Recent News
On June 1, 2026 the company announced acquisition of 460 MW of Siemens turbines for $350 million to accelerate its Merom/Turtle Creek gas generation project. On June 5, 2026 a subsidiary entered negotiations with the U.S. Department of Energy for up to $27.2 million in potential funding for a water‑management modernization project at Merom. On July 27, 2026 Hallador scheduled its second‑quarter 2026 conference call for August 10; on August 10 the company filed its Q2 2026 release and emphasized progress on the Turtle Creek project and a reduced project budget below $800 million while noting continued equipment procurement and interconnection work.
Technical Analysis
ADX at 11.12 indicates no established directional trend; the market currently lacks strong trend strength, which raises the importance of confirmation from volume and momentum indicators.
Directional indicators show DI+ at 17.67 with a peak‑and‑reversal, a bearish signal, while DI‑ at 19.56 is decreasing, a bullish signal; together these point to weakening directional engagement and a contested short‑term bias rather than a confirmed trend.
MACD sits at -0.08 and has crossed above its signal line (-0.28), producing a bullish momentum signal despite a negative MACD level; that cross signals improving short‑term momentum that can support a recovery attempt if confirmed by volume.
MRO at -7.7 with a dip‑and‑reversal indicates the price sits below WMDST’s target and carries implied upside potential as the oscillator reverses upward from negative territory.
RSI near 47.2 and rising places price in neutral territory with room to move higher; the increasing RSI supports the recent MACD cross as evidence of early bullish momentum rather than exhaustion.
Price trades above the 12‑ and 26‑day EMAs (~$15.72–$15.74) and above the 20‑ and 50‑day averages (~$15.42 and $16.20), but remains below the 200‑day average ($18.04). Short‑term moving averages support an intramonth recovery while the 200‑day average stands as longer‑term resistance.
Bollinger bands place the close ($16.38) slightly above the 1× upper band ($16.16) and below the 2× upper band ($16.89), indicating short‑term strength but limited headroom before volatility‑driven resistance. Volume on the most recent session (615,609) runs below the 10‑day average (884,170) and 50/200‑day averages, suggesting lower conviction behind the recent move.
Fundamental Analysis
Revenue totaled $101,807,000; top‑line growth reads near flat at -0.13% overall, with reported quarter‑over‑quarter change of -99.56% and year‑over‑year change of -100.54% per the provided metrics. Gross profit reached $42,825,000, leaving a gross margin of 42.07%.
Operating and EBIT results remain negative: operating income around -$5,852,000 and EBIT at -$6,129,000, producing an EBIT margin of -6.02%. QoQ the EBIT margin contracted by -209.06% and YoY by -153.70%. The EBIT margin sits well below the industry peer mean (≈27.28%) and median (≈16.04%).
Net income showed a loss of -$9,321,000; EPS came in at -$0.32 versus an estimate of -$0.10, an EPS surprise of -220%. EBITDA remained positive at $4,564,000, supporting operating cash generation despite the net loss.
Operating cash flow totaled $20,496,000, free cash flow $12,815,000, and free cash flow yield about 1.60%, roughly in line with the industry peer mean of 1.52% for this metric. Cash and short‑term investments stood at $36,778,000 against total debt of $6,206,000, producing a low gross leverage profile and debt to EBITDA near 1.36×.
Liquidity ratios show a current ratio of 0.80 and a quick ratio of 0.29, reflecting working‑capital pressure; the cash conversion cycle extended to about 168 days, markedly longer than the industry peer mean (≈ -20.75 days), signaling slower cash conversion from operations relative to peers.
Margins and returns remained subdued: operating margin ≈ -5.75%, return on assets ≈ -2.18%, and return on equity ≈ -4.53%. Capital expenditure outflow totaled -$7,681,000 and depreciation and amortization ran $10,693,000, reflecting ongoing asset investments tied to both mining operations and power‑project development.
Balance‑sheet and valuation context: market capitalization near $802.0 million with enterprise value about $771.5 million; enterprise multiple registers at 169.0 (per the provided metric), and forward PE around 61.7x on forward EPS of $0.196. WMDST values the stock as under‑valued, citing positive free cash flow, a low debt load, and substantial cash reserves to fund the Merom/Turtle Creek capital program while preserving operating liquidity.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-10 |
| NEXT REPORT DATE: | 2026-11-09 |
| CASH FLOW | Begin Period Cash Flow | $ 15.4 M |
| Operating Cash Flow | $ 20.5 M | |
| Capital Expenditures | $ -7.68 M | |
| Change In Working Capital | $ 51.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 28.0 M | |
| End Period Cash Flow | $ 43.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 101.8 M | |
| Forward Revenue | $ -25.20 M | |
| COSTS | ||
| Cost Of Revenue | $ 59.0 M | |
| Depreciation | $ 10.7 M | |
| Depreciation and Amortization | $ 10.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 107.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 42.8 M | |
| EBITDA | $ 4.6 M | |
| EBIT | $ -6.13 M | |
| Operating Income | $ -5.85 M | |
| Interest Income | $ 147.0 K | |
| Interest Expense | $ 3.7 M | |
| Net Interest Income | $ -3.82 M | |
| Income Before Tax | $ -9.82 M | |
| Tax Provision | $ -504.00 K | |
| Tax Rate | 5.13 % | |
| Net Income | $ -9.32 M | |
| Net Income From Continuing Operations | $ -9.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.10 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.22 | |
| EPS Surprise | -220.0 % | |
| Forward EPS | $ 0.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 448.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 205.6 M | |
| Total Current Assets | $ 151.1 M | |
| Cash and Short-Term Investments | $ 36.8 M | |
| Cash | $ 36.8 M | |
| Net Receivables | $ 9.2 M | |
| Inventory | $ 95.1 M | |
| Long-Term Investments | $ 7.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 19.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 190.0 M | |
| Net Debt | — | |
| Total Debt | $ 6.2 M | |
| Total Liabilities | $ 243.1 M | |
| EQUITY | ||
| Total Equity | $ 205.6 M | |
| Retained Earnings | $ -52.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.36 | |
| Shares Outstanding | 47.132 M | |
| Revenue Per-Share | $ 2.16 | |
| VALUATION | Market Capitalization | $ 802.0 M |
| Enterprise Value | $ 771.5 M | |
| Enterprise Multiple | 169.03 | |
| Enterprise Multiple QoQ | 233.564 % | |
| Enterprise Multiple YoY | 723.525 % | |
| Enterprise Multiple IPRWA | high: 186.596 HNRG: 169.03 median: 30.147 mean: 28.232 low: -234.841 |
|
| EV/R | 7.578 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.182 | |
| Asset To Liability | 1.846 | |
| Debt To Capital | 0.029 | |
| Debt To Assets | 0.014 | |
| Debt To Assets QoQ | -85.314 % | |
| Debt To Assets YoY | -85.514 % | |
| Debt To Assets IPRWA | high: 0.831 median: 0.48 mean: 0.391 HNRG: 0.014 low: 0.0 |
|
| Debt To Equity | 0.03 | |
| Debt To Equity QoQ | -87.443 % | |
| Debt To Equity YoY | -90.037 % | |
| Debt To Equity IPRWA | high: 3.348 median: 1.505 mean: 1.225 HNRG: 0.03 low: -2.33 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.901 | |
| Price To Book QoQ | -25.997 % | |
| Price To Book YoY | -18.235 % | |
| Price To Book IPRWA | high: 10.555 HNRG: 3.901 median: 2.064 mean: 2.033 low: -1.858 |
|
| Price To Earnings (P/E) | -89.561 | |
| Price To Earnings QoQ | -95.343 % | |
| Price To Earnings YoY | -267.847 % | |
| Price To Earnings IPRWA | high: 202.32 mean: 54.515 median: 53.619 low: -49.343 HNRG: -89.561 |
|
| PE/G Ratio | 0.045 | |
| Price To Sales (P/S) | 7.878 | |
| Price To Sales QoQ | -4.691 % | |
| Price To Sales YoY | 68.596 % | |
| Price To Sales IPRWA | high: 77.712 mean: 8.618 HNRG: 7.878 median: 7.479 low: 0.049 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.706 | |
| Forward PE/G | -0.031 | |
| Forward P/S | -20.816 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1554.618 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.238 | |
| Asset Turnover Ratio QoQ | -4.699 % | |
| Asset Turnover Ratio YoY | -25.82 % | |
| Asset Turnover Ratio IPRWA | high: 0.282 HNRG: 0.238 mean: 0.112 median: 0.1 low: 0.001 |
|
| Receivables Turnover | 8.799 | |
| Receivables Turnover Ratio QoQ | 67.235 % | |
| Receivables Turnover Ratio YoY | 4.657 % | |
| Receivables Turnover Ratio IPRWA | HNRG: 8.799 high: 7.021 mean: 2.602 median: 2.552 low: 0.51 |
|
| Inventory Turnover | 0.643 | |
| Inventory Turnover Ratio QoQ | 17.863 % | |
| Inventory Turnover Ratio YoY | -2.952 % | |
| Inventory Turnover Ratio IPRWA | high: 28.671 mean: 7.05 median: 5.705 HNRG: 0.643 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 10.371 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 167.859 | |
| Cash Conversion Cycle Days QoQ | 77.568 % | |
| Cash Conversion Cycle Days YoY | 9.056 % | |
| Cash Conversion Cycle Days IPRWA | HNRG: 167.859 high: 141.82 median: -19.358 mean: -20.745 low: -84.281 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.614 | |
| CapEx To Revenue | -0.075 | |
| CapEx To Depreciation | -0.718 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 205.6 M | |
| Net Invested Capital | $ 205.6 M | |
| Invested Capital | $ 205.6 M | |
| Net Tangible Assets | $ 205.6 M | |
| Net Working Capital | $ -38.94 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.194 | |
| Current Ratio | 0.795 | |
| Current Ratio QoQ | -1.666 % | |
| Current Ratio YoY | 31.496 % | |
| Current Ratio IPRWA | high: 11.719 mean: 1.201 median: 0.809 HNRG: 0.795 low: 0.019 |
|
| Quick Ratio | 0.295 | |
| Quick Ratio QoQ | 28.585 % | |
| Quick Ratio YoY | 70.656 % | |
| Quick Ratio IPRWA | high: 5.084 mean: 1.066 median: 0.73 HNRG: 0.295 low: 0.061 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.36 | |
| Cost Of Debt | 15.712 % | |
| Interest Coverage Ratio | -1.658 | |
| Interest Coverage Ratio QoQ | -218.882 % | |
| Interest Coverage Ratio YoY | -140.512 % | |
| Interest Coverage Ratio IPRWA | high: 39.712 mean: 8.939 median: 3.229 HNRG: -1.658 low: -29.033 |
|
| Operating Cash Flow Ratio | 0.036 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.797 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.945 % | |
| Revenue Growth | -0.134 % | |
| Revenue Growth QoQ | -99.562 % | |
| Revenue Growth YoY | -100.536 % | |
| Revenue Growth IPRWA | high: 72.732 % median: 18.709 % mean: 17.848 % HNRG: -0.134 % low: -77.547 % |
|
| Earnings Growth | -2000.0 % | |
| Earnings Growth QoQ | 1864.289 % | |
| Earnings Growth YoY | 669.231 % | |
| Earnings Growth IPRWA | high: 350.0 % mean: 25.314 % median: 13.235 % low: -145.0 % HNRG: -2000.0 % |
|
| MARGINS | ||
| Gross Margin | 42.065 % | |
| Gross Margin QoQ | -26.304 % | |
| Gross Margin YoY | -26.431 % | |
| Gross Margin IPRWA | high: 83.151 % median: 44.112 % HNRG: 42.065 % mean: 41.021 % low: -5.303 % |
|
| EBIT Margin | -6.02 % | |
| EBIT Margin QoQ | -209.058 % | |
| EBIT Margin YoY | -153.697 % | |
| EBIT Margin IPRWA | high: 91.389 % mean: 27.278 % median: 16.044 % HNRG: -6.02 % low: -130.769 % |
|
| Return On Sales (ROS) | -5.748 % | |
| Return On Sales QoQ | -195.912 % | |
| Return On Sales YoY | -151.271 % | |
| Return On Sales IPRWA | high: 91.389 % median: 29.66 % mean: 29.496 % HNRG: -5.748 % low: -40.585 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 12.8 M | |
| Free Cash Flow Yield | 1.598 % | |
| Free Cash Flow Yield QoQ | -180.221 % | |
| Free Cash Flow Yield YoY | -67.092 % | |
| Free Cash Flow Yield IPRWA | high: 9.921 % median: 1.885 % HNRG: 1.598 % mean: 1.521 % low: -16.26 % |
|
| Free Cash Growth | -176.362 % | |
| Free Cash Growth QoQ | -68.459 % | |
| Free Cash Growth YoY | -2988.339 % | |
| Free Cash Growth IPRWA | high: 415.69 % median: -21.618 % mean: -88.464 % HNRG: -176.362 % low: -749.778 % |
|
| Free Cash To Net Income | -1.375 | |
| Cash Flow Margin | 6.644 % | |
| Cash Flow To Earnings | -0.726 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -2.176 % | |
| Return On Assets QoQ | 3588.136 % | |
| Return On Assets YoY | -180.147 % | |
| Return On Assets IPRWA | high: 13.756 % mean: 1.441 % median: 0.869 % HNRG: -2.176 % low: -13.451 % |
|
| Return On Capital Employed (ROCE) | -2.37 % | |
| Return On Equity (ROE) | -0.045 | |
| Return On Equity QoQ | 2922.667 % | |
| Return On Equity YoY | -152.41 % | |
| Return On Equity IPRWA | high: 0.237 median: 0.036 mean: 0.035 HNRG: -0.045 low: -0.293 |
|
| DuPont ROE | -5.102 % | |
| Return On Invested Capital (ROIC) | -2.828 % | |
| Return On Invested Capital QoQ | -220.546 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 10.952 % mean: 2.517 % median: 2.075 % HNRG: -2.828 % low: -19.571 % |
|