Hallador Energy Company Reports Third Quarter 2024 Financial and Operating Results

About this update from Hallador Energy Company

- Signs Non-Binding Term Sheet with Leading Global Data Center Developer to Supply Power for 10+ years - - Q3 Total Revenue of $105.0 Million - - Q3 Net Income of $1.6 Million or $0.04 Earnings per Share - - Q3 Operating Cash Flow of ($12.9) Million - - Q3 Adjusted EBITDA of $9.6 Million - TERRE HAUTE, Ind., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”), today reported its financial results for the third quarter ended September 30, 2024. “During the quarter, we reached an important milestone in our transformation to an independent power producer as we signed a non-binding term sheet with a leading global data center developer,” said Brent Bilsland, President and Chief Executive Officer. “Our team is working diligently to finalize definitive agreements with this partner and the relevant utility that will support the delivery of our energy and capacity to the large load end user. The proposed transaction involves selling the energy and capacity to the end-user through a utility or cooperative, which would be an “in front of the meter” transaction in contrast to the “behind the meter” structures that have created recent regulatory challenges for others. If we are successful in executing definitive agreements, the proposed transaction would contract the majority of our plant’s energy and capacity at prices higher than the forward curve for more than a decade to come. “While we have not yet reached binding agreements, we are encouraged by our progress with this partner and by the strong interest we continue to see from other potential counterparties in our energy and capacity offerings, which have been bolstered by Indiana’s efforts to attract datacenters and other high density power users with its business-friendly climate and favorable tax policy. We believe we hold a considerable portion of the remaining unsold accredited capacity in MISO Zone 6, covering Indiana and parts of western Kentucky and we are well positioned to take advantage of the significant demand for our capacity.” Bilsland continued, “Additionally, we have made considerable strides in strengthening our balance sheet in recent months. Subsequent to quarter end, we executed a $60 million prepaid power purchase agreement (PPA) and utilized $20 million of the proceeds to pay down bank term debt and $34 million to pay down the revolver. At...

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