HNRG FINANCIAL STATEMENTS

Hallador Energy Company — balance sheet, income statement and cash flow trends

HNRGHallador Energy Company

🇺🇸 USA · NASDAQ · Utilities · Utilities - Independent Power Producers

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue451.9 M $+10.0%

Gross Profit19.3 M $-91.6%

Operating Income39.6 M $—

EBITDA80.3 M $—

Net Income22.6 M $—

Peer Comparison· Utilities - Independent Power Producers

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HNRG	10.0%	4.3%	17.8%	5.0%
ARASE	-22.5%	35.6%	24.0%	6.8%
IZENR	-2.2%	15.0%	21.8%	5.0%
GNE	1.6%	15.6%	17.3%	5.5%
CANTE	-2.6%	4.0%	19.3%	-34.8%
AKSEN	-0.6%	25.8%	31.7%	8.9%
Industry median	-1.6%	15.6%	24.0%	5.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HNRG	10.0%	4.3%	17.8%	5.0%
NRGV	362.0%	21.0%	-40.0%	-53.0%
UTL	19.6%	40.1%	35.9%	9.6%
MSEX	1.8%	46.2%	48.4%	22.1%
CWCO	0.3%	36.5%	19.4%	13.5%
YORW	-97.9%	-1,234.6%	2,091.8%	1,312.4%
Industry median	-1.6%	15.6%	24.0%	5.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity205.6 M $46%
Current Liabilities190 M $42%
Long-term Liabilities53 M $12%

Key Figures

YoY change

Total Assets448.6 M $+22.5%

Total Liabilities243.1 M $-3.1%

Total Equity205.6 M $+78.2%

Cash & ST Investments43.4 M $+529.3%

Total Debt6.2 M $-65.5%

Net Debt-37.2 M $-434.8%

Peer Comparison· Utilities - Independent Power Producers

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HNRG	0.80	3.0%	-0.46	45.8%
ARASE	2.06	13.2%	0.11	73.7%
IZENR	7.58	5.9%	0.16	89.9%
GNE	0.89	51.9%	2.49	49.1%
CANTE	3.01	2.1%	-1.09	93.7%
AKSEN	0.63	81.8%	3.91	50.4%
Industry median	0.96	74.5%	2.77	40.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HNRG	0.80	3.0%	-0.46	45.8%
NRGV	1.44	570.5%	-1.21	10.2%
UTL	0.57	146.8%	4.38	29.5%
MSEX	0.39	85.4%	4.42	36.1%
CWCO	6.04	1.2%	-4.96	85.9%
YORW	0.72	98.0%	7.01	35.1%
Industry median	0.96	74.5%	2.77	40.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow63.2 M $-28.2%

Capital Expenditures65.2 M $+29.9%

Free Cash Flow-2 M $-105.3%

Dividends Paid——

Peer Comparison· Utilities - Independent Power Producers

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HNRG	14.0%	-0.4%	14.4%	280.1%
ARASE	18.9%	8.7%	0.1%	277.9%
IZENR	21.0%	12.2%	7.7%	420.4%
GNE	10.9%	5.7%	5.2%	196.1%
CANTE	-67.5%	9.9%	77.5%	194.3%
AKSEN	26.6%	-26.0%	45.8%	297.6%
Industry median	14.9%	4.9%	11.2%	202.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HNRG	14.0%	-0.4%	14.4%	280.1%
NRGV	-26.1%	-45.2%	19.1%	49.3%
UTL	22.2%	-9.6%	31.8%	231.3%
MSEX	30.4%	7.6%	41.8%	137.8%
CWCO	28.4%	21.7%	6.7%	210.7%
YORW	1,806.1%	-2,493.9%	4,300.1%	137.6%
Industry median	14.9%	4.9%	11.2%	202.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.