Delivered Energy was Hallador Energy’s largest segment in fiscal 2025, bringing in $252.64M of $401.30M (63%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Coal Sales | $289.38M | $290.96M | $72.37M | $148.66M | ||||
| Delivered Energy | — | $211.77M | $203.43M | $252.64M | ||||
| Electric Sales | $66.25M | — | — | — | ||||
| Accredited Energy Capacity | — | — | $58.09M | — | ||||
| Energy Capacity | — | $56.16M | — | — | ||||
| Capacity Payments | $12.30M | — | — | — | ||||
| Other Revenue | — | — | — | — | ||||
| Total | $367.93M | $558.89M | $333.90M | $401.30M |
Hallador Energy brought in $401.30M from its two segments in fiscal 2025, the year ended December 31, 2025. Hallador Energy regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $333.90M. Delivered Energy was the largest at $252.64M (63.0%), ahead of Coal Sales at $148.66M (37.0%).
Compared with fiscal 2024, Coal Sales grew 105.4% to $148.66M and Delivered Energy grew 24.2% to $252.64M.
Hallador Energy began breaking out Delivered Energy in fiscal 2023, when it brought in $211.77M. Hallador Energy stopped reporting Electric Sales ($66.25M in fiscal 2022), Accredited Energy Capacity ($58.09M in fiscal 2024), Energy Capacity ($56.16M in fiscal 2023) and one other as separate segments.
Operating Segments was Hallador Energy’s largest revenue line in fiscal 2025, bringing in $252.64M of $180.29M (140%).
| Related and Nonrelated Parties | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Operating Segments | $361.93M | $203.43M | $252.64M |
| Corporate & Other Eliminations | — | -$65.08M | -$72.35M |
| Eliminations & Reconciling Items | -$70.96M | — | — |
| Total | $290.96M | $138.36M | $180.29M |
Hallador Energy brought in $180.29M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $401.30M it reports by segment, so these revenue lines do not cover all of its revenue. Operating Segments was the largest at $252.64M (140.1%).
Hallador Energy began breaking out Corporate & Other Eliminations in fiscal 2024, when it brought in -$65.08M. The total is net of Corporate & Other Eliminations, which took $72.35M off revenue in fiscal 2025.
Electric Operations was Hallador Energy’s largest segment in fiscal 2024, bringing in $123.50M of $182.55M (68%).
| Statement Business Segments | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Coal Operations | $246.40M | $293.34M | $361.93M | $59.05M |
| Electric Operations | — | $66.32M | $56.16M | $123.50M |
| Corporate & Other | $1.27M | $2.33M | — | — |
| Total | $247.67M | $361.99M | $418.08M | $182.55M |
Hallador Energy brought in $182.55M from its two segments in fiscal 2024, the year ended December 31, 2024. That was down 56.3% from $418.08M in fiscal 2023. Electric Operations was the largest at $123.50M (67.7%), ahead of Coal Operations at $59.05M (32.3%).
Compared with fiscal 2023, Electric Operations grew 119.9% to $123.50M, while Coal Operations fell 83.7% to $59.05M.
Hallador Energy began breaking out Electric Operations in fiscal 2022, when it brought in $66.32M. Hallador Energy stopped reporting Corporate & Other as a separate segment after fiscal 2022, when it brought in $2.33M.
Hallador Energy (HNRG) reports its revenue by segment, by related and nonrelated parties and by statement business segments. In fiscal 2025, Delivered Energy was its largest segment, bringing in $252.64M (63.0% of the total), followed by Coal Sales at $148.66M (37.0%).
Delivered Energy was Hallador Energy's largest segment in fiscal 2025, bringing in $252.64M, or 63.0% of the $401.30M total across its two segments.
Operating Segments was Hallador Energy's largest revenue line in fiscal 2025, bringing in $252.64M, or 140.1% of the $180.29M total across its two revenue lines.
Electric Operations grew faster than Coal Operations in fiscal 2024, up 119.9% from $56.16M to $123.50M. Coal Operations fell 83.7% to $59.05M.
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 2017, 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.