117.8M | $102.9M | $146.8M | $101.9M | $100.2M | $101.5M | |
| Gross profit | $67.3M | $56.7M | $92.2M | −$128.9M | −$625.0K | $5.5M | |
| Operating income | $13.9M | $11.9M | $29.1M | $6.2M | −$7.5M | −$12.7M | |
| Net income | $10.0M | $8.2M | $23.9M | −$240.0K | −$9.3M | −$15.2M | |
| Diluted EPS | $0.23 | $0.19 | $0.55 | −$0.01 | −$0.20 | −$0.32 | |
| Gross margin | 57.2% | 55.1% | 62.8% | -126.5% | -0.6% | 5.4% | |
| Operating margin | 11.8% | 11.5% | 19.8% | 6.1% | -7.5% | -12.5% |
Fiscal years (4-quarter sums)FY21 $247.7M · FY22 $362.0M · FY23 $634.5M · FY24 $401.5M · FY25 $469.5M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $29.0M · Total debt $46.8M · Total assets $468.0M · Shareholders' equity $190.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 47.13M · Float 36.04M · 76.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Lubar & Co., Inc | 5.45M | 11.57% | 13F | Jul 28, 2026 |
| BlackRock, Inc. | 2.80M | 5.90% | 13G | Jul 28, 2026 |
| Mark D. Becker | 2.29M | 5.30% | 13G | Nov 6, 2025 |
| Point72 Asset Management, L.P. | 2.12M | 4.50% | 13F | Aug 14, 2026 |
| Aegis Financial Corp | 1.81M | 3.84% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 14, 2026 | Barbara Ann Sugg | director | +5,000 | $17.13 |
| Jul 9, 2026 | Daniel Timothy Hudson | director | +5,000 | $16.58 |
| Jun 29, 2026 | Daniel Timothy Hudson | director | +10,000 | $16.94 |
| Jun 24, 2026 | Daniel Timothy Hudson | director | +3,000 | $17.04 |
| Jun 25, 2026 | Daniel Timothy Hudson | director | +2,000 | $17.70 |
Peers
- Vistra
Merchant IPP selling MISO/PJM coal, gas, and nuclear capacity to AI data centers
- Constellation Energy
Largest US nuclear/merchant generator signing hyperscaler power deals
- Alliance Resource Partners
Second-largest eastern U.S. coal producer with major Illinois Basin mines
- Talen Energy
Leading US IPP; flagship nuclear-to-data-center power deal precedent
- Peabody Energy
Global coal giant overlapping in Illinois Basin thermal coal supply
- NRG Energy
Large IPP building new gas plants for data-center demand in ERCOT/PJM
- Core Natural Resources
Diversified US coal major with large thermal coal-for-power segment
- AES
MISO generator and data-center power supplier, beyond its IPL coal-buyer role
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hallador Energy | $16.24 | −0.12% | $765.4M | 665.6 | 26.7 | 1.7 | −1.4% |
| Vistra | $138.00 | +0.67% | $46.22B | 23.1 | 14.6 | 2.9 | −5.5% |
| Constellation Energy | $277.11 | +0.13% | $99.38B | 26.9 | 22.4 | 3.2 | +23.0% |
| Alliance Resource Partners | $26.29 | −0.00% | $3.37B | 12.7 | 8.4 | 1.5 | +0.8% |
| Talen Energy | $298.70 | +0.85% | $13.44B | — | 11.1 | 3.8 | +64.5% |
| Peabody Energy | $28.98 | +0.20% | $3.52B | — | 14.4 | 0.9 | +12.7% |
| NRG Energy | $111.50 | +0.38% | $23.44B | 29.2 | 10.7 | 0.6 | +11.0% |
| Core Natural Resources | $100.96 | 0.00% | $5.09B | 50.7 | 23.1 | 1.2 | +3.5% |
| AES | $14.72 | 0.00% | $10.50B | 5.6 | 7.6 | 0.8 | +19.9% |
| Median | 25.0 | 12.7 | 1.4 | +11.9% |