Hallador Energy Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hallador Energy Co. reported minimal revenue and net income for Q1 2024, with total assets of $36.5M and total debt of $34.1M.</b>

AI Summary

HALLADOR ENERGY CO (HNRG) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Hallador Energy Co. reported total assets of $36,534,000 as of March 31, 2024. The company's total debt was $34,052,000 as of March 31, 2024. For the three months ended March 31, 2024, Hallador Energy Co. had net income of $0. Revenue from electric sales for the three months ended March 31, 2024, was $10,000. Revenue from coal sales for the three months ended March 31, 2024, was $0.

Why It Matters

For investors and stakeholders tracking HALLADOR ENERGY CO, this filing contains several important signals. The filing indicates very low revenue and no net income for the first quarter of 2024, suggesting a challenging operational period. Significant debt levels relative to assets and minimal revenue could signal financial strain or a need for strategic adjustments.

Risk Assessment

Risk Level: high — HALLADOR ENERGY CO shows elevated risk based on this filing. The company reported zero revenue from coal sales and only $10,000 from electric sales in Q1 2024, alongside zero net income, indicating severe operational and financial underperformance.

Analyst Insight

Investors should closely monitor Hallador Energy's upcoming filings for any signs of revenue recovery or strategic changes to address its current financial performance.

Revenue Breakdown

Key Numbers

• 36,534,000 — Total Assets (As of March 31, 2024)
• 34,052,000 — Total Debt (As of March 31, 2024)
• 0 — Net Income (For the three months ended March 31, 2024)
• 10,000 — Electric Sales Revenue (For the three months ended March 31, 2024)
• 0 — Coal Sales Revenue (For the three months ended March 31, 2024)

Key Players & Entities

• HALLADOR ENERGY CO (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• $36,534,000 (dollar_amount) — Total assets as of March 31, 2024
• $34,052,000 (dollar_amount) — Total debt as of March 31, 2024
• $10,000 (dollar_amount) — Revenue from electric sales for Q1 2024
• $0 (dollar_amount) — Net income for Q1 2024
• $0 (dollar_amount) — Revenue from coal sales for Q1 2024

FAQ

Risk Factors

• Low Revenue and Net Income [high — financial]: The company reported minimal revenue from electric sales ($10,000) and no revenue from coal sales ($0) for the first quarter of 2024, resulting in zero net income.
• High Debt Levels [high — financial]: Hallador Energy Co. has total debt of $34,052,000 against total assets of $36,534,000 as of March 31, 2024, indicating a high leverage ratio.

Filing Documents

• hnrg20240331_10q.htm (10-Q) — 1153KB
• ex_617253.htm (EX-31.1) — 11KB
• ex_617254.htm (EX-31.2) — 11KB
• ex_617256.htm (EX-32) — 9KB
• ex_617257.htm (EX-95.1) — 118KB
• logo.jpg (GRAPHIC) — 4KB
• mdagraphv9_width730.jpg (GRAPHIC) — 23KB
• 0001437749-24-015139.txt (&nbsp;) — 5999KB
• hnrg-20240331.xsd (EX-101.SCH) — 53KB
• hnrg-20240331_cal.xml (EX-101.CAL) — 56KB
• hnrg-20240331_def.xml (EX-101.DEF) — 395KB
• hnrg-20240331_lab.xml (EX-101.LAB) — 344KB
• hnrg-20240331_pre.xml (EX-101.PRE) — 436KB
• hnrg20240331_10q_htm.xml (XML) — 681KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS (Unaudited)

ITEM 1. FINANCIAL STATEMENTS (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Stockholders' Equity 4 Notes to Condensed Consolidated Financial Statements 5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 16

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

- OTHER INFORMATION

PART II - OTHER INFORMATION 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27

EXHIBITS

ITEM 6. EXHIBITS 27

SIGNATURES

SIGNATURES 28 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Hallador Energy Company Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 1,635 $ 2,842 Restricted cash 4,737 4,281 Accounts receivable 14,228 19,937 Inventory 29,688 23,075 Parts and supplies 40,360 38,877 Prepaid expenses 2,614 2,262 Total current assets 93,262 91,274 Property, plant and equipment: Land and mineral rights 115,486 115,486 Buildings and equipment 537,921 537,131 Mine development 161,669 158,642 Finance lease right-of-use assets 16,178 12,346 Total property, plant and equipment 831,254 823,605 Less - accumulated depreciation, depletion and amortization ( 348,783 ) ( 334,971 ) Total property, plant and equipment, net 482,471 488,634 Investment in Sunrise Energy 2,562 2,811 Other assets 7,125 7,061 Total assets $ 585,420 $ 589,780 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of bank debt, net $ 24,438 $ 24,438 Notes payable - related party 5,000 — Accounts payable and accrued liabilities 47,125 62,908 Current portion of lease financing 4,958 3,933 Deferred revenue 41,242 23,062 Contract liability - power purchase agreement and capacity payment reduction 41,662 43,254 Total current liabilities 164,425 157,595 Long-term liabilities: Bank debt, net 49,343 63,453 Convertible notes payable 10,000 10,000 Convertible notes payable - related party 1,000 9,000 Long-term lease financing 9,701 8,157 Deferred revenue 5,434 — Deferred income taxes 8,625 9,235 Asset retirement obligations 14,934 14,538 Contract liability - power purchase agreement 36,229 47,425 Other 1,871 1,789 Total long-term liabilities 137,137 163,597 Total liabilities 301,562 321,192 Commitments and contingencies Stockholders' equity: Preferred stock, $ .10 par value, 10,000 share

View Full Filing

View this 10-Q filing on SEC EDGAR