Independent Power Production, Coal Mining & Electric Power Generation
Strategic Profile
Hallador Power Company produces electricity and capacity at the company's approximately one gigawatt (GW) Merom Generating Station. Sunrise Coal, LLC produces and supplies fuel to the Merom Generating Station and also sells coal to other companies. This vertical integration provides stable fuel supply and positions the company to capitalize on rising energy demand from data centers and regional power markets.
Cyborg Score Rationale
Q3 2025 revenue increased 40% year-over-year to $146.8 million, with net income and adjusted EBITDA increasing to $23.9 million and $24.9 million respectively. Strong recent financial performance, vertical integration advantages, and strategic positioning for data center power demand support this score, though legacy coal exposure and regulatory headwinds present ongoing risks.
Top Insights
Hallador signed a non-binding term sheet with a leading global data center developer in Q3 2024 as a milestone in its transformation to an independent power producer.
Total revenue increased 40% year-over-year to $146.8 million in Q3 2025, with coal sales up 62% and electric sales up 29%.
Total bank debt was $44.0 million at September 30, 2025, demonstrating improving balance sheet strength.
The company signed a $20.0 million prepaid forward sales contract during Q3 2025, demonstrating growing forward revenue contracts to secure energy position.
Named Competitors
Independent Power Generation & Coal Mining — Coal mining and fuels operations
Energy Infrastructure — Natural resource-based energy partnerships
Recent Developments
(November 2025) Q3 2025 revenue up 40% YoY to $146.8M with net income at $23.9M, filed ERAS application for 525MW gas generation expansion
(June 2025) Appointed Todd Telesz as Chief Financial Officer
(November 2024) Signed non-binding term sheet with leading global data center developer for 10+ year power supply agreement
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