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Hallador Energy vs Spruce Power Holding: HNRG and SPRU compared
Hallador Energy is the larger company: $102M of revenue in its latest quarter (Q2 2026) against $30.3M for Spruce Power Holding (Q2 2026). Hallador Energy is growing faster (-1% against -9% a year earlier). Spruce Power Holding is more profitable, with an operating margin of 32.2% against -12.5%.
Where the money goes: HNRG and SPRU
Hallador Energy (HNRG) · Q2 2026
Hallador Energy, Q2 2026: revenue $102M (-1% year over year), operating margin -12.5%, net loss $15.2M, operating cash flow −$23.9M. The chart follows the revenue to costs, profit and cash.
Spruce Power Holding (SPRU) · Q2 2026
Spruce Power Holding, Q2 2026: revenue $30.3M (-9% year over year), operating margin 32.2%, net earnings $3.3M, operating cash flow −$3.2M. The chart follows the revenue to costs, profit and cash.
| Hallador Energy (HNRG) | Spruce Power Holding (SPRU) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $102M | $30.3M |
| Revenue growth, Y/Y | -1% | -9% |
| Operating margin | -12.5% | 32.2% |
| Net earnings | −$15.2M | $3.3M |
| Net margin | -15.0% | 10.9% |
| Operating cash flow | −$23.9M | −$3.2M |
Where the revenue comes from
Spruce Power Holding
- PPA revenues: $12.2M (40%)
- SLA revenues: $10.3M (34%)
- Solar renewable energy credit revenues: $6.1M (20%)
- Other revenue: $1.0M (3%)
Questions
Which is bigger, Hallador Energy or Spruce Power Holding?
Hallador Energy is the larger company: $102M of revenue in its latest quarter (Q2 2026) against $30.3M for Spruce Power Holding (Q2 2026).
Is Hallador Energy or Spruce Power Holding growing faster?
Hallador Energy is growing faster (-1% against -9% a year earlier).
Which is more profitable, Hallador Energy or Spruce Power Holding?
Spruce Power Holding is more profitable, with an operating margin of 32.2% against -12.5%.
More: Hallador Energy earnings · how Hallador Energy makes money · Spruce Power Holding earnings · how Spruce Power Holding makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.