Hallador Energy Posts 16% Revenue Growth, Greenlights 515 MW Gas Expansion With $14 Million Deposit
Hallador Energy’s 2025 revenue rose 16% to $469.5 million while operating cash flow climbed 23% to $81.1 million and Adjusted EBITDA tripled to $56.0 million. The company secured MISO acceptance of its $14 million ERAS deposit for a 515 MW gas generation expansion at Merom and added two veterans to its board.
1. Strong 2025 Financial Performance
Hallador Energy reported full-year 2025 revenue of $469.5 million, up 16% year-over-year, operating cash flow of $81.1 million (+23%), and Adjusted EBITDA of $56.0 million, a threefold increase driven by higher electric and coal segment performance and prepaid forward power contracts.
2. 515 MW Gas Generation Expansion
The company submitted a $14 million deposit to MISO and gained ERAS acceptance for a proposed 515 MW natural gas generator at its Merom site, targeting a 50% capacity uplift. Commercial discussions, equipment planning and financing are underway aiming for completion by Q3 2029.
3. Strengthened Liquidity and Debt Reduction
Hallador reduced bank debt to $30.0 million at year-end 2025 from $44.0 million a year earlier and held $38.8 million in liquidity. In March 2026 it closed a new $120 million, three-year senior secured credit facility maturing in 2029 to fund growth initiatives.
4. Strategic Board Appointments
Hallador appointed Barbara Sugg, former CEO of Southwest Power Pool who managed a 14-state grid expansion, and Daniel Hudson, founder of Woodlands Energy Management with over $35 billion in transactions, to its board to support its capacity growth and financing strategy.