Business
Hallador Energy Company Reports Second Quarter 2024 Financial and Operating Results
- Q2 Total Revenue of $90.9 Million - - Q2 Net Loss of $10.2 Million or $(0.27) Earnings per Share - - Q2 Operating Cash Flow of $23.5 Million - - Q2 Adjusted
About this update from Hallador Energy Company
[{"type":"text","content":"- Q2 Total Revenue of $90.9 Million - - Q2 Net Loss of $10.2 Million or $(0.27) Earnings per Share - - Q2 Operating Cash Flow of $23.5 Million - - Q2 Adjusted EBITDA loss of $(5.8) Million - TERRE HAUTE, Ind., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”), today reported its financial results for the second quarter ended June 30, 2024. Brent Bilsland, President and Chief Executive Officer, stated, “We made progress during the quarter towards our strategic and deliberate path to transform Hallador and capture increased value as we advance our products and services up the value chain. Since acquiring the Merom Power Plant in 2022, we have expanded our offerings from fuel production to wholesale electricity sales, and we are now moving further up the chain to begin powering the industrial end user, including through a signed Memorandum of Understanding (MOU) with Hoosier and WIN REMC earlier this year. Since that time, we have carried out a data center targeted Request for Proposal (RFP) that has received a robust response and is in active negotiations, further strengthening our conviction that power is in critical demand and that we possess a crucial component to the success of these data centers.” “In the near term, we are facing a challenging market for spot electricity sales. Record natural gas production last year, combined with the second warmest winter in 25 years, has led to a surplus in natural gas inventory. This imbalance has driven down both gas and electricity prices, resulting in an energy market where pricing was above our cost structure only 40% of the time during the first half of the year.” “In response to the current environment, we have focused on strengthening our balance sheet by reducing debt and improving our total liquidity to $60.7 million at quarter-end. This was driven in-part by the receipt of a $45 million prepayment during the quarter for an 11-month forward power sale, representing 22% of our projected annual output. As natural gas inventories decrease and prices recover later this year, as we currently expect, we are well positioned to navigate the current environment and drive future power sales that can reshape Hallador’s financial profile.” Second Quarter 2024 Highlights The Company generated $23.5 million in operating cash flow during the ...