Electric Operations was Hallador Energy’s largest segment in fiscal 2025, bringing in $314.27M of $469.47M (67%).
| Segment | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Coal Operations | $293.34M | $435.82M | $205.08M | $226.38M | |
| Electric Operations | $66.32M | $268.34M | $262.47M | $314.27M | |
| Corporate & Other | $2.33M | — | — | — | |
| Corporate & Other Eliminations | — | — | -$63.40M | -$71.19M | |
| Eliminations & Reconciling Items | — | -$69.29M | — | — | |
| Total | $361.99M | $634.88M | $404.16M | $469.47M |
Hallador Energy brought in $469.47M from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 16.2% from $404.16M in fiscal 2024. Electric Operations was the largest at $314.27M (66.9%), ahead of Coal Operations at $226.38M (48.2%).
Compared with fiscal 2024, Electric Operations grew 19.7% to $314.27M and Coal Operations grew 10.4% to $226.38M.
Hallador Energy began breaking out Corporate & Other Eliminations in fiscal 2024, when it brought in -$63.40M. Hallador Energy stopped reporting Corporate & Other as a separate segment after fiscal 2022, when it brought in $2.33M. The total is net of Corporate & Other Eliminations, which took $71.19M off revenue in fiscal 2025.
Delivered Energy was Hallador Energy’s largest product and service line in fiscal 2024, bringing in $203.43M of $398.98M (51%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|---|
| Coal Sales | $243.90M | $289.38M | $361.93M | $137.45M | |||
| Delivered Energy | — | $53.90M | $211.77M | $203.43M | |||
| Accredited Energy Capacity | — | — | — | $58.09M | |||
| Energy Capacity | — | — | $56.16M | — | |||
| Capacity Payments | — | $12.30M | — | — | |||
| Other Revenue | — | — | — | — | |||
| Total | $243.90M | $355.58M | $629.85M | $398.98M |
Hallador Energy brought in $398.98M from its three product and service lines in fiscal 2024, the year ended December 31, 2024. Hallador Energy regrouped these lines after fiscal 2023, so the total does not compare directly with that year's $629.85M. Delivered Energy was the largest at $203.43M (51.0%), ahead of Coal Sales at $137.45M (34.5%) and Accredited Energy Capacity at $58.09M (14.6%).
Compared with fiscal 2023, Delivered Energy fell 3.9% to $203.43M and Coal Sales fell 62.0% to $137.45M.
Hallador Energy began breaking out Delivered Energy in fiscal 2022 and Accredited Energy Capacity in fiscal 2024. Hallador Energy stopped reporting Energy Capacity ($56.16M in fiscal 2023) and Capacity Payments ($12.30M in fiscal 2022) as separate lines.
Hallador Energy (HNRG) reports its revenue by segment and by product and service. In fiscal 2025, Electric Operations was its largest segment, bringing in $314.27M (66.9% of the total), followed by Coal Operations at $226.38M (48.2%).
Electric Operations was Hallador Energy's largest segment in fiscal 2025, bringing in $314.27M, or 66.9% of the $469.47M total across its three segments.
Delivered Energy was Hallador Energy's largest product and service line in fiscal 2024, bringing in $203.43M, or 51.0% of the $398.98M total across its three product and service lines.
Electric Operations grew faster than Coal Operations in fiscal 2025, up 19.7% from $262.47M to $314.27M. Coal Operations grew 10.4% to $226.38M.
Every figure comes from Hallador Energy's annual financial filings, as reported. Each line keeps the name Hallador Energy gives it, and years follow its fiscal calendar.
Hallador Energy's revenue by segment goes back to fiscal 2021, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.