Recent News
July 27, 2026 — Company scheduled its Q2 2026 conference call for August 10, 2026 to discuss results and project updates. September 17, 2026 — Hallador announced it closed a $600 million senior secured term loan on September 15, 2026 and holds commitments that could expand the facilities up to $675 million to fund the Turtle Creek gas project, expected to cost under $800 million. The company stated the Facilities will fund turbine purchase, refurbishment, development and repay a portion of existing debt.
Technical Analysis
Directional indicators show tension: the ADX at 15.54 registers no dominant trend, DI+ registered a dip-and-reversal (bullish signal) while DI- increased (bearish signal), producing a short-term tug between buying interest and selling pressure. This dynamic reduces conviction in breakout scenarios and favors range-bound outcomes unless a clear ADX rise emerges.
MACD sits negative at -0.22 and trends downward with the MACD below its signal line (-0.08), which signals bearish momentum and weak near-term follow-through for upside attempts. That bearish MACD momentum offsets the DI+ reversal and limits sustained rallies without a momentum reversal.
MRO reads 12.79 (positive) and recently peaked then reversed; the positive MRO indicates the market price sits above the model target and therefore carries a propensity to pull back toward that target, supporting a downside bias absent fresh bullish catalysts.
RSI at 46.79 with a dip-and-reversal pattern suggests buyers re-entered from oversold pressures, offering short-lived support; juxtaposed with MACD and MRO, RSI’s bounce provides tactical relief rather than a confirmed momentum shift.
Price sits below the 20-day ($15.73), 50-day ($15.70) and markedly below the 200-day average ($17.53), with the 12-day EMA trending down — a configuration that favors sellers on failed rallies. The super-trend upper at $15.96 and the 1x Bollinger lower band near $14.75 frame a near-term trading range; recent volume ran above the 10- and 50-day averages, signifying conviction behind recent moves. Beta readings (42-day 1.93; 52-week 1.52) imply above-market volatility for short-term swings.
Fundamental Analysis
Profitability remains negative: EBIT at $(13,151,000) and EBITDA at $(3,014,000) translate to an EBIT margin of -12.96%. That margin improved quarter-over-quarter by roughly 15.2% but stayed materially weaker versus the prior-year comparison (YoY change shows a large decline). Operating margin mirrors this pattern at -12.46% with a QoQ improvement near +16.7% yet large YoY deterioration.
EPS missed expectations: EPS actual of $(0.32) fell short of the estimate $(0.10) by $(0.22), representing a -220% surprise ratio, reflecting the continued net loss of $(15.235) million for the period. Free cash flow remained negative at $(50.15) million, producing a free cash flow yield of approximately -6.48% and signaling cash consumption during the reporting period.
Liquidity and working-capital metrics remain tight: current ratio at 0.72 and quick ratio at 0.24 indicate constrained near-term liquidity versus the industry peer mean current ratio of 1.42. Cash and short-term investments totaled $28.98 million against total current liabilities of $208.69 million, yielding negative net working capital of $(58.69) million.
Balance-sheet leverage stays modest on several measures: total debt of $47.71 million produces debt-to-assets of 10.2%, below the industry peer mean of 36.3%, and debt-to-equity near 0.25, which leaves headroom for project financing but does not offset the cash-burn profile while project capex progresses.
Revenue and margins: total revenue reached $101.51 million while gross margin held at 37.72%, slightly below the industry peer mean gross margin of 45.02%. Revenue growth registered near flat YoY (roughly -0.3%), with a stronger sequential QoQ increase; asset turnover remains low at 0.22, though slightly above the provided peer mean of 0.1228, indicating relatively low capital efficiency.
Valuation from WMDST: WMDST values the stock as over-valued. Market multiples reflect mixed signals: P/B at 4.07 sits above the industry peer mean and median, while P/S at 7.62 remains below the industry peer mean of 9.76; trailing P/E registers negative due to losses while forward P/E sits at ~107.6, indicating high forward multiple sensitivity to earnings recovery assumptions.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-10 |
| NEXT REPORT DATE: | 2026-11-09 |
| CASH FLOW | Begin Period Cash Flow | $ 43.4 M |
| Operating Cash Flow | $ -23.89 M | |
| Capital Expenditures | $ -26.26 M | |
| Change In Working Capital | $ 9.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -8.43 M | |
| End Period Cash Flow | $ 34.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 101.5 M | |
| Forward Revenue | $ -12.89 M | |
| COSTS | ||
| Cost Of Revenue | $ 63.2 M | |
| Depreciation | $ 10.1 M | |
| Depreciation and Amortization | $ 10.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 114.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 38.3 M | |
| EBITDA | $ -3.01 M | |
| EBIT | $ -13.15 M | |
| Operating Income | $ -12.64 M | |
| Interest Income | $ 279.0 K | |
| Interest Expense | $ 3.2 M | |
| Net Interest Income | $ -3.50 M | |
| Income Before Tax | $ -16.40 M | |
| Tax Provision | $ -1.16 M | |
| Tax Rate | 7.098 % | |
| Net Income | $ -15.23 M | |
| Net Income From Continuing Operations | $ -15.23 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.10 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.22 | |
| EPS Surprise | -220.0 % | |
| Forward EPS | $ 0.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 468.0 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 190.3 M | |
| Total Current Assets | $ 150.0 M | |
| Cash and Short-Term Investments | $ 29.0 M | |
| Cash | $ 29.0 M | |
| Net Receivables | $ 14.4 M | |
| Inventory | $ 99.2 M | |
| Long-Term Investments | $ 7.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 31.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 208.7 M | |
| Net Debt | $ 10.2 M | |
| Total Debt | $ 47.7 M | |
| Total Liabilities | $ 277.7 M | |
| EQUITY | ||
| Total Equity | $ 190.3 M | |
| Retained Earnings | $ -68.12 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.04 | |
| Shares Outstanding | 47.144 M | |
| Revenue Per-Share | $ 2.15 | |
| VALUATION | Market Capitalization | $ 773.7 M |
| Enterprise Value | $ 792.4 M | |
| Enterprise Multiple | -262.919 | |
| Enterprise Multiple QoQ | -255.546 % | |
| Enterprise Multiple YoY | -697.722 % | |
| Enterprise Multiple IPRWA | high: 78.323 mean: 27.985 median: 26.789 low: -3.108 HNRG: -262.919 |
|
| EV/R | 7.807 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.459 | |
| Asset To Liability | 1.685 | |
| Debt To Capital | 0.2 | |
| Debt To Assets | 0.102 | |
| Debt To Assets QoQ | 637.021 % | |
| Debt To Assets YoY | -24.68 % | |
| Debt To Assets IPRWA | high: 0.964 median: 0.381 mean: 0.363 HNRG: 0.102 low: 0.003 |
|
| Debt To Equity | 0.251 | |
| Debt To Equity QoQ | 730.275 % | |
| Debt To Equity YoY | -44.751 % | |
| Debt To Equity IPRWA | high: 2.553 mean: 1.063 median: 0.772 HNRG: 0.251 low: -1.291 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.065 | |
| Price To Book QoQ | 4.195 % | |
| Price To Book YoY | -29.599 % | |
| Price To Book IPRWA | high: 6.046 HNRG: 4.065 median: 2.255 mean: 2.073 low: -0.595 |
|
| Price To Earnings (P/E) | -51.286 | |
| Price To Earnings QoQ | -42.736 % | |
| Price To Earnings YoY | -159.773 % | |
| Price To Earnings IPRWA | high: 137.544 median: 58.059 mean: 57.984 low: -17.083 HNRG: -51.286 |
|
| PE/G Ratio | -0.75 | |
| Price To Sales (P/S) | 7.622 | |
| Price To Sales QoQ | -3.243 % | |
| Price To Sales YoY | 11.191 % | |
| Price To Sales IPRWA | high: 53.951 mean: 9.758 median: 8.459 HNRG: 7.622 low: 0.043 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 107.567 | |
| Forward PE/G | 1.572 | |
| Forward P/S | -60.018 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -386.226 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.221 | |
| Asset Turnover Ratio QoQ | -6.824 % | |
| Asset Turnover Ratio YoY | -16.528 % | |
| Asset Turnover Ratio IPRWA | high: 0.291 HNRG: 0.221 median: 0.145 mean: 0.123 low: 0.0 |
|
| Receivables Turnover | 8.621 | |
| Receivables Turnover Ratio QoQ | -2.02 % | |
| Receivables Turnover Ratio YoY | 31.233 % | |
| Receivables Turnover Ratio IPRWA | HNRG: 8.621 high: 7.569 mean: 2.51 median: 2.277 low: 0.096 |
|
| Inventory Turnover | 0.651 | |
| Inventory Turnover Ratio QoQ | 1.23 % | |
| Inventory Turnover Ratio YoY | 14.705 % | |
| Inventory Turnover Ratio IPRWA | high: 13.874 mean: 4.949 median: 3.926 HNRG: 0.651 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 10.584 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 121.026 | |
| Cash Conversion Cycle Days QoQ | -27.9 % | |
| Cash Conversion Cycle Days YoY | 10.857 % | |
| Cash Conversion Cycle Days IPRWA | HNRG: 121.026 high: 83.305 median: -2.826 mean: -30.801 low: -143.978 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.729 | |
| CapEx To Revenue | -0.259 | |
| CapEx To Depreciation | -2.591 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 229.5 M | |
| Net Invested Capital | $ 229.5 M | |
| Invested Capital | $ 229.5 M | |
| Net Tangible Assets | $ 190.3 M | |
| Net Working Capital | $ -58.69 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.139 | |
| Current Ratio | 0.719 | |
| Current Ratio QoQ | -9.6 % | |
| Current Ratio YoY | 7.526 % | |
| Current Ratio IPRWA | high: 13.853 mean: 1.419 median: 1.008 HNRG: 0.719 low: 0.004 |
|
| Quick Ratio | 0.244 | |
| Quick Ratio QoQ | -17.409 % | |
| Quick Ratio YoY | -4.818 % | |
| Quick Ratio IPRWA | high: 4.517 mean: 1.149 median: 0.943 HNRG: 0.244 low: 0.047 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -15.829 | |
| Cost Of Debt | 11.193 % | |
| Interest Coverage Ratio | -4.049 | |
| Interest Coverage Ratio QoQ | 144.166 % | |
| Interest Coverage Ratio YoY | -215.579 % | |
| Interest Coverage Ratio IPRWA | high: 53.224 mean: 13.386 median: 5.856 HNRG: -4.049 low: -30.302 |
|
| Operating Cash Flow Ratio | -0.013 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 39.799 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.327 % | |
| Revenue Growth | -0.297 % | |
| Revenue Growth QoQ | 121.642 % | |
| Revenue Growth YoY | -97.652 % | |
| Revenue Growth IPRWA | high: 129.596 % median: 25.276 % mean: 13.843 % HNRG: -0.297 % low: -89.777 % |
|
| Earnings Growth | 68.421 % | |
| Earnings Growth QoQ | -103.421 % | |
| Earnings Growth YoY | -493.428 % | |
| Earnings Growth IPRWA | high: 225.0 % HNRG: 68.421 % mean: 5.241 % median: -5.051 % low: -168.831 % |
|
| MARGINS | ||
| Gross Margin | 37.721 % | |
| Gross Margin QoQ | -10.327 % | |
| Gross Margin YoY | -31.55 % | |
| Gross Margin IPRWA | high: 85.582 % median: 49.987 % mean: 45.022 % HNRG: 37.721 % low: 4.164 % |
|
| EBIT Margin | -12.956 % | |
| EBIT Margin QoQ | 115.216 % | |
| EBIT Margin YoY | -215.483 % | |
| EBIT Margin IPRWA | high: 95.642 % median: 41.983 % mean: 37.075 % low: 2.958 % HNRG: -12.956 % |
|
| Return On Sales (ROS) | -12.456 % | |
| Return On Sales QoQ | 116.701 % | |
| Return On Sales YoY | -208.473 % | |
| Return On Sales IPRWA | high: 95.642 % median: 40.605 % mean: 33.361 % low: 2.849 % HNRG: -12.456 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -50.15 M | |
| Free Cash Flow Yield | -6.482 % | |
| Free Cash Flow Yield QoQ | -505.632 % | |
| Free Cash Flow Yield YoY | 2623.529 % | |
| Free Cash Flow Yield IPRWA | high: 17.176 % mean: 2.764 % median: 2.566 % HNRG: -6.482 % low: -9.613 % |
|
| Free Cash Growth | -491.338 % | |
| Free Cash Growth QoQ | 178.596 % | |
| Free Cash Growth YoY | 362.279 % | |
| Free Cash Growth IPRWA | high: 1077.9 % mean: 89.424 % median: 85.157 % low: -427.439 % HNRG: -491.338 % |
|
| Free Cash To Net Income | 3.292 | |
| Cash Flow Margin | -2.599 % | |
| Cash Flow To Earnings | 0.173 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | -3.324 % | |
| Return On Assets QoQ | 52.757 % | |
| Return On Assets YoY | -256.276 % | |
| Return On Assets IPRWA | high: 11.486 % mean: 2.653 % median: 1.414 % HNRG: -3.324 % low: -7.219 % |
|
| Return On Capital Employed (ROCE) | -5.071 % | |
| Return On Equity (ROE) | -0.08 | |
| Return On Equity QoQ | 76.533 % | |
| Return On Equity YoY | -218.543 % | |
| Return On Equity IPRWA | high: 0.209 mean: 0.05 median: 0.042 HNRG: -0.08 low: -0.112 |
|
| DuPont ROE | -7.696 % | |
| Return On Invested Capital (ROIC) | -5.323 % | |
| Return On Invested Capital QoQ | 88.225 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 12.422 % mean: 3.861 % median: 3.275 % low: -3.276 % HNRG: -5.323 % |
|