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Hallador Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$50.1M in Q2 2026 · −$50.5M over twelve months

Operating cash flow−$23.9M
Capital spending−$26.3M
Free cash flow−$50.1M

Analysis

In Q2 2026, Hallador Energy generated −$23.9M of operating cash flow and spent $26.3M on capital projects, leaving free cash flow of −$50.1M. That is $48.5M less than in Q2 2025 (−$1.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $28.0M; the largest uses were capital spending ($78.4M), net borrowing (+) / repaid (−) ($8.2M), taxes on employees’ shares ($3.1M); besides operations, cash came from other financing ($61.3M), other investing ($3.0M); the cash balance rose by $2.6M.

Operating cash flow was −$23.9M against net income of −$15.2M. The largest differences: deferred revenue +$14.9M, depreciation & amortization +$9.9M, payables +$3.1M.

Free cash flow

Hallador Energy: free cash flow by quarterHallador Energy: free cash flow by quarter−$24.5MQ3 2024$25.2MQ4 2024$26.7MQ1 2025−$1.7MQ2 2025$3.7MQ3 2025−$16.8MQ4 2025$12.8MQ1 2026−$50.1MQ2 2026
Operating cash flow less capital spending.
Hallador Energy: operating cash flow against capital spendingHallador Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$12.9M$11.6MQ3 2024$38.9M$13.8MQ4 2024$38.4M$11.7MQ1 2025$11.4M$13.0MQ2 2025$23.2M$19.5MQ3 2025$8.2M$24.9MQ4 2025$20.5M$7.7MQ1 2026−$23.9M$26.3MQ2 2026
Latest (Q2 2026): Operating cash flow −$23.9M, Capital spending $26.3M.

Capital allocation, year by year

Hallador Energy: where the cash came from (up) and went (down), by fiscal yearHallador Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $48.0MFY2021: Capital spending −$28.1M$48.0MFY2021FY2022: Operating cash flow $54.2MFY2022: Capital spending −$54.0M$54.2MFY2022FY2023: Operating cash flow $59.4MFY2023: Shares issued $7.3MFY2023: Capital spending −$75.4M$66.7MFY2023FY2024: Operating cash flow $65.9MFY2024: Net borrowing −$5.6MFY2024: Shares issued $34.5MFY2024: Capital spending −$53.4M$100MFY2024FY2025: Operating cash flow $81.1MFY2025: Net borrowing −$7.0MFY2025: Shares issued $13.5MFY2025: Capital spending −$69.2M$94.6MFY2025
Over these 5 years operating cash flow totalled $309M; the largest uses were capital spending ($280M) and net borrowing ($12.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.0M
Debt$42.9M
Net debt$14.0M
Due within a year$3.7M

Hallador Energy's operations bring cash in ($28.0M over twelve months), and it spends more than that on capital projects: a gap of $50.5M funded from its $29.0M of cash and investments and from borrowing ($42.9M of debt, $3.7M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Hallador Energy: sources (+) and uses (−) of cash, Q2 2026Hallador Energy: sources (+) and uses (−) of cash, Q2 2026Other financing$44.6MCapital spending−$26.3MOperating cash flow−$23.9MCash drawn (+) / kept (−)$8.4MNet borrowing (+) / repaid (−)−$1.5MTaxes on employees’ shares−$1.4MOther investing−$1K
Hallador Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Hallador Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$78.4MOther financing$61.3MOperating cash flow$28.0MNet borrowing (+) / repaid (−)−$8.2MTaxes on employees’ shares−$3.1MOther investing$3.0MCash drawn (+) / kept (−)−$2.6M

From profit to cash

Hallador Energy: net income to operating cash flow, Q2 2026Hallador Energy: net income to operating cash flow, Q2 2026Net income−$15.2MDepreciation & amortization$9.9MStock-based pay$1.4MDeferred taxes−$1.2MOther non-cash−$68KInventory−$677KPayables$3.1MDeferred revenue$14.9MPrepaid and other assets$2.1MOperating cash flow−$23.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$23.9M−$26.3M−$1.5M$8.4M−$50.1M
Q1 2026$20.5M−$7.7M−$3.2M−$28.0M$12.8M
Q4 2025$8.2M−$24.9M−$1.8M$20.1M−$16.8M
Q3 2025$23.2M−$19.5M−$1.8M−$3.1M$3.7M
Q2 2025$11.4M−$13.0M−$1.7M−$16.2M−$1.7M
Q1 2025$38.4M−$11.7M−$1.7M−$4.1M$26.7M
Q4 2024$38.9M−$13.8M−$1.5M−$2.5M$25.2M
Q3 2024−$12.9M−$11.6M−$1.4M$1.1M−$24.5M

Hallador Energy: income statement and cash flow

Hallador Energy, Q2 2026: revenue $102M (-1% year over year), operating margin -12.5%. The chart follows the revenue to costs, profit and cash.

Hallador Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.