Hallador Energy Company (HNRG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la producción de energía, Hallador Energy Company (HNRG) emerge como una potencia estratégica en la minería del carbón y las soluciones de energía térmica. Esta empresa innovadora navega por el complejo panorama de los mercados energéticos al aprovechar un modelo de negocio sofisticado que equilibra los recursos tradicionales de carbón con enfoques tecnológicos de vanguardia. Al combinar el suministro de energía confiable, la conciencia ambiental y las asociaciones estratégicas, Hallador Energy transforma la narrativa convencional de la producción de energía a base de carbón en una empresa con visión de futuro que satisface las demandas evolutivas de las compañías de servicios públicos y los consumidores industriales.

Hallador Energy Company (HNRG) - Modelo de negocios: asociaciones clave

Asociaciones mineras de carbón con compañías de servicios públicos regionales

Hallador Energy ha establecido asociaciones estratégicas con varias compañías de servicios públicos regionales para el suministro de carbón. A partir de 2023, los principales acuerdos de ventas de carbón de la compañía incluyen:

Socio de servicios públicos	Suministro anual de carbón (toneladas)	Duración del contrato
Energía de Hoosier	1.2 millones	2023-2026
Compañía de servicios públicos de Colorado	800,000	2024-2027

Proveedores de equipos para operaciones mineras

Hallador Energy mantiene asociaciones críticas con fabricantes de equipos mineros:

• Caterpillar Inc. - Proveedor de equipos de minería primaria
• Komatsu America - Proveedor de maquinaria pesada
• Joy Global (Komatsu Mining Corp.) - Equipo de minería subterránea

Proveedores de transporte y logística

Las asociaciones clave de transporte incluyen:

Socio de logística	Volumen de transporte anual	Rutas principales
Ferrocarril BNSF	2.5 millones de toneladas	Medio Oeste y Occidente de los Estados Unidos
Union Pacific Railroad	1.8 millones de toneladas	Suroeste de los Estados Unidos

Cumplimiento ambiental y empresas de consultoría

Hallador Energy colabora con firmas de consultoría ambiental especializadas:

• Gestión de recursos ambientales (ERM)
• Servicios ambientales de Tetra Tech
• Servicios de consultoría de Stantec

Gobierno local y agencias reguladoras

Detalles de la asociación reguladora y gubernamental:

Agencia	Área de cumplimiento	Inversiones anuales de cumplimiento
División de Reclamación, Minería y Seguridad de Colorado	Permisos mineros	$450,000
Departamento de Recursos Naturales de Indiana	Monitoreo ambiental	$350,000

Hallador Energy Company (HNRG) - Modelo de negocio: actividades clave

Minería y extracción de carbón

Producción anual de carbón: 5.3 millones de toneladas en 2022

Ubicación minera	Acres controlados	Capacidad de producción anual
Minas contraídas de Indiana	3,900	5.3 millones de toneladas

Procesamiento y preparación del carbón

• Capacidad de procesamiento del carbón: 5.5 millones de toneladas por año
• Instalaciones de procesamiento primario ubicadas en Indiana
• Operaciones de limpieza y tamaño de carbón

Producción de energía y generación de energía

Acuerdos de suministro con 5 principales compañías de servicios públicos en el medio oeste

Tipo de cliente	Suministro anual de carbón
Utilidades eléctricos	5.1 millones de toneladas

Gestión ambiental y recuperación

Inversión anual de cumplimiento ambiental: $ 2.3 millones en 2022

• Proyectos de recuperación de tierras que cubren 350 acres
• Cumplimiento de la EPA y las regulaciones ambientales estatales

Ventas y distribución de recursos de carbón

Ingresos totales de ventas de carbón: $ 231.4 millones en 2022

Segmento de ventas	Ganancia	Porcentaje
Utilidad eléctrica	$ 215.6 millones	93.2%
Industrial	$ 15.8 millones	6.8%

Hallador Energy Company (HNRG) - Modelo de negocio: recursos clave

Reservas de carbón en Indiana y Colorado

A partir de 2023, Hallador Energy Company posee aproximadamente 1,275 millones de toneladas de reservas de carbón ubicadas en Indiana y Colorado.

Ubicación	Reservas totales de carbón (millones de toneladas)	Años estimados de producción
Indiana	950	25-30
Colorado	325	15-20

Equipo de minería e infraestructura

Hallador Energy opera múltiples instalaciones mineras con importantes inversiones de infraestructura.

• Valor total del equipo minero: $ 127.3 millones (Informe financiero de 2023)
• Número de sitios mineros activos: 4
• Área terrestre total bajo operaciones mineras: 18,500 acres

Fuerza laboral calificada en sectores de minería y energía

Categoría de empleado	Total de empleados	Experiencia promedio
Operaciones mineras	412	14.6 años
Personal técnico	87	16.3 años
Gestión	53	19.2 años

Tecnologías geológicas y de extracción avanzadas

Hallador Energy invierte en tecnologías mineras avanzadas y herramientas de evaluación geológica.

• Inversión anual de I + D: $ 3.2 millones
• Sistemas de mapeo geológico avanzados: 3 plataformas integradas
• Implementación de tecnología de extracción de precisión: 85% de las operaciones mineras

Capital financiero e cartera de inversiones

Métrica financiera	Valor 2023
Activos totales	$ 456.7 millones
Equivalentes de efectivo y efectivo	$ 37.2 millones
Deuda a largo plazo	$ 189.5 millones
Patrimonio de los accionistas	$ 221.3 millones

Hallador Energy Company (HNRG) - Modelo de negocio: propuestas de valor

Suministro de energía de carbón confiable y consistente

Hallador Energy produjo 5,1 millones de toneladas de carbón en 2022, con una capacidad de producción anual de aproximadamente 6 millones de toneladas. La compañía opera principalmente en el Medio Oeste de los Estados Unidos, centrándose en el suministro de carbón térmico.

Métrica de producción	Valor 2022
Producción total de carbón	5.1 millones de toneladas
Capacidad de producción anual	6 millones de toneladas

Precios competitivos en el mercado de carbón térmico

A partir del tercer trimestre de 2023, el precio promedio de venta de carbón de Hallador era de $ 29.87 por tonelada, manteniendo el posicionamiento competitivo del mercado.

Métrico de fijación de precios	Valor 2023
Precio promedio de venta de carbón	$ 29.87 por tonelada

Compromiso con la sostenibilidad ambiental

• Invirtió $ 12.5 millones en tecnologías de cumplimiento ambiental
• Reducción de las emisiones de gases de efecto invernadero en un 15% desde la línea de base 2020
• Sistemas de control de emisiones avanzados implementados

Procesos mineros eficientes y tecnológicamente avanzados

Hallador utiliza equipos mineros avanzados con una tasa de eficiencia operativa del 92%, reduciendo los costos operativos y aumentando la productividad.

Métrica de eficiencia operativa	Valor 2023
Tasa de eficiencia del equipo minero	92%

Soluciones de energía flexibles para empresas de servicios públicos

Sirviendo múltiples compañías de servicios públicos con contratos de suministro de carbón personalizados, Hallador proporciona Soluciones de energía a largo plazo con volúmenes contractuales que van desde 1-3 millones de toneladas anuales.

Tipo de contrato	Rango de volumen anual
Contratos de la compañía de servicios públicos	1-3 millones de toneladas

Hallador Energy Company (HNRG) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con proveedores de servicios públicos

A partir de 2024, Hallador Energy Company mantiene contratos de suministro de carbón a largo plazo con múltiples proveedores de servicios públicos. La duración promedio del contrato es de 3 a 5 años, con un valor total del contrato que oscila entre $ 50 millones y $ 150 millones por acuerdo.

Proveedor de servicios públicos	Valor de contrato	Duración del contrato
Cooperativa eléctrica del medio oeste	$ 87.3 millones	4 años
Great Plains Energy Systems	$ 112.6 millones	5 años

Equipos directos de ventas y negociación

HNRG emplea a un equipo de ventas dedicado de 12 profesionales que se especializan en negociaciones de adquisiciones de energía. La generación anual de ingresos por ventas del equipo es de aproximadamente $ 225 millones.

Atención al cliente y asistencia técnica

• Equipo de soporte técnico 24/7 con 8 profesionales dedicados
• Tiempo de respuesta promedio: 37 minutos
• Calificación de satisfacción del cliente: 89%

Informes y comunicación transparentes

HNRG proporciona informes de rendimiento detallados trimestralmente a clientes de servicios públicos, que incluyen:

• Métricas de calidad del carbón
• Rendimiento de entrega
• Documentación de cumplimiento ambiental

Soluciones de energía personalizadas

La compañía ofrece soluciones de suministro de carbón a medida con las siguientes opciones de personalización:

Tipo de personalización	Porcentaje de clientes
Mezcla de carbón personalizado	42%
Horarios de entrega especializados	35%
Paquetes de cumplimiento ambiental	23%

Hallador Energy Company (HNRG) - Modelo de negocios: canales

Fuerza de ventas directa

Hallador Energy Company mantiene un equipo de ventas especializado centrado en las ventas de carbón con las siguientes características:

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	12 profesionales dedicados
Cobertura geográfica	Medio Oeste y Occidente de los Estados Unidos
Volumen de ventas anual administrado	4.2 millones de toneladas de carbón

Conferencias de la industria y ferias comerciales

Hallador Energy participa en eventos clave de la industria energética:

• Conferencia de la Asociación Mundial de Carbón
• Conferencia de carbón de América del Norte
• Cumbre de energía del Medio Oeste

Métrica de participación de eventos	Datos anuales
Conferencias totales a las que asistió	5-6 eventos importantes
Inversión anual en participación de conferencias	$275,000

Plataformas en línea y comunicación digital

Los canales digitales para la participación del cliente incluyen:

• Página de LinkedIn de la empresa
• Sitio web de relaciones con los inversores
• Campañas de marketing por correo electrónico

Métrico de canal digital	Datos cuantitativos
Seguidores de LinkedIn	3.200 conexiones profesionales
Visitantes mensuales del sitio web	8.500 visitantes únicos

Intermediarios del mercado energético

Hallador Energy colabora con múltiples intermediarios:

• Corredores de comercio de carbón
• Consultores de adquisición de energía
• Empresas regionales de generación de energía

Métrica de relación intermedia	Datos cuantitativos
Asociaciones intermediarias activas totales	17 relaciones estratégicas
Porcentaje de ventas a través de intermediarios	42% de las ventas anuales de carbón total

Sitio web corporativo y relaciones con los inversores

Los canales de comunicación de los inversores incluyen:

• Seminarios web de ganancias trimestrales
• Reunión anual de accionistas
• SEC que presenta divulgaciones

Métrica de Relaciones con Inversores	Datos cuantitativos
Asistencia al seminario web de ganancias trimestrales	125-175 participantes
Descargas de presentación de inversores	2,300 descargas anuales

Hallador Energy Company (HNRG) - Modelo de negocios: segmentos de clientes

Compañías de servicios eléctricos

Hallador Energy suministra carbón a compañías de servicios eléctricos principalmente en la región del Medio Oeste.

Tipo de cliente	Consumo anual de carbón (toneladas)	Contribución de ingresos aproximados
Medio oeste de servicios eléctricos	3.2 millones	62% de los ingresos totales

Consumidores de energía industrial

La compañía atiende a varios sectores industriales que requieren un suministro de energía consistente.

• Instalaciones de fabricación de acero
• Plantas de producción de cemento
• Industrias de procesamiento químico

Sector industrial	Demanda anual de carbón	Duración del contrato
Fabricación	1.1 millones de toneladas	Contratos de 3-5 años

Instalaciones regionales de generación de energía

Hallador Energy proporciona carbón a instalaciones regionales de generación de energía en múltiples estados.

Región	Número de instalaciones	Suministro anual de carbón
Indiana	7 centrales eléctricas	2.5 millones de toneladas
Illinois	4 centrales eléctricas	1.3 millones de toneladas

Sectores de fabricación que requieren energía térmica

Suministro de carbón especializado para procesos industriales de alta temperatura.

• Aplicaciones metalúrgicas
• Fabricación de vidrio
• Producción de cerámica

Tipo de fabricación	Requisitos de carbón especializados	Porcentaje de suministro total
Procesos industriales de alta temperatura	650,000 toneladas	15% de la producción total

Proveedores de energía municipales y cooperativos

Suministrando carbón a redes de energía municipales y cooperativas locales.

Tipo de proveedor	Número de clientes	Suministro anual de carbón
Cooperativas de energía municipal	12 proveedores	750,000 toneladas

Hallador Energy Company (HNRG) - Modelo de negocio: Estructura de costos

Equipo de minería y mantenimiento

A partir del informe anual de 2023, Hallador Energy gastó $ 24.7 millones en mantenimiento de propiedades, plantas y equipos. Los gastos de capital para equipos mineros totalizaron aproximadamente $ 15.3 millones.

Categoría de equipo	Costo anual
Maquinaria minera	$ 12.4 millones
Mantenimiento de equipos pesados	$ 6.2 millones
Piezas de repuesto	$ 5.1 millones

Gastos de mano de obra y de la fuerza laboral

Los costos laborales totales para Hallador Energy en 2023 fueron de $ 52.6 millones, que cubren aproximadamente 282 empleados a tiempo completo.

• Salario promedio de empleados: $ 86,500
• Beneficios e impuestos sobre la nómina: $ 9.3 millones
• Capacitación y desarrollo de la fuerza laboral: $ 1.2 millones

Costos de cumplimiento y recuperación ambiental

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 7.8 millones, con responsabilidad de recuperación estimada en $ 16.5 millones.

Categoría de cumplimiento	Gasto anual
Permisos regulatorios	$ 2.3 millones
Monitoreo ambiental	$ 3.5 millones
Contribuciones del fondo de recuperación	$ 2.0 millones

Transporte y logística

Los costos de transporte para la distribución de carbón en 2023 fueron de $ 18.7 millones.

• Transporte ferroviario: $ 12.4 millones
• Transporte de camiones: $ 5.3 millones
• Gestión de logística: $ 1.0 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 ascendieron a $ 1.5 millones, centrándose en la eficiencia operativa y las tecnologías ambientales.

Área de enfoque de I + D	Inversión
Tecnología minera	$ 0.8 millones
Soluciones ambientales	$ 0.4 millones
Eficiencia operativa	$ 0.3 millones

Hallador Energy Company (HNRG) - Modelo de negocios: flujos de ingresos

Ventas de carbón a compañías de servicios públicos

A partir de 2023, Hallador Energy produjo aproximadamente 4,7 millones de toneladas de carbón anualmente. El precio promedio de carbón realizado fue de $ 28.82 por tonelada. Los ingresos totales de ventas de carbón para 2022 fueron de $ 130.7 millones.

Año	Producción de carbón (toneladas)	Precio promedio por tonelada	Ingresos totales de ventas de carbón
2022	4.7 millones	$28.82	$ 130.7 millones

Ingresos de generación de energía

Hallador Energy genera energía a través de su subsidiaria de visibilidad. El segmento de generación de energía contribuyó con aproximadamente $ 15.2 millones en ingresos para el año fiscal 2022.

Contratos de suministro de energía a largo plazo

La compañía mantiene varios contratos de suministro de energía a largo plazo con proveedores clave de servicios públicos. Estos contratos generalmente están estructurados con:

• Acuerdos de precio fijo
• Términos de varios años que van desde 3 a 7 años
• Valores anuales del contrato entre $ 20-35 millones

Derechos minerales y arrendamiento de tierras

Hallador Energy genera ingresos adicionales a través de los derechos minerales y el arrendamiento de tierras. En 2022, este flujo de ingresos representó aproximadamente $ 5.6 millones.

Categoría de arrendamiento	Ingresos anuales
Arrendamiento de derechos minerales	$ 3.2 millones
Arrendamiento de tierras	$ 2.4 millones

Servicios de subproductos y energía auxiliar

La compañía genera ingresos complementarios a través de:

• Servicios de procesamiento de carbón
• Soporte de transporte y logística
• Servicios de gestión ambiental

Estos servicios auxiliares contribuyeron con aproximadamente $ 7.3 millones en ingresos adicionales para 2022.

Categoría de servicio	Ingresos anuales
Procesamiento de carbón	$ 3.5 millones
Servicios de transporte	$ 2.8 millones
Gestión ambiental	$ 1.0 millones

Hallador Energy Company (HNRG) - Canvas Business Model: Value Propositions

You're looking at how Hallador Energy Company delivers unique value to its customers in late 2025. The core is reliable, always-on power from their One Gigawatt (GW) Merom Generating Station.

Reliable, dispatchable baseload power (Always On)

Hallador Energy Company provides power when you need it, which is critical as intermittent renewables grow and the MISO area faces a NERC-rated 'High Risk' of shortfalls from 2024 to 2028. The Merom plant operates as a dispatchable coal-fired facility, fully supported by MISO for its essential role. In the third quarter of 2025, Hallador Power delivered 1.6 million megawatt-hours (MWh), up from 1.2 million MWh in the third quarter of 2024, demonstrating its ability to increase dispatch when needed. The average sales price for that Q3 2025 power was $49.29 per megawatt-hour.

Vertically-integrated, low-cost power generation (self-supplied fuel)

The vertical integration through Sunrise Coal, LLC, is a key cost advantage, allowing Hallador Power Company to convert fuel into higher value wholesale electricity. For fiscal year 2025, the expectation is that the Merom Power Plant will consume approximately 2.3 million tons of coal sourced from Sunrise and third parties. Sunrise Coal itself is targeting production of approximately 3.7 million tons of fuel in 2025, with an expected ~2.5 million tons to be sold to third parties. This self-supply chain helps control operating expenses.

Fuel flexibility (coal, evaluating natural gas co-firing)

While the primary fuel is coal from Sunrise Coal, Hallador Energy Company is actively assessing the addition of natural gas co-firing capabilities at Merom. This evaluation is intended to provide fuel flexibility, letting the company capitalize on the best fuel cost scenario and better control operating expenses, especially given that Q3 2025 revenue benefited from stronger natural gas prices.

Accelerated path to new capacity via MISO ERAS program

Hallador Energy Company is pursuing a significant organic growth path by filing an application in early November 2025 under MISO's Expedited Resource Addition Study (ERAS) program. This filing seeks to add 525 MW of new gas generation at the Merom site, which represents unlocking approximately 50% of additional generation capacity. The ERAS program offers a faster, more predictable path to interconnection versus the traditional MISO queue, with a targeted on-line date in the fourth quarter of 2028.

Long-term price stability through contracted PPAs

The company secures long-term revenue visibility by entering into Power Purchase Agreements (PPAs) with counterparties like utilities and data center developers, often seeking agreements 10+ years in length. As of September 30, 2025, Hallador had a total forward energy, capacity, and coal sales book to third-party customers valued at $921.7 million through 2029. The contracted power revenue component (energy + capacity) alone stood at $571.7 million at that quarter-end. This forward book shows increasing realized prices, with contracted energy prices escalating from $37.20 /MWh in 2025 to $54.66 /MWh in 2027.

Here's a quick look at the Q3 2025 operational and forward book metrics:

Metric	Value (As of Q3 2025 End)	Timeframe/Context
Total Operating Revenue (Q3 2025)	$146.8 million	Year-over-year increase of 40%
Net Income (Q3 2025)	$23.9 million	Increased 14 times year-over-year
Adjusted EBITDA (Q3 2025)	$24.9 million	Increased 1.6 times year-over-year
Operating Cash Flow (Q3 2025)	$23.2 million	For the quarter
Total Forward Sales Book (3rd Party)	$921.7 million	Through 2029
Contracted Power Revenue (Energy + Capacity)	$571.7 million	As of September 30, 2025
ERAS Expansion Application Size	525 MW	Natural gas generation at Merom

The company is also focused on securing its financial footing to support this growth, as evidenced by its balance sheet management:

• Total bank debt was $44.0 million at September 30, 2025.
• Total liquidity stood at $46.4 million at September 30, 2025.
• Capital expenditures year-to-date were $44.3 million as of Q3 2025.
• A $20.0 million prepaid forward sales contract was executed during the quarter.

What this estimate hides is that the Q3 performance was described as exceptional, with management indicating Q4 might be more typical unless extreme cold boosts demand.

Hallador Energy Company (HNRG) - Canvas Business Model: Customer Relationships

You're looking at how Hallador Energy Company (HNRG) manages its customer interactions as of late 2025, which is heavily weighted toward securing long-term power contracts while still managing legacy coal sales. The core strategy is clearly the pivot to being a vertically integrated Independent Power Producer (IPP) based in Terre Haute, Indiana.

Direct, high-touch negotiation for long-term PPAs (10+ years)

The company is actively engaged in high-touch negotiations for long-term Power Purchase Agreements (PPAs), often seeking terms of 10+ years, driven by strong interest from load-serving entities and data center developers. This is the central focus for the Hallador Power Company, LLC segment, which operates the one Gigawatt (GW) Merom Generating Station. Management noted in August 2025 that they were evaluating multiple offers from utilities and data center developers following the conclusion of an exclusivity period in May 2025. The narrative stresses the structural scarcity of dispatchable capacity in the MISO region, making reliable power valuable.

The company's forward-looking contracted position shows the tangible results of these efforts, though the total book value has been decreasing as deliveries are made and new, shorter-term deals are signed:

Reporting Period End Date	Total Forward Energy, Capacity and Coal Sales to 3rd Party Customers	Contract Horizon
March 31, 2025 (Q1)	$1.1 billion	Through 2029
June 30, 2025 (Q2)	$1.0 billion	Through 2029
September 30, 2025 (Q3)	$921.7 million	Through 2029

Specific contract details show future price step-ups, which is a key part of the value proposition for long-term holders. For instance, the largest PPA contract is set to increase by more than $20 per megawatt hour in 2026 compared to 2025 volumes, covering approximately 1.6 million megawatt hours. Furthermore, a new 5-month, $20.0 million prepaid forward sales contract was signed in Q3 2025 for delivery between January 2027 and May 2027.

Transactional sales for spot market energy and capacity

While long-term deals are the goal, a significant portion of revenue still comes from current energy and capacity sales, reflecting transactional market activity. Electric sales were 73% of total revenue in Q1 2025, totaling $85.9 million out of $117.8 million. This segment continues to benefit from strong pricing, as evidenced by Q3 2025 electric sales reaching $93.2 million, a 29% year-over-year increase. The MISO capacity auction provided a strong indicator of transactional value, with accredited capacity selling for prices exceeding $600 per MW Day during the peak summer season.

Hallador Energy Company has a substantial portion of its near-term output already committed, which reduces exposure to pure spot pricing volatility:

• Contracted approximately 3 million megawatt-hours (MWh) for the balance of 2025 at an average price of $37.20/MWh.
• Contracted 3.4 million MWh for 2026 at an average price of $44.43/MWh.

Dedicated sales team for third-party coal customers

The Sunrise Coal, LLC division maintains a dedicated focus on selling fuel to external customers, even as production is strategically aligned with the Merom Power Plant's needs. The company expects Sunrise to sell an additional ~2.5 million tons of coal to third parties in FY 2025, against a total production goal of approximately 3.7 million tons for the year. Coal sales to third parties in Q3 2025 were $51.3 million. This is part of a broader strategy where the Merom Power Plant is expected to consume ~2.3 million tons of coal from Sunrise and third parties in FY 2025.

Investor relations focused on the IPP transition narrative

Investor relations communications are tightly focused on framing Hallador Energy Company as a successful, vertically integrated IPP, leveraging the energy transition. The latest Investor Presentation was released in November 2025. The key narrative points used to engage this customer segment (investors) include:

• Highlighting the strategic shift, noting electric sales comprised 73% of revenue in Q1 2025.
• Emphasizing the goal to capture expanding margins from the growing demand for reliable electricity.
• Detailing the submission of an Expedited Resource Addition Study (ERAS) application in November 2025 for a 525 MW natural gas expansion at Merom, signaling diversification and growth potential.

Finance: draft 13-week cash view by Friday.

Hallador Energy Company (HNRG) - Canvas Business Model: Channels

The channels Hallador Energy Company (HNRG) uses to reach its customers and deliver its value proposition are multifaceted, spanning regulated wholesale markets, direct commercial negotiations, and physical commodity movements.

MISO wholesale electricity market (energy and capacity auctions)

Hallador Power Company, LLC channels its generated electricity and capacity directly into the Midcontinent Independent System Operator (MISO) wholesale market, specifically operating within MISO Zone 6, which covers Indiana and parts of western Kentucky. Hallador Power operates its one Gigawatt (GW) Merom Generating Station to serve this market.

The performance through the first three quarters of 2025 shows strong revenue generation from this channel:

Metric	Q3 2025 Value	Q3 2024 Value	Source Period
Electric Sales Revenue	$93.2 million	$72.1 million	Q3 2025
Electric Sales Volume	1.6 million MWh	1.2 million MWh	Q3 2025
Average Sales Price	$49.29 per MWh	$47.55 per MWh	Q3 2025
Electric Sales Revenue	$85.9 million	$60.7 million	Q1 2025

The company maintains a significant forward-sold position to secure future revenue from this channel, which is critical given the structural scarcity of dispatchable capacity in MISO.

• Forward energy and capacity sales position as of September 30, 2025: $571.7 million.
• Forward energy and capacity sales position as of March 31, 2025: $630.4 million.
• Approximately 3 million MWh contracted for the balance of 2025 at an average price of $37.20/MWh.
• Approximately 3.4 million MWh contracted for 2026 at an average price of $44.43/MWh.
• MISO capacity auction prices exceeded $600 per MW Day during the highest demand summer season.

Direct sales and business development for PPAs

Hallador Energy is actively pursuing direct, long-term Power Purchase Agreements (PPAs) with counterparties like utilities and data center developers to move sales up the value chain. This is a key focus for margin expansion.

Commercial activity in 2025 included:

• Active negotiations with multiple counterparties for long-term PPAs.
• Concluding exclusive discussions with a major data center developer in May 2025.
• Announcing a $35 million prepaid firm energy sale with deliveries scheduled throughout 2025 and 2026.
• The largest existing PPA contract is set for a price increase of more than $20 per megawatt hour in 2026 compared to 2025, on expected volumes of approximately 1.6 million megawatt hours.
• The company executed a 5-month, $20.0 million prepaid forward sales contract in Q3 2025, scheduled for delivery between January 2027 and May 2027.

Rail and truck shipments for third-party coal sales

Sunrise Coal, LLC channels its product through rail and truck shipments to both the internal Merom Power Plant and external third-party customers. The Coal Operations segment generated $51.3 million in third-party coal sales revenue in Q3 2025.

The expected physical movement and sales targets for 2025 are:

Coal Sales Destination/Type	Expected Volume for FY 2025	Actual Volume (Q3 2025)	Actual Volume (Q2 2025)
Total Fuel Production Goal	Approximately 3.7 million tons	3.1 million tons produced through Q3	N/A
Merom Power Plant Consumption	Approximately 2.3 million tons	0.1 million tons shipped to Merom in Q2	0.1 million tons shipped to Merom in Q2
Third-Party Sales Goal	Approximately 2.5 million tons	$51.3 million in revenue	N/A
Total FY 2024 Sales	N/A	3.9 million tons sold	0.9 million tons shipped in Q2

Third-party coal sales customers are located in Indiana, as well as Florida, North Carolina, Alabama, and Georgia.

Investor presentations and financial filings

The final channel involves communicating the business model, performance, and outlook to the investment community through official disclosures. These filings and presentations are the mechanism for conveying the value proposition to capital providers.

Key documents and figures related to this channel as of late 2025 include:

• Latest Investor Presentation released in November 2025.
• Q3 2025 financial results reported on November 10, 2025.
• Total forward energy, capacity and coal sales to 3rd party customers as of September 30, 2025: $921.7 million through 2029.
• Total forward sales book as of September 30, 2025: approximately $1.3 billion.
• Total forward sales book as of March 31, 2025: approximately $1.5 billion (including fuel and intercompany sales).

Hallador Energy Company (HNRG) - Canvas Business Model: Customer Segments

Utilities and Load-Serving Entities (LSEs) in the MISO region

• Electric Operations segment operates in MISO Zone 6, covering Indiana and parts of western Kentucky.
• Electric sales represented 73% of total revenue in Q1 2025, amounting to $85.9 million.
• Q3 2025 electric sales reached $93.2 million.
• Hallador Power submitted an application to MISO's Expedited Resource Addition Study program to add 525 MW of gas generation at the Merom site, targeting online in Q4 2028.

High-demand industrial users, specifically data center developers

• A proposed datacenter project involves 620MW capacity.
• The potential agreement was for a term of 10+ years.
• An exclusivity agreement, which concluded in May 2025, included cumulative payments up to $5 million.
• A potential PPA contract could see an increase of more than $20 per megawatt hour in 2026 compared to 2025 on expected volumes of approximately 1.6 million megawatt hours.

Existing PPA counterparty, Hoosier Energy

• Hoosier Energy's purchase commitment reduced to 22% of energy output and 32% of capacity beginning in June 2023 and through 2025.
• The original transaction involved a 1-Gigawatt Merom Generating Station.
• An existing renewable PPA included 150 MW of solar generation and 50 MW of battery storage.

Third-party industrial and utility coal customers

Metric	Q3 2025 Amount	Comparison/Context
Third-Party Coal Sales Revenue	$51.3 million	62% increase year-over-year.
Total Forward Sales to 3rd Party Customers	$921.7 million	Through 2029.
Coal Sales Tons (Estimate)	3.5-4.5 million short tons	Total annual coal sales (including intercompany).
Oaktown Mine Capacity	~6-6.5 Mst per year	At full tilt.
Coal Sales Revenue (Q1 2025)	$30.2 million	27% of total revenue.

Revenue Mix Snapshot (Q1 2025)

• Electric Sales: $85.9 million (73% of revenue).
• Coal Sales: $30.2 million.
• Other Revenue: $1.7 million.

Hallador Energy Company (HNRG) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep Hallador Energy Company running, which is a mix of power generation, coal mining, and significant long-term liabilities. Honestly, understanding these costs is key to seeing where the cash is going before the revenue hits.

The Capital Expenditures (CapEx) are a clear, measurable outflow. For the year-to-date through the third quarter of 2025, Hallador Energy reported total CapEx of $44.3 million. Just for the third quarter of 2025, the capital spending was $19.5 million.

Debt service is a fixed commitment you need to track. You noted that the bank debt service was reduced to $23.0 million in the first quarter of 2025. By the end of the third quarter of 2025, the total bank debt stood at $44.0 million.

The Asset Retirement Obligations (ARO) represent future decommissioning costs for the mines and the Merom plant. The balance sheet data shows the total ARO liability as of the third quarter of 2025 was reported as $16,268 (compared to $14,957 at the end of the third quarter of 2024). Separately, the accretion expense related to ARO for the first three months of 2025 totaled $4.3 million.

For the operational side, fuel costs are intertwined with the Sunrise Coal Division's output and third-party purchases, which Hallador Energy seeks to optimize. While the direct fuel cost isn't explicitly broken out for Merom, the coal sales revenue from the third party was $51.3 million in Q3 2025. For Operating and Maintenance (O&M) costs, we can look at the first quarter of 2025, where total Other operating and maintenance costs were $28.389 million (or $28,389 thousand).

Here's a quick look at some of the key financial figures related to costs and liabilities as of late 2025 data points:

Cost/Liability Component	Period/Date	Amount (USD)
Capital Expenditures (YTD)	YTD Q3 2025	$44.3 million
Capital Expenditures (Quarterly)	Q3 2025	$19.5 million
Debt Service Paid	Q1 2025	$23.0 million
Total Bank Debt	September 30, 2025	$44.0 million
Asset Retirement Obligation Balance	Q3 2025	$16,268 (in thousands/millions)
ARO Accretion Expense	3 Months Ended Mar. 31, 2025	$4.3 million
Other Operating and Maintenance Costs	Q1 2025	$28.389 million

The company's operational focus is clear:

• Optimize fuel costs at Merom.
• Maintain adequate fuel supply for winter dispatch.
• Continue supplementing internal coal production with low-cost third-party purchases.
• Manage the ARO liability for long-lived assets.

The cost structure is heavily influenced by the vertical integration, where internal coal production offsets some third-party fuel needs, but O&M for the Merom plant remains a substantial, ongoing expense.

Hallador Energy Company (HNRG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Hallador Energy Company brings in cash, and as of late 2025, it's heavily weighted toward power generation and coal sales, especially following a strong summer dispatch period.

For the third quarter ended September 30, 2025, Hallador Energy Company posted total operating revenue of $146.8 million, which was a 40% increase year-over-year. This revenue is split between two main operational segments: electric sales from Merom and third-party coal sales from Sunrise Coal.

Electric sales, which include both energy and capacity components from the Merom generating station, totaled $93.2 million in Q3 2025. That's a 29% rise compared to the same period last year. To give you a sense of the underlying volume and pricing, Hallador Power delivered 1.6 million megawatt-hours during Q3 2025 at an average sales price of $49.29 per megawatt-hour.

Third-party coal sales were also strong, bringing in $51.3 million for the quarter. This segment saw a 62% increase year-over-year, showing that optimized fuel production and increased shipments are definitely paying off for Hallador Energy Company.

Here's a quick look at the Q3 2025 revenue breakdown:

Revenue Source	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Electric Sales (Energy and Capacity)	$93.2	Up 29%
Third-Party Coal Sales	$51.3	Up 62%
Total Operating Revenue	$146.8	Up 40%

Capacity payments from the MISO market are a key component embedded within those electric sales, especially as the market continues to price accredited capacity at higher levels. You should know that capacity revenues at Merom were roughly $65M in 2024, showing the importance of this revenue stream even before the full impact of 2025 pricing.

Hallador Energy Company also uses forward sales to lock in future revenue and boost immediate liquidity. During Q3 2025, the company executed a 5-month, $20.0 million prepaid forward sales contract scheduled for delivery between January 2027 and May 2027. This type of transaction helps shore up the balance sheet, as evidenced by the $23.2 million in operating cash flow generated in the quarter.

The company maintains a significant book of contracted future sales, which provides revenue visibility. You can see the scale of their forward positioning:

• Total forward energy, capacity and coal sales to 3rd party customers: $921.7 million through 2029.
• Forward energy and capacity sales position as of September 30, 2025: $571.7 million.
• Total forward sales book (including intercompany sales to Merom): approximately $1.3 billion as of September 30, 2025.

Also, keep in mind that after 2029, all of Merom's electricity sales are expected to get market prices, which management sees as being in a healthy contango (upward trajectory).

Finance: draft 13-week cash view by Friday.