Hallador Energy Company reported its financial and operating results for the third quarter ended September 30, 2026, in a filing released on November 9, 2026. The company reported a net loss of $4.5 million for the quarter, a significant improvement from the net loss of $15.2 million recorded in the second quarter of 2026. Adjusted EBITDA for the quarter was $17.3 million, compared to a negative $2.9 million in the prior quarter. Total revenue for the quarter was $130.3 million, a decrease of 11% year-over-year but an increase of 28% compared to the second quarter of 2026.
During the quarter, Hallador’s generation at the Merom station increased by 77% to approximately 1.4 million megawatt hours following the completion of a planned major maintenance outage in July. The company also secured a $600 million senior secured construction bridge loan facility to fund the development of the Turtle Creek Gas project, with $550 million funded at closing and a $50 million delayed draw tranche remaining undrawn at quarter-end. Total debt rose to $551.9 million at September 30, 2026, from $45.0 million at June 30, 2026, following the closing of the new loan facility and refinancing of existing debt.
Hallador is advancing its approximately 460-megawatt natural gas-fired generation project, Turtle Creek, toward a final investment decision (FID) targeted before the end of 2026. The company holds title to turbine equipment acquired at a discount from the Philippines and has taken title to the equipment under a $350 million asset purchase agreement with Energy World Corporation Ltd. The equipment is currently being transported to the United States for inspection and installation. The Midcontinent Independent System Operator (MISO) has completed the interconnection study, and Hallador is finalizing the engineering and construction agreement and remaining equipment purchase orders.
Management targets approximately $1.6 billion of value from the Turtle Creek project within 24 months, seeking to double an estimated $800 million investment. The company is focused on securing long-term offtake agreements with investment-grade counterparties in early 2027. As of September 30, 2026, Hallador’s contracted forward sales position at the segment level was $3.0 billion, including intercompany coal sales. The company’s liquidity stood at $103.2 million at September 30, 2026, compared to $84.2 million at June 30, 2026.
