Filing Flows › Hallador Energy (HNRG) › Q4 2025
Hallador Energy (HNRG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Hallador Energy (HNRG) reported revenue of $102M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -31% from the quarter before. Operating margin was 6.1%, net loss $240K (0.2% of revenue).
Hallador Energy, Q4 2025: revenue $102M (+9% year over year), operating margin 6.1%, net loss $240K, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $102M | -31% | +9% |
| Operating profit | $6.2M | -79% | — |
| Net earnings | −$240K | -101% | — |
| Operating cash flow | $8.2M | -65% | -79% |
What changed
Revenue was $101.9M in Q4 2025, up 9% year over year and down 31% from the previous quarter.
Operating profit was $6.2M, a 6.1% margin (up 240.1 points year over year). Total costs fell 69% while revenue rose 9%. The fastest-growing cost line was SG&A (+13%). The quarter ended with a net loss of $240K, after a profit of $23.9M the previous quarter. Net interest and other expense of $4.6M was the main reason.
Operating cash flow was $8.2M (down 79% year over year). Non-cash charges added back $11.6M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $4.5M. Capital expenditures of $24.9M exceeded it, leaving free cash flow of −$16.8M.
Questions
What was Hallador Energy's revenue in the fourth quarter 2025?
Hallador Energy (HNRG) reported revenue of $102M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -31% from the quarter before.
Was Hallador Energy profitable in the fourth quarter 2025?
Operating profit was $6.2M (6.1% of revenue) and net loss $240K.
Source: Hallador Energy 10-K on SEC EDGAR.