HALLADOR ENERGY CO, 10-K filed on 3/12/2026
Annual Report
v3.25.4
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Jun. 30, 2026
Mar. 10, 2026
Cover [Abstract]      
Entity Central Index Key 0000788965    
Entity Registrant Name HALLADOR ENERGY CO    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Securities Act File Number 001-3473    
Entity Incorporation, State or Country Code CO    
Entity Tax Identification Number 84-1014610    
Entity Address, Address Line One 1183 East Canvasback Drive    
Entity Address, City or Town Terre Haute    
Entity Address, State or Province IN    
Entity Address, Postal Zip Code 47802    
City Area Code 812    
Local Phone Number 299.2800    
Title of 12(b) Security Common Stock, $0.01 par value per share    
Trading Symbol HNRG    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float   $ 520,726,758  
Entity Common Stock, Shares Outstanding     47,023,495
Auditor Firm ID 248    
Auditor Name GRANT THORNTON LLP    
Auditor Location Tulsa, Oklahoma    
Documents Incorporated by Reference [Text Block]

Portions of the following document are incorporated by reference into this Report: Registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders, which is to be filed pursuant to Regulation 14A within 120 days after the end of our fiscal year ended December 31, 2025 (Part III).

​

    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 10,070 $ 7,232
Restricted cash 5,302 4,921
Accounts receivable 13,989 15,438
Inventory 42,534 36,685
Parts and supplies 45,854 39,104
Prepaid expenses 5,638 1,478
Total current assets 123,387 104,858
Property, plant and equipment:    
Land and mineral rights 69,952 70,307
Buildings and equipment 421,037 402,649
Mine development 102,302 92,458
Construction work in process 39,671 27,208
Finance lease right-of-use assets 12,591 13,034
Total property, plant and equipment 645,553 605,656
Less - accumulated depreciation, depletion and amortization (367,775) (347,952)
Total property, plant and equipment, net 277,778 257,704
Equity method investments 2,647 2,607
Other assets 4,241 3,951
Total assets 408,053 369,120
Current liabilities:    
Current portion of bank debt, net   4,095
Accounts payable and accrued liabilities 41,848 44,298
Current portion of lease financing 7,411 6,912
Contract liabilities - current 103,343 97,598
Total current liabilities 152,602 152,903
Long-term liabilities:    
Bank debt, net 29,678 37,394
Long-term lease financing 1,338 8,749
Deferred income taxes 1,833  
Asset retirement obligations 15,241 14,957
Contract liabilities - long-term 45,714 49,121
Other 1,814 1,711
Total long-term liabilities 95,618 111,932
Total liabilities 248,220 264,835
Commitments and contingencies (Note 22)
Stockholders' equity:    
Preferred stock, $.10 par value, 10,000 shares authorized; none issued
Common stock, $.01 par value, 100,000 shares authorized; 43,817 and 42,621 issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively 438 426
Additional paid-in capital 202,963 189,298
Retained deficit (43,568) (85,439)
Total stockholders' equity 159,833 104,285
Total liabilities and stockholders' equity $ 408,053 $ 369,120
v3.25.4
Consolidated Balance Sheets (Parentheticals) - $ / shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Consolidated Balance Sheets    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized 10,000 10,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 100,000 100,000
Common stock, shares issued 43,817 42,621
Common stock, shares outstanding 43,817 42,621
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SALES AND OPERATING REVENUES:    
Other revenues $ 10,074 $ 5,184
Total sales and operating revenues 469,466 404,159
EXPENSES:    
Fuel 63,854 49,343
Other operating and maintenance costs 129,246 118,364
Cost of purchased power 20,892 10,888
Utilities 16,801 15,914
Labor 110,678 116,164
Depreciation, depletion and amortization 41,222 65,626
Asset retirement obligations accretion 1,764 1,628
Exploration costs 216 260
General and administrative 26,226 26,527
Gain on disposal or abandonment of assets, net (2,489) (50)
Asset impairment 0 215,136
Settlement of litigation   2,750
Total operating expenses 408,410 622,550
INCOME FROM OPERATIONS 61,056 (218,391)
Interest income 602 235
Interest expense (16,896) (13,850)
Loss on extinguishment of debt (608) (2,790)
Equity method investment (loss) (450) (746)
NET INCOME (LOSS) BEFORE INCOME TAXES 43,704 (235,542)
INCOME TAX EXPENSE (BENEFIT):    
Current   (169)
Deferred 1,833 (9,235)
Total income tax expense (benefit) 1,833 (9,404)
NET INCOME (LOSS) $ 41,871 $ (226,138)
NET INCOME (LOSS) PER SHARE:    
Basic (in dollar per share) $ 0.98 $ (5.72)
Diluted (in dollar per share) $ 0.96 $ (5.72)
WEIGHTED AVERAGE SHARES OUTSTANDING    
Basic (in shares) 42,932 39,504
Diluted (in shares) 43,432 39,504
Interest Expense:    
Interest on bank debt $ 5,806 $ 9,286
Other interest 9,097 2,817
Amortization of debt issuance costs 1,993 1,747
Total interest expense 16,896 13,850
Electric sales    
SALES AND OPERATING REVENUES:    
Revenues 310,737 261,527
EXPENSES:    
NET INCOME (LOSS) BEFORE INCOME TAXES 43,704  
Coal sales    
SALES AND OPERATING REVENUES:    
Revenues $ 148,655 $ 137,448
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 41,871 $ (226,138)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Deferred income tax (benefit) 1,833 (9,235)
Equity method investment loss 450 746
Depreciation, depletion and amortization 41,222 65,626
Asset impairment 0 215,136
Loss on extinguishment of debt 608 2,790
(Gain) loss on disposal or abandonment of assets, net (2,489) (50)
Amortization of debt issuance costs 1,993 1,747
Asset retirement obligations accretion 1,764 1,628
Cash paid on asset retirement obligation reclamation (727) (1,407)
Stock-based compensation 3,529 4,454
Amortization of contract liabilities (99,683) (70,203)
Accretion on contract liabilities 8,408 1,170
Director fees paid in stock 192 150
Change in current assets and liabilities:    
Accounts receivable 1,449 4,499
Inventory (5,849) (13,610)
Parts and supplies (6,750) (227)
Prepaid expenses 1,910 784
Accounts payable and accrued liabilities (2,154) (14,580)
Contract liabilities 93,613 102,011
Other (56) 643
Net cash provided by operating activities 81,134 65,934
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (69,215) (53,367)
Proceeds from sale of equipment 3,158 4,239
Proceeds from held-for-sale assets   3,200
Investment in equity method investments (490) (542)
Net cash used in investing activities (66,547) (46,470)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on bank debt (106,000) (147,000)
Borrowings of bank debt 92,000 99,500
Payments on lease financing (6,994) (5,633)
Proceeds from sale and leaseback arrangement 0 5,134
Issuance of related party notes payable   5,000
Payments on related party notes payable   (5,000)
Debt issuance costs (330) (673)
ATM offering 13,510 34,515
Taxes paid on vesting of RSUs (3,554) (277)
Net cash used in financing activities (11,368) (14,434)
Increase in cash, cash equivalents, and restricted cash 3,219 5,030
Cash, cash equivalents, and restricted cash, beginning of year 12,153 7,123
Cash, cash equivalents, and restricted cash, end of year 15,372 12,153
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Cash and cash equivalents 10,070 7,232
Restricted cash 5,302 4,921
Cash, Cash Equivalents and Restricted Cash 15,372 12,153
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Cash paid for interest 6,705 10,511
Non-cash change in capital expenditures related to accounts payable and prepaid expenses $ 7,232 356
Stock issued on redemption of convertible notes and interest   $ 22,993
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Common Stock Issued
Additional Paid-in Capital
Retained Earnings (Deficit)
Total
Balance at the beginning at Dec. 31, 2023 $ 341 $ 127,548 $ 140,699 $ 268,588
Balance at the beginning (in shares) at Dec. 31, 2023 34,052      
Stock-based compensation   4,454   4,454
Stock issued on vesting of RSUs $ 4 (4)    
Stock issued on vesting of RSUs (in shares) 380      
Taxes paid on vesting of RSUs $ (2) (275)   (277)
Taxes paid on vesting of RSUs (in shares) (159)      
Stock issued on redemption of convertible notes $ 36 22,957   $ 22,993
Stock issued on redemption of convertible notes (in shares) 3,672     3,700
Stock issued in ATM offering $ 47 34,468   $ 34,515
Stock issued in ATM offering (in shares) 4,655      
Stock issued for director fees   150   150
Stock issued for director fees (in shares) 21      
Net Income (Loss)     (226,138) (226,138)
Balance at the end at Dec. 31, 2024 $ 426 189,298 (85,439) 104,285
Balance at the end (in shares) at Dec. 31, 2024 42,621      
Stock-based compensation   3,529   3,529
Stock issued on vesting of RSUs $ 7 (7)    
Stock issued on vesting of RSUs (in shares) 733      
Taxes paid on vesting of RSUs $ (2) (3,552)   (3,554)
Taxes paid on vesting of RSUs (in shares) (244)      
Stock issued in ATM offering $ 7 13,503   13,510
Stock issued in ATM offering (in shares) 697      
Stock issued for director fees   192   192
Stock issued for director fees (in shares) 10      
Net Income (Loss)     41,871 41,871
Balance at the end at Dec. 31, 2025 $ 438 $ 202,963 $ (43,568) $ 159,833
Balance at the end (in shares) at Dec. 31, 2025 43,817      
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

Hallador Energy Company (“Hallador” or the “Company”) is a vertically integrated, independent power producer (“IPP”) and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy supply chain, from accredited capacity and electricity to coal. The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of Hallador and our wholly owned subsidiaries Hallador Power Company, LLC (“Hallador Power”), Sunrise Coal, LLC (“Sunrise”) as well as their respective subsidiaries and Hourglass Sands, LLC. All significant intercompany accounts and transactions have been eliminated. Our operations comprise Hallador Power that provides accredited capacity and energy to utilities and other energy market participants through the MISO interconnection, and Sunrise that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States.

Segment Information

Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews and assesses operating performance measures related to our Electric Operations and our Coal Operations segments.

In addition to these reportable segments, the Company has a “Corporate and Other and Eliminations” category, which is not significant enough, on a stand-alone basis, to be considered an operating segment. Corporate and Other and Eliminations primarily consist of unallocated corporate costs and activities, including our 50% interests in Sunrise Energy, LLC (“Sunrise Energy”), a private gas exploration company with operations in Indiana and Oaktown Gas, LLC, which we account for using the equity method.

The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant (“Merom”).

The Coal Operations reportable segment includes our currently operating underground mining complex Oaktown 1 among other mining complexes and locations most of which were idled during the year ended December 31, 2024. 

Reclassifications

Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation. Any reclassification adjustments had no impact on prior year total assets, liabilities, net income or shareholders’ equity.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates. The most significant estimates and assumptions included in the preparation of the financial statements relate to: (i) deferred income tax accounts, (ii) coal reserves, (iii) depreciation, depletion, and amortization, (iv) estimates used in our impairment analysis, and (v) estimates used in the calculation of asset retirement obligations (“ARO”) under the Federal Surface Mining Control and Reclamation Act of 1977 (“SMCRA”) and other state statues.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and on deposit at financial institutions, including highly liquid investments with original maturities of three months or less. Cash balances at individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has not historically experienced any losses in such accounts.

Restricted Cash

Restricted cash represents cash held by third parties primarily for future workers’ compensation claims and Midcontinent Independent System Operator’s ("MISO") escrow payments. The amount restricted for workers’ compensation is based on estimated claim liabilities. The amount restricted for MISO escrow payments is based on power purchased or sold through the MISO interconnection and our power purchase agreements (“PPA”).

Accounts Receivable

The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced at periodic intervals in accordance with contractual terms for delivered energy and accredited capacity. Coal customers are invoiced upon shipment. Coal invoices typically include customary adjustments for the resolution of price variability, such as coal quality thresholds. Payments are generally received within thirty days of invoicing. Historically, credit losses have been insignificant. No charges for credit losses were recognized during the years ended December 31, 2025 or 2024.

Inventory and Parts and Supplies

Coal inventory is valued at the lower of cost or net realizable value (“NRV”) determined using the first-in first-out method. Coal inventory costs include labor, supplies, operating overhead, and other related costs incurred at or on behalf of the mining location or plant, including depreciation, depletion, and amortization of equipment, buildings, mineral rights, and mine development costs. Parts and supplies inventory is stated at cost basis determined using the first-in first-out method, less a reserve for surplus and obsolescence.

Prepaid Expenses

Prepaid expenses include prepaid insurance and other prepaid balances with vendors for various services paid in advance of use.

Advanced Royalties

Coal leases that require minimum annual or advance payments and are recoverable from future production are generally deferred and charged to expense as the coal is subsequently produced. Advance royalties are included in other assets.

Property, Plant and Equipment

The values of our Hallador Power’s property, plant and equipment were initially recorded at relative fair value based on the consideration paid upon closing of the acquisition of Merom in 2022. Other equipment is recorded at cost. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not extend the useful lives or increase the productivity of the assets are expensed as incurred. Most power plant equipment is depreciated over the estimated useful life of the assets ranging from six to nine years.

Construction work in process (“CWIP”) on the consolidated balance sheets represent costs incurred for the construction, development, and installation of property, plant, and equipment that are not yet ready for their intended use. CWIP includes direct construction costs, labor, fees, and other directly attributable costs incurred during the construction period.

Costs are capitalized in CWIP as incurred and are not depreciated until the related asset is substantially complete and ready for its intended use. Upon completion, the accumulated costs are reclassified from CWIP to the appropriate property and equipment category and depreciation is commenced based on the asset’s estimated useful life and applicable depreciation method.

In connection with MISO’s Expedited Resource Addition Study (“ERAS”) project, the Company has deposits totaling approximately $13.6 million as of December 31, 2025, related to project development activities. These amounts are included in CWIP to the extent that they represent costs directly attributable to the project. The deposit balance of approximately $12.9 million paid to MISO in 2025 is refundable in the event the project is terminated and therefore does not represent costs of assets that are ready for their intended use. Accordingly, such amounts are not depreciated and remain classified as CWIP until the project advances to a stage at which the related assets are placed in service. If the project is terminated, any refundable amounts will be reclassified as appropriate upon receipt.

Mining properties are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not extend the useful lives or increase the productivity of the assets are expensed as incurred. Mining properties are depreciated using the units-of-production method over the estimated recoverable reserves. Mining equipment and other plant and equipment assets are depreciated using the straight-line method over their estimated useful life. Most surface and underground mining equipment is depreciated using estimated useful lives ranging from one to fifteen years.

The Company reviews long-lived assets for impairment whenever events or changes in circumstances, known as triggering events, indicate that the carrying amount of a long-lived asset or asset group, may not be recoverable. Management considers various factors when determining if long-lived assets should be evaluated for impairment, including a significant adverse change in the business climate or industry conditions (such as sustained decreases in commodity prices, volatility in energy costs, and the global economy), a current period operating or cash flow loss combined with a history of losses, a significant adverse change in the extent or manner in which an asset is used, or a current expectation that the asset will be sold or otherwise disposed of before the end of its useful life.

During the fourth quarter of 2024, the Company completed a review of its coal mining facilities and future mining plans. The impairment analysis was based upon our coal mining operating plans, market driven pricing and cost trends. As part of that analysis, the Company determined the carrying amount of its coal mining long-lived asset group was not recoverable and recorded a non-cash, long-lived asset impairment of $215.1 million in 2024. See “Note 19 – Impairment of Coal Properties” below related to our 2024 impairment. There were no long-lived asset impairments during the year ended December 31, 2025.

Mine Development

Costs of developing new mines, including ARO assets, or significantly expanding the capacity of existing mines, are capitalized and amortized using the units-of-production method over estimated recoverable reserves.

ARO – Reclamation

Our operations are governed by various state and federal statues which establish reclamation and mine closure standards. At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding increase to the respective assets. Obligations are typically incurred when the Company commences development of underground and surface mines or acquires or expands power plant facilities. Obligations include reclamation of support facilities, refuse areas, slurry ponds and our landfill.

Obligations are reflected at the present value of their future cash flows. The Company reflects accretion of the obligations for the period from the date they are incurred through the date they are extinguished. The ARO assets are amortized using straight line method over the useful life of the related asset. The Company uses the credit-adjusted risk-free discount rates ranging from 7% to 10% to discount the obligation, inflation rates anticipated during the time to reclamation, and cost estimates prepared by its engineers inclusive of market risk premiums. Federal and state laws

require that our properties be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in applicable permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, reclamation of refuse areas, slurry ponds and our landfill.

The Company reviews its ARO at least annually and reflects revisions for permit changes, changes in estimated reclamation costs and changes in the estimated timing of such costs. In the event the Company is not able to perform reclamation, it has surety bonds at December 31, 2025 totaling $30.9 million to cover ARO. The undiscounted asset retirement obligation was $25.3 million and $26.1 million at December 31, 2025 and 2024, respectively.

The table below (in thousands) reflects the changes to ARO for the periods presented:

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​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Balance, beginning of year

​

$

16,810

​

$

16,589

Accretion

​

 

1,764

​

 

1,628

Change in estimate

​

 

—

​

 

—

Payments

​

 

(727)

​

 

(1,407)

Balance, end of year

​

 

17,847

​

 

16,810

Less current portion

​

 

(2,606)

​

 

(1,853)

Long-term balance, end of year

​

$

15,241

​

$

14,957

​

Contract Liabilities

The Company records contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. Contract liabilities are amortized to electric sales revenue pro-rata over the term of the agreements as the contracts are fulfilled. Contract liabilities primarily relate to accredited capacity or physically delivered energy.

Business Interruption Insurance

The Company carries an insurance policy to cover insurance risks including business interruption. There were no business interruption insurance settlements during the years ended December 31, 2025 and 2024. Business interruption insurance is recorded to cost of operations in the consolidated statements of operations and cash provided by operating activities in the consolidated statement of cash flows.

Commitments and Contingencies

From time to time, we are involved in legal proceedings and/or may be subject to industry rulings that could bring rise to claims in the ordinary course of business. We have concluded that the likelihood is remote that the ultimate resolution of any pending litigation or pending claims will be material or have a material adverse effect on our business, financial position, results of operations or liquidity.

Fuel Costs

Fuel costs in our Electric Operations include coal purchased from Sunrise Coal and third parties to operate Merom. Fuel costs in our Coal Operations include mainly diesel, as well as natural gas and petroleum to operate our coal mines. These fuel costs are expensed as the fuel is used. The difference between Sunrise Coal’s cost to produce coal and the contracted sales price to Hallador Power is eliminated in consolidation.

Income Taxes

Income taxes are provided based on the asset and liability method of accounting. The provision for income taxes is based on pretax financial income. Deferred tax assets and liabilities are recognized for the future expected tax consequences of temporary differences between income tax and financial reporting and principally relate to differences in the tax basis of

assets and liabilities and their reported amounts, using enacted tax rates in effect for the year in which differences are expected to reverse.

Earnings per Share

Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common shares outstanding for the period.

Diluted EPS attributable to common shareholders is computed by adjusting net earnings by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares of restricted stock units as if the units issued by us were vested. We apply the treasury stock method to account for the dilutive impact of its restricted stock units. Anti-dilutive securities are excluded from diluted EPS. As a result of determining the effect of potentially dilutive securities, in certain periods, diluted net loss per share may be the same as the basic net loss per share for the periods presented.

Stock-based Compensation

Stock-based compensation for restricted stock units is measured at the grant date based on the fair value of the award and is recognized as expense over the respective vesting period of the stock award using the straight-line method.

Recent Accounting Pronouncements - Adopted

The Company has adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 primarily requires enhanced disclosures to (1) disclose specific categories in the rate reconciliation, (2) disclose the amount of income taxes paid and expensed disaggregated by federal, state, and foreign taxes, with further disaggregation by individual jurisdictions if certain criteria are met, and (3) disclose income (loss) from continuing operations before income tax (benefit) disaggregated between domestic and foreign. Please see “Note 7 – Income Taxes” for additional information.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The update is intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard will be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of adoption of the standard on its financial statement disclosures.

v3.25.4
INVENTORY
 12 Months Ended
Dec. 31, 2025
INVENTORY  
INVENTORY

(2)     INVENTORY

Inventory is valued at lower of cost or NRV. As of December 31, 2025 and 2024, coal inventory includes NRV adjustments of $0.1 million and $0.3 million, respectively. During 2025, as part of the Company’s routine inventory reconciliation process, a downward adjustment of $2.6 million was recorded to coal inventory.
v3.25.4
OTHER LONG-TERM ASSETS (IN THOUSANDS)
 12 Months Ended
Dec. 31, 2025
OTHER LONG-TERM ASSETS (IN THOUSANDS)  
OTHER LONG-TERM ASSETS (IN THOUSANDS)

(3)     OTHER LONG-TERM ASSETS (IN THOUSANDS)

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Advanced coal royalties

​

$

4,234

​

$

3,906

Other

​

 

7

​

 

45

Total other assets

​

$

4,241

​

$

3,951

​
v3.25.4
BANK DEBT
 12 Months Ended
Dec. 31, 2025
BANK DEBT  
BANK DEBT

(4)     BANK DEBT

The Company is a party to a credit agreement with PNC Bank, National Association (“PNC”), in its capacity as administrative agent, which consists of a revolving credit facility of up to $75.0 million and a term loan.

On September 27, 2024, the Company executed the First Amendment (“First Amendment”) to the Fourth Amended and Restated Credit Agreement, dated as of August 2, 2023 (as amended, the “Credit Agreement”), with PNC Bank, which was accounted for as a debt modification. The primary purpose of the First Amendment was to provide the Company with short-term covenant relief to pursue additional liquidity. During the fourth quarter of 2024, the Company entered into a prepaid forward power sales contract in which $20.0 million of the proceeds were used to pay our required $6.5 million quarterly loan payments through the third quarter of 2025 and also reduced our fourth quarter 2025 payment to $6.0 million. Furthermore, the First Amendment defined certain administrative changes which include, among other things, added requirements related to reporting, third party financial advisors, and appraisals on coal and power assets.

On June 27, 2025, the Company executed the Third Amendment (“Third Amendment”) to our Credit Agreement, which was accounted for as a debt modification. The primary purpose of the Third Amendment was to provide additional operating flexibility for the remainder of 2025 by redefining covenants and deferring certain covenants until the third quarter of 2025. During the second quarter of 2025, the Company entered into a $35.0 million prepaid forward power sales contract of which $19.0 million of the proceeds were deposited into a money market account with the administrative agent as a compensating balance. The compensating balance was utilized to fully repay the outstanding term loan during the fourth quarter of 2025. As of March 5, 2026, the Company fully repaid its revolving credit facility.

Bank debt was reduced by $14.0 million and $47.5 million during the years ended December 31, 2025 and 2024, respectively.

Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized by substantially all our assets.

Liquidity

As of December 31, 2025, we had additional borrowing capacity of $28.8 million under the revolving credit facility and total liquidity of $38.8 million. Our additional borrowing capacity is net of $16.2 million in outstanding letters of credit as of December 31, 2025 that were required to maintain surety bonds or related to PPAs. Liquidity consists of additional borrowing capacity and cash and cash equivalents.

PNC’s commitment to make additional advances, and their obligation to issue letters of credit, may be terminated or reduced upon the occurrence of certain events, including, but not limited to (a) an event of default as defined in the Credit Agreement, including, among other things: (i) non-payment of principle, interest or other obligations; (ii) breaches of covenants, including financial covenants; (iii) breaches of representations and warranties; (iv) cross-defaults to other indebtedness; (v) change of control events; and (vi) bankruptcy or insolvency events; or (b) the failure to satisfy certain conditions at the time of a draw request. Upon the occurrence of an event of default, PNC, at its option, may terminate its commitments and obligation to issue letters of credit, declare all outstanding borrowings immediately due and payable, require cash collateralization of outstanding letters of credit and exercise other rights and remedies available under the Credit Agreement.

Fees

Unamortized bank fees and other costs incurred in connection with our initial facility totaled $4.3 million. Additional costs incurred with our Credit Agreement amendments totaled $0.9 million, of which $0.3 million related to our Third Amendment. These unamortized bank fees were deferred and are being amortized over the term of the Credit Agreement. 

During 2025, we recognized a loss on extinguishment of debt of $0.6 million for the write-off of unamortized loan fees related to the Term Loan which was paid off in the fourth quarter of 2025. The remaining costs deferred are being amortized over the term of the revolving credit facility. Unamortized bank fees as of December 31, 2025 and 2024, were $0.3 million and $2.5 million, respectively. Commitment fees on the unused portion of the facility are 0.50% per annum.

Bank debt, less debt issuance costs, is presented below (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

 

2025

  ​ ​ ​

2024

Current bank debt

​

$

—

​

$

6,000

Less unamortized debt issuance cost

​

 

—

​

 

(1,905)

Net current portion

​

$

—

​

$

4,095

​

​

​

​

​

​

​

Long-term bank debt

​

$

30,000

​

$

38,000

Less unamortized debt issuance cost

​

 

(322)

​

 

(606)

Net long-term portion

​

$

29,678

​

$

37,394

​

​

​

​

​

​

​

Total bank debt

​

$

30,000

​

$

44,000

Less total unamortized debt issuance cost

​

 

(322)

​

 

(2,511)

Net bank debt

​

$

29,678

​

$

41,489

​

Covenants

The First Amendment, among other things, provided the Company with short-term covenant relief to pursue additional liquidity. The First Amendment waived the Company’s Leverage Ratio requirement for the third and fourth quarters of 2024, increased the threshold to 5.50 to 1.00 for the first quarter of 2025, and decreased the threshold back to 2.25 to 1.00 for each fiscal quarter thereafter. Additionally, the Debt Service Coverage Ratio requirement (1.25 to 1.00) was waived from third quarter of 2024 through the first quarter of 2025. The First Amendment also added additional financial covenants which include: (i) a maximum First Lien Leverage Ratio for the first quarter of 2025, calculated as of the end of each fiscal quarter for the trailing twelve months, not to exceed 3.50 to 1.00; (ii) a minimum liquidity requirement of $10.0 million, beginning on the First Amendment execution date and ending when the second quarter of 2025 compliance certificate is received; and (iii) a minimum quarterly EBITDA requirement, as defined in the First Amendment, of $5.0 million for the third quarter of 2024 through the first quarter of 2025.

The Third Amendment, among other things, deferred the Maximum Leverage Ratio and Minimum Debt Service Coverage Ratios until September 2025. The Maximum Leverage Ratio requirement was changed to 3.00 to 1.00 for our fiscal quarter ending September 30, 2025, and is 2.25 to 1.00 thereafter. The Debt Service Coverage Ratio requirement was changed to 3.25 to 1.00 as long as the Company maintains the required compensating balance, if not, the ratio remains at 1.25 to 1.00. The Third Amendment removed the First Lien Leverage Ratio (as defined in the First Amendment to the Credit Agreement) while maintaining the minimum liquidity requirement of $10.0 million.

We were in compliance with all covenants defined in the Credit Agreement throughout the year and as of December 31, 2025.

Interest Rate

The interest rate on the PNC facility ranges from secured overnight financing rate (“SOFR”) plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of December 31, 2025, we were paying SOFR plus 4.25% on the outstanding bank debt which equates to an all-in rate of 8.17%.

The Company’s total outstanding balance of $30.0 million on the revolving credit facility is scheduled to mature in 2026, with no amounts due in periods thereafter.

On March 5, 2026, Hallador entered into a credit agreement with Texas Capital Bank and Old National Bank, among others, that replaces the Credit Agreement with PNC Bank and includes a $75.0 million revolving credit facility (the "New Revolving Credit Facility") and a $45.0 million delayed draw term loan (the "Delayed Draw Term Loan", and together with the New Revolving Credit Facility, the "New Credit Facility"). The New Credit Facility bears interest with margins ranging from 2.25% to 3.75% above SOFR or the applicable base rate, subject to a SOFR floor of 1.00%. The applicable margin is determined based upon the Company's leverage ratio and the type of loan drawn. The New Credit Facility includes a commitment fee of 0.50% on any unused portions of the New Revolving Credit Facility. If the Delayed Draw Term Loan occurs, which is subject to meeting certain conditions, the principal balance of the Delayed Draw Term Loan shall be due and payable in equal quarterly installments of 2.5% of the original principal amount of such Delayed Draw Term Loan with a final payment of the remaining balance upon maturity. The New Credit Facility matures on March 5, 2029, and is collateralized by substantially all our assets. When drawn, the proceeds from the New Credit Facility may be used for ongoing working capital and general corporate purposes. Liquidity at December 31, 2025, excludes the availability under the New Credit Facility.
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)
 12 Months Ended
Dec. 31, 2025
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)  
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)

(5)     ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)

​

​

​

​

​

​

​

​

​

 

December 31, 

​

 

2025

  ​ ​ ​

2024

Accounts payable

  ​

$

12,594

  ​

$

12,822

Accrued liabilities

​

​

10,829

​

​

11,469

Workers' compensation reserve

​

 

5,223

​

 

4,321

Accrued property taxes

​

 

3,900

​

 

4,185

Accrued payroll

​

 

3,037

​

 

3,258

Asset retirement obligation - current portion

​

 

2,606

​

 

1,853

Group health insurance

​

 

1,420

​

 

1,700

Other

​

​

2,239

​

​

4,690

Total accounts payable and accrued liabilities

​

$

41,848

​

$

44,298

​
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
REVENUE  
REVENUE

(6)   REVENUE

Revenue from Contracts with Customers

We account for contracts with customers when the parties have executed the contract and are committed to performing their respective obligations, the rights of each party are identified, payment terms are identified, the contract has commercial substance, and it is probable substantially all of the consideration will be collected. We recognize revenue when we satisfy a performance obligation by transferring control of a good or service to a customer.

Electric operations

We concluded that for a Power Purchase Agreement (“PPA”) that is not determined to be a lease or derivative, the definition of a contract and the criteria in ASC 606, Revenue from Contracts with Customers (“ASC 606”), is met at the time the PPA is executed by the parties, as this is the point at which enforceable rights and obligations are established. Accordingly, we concluded that a PPA that is not determined to be a lease or derivative constitutes a valid contract under ASC 606.

Under PPAs we recognize revenue daily, based on an output method of capacity made available as part of any stand-ready obligations for contracted accredited capacity performance obligations and daily, based on an output method of megawatt hour (“MWh”) of electricity delivered.

For PPAs, we recognize revenue daily for the actual delivered electricity. For the prepaid PPAs, we recognize revenue daily for the funds received for the actual delivered electricity plus any accretion attributable to the time value of money.

When there is an outage at one of the generating units at Merom or energy hours at the Merom Hub are priced below our production cost, we have the option to make net hourly purchases of power in the MISO market to satisfy our obligations, which we record as cost of purchased power in our consolidated statements of operations.

The following table shows consolidated operating revenue concentration greater than 10% from customers of our Electric Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

Year Ended December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Electric Operations

​

$

110,006

​

$

123,504

​

23.4

%

​

30.6

%

Customer B

Electric Operations

​

$

47,248

​

$

—

​

10.1

%

​

—

%

Customer C

Electric Operations

​

$

—

​

$

51,639

​

—

%

​

12.8

%

The following table shows consolidated accounts receivable concentration greater than 10% from customers of our Electric Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Electric Operations

​

$

3,275

​

$

3,460

​

23.4

%

​

22.4

%

Customer B

Electric Operations

​

$

3,184

​

$

5,952

​

22.8

%

​

38.6

%

Customer C

Electric Operations

​

$

3,188

​

$

—

​

22.8

%

​

—

%

​

Coal operations

Our coal revenue is derived from sales to customers of coal produced at our mining facilities. Our customers typically purchase coal free on board from our mine sites where title, risk of loss, and control pass to the customer. Our customers arrange for and bear the costs of transporting their coal from our mines to their plants or other specified discharge points. Our customers are typically domestic utility companies. Our coal sales agreements with our customers are fixed-priced, fixed-volume supply contracts, or include a pre-determined escalation in price for each year. Price re-opener and index provisions may allow either party to commence a renegotiation of the contract price at a pre-determined time. Price re-opener provisions may automatically set a new price based on the prevailing market price or, in some instances, require us to negotiate a new price, sometimes within specified ranges of prices. The terms of our coal sales agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of these contracts vary by customer.

Coal sales agreements will typically contain coal quality specifications. With coal quality specifications in place, the raw coal sold by us to the customer at the delivery point must be substantially free of magnetic material and other foreign material impurities and crushed to a maximum size as set forth in the respective coal sales agreement. Price adjustments are made and billed in the month the coal sale was recognized based on quality standards that are specified in the coal sales agreement, such as British thermal unit (“Btu”) factor, moisture, ash, and sulfur content, and can result in either increases or decreases in the value of the coal shipped. When applicable, we have constrained the expected value of variable consideration in our estimation of transaction price and only included this consideration to the extent that it is probable that a significant revenue reversal will not occur.

The following table shows consolidated operating revenue concentration greater than 10% from customers of our Coal Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

Year Ended December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Coal Operations

​

$

48,983

​

$

54,593

​

10.4

%

​

13.5

%

Customer B

Coal Operations

​

$

64,799

​

$

43,394

​

13.8

%

​

10.7

%

The following table shows consolidated accounts receivable concentration greater than 10% from customers of our Coal Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Coal Operations

​

$

1,871

​

$

1,887

​

13.4

%

​

12.2

%

​

Disaggregation of Revenue

Revenue is disaggregated by revenue source for our Electric Operations and primary geographic markets for our Coal Operations, as we believe this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

Electric operations

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(in thousands)

Delivered energy (including contract liability amortization)

  ​

$

252,644

  ​

$

203,434

Accredited capacity

​

 

58,093

​

 

58,093

Total Electric Operations sales

​

$

310,737

​

$

261,527

​

Coal Operations

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(in thousands)

Third party Indiana customers

  ​

$

83,353

  ​

$

59,045

Customers in Florida, North Carolina and Georgia

​

 

65,302

​

 

78,403

Total Coal Operations sales

​

$

148,655

​

$

137,448

​

Performance Obligations

A performance obligation is a promise in a contract with a customer to provide distinct goods or services. Performance obligations are the unit of account for purposes of applying the revenue recognition standard and therefore determine when and how revenue is recognized.

Electric Operations

We concluded that each MWh of delivered energy is capable of being distinct as a customer could benefit from each on its own by using/consuming it as a part of its operations. We also concluded that the stand-ready obligation to be available to provide electricity is capable of being distinct as each unit of accredited capacity provides an economic benefit to the holder and could be sold by the customer.

Coal Operations

In most of our coal contracts, the customer contracts with us to provide coal that meets certain quality criteria. We consider each ton of coal a separate performance obligation and allocate the transaction price using the base price per the contract, increased or decreased for quality adjustments.

The following table illustrates the balance of all current Electric and Coal Operations contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2025 and disaggregated by segment and contract duration (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

  ​ ​ ​

2029

  ​ ​ ​

Total

Delivered energy revenue

 

$

175,880

 

$

142,290

 

$

57,700

 

$

13,860

 

$

389,730

Accredited capacity revenue

​

​

61,540

​

​

51,400

​

​

37,330

​

​

3,470

​

​

153,740

Coal Operations revenue (1)

​

​

152,120

​

​

141,850

​

​

29,500

​

​

—

​

​

323,470

Total revenue

​

$

389,540

​

$

335,540

​

$

124,530

​

$

17,330

​

$

866,940

(1) Coal Operations revenue consists of consolidated revenue excluding our intercompany revenues from Merom.

Contract Balances

Under ASC 606, the timing of when a performance obligation is satisfied can affect the presentation of accounts receivable, contract assets and contract liabilities. The main distinction between accounts receivable and contract assets is whether consideration is conditional on something other than the passage of time. A receivable is an entity’s right to consideration that is unconditional.

Under the typical payment terms of our contracts with customers, the customer pays us the contracted price for electricity or accredited capacity. For coal contracts, the customer pays us a base price for the coal, increased or decreased for any quality adjustments. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our consolidated balance sheets. Payments received prior to fulfilling our performance obligations are included in contract liabilities in our consolidated balance sheets. When the Company receives customer payments more than one year in advance of the related performance obligations, in accordance with ASC 606, the Company adjusts the transaction price for the significant financing component associated with these contracts at risk adjusted market rates. The resulting interest accretion is recognized as interest expense over the period between the customer payment date and the expected satisfaction of the performance obligation.

The following table shows our beginning and ending accounts receivable balances from contracts with customers for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2025

  ​ ​ ​

2024

Accounts receivable from contracts with customers - beginning balance

  ​

$

15,438

  ​

$

19,937

Accounts receivable from contracts with customers - ending balance

​

$

13,989

​

$

15,438

As the Company fulfills its contractual obligations, we recognized those amounts in revenue. The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2025

  ​ ​ ​

2024

Total contract liabilities - beginning balance

​

$

146,719

​

$

113,741

Cash payments received on future contract obligations

​

​

136,880

​

​

159,965

Accretion on contract liabilities

​

​

8,408

​

​

1,170

Revenue recognized, cash payments received in prior period

​

​

(99,683)

​

​

(70,203)

Revenue recognized, cash payments received in current period

​

​

(43,267)

​

​

(57,954)

Total contract liabilities - ending balance

​

$

149,057

​

$

146,719

​
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
INCOME TAXES  
INCOME TAXES

(7)     INCOME TAXES

Effective January 1, 2025, the Company adopted an accounting standards update that provides guidance for reporting on income taxes and requires additional disclosures related to cash paid (received) for income taxes – net and the effective income tax rate. The Company adopted the updated standard for income taxes using the full retrospective approach, which changed the presentation of certain information below.

Net income (loss) before income taxes consisted of the following (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

43,704

​

$

(235,542)

Foreign

​

 

—

​

 

—

Net Income (Loss) before income taxes

​

$

43,704

​

$

(235,542)

​

The federal and state income tax provision (benefit) is summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

2025

  ​ ​ ​

2024

Current tax expense:

​

​

​

​

​

​

Federal

​

$

—

​

$

—

State and local

​

​

—

​

​

(169)

Total current tax expense

​

​

—

​

​

(169)

Deferred tax expense (benefit):

​

​

​

​

​

​

Federal

​

​

1,833

​

​

(9,247)

State and local

​

​

—

​

​

12

Total deferred tax expense (benefit)

​

​

1,833

​

​

(9,235)

Total income tax expense (benefit):

​

​

​

​

​

​

Federal

​

​

1,833

​

​

(9,247)

State and local

​

​

—

​

​

(157)

Total income tax expense (benefit)

​

$

1,833

​

$

(9,404)

​

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.

The tax effects of significant items comprising the Company’s deferred taxes as of the years presented are as follows (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

​

​

​

​

​

​

Net operating loss

​

$

28,320

​

$

32,725

Power contracts

​

 

13,243

​

 

10,828

Compensation

​

 

1,407

​

 

1,955

Accrued liabilities

​

 

463

​

 

423

ARO liabilities

​

​

2,436

​

​

2,293

Lease liabilities

​

​

2,196

​

​

3,938

Coal properties

​

​

20,909

​

​

26,191

Other

​

 

1,875

​

 

5,215

Total deferred tax assets

​

 

70,849

​

 

83,568

Valuation allowance

​

 

(41,438)

​

 

(49,695)

Deferred tax assets, net of valuation allowance

​

 

29,411

​

 

33,873

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

Coal properties

​

 

—

​

 

—

Power properties

​

 

(27,601)

​

 

(27,960)

Investment partnerships

​

 

(512)

​

 

(531)

ROU assets

​

 

(3,131)

​

 

(5,382)

Total deferred tax liabilities

​

 

(31,244)

​

 

(33,873)

​

​

​

​

​

​

​

Net deferred tax liability

​

$

(1,833)

​

$

—

​

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance decreased by $8.3 million during 2025 and increased $49.7 million during 2024.

Net operating losses and tax credit carryforwards as of the financial statement date are as follows (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

Amount

​

Expiration Years

Net operating losses, federal (Post December 31, 2017)

​

$

102,067

​

Do not Expire

Net operating losses, federal (Pre January 1, 2018)

​

​

4,928

​

2037

Net operating losses, state

​

​

151,604

​

2036 - 2044

Tax credits, federal

​

​

32

​

2026 - 2038

Tax credits, state

​

​

—

​

​

​

Net operating losses, foreign

​

​

—

​

​

​

Tax credits, foreign

​

$

—

​

​

​

​

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

​

2024

​

​

Amount

​

Percent

​

Amount

​

Percent

U.S. federal statutory tax rate

​

$

9,178

​

21.00

%

​

$

(49,464)

​

21.00

%

State and local income taxes, net of federal income tax effect

​

​

—

​

—

​

​

​

(124)

​

0.05

​

Enactment of new tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Effect of cross-borders tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Tax credits:

​

​

—

​

—

​

​

​

—

​

—

​

Mine rescue credits

​

​

10

​

0.02

​

​

​

20

​

(0.01)

​

Indiana EDGE credit

​

​

—

​

—

​

​

​

(169)

​

0.07

​

Change in valuation allowance

​

​

(6,605)

​

(15.11)

​

​

​

40,327

​

(17.12)

​

Nondeductible items

​

​

(1,112)

​

(2.54)

​

​

​

296

​

(0.13)

​

Worldwide changes in unrecognized tax benefits

​

​

—

​

—

​

​

​

—

​

—

​

Other

​

​

—

​

—

​

​

​

—

​

—

​

Prior period true-ups and other

​

​

362

​

0.82

​

​

​

(290)

​

0.12

​

Foreign tax effects

​

​

—

​

—

​

​

​

—

​

—

​

Total income tax expense (benefit)

​

$

1,833

​

4.19

%

​

$

(9,404)

​

3.99

%

​

In each year, the state and local income taxes which comprise the majority of the state and local income taxes, net of federal effect category are Indiana.

The cash paid for income taxes (net of refunds) during the year was as follows (in dollars) (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Federal

​

$

—

​

$

—

State and local - Indiana

​

​

—

​

​

—

Foreign

​

​

—

​

​

—

Total income taxes paid

​

$

—

​

$

—

​

On July 4, 2025, the United States Congress passed budget reconciliation bill H.R.1, referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains several changes to corporate taxation, such as (i) the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, including 100% expensing of qualified depreciable assets, (ii) interest deductibility, (iii) the repeal or acceleration of the sunset of certain tax credits under the 2022 Inflation Reduction Act and (iv) the elimination of certain penalties for violations of certain regulatory credit programs. The OBBBA has multiple effective dates with certain provisions effective in 2025 and others implemented through 2027. The Company continues to analyze the impact of this legislation on its business and does not anticipate a material impact as a result.
v3.25.4
STOCK COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2025
STOCK COMPENSATION PLANS  
STOCK COMPENSATION PLANS

(8)     STOCK COMPENSATION PLANS

Restricted Stock Units (RSUs)

A portion of the total compensation offered by the Company to its employees and directors includes stock-based compensation in the form of RSUs. The RSUs generally vest over a period of three years. The table below shows the number of RSUs available for issuance at December 31, 2025:

​

​

​

​

Total authorized RSUs in Plan approved by shareholders

  ​

6,850,000

Stock issued out of the Plan from vested grants

 

(4,260,472)

Unvested grants

 

(586,101)

RSUs available for future issuance

 

2,003,427

​

​

​

​

Unvested grants at December 31, 2023

  ​

858,363

Awarded - weighted average share price on grant date was $5.69

 

599,013

Vested

 

(380,390)

Forfeited

 

(42,500)

Unvested grants as of December 31, 2024

 

1,034,486

Awarded - weighted average share price on grant date was $16.96

 

365,237

Vested

 

(743,080)

Forfeited

 

(70,542)

Unvested grants as of December 31, 2025

 

586,101

​

RSU Vesting Schedule

​

​

​

​

Vesting Year

  ​ ​ ​

RSUs Vesting

2026

  ​

197,693

2027

 

377,192

2028

​

11,216

​

​

586,101

​

Shares that vested in 2025 had a value of $10.6 million based on the average share price of $14.32 on their vesting dates. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

Stock-based compensation expense is included in labor and in general and administrative in the consolidated statements of operations. For the years ended December 31, 2025 and 2024, stock-based compensation expense was $3.5 million and $4.5 million, respectively.

As noted in our Form 8-K filed with the SEC on June 2, 2025, on May 29, 2025, shareholders approved the Second Amended and Restated 2008 Restricted Stock Unit Plan (the “RSU Plan”) which, (i) increased the number of shares available for issuance by 2,000,000 shares, and (ii) extended the term of the RSU Plan until May 29, 2035.

As of December 31, 2025, unrecognized stock compensation expense to be recognized over the respective vesting period was $4.1 million. RSUs are not allocated earnings and losses as they are considered non-participating securities. Forfeitures are recognized as they occur.
v3.25.4
EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2025
EMPLOYEE BENEFITS  
EMPLOYEE BENEFITS

(9)     EMPLOYEE BENEFITS

Our employee benefit expenses for the years ended December 31 are below (in thousands):

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Health benefits, including premiums

​

$

11,326

​

$

13,796

401(k) matching

​

 

1,957

​

 

1,851

Deferred bonus plan

​

 

770

​

 

553

Total

​

$

14,053

​

$

16,200

​

Of the amounts in the above table, $13.2 million and $15.2 million are recorded in labor in the consolidated statements of operations for the years ended December 31, 2025 and 2024, respectively, with the remainder in general and administrative.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
LEASES  
LEASES

(10)     LEASES

The Company determines if an arrangement is an operating or finance lease at the inception of each contract. If the contract is classified as an operating lease, we record a right-of-use (“ROU”) asset and corresponding liability reflecting the total remaining present value of fixed lease payments over the expected term of the lease agreement. The expected term of the lease may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. If our lease does not provide an implicit rate in the contract, we use our incremental borrowing rate when calculating the present value. 

We have operating leases for office space with remaining lease terms ranging from one month to approximately seven years. As most of the leases do not provide an implicit rate, we calculate the ROU assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. At December 31, 2025 and 2024, we had approximately $0.6 million and $0.7 million, respectively, of ROU operating lease assets recorded within buildings and equipment on the consolidated balance sheets. Operating lease expense associated with ROU assets is recognized on a monthly basis over the lease term in operating costs on the consolidated statements of operation.

We previously entered into finance lease arrangements that are accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the consolidated balance sheets as applicable. Depreciation on our finance lease assets was $2.0 million and $5.2 million for the years ended December 31, 2025 and 2024, respectively. Interest expense on our finance lease liability was $0.1 million during the year ended December 31, 2025. Imputed interest expense on our future remaining finance lease liability was $0.5 million for the year ended December 31, 2025. We had deferred financing fees of $0.1 million and $0.2 million at December 31, 2025 and 2024, respectively, in connection with entry into the finance leases.

Information related to leases was as follows as of December 31 (in thousands):

​

​

​

​

​

​

​

​

​

​

 

December 31, 

 

​

​

2025

​

2024

 

Operating lease information:

 

​

  ​

 

​

  ​

​

Operating cash outflows from operating leases

​

$

207

​

$

169

​

Weighted average remaining lease term in years

​

 

6.6

​

 

8.0

​

Weighted average discount rate

​

 

8.2

%  

 

9.5

%

Finance lease information:

​

 

  ​

​

 

  ​

​

Financing cash outflows from finance leases

​

$

6,994

​

$

5,633

​

Proceeds from sale and leaseback arrangement

​

 

—

​

 

5,134

​

Weighted average remaining lease term in years

​

 

1.22

​

 

2.18

​

Weighted average discount rate

​

 

9.0

%  

 

9.0

%

​

We recognized the following costs related to our leases in our consolidated balance sheets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

​

For the Year Ended December 31, 

​

  ​ ​ ​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

​

​

(In thousands)

Operating lease assets

​

Buildings and equipment

 

$

646

​

$

664

Operating lease liabilities:

​

  ​

 

 

  ​

​

 

  ​

Current operating lease liabilities

​

Accounts payable and accrued liabilities

 

$

112

​

$

99

Non-current operating lease liabilities

​

Other long-term liabilities

 

​

534

​

​

565

Total operating lease liability

​

​

​

$

646

​

$

664

​

​

​

​

​

​

​

​

​

Finance lease assets

​

Finance lease right-of-use assets

​

$

12,591

​

$

13,034

Finance lease liabilities:

​

  ​

​

 

  ​

​

 

  ​

Current finance lease liabilities

​

Current portion of lease financing

​

$

7,411

​

$

6,912

Non-current finance lease liabilities

​

Long-term lease financing

​

​

1,338

​

​

8,749

Total finance lease liabilities

​

​

​

$

8,749

​

$

15,661

​

Future minimum lease payments under non-cancellable leases as of December 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Operating Leases

  ​ ​ ​

Finance Leases

​

​

(In thousands)

2026

​

$

121

​

$

7,972

2027

​

 

125

​

 

1,391

2028

​

 

129

​

 

—

2029

​

 

133

​

 

—

2030

​

 

137

​

 

—

Thereafter

​

 

224

​

 

—

Total minimum lease payments

​

$

869

​

$

9,363

Less imputed interest and deferred finance fees

​

 

(223)

​

 

(614)

Total lease liability

​

$

646

​

$

8,749

​
v3.25.4
SELF-INSURANCE
 12 Months Ended
Dec. 31, 2025
SELF-INSURANCE  
SELF-INSURANCE

(11)     SELF INSURANCE

The Company is self-insured for certain risks, including physical damage and operational liability, related to our non-leased underground mining equipment. The Company records a liability for self-insured risks when a loss is both probable and reasonably estimable. The Company had no accrual for self-insurance liabilities as of December 31, 2025 or December 31, 2024.

The Company also self-insures for workers’ compensation claims under a guaranteed cost program. Under this program, the Company is responsible for the first $1.0 million per claim up to an aggregate of $4.0 million annually. The Company has restricted cash of $5.3 million and $4.9 million as of December 31, 2025 and 2024, respectively, which represents cash held and controlled by third parties and is restricted primarily for future workers’ compensation claim payments. The Company had $5.2 million and $4.3 million of workers’ compensation reserve as of December 31, 2025 and 2024, respectively, in accounts payable and accrued liabilities on the consolidated balance sheets.

v3.25.4
NET INCOME (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
NET INCOME (LOSS) PER SHARE  
NET INCOME (LOSS) PER SHARE

(12)     NET INCOME (LOSS) PER SHARE

The following table (in thousands, except per share amounts) sets forth the computation of basic earnings per share for the periods presented:

​

​

​

​

​

​

​

​

​

 

Year Ended December 31, 

​

​

2025

​

2024

Basic earnings per common share:

 

​

  ​

 

​

  ​

Net income (loss) - basic

​

$

41,871

​

$

(226,138)

Weighted average shares outstanding - basic

​

 

42,932

​

 

39,504

Basic earnings (loss) per common share

​

$

0.98

​

$

(5.72)

The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:

​

​

​

​

​

​

​

​

 

Year Ended December 31, 

​

​

2025

​

2024

Diluted earnings per common share:

 

​

  ​

 

​

  ​

Net income (loss) - diluted

​

$

41,871

​

$

(226,138)

​

​

​

​

​

​

​

Weighted average shares outstanding - basic

​

 

42,932

​

 

39,504

Add: Dilutive effects of Restricted Stock Units

​

 

500

​

 

—

Weighted average shares outstanding - diluted

​

 

43,432

​

 

39,504

​

​

​

​

​

​

​

Diluted net income (loss) per share

​

$

0.96

​

$

(5.72)

​
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

(13)     FAIR VALUE MEASUREMENTS

We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. We have no Level 1 instruments.

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). ARO liabilities use Level 3 non-recurring fair value measures as further discussed in “Note 1 – Summary of Significant Accounting Policies”. See asset impairment discussion below in the Nonrecurring Fair Value Measurements section below.

The carrying amounts for cash equivalents, accounts receivable, accounts payable, accrued and other liabilities, approximate fair value due to the short maturity of those instruments.

Nonrecurring Fair Value Measurements

During the fourth quarter of 2024, the Company completed its review of the coal mining facilities and future mining plans. The impairment analysis was based upon the coal mining operating plans of the Company, market driven pricing and cost trends. As part of that analysis, the Company determined the carrying amount of its coal mining long-lived asset group was not recoverable and recorded a non-cash, long-lived asset impairment charge of $215.1 million in 2024.

The discounted cash flow model was calculated using projected economics for our Coal Operations assets, using the Company’s mining plan and reserve estimates to be mined and sold at prevailing commodity prices, operating expenses, and production cost levels, which are classified as Level 3 inputs.

Credit Risk

The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents, and restricted cash.

The Company’s cash and cash equivalent and restricted cash balances on deposit with financial institutions total $15.4 million and $12.2 million as of December 31, 2025 and 2024, respectively, which exceeded FDIC insured limits. The Company regularly monitors these institutions’ financial condition. The Company utilizes large and reputable banking institutions which it believes mitigates these risks. The Company has not experienced any losses in such accounts.
v3.25.4
EQUITY METHOD INVESTMENTS
 12 Months Ended
Dec. 31, 2025
EQUITY METHOD INVESTMENTS  
EQUITY METHOD INVESTMENTS

(14)     EQUITY METHOD INVESTMENTS

We own a 50% interest in Sunrise Energy, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy also plans to develop and explore for oil, natural gas, and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in the consolidated balance sheets as of December 31, 2025 and 2024, was $1.9 million and $2.1 million, respectively.

The Company also owns a 50% interest in Oaktown Gas, LLC. Oaktown Gas, LLC operates an emission abatement project through the destruction of gases extracted from the Oaktown mines to generate carbon credits and other emissions offset credits. The carrying value of the investment included in the consolidated balance sheets as of December 31, 2025 and 2024, was $0.7 million and $0.5 million, respectively.
v3.25.4
CONVERTIBLE NOTES
 12 Months Ended
Dec. 31, 2025
CONVERTIBLE NOTES  
CONVERTIBLE NOTES

(15)     CONVERTIBLE NOTES

During 2024, the Company issued 3.7 million shares in relation to the conversion of various previously issued convertible note instruments into shares of common stock. In connection with these conversions, we recognized $2.8 million in inducement expenses that were reported in loss on extinguishment of debt in the consolidated statements of operations. As of December 31, 2025 and 2024, there were no convertible debt instruments outstanding.
v3.25.4
NOTES PAYABLE - RELATED PARTIES
 12 Months Ended
Dec. 31, 2025
NOTES PAYABLE - RELATED PARTIES  
NOTES PAYABLE - RELATED PARTIES

(16)     NOTES PAYABLE – RELATED PARTIES

In March 2024, we issued unsecured promissory notes, having a 12-month maturity date and 12% per annum interest rate, to (i) Charles R. Wesley IV Revocable Trust (in which our director Charles R. Wesley IV has a pecuniary interest) in the principal amount of $2,000,000, (ii) Lubar Opportunities Fund I, LLC (in which are our director David J. Lubar has a pecuniary interest) in the principal amount of $2,500,000, and (iii) Hallador Alternative Investment Advisors LLC (in which our director David C. Hardie has a pecuniary interest) in the principal amount of $500,000. The related party notes were paid off in June 2024 with proceeds from the prepaid physically delivered power contract. 
v3.25.4
ORGANIZATIONAL RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
ORGANIZATIONAL RESTRUCTURING  
ORGANIZATIONAL RESTRUCTURING

(17)     ORGANIZATIONAL RESTRUCTURING

On February 23, 2024, (the “Effective Date”), we committed to a reorganization effort in the Coal Operations Segment (the “Reorganization Plan”) that included a workforce reduction of approximately 110 employees, or approximately 12% of the workforce. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Reorganization Plan was designed to strengthen our financial and operational efficiency and create significant operational savings and higher margins in our Coal Operations Segment. This step helped to advance our transition from a company primarily focused on coal production to a more resilient and diversified, vertically-integrated independent power producer (“IPP”). As part of this initiative, we substantially idled production at our higher cost surface mines, Prosperity Mine, and Freelandville Mine, with minimal ongoing production. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. In connection with the Reorganization Plan, we incurred aggregate expenses of $1.9 million ($1.1 million in the first quarter of 2024 and $0.8 million in the second quarter of 2024) that were included in labor in the consolidated statements of operations. These charges included compensation, tax, professional, and insurance related expenses and were considered non-recurring charges paid during 2024. See “Note 19 – Impairment of Coal Properties” for additional changes to the Company’s mining plans that occurred during the fourth quarter of 2024.
v3.25.4
AT MARKET AGREEMENT
 12 Months Ended
Dec. 31, 2025
AT MARKET AGREEMENT  
AT MARKET AGREEMENT

(18)     AT MARKET AGREEMENT

On December 18, 2023, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”), pursuant to which we may issue and sell, from time to time, shares (the “Shares”) of our common stock, par value $0.01 per share (the “Common Stock”), with aggregate gross proceeds of up to $50.0 million through an “at-the-market” equity offering program under which the Agent will act as sales agent (the “ATM Program”). Under the Sales Agreement, we or the Agent have the right, by giving five (5) days’ notice, to terminate the Sales Agreement in our and the Agents sole discretion. The Agent may also terminate the Agreement, by notice to us, upon the occurrence of certain events described in the Sales Agreement. On December 16, 2025, the Company increased the aggregate gross sales proceeds under the ATM Program from $50.0 million to $100.0 million by amending the Sales Agreement.

During the year ended December 31, 2025, we issued 697,227 shares of Common Stock under the ATM Program for net proceeds of $13.5 million. During the year ended December 31, 2024, we issued 4,654,430 shares of Common Stock under the ATM Program for net proceeds of $34.5 million. In January 2026, the Company delivered written notice to the Agent to terminate the Sales Agreement effective January 18, 2026. As a result of the termination of the Sales Agreement, the Company will not offer or sell any further shares under the ATM Program.
v3.25.4
IMPAIRMENT OF COAL PROPERTIES
 12 Months Ended
Dec. 31, 2025
IMPAIRMENT OF COAL PROPERTIES  
IMPAIRMENT OF COAL PROPERTIES

(19)     IMPAIRMENT OF COAL PROPERTIES

Annually, the Company reviews its business plans for the next several years, with specific emphasis on the upcoming year. This business plan review involves updates to its mining plans that take into account many factors, such as changes in market price trends, cost trends, expected demand trends, its latest engineering studies and current year operational and financial results. There were no impairments recorded during the year ended December 31, 2025 in connection with the annual review. In 2024, the Company evaluated core hole samples at several of its mines, reviewing the quality of the mine seam and density of the coal. The core hole samples at the Oaktown 2 mine were of a lower quality and density than those of the Oaktown 1 mine. As such, at the conclusion of the Company’s annual business plan review in 2024, it decided to temporarily seal the Oaktown 2 mine, and to focus coal production at the Oaktown 1 mine, which has lower recovery costs.

As a result of the Company’s decision to temporarily seal the Oaktown 2 mine, the Company determined a triggering event had occurred in 2024. The Company then completed an impairment review to determine if the carrying value of its coal properties were impaired. The Company compared the net book value of its coal properties to estimated undiscounted future net cash flows. The result of this undiscounted cash flow test indicated the carrying amount of its coal properties may not be recoverable. As a result, the Company prepared a discounted cash flow model (Level 3 fair value measurement under the fair value hierarchy) to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from coal sales and minimum payments, an appropriate discount rate and the useful economic life. The estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the realization of such future cash flows.

The discounted cash flow model used assumptions regarding the projected economics of the Coal Operations assets, given prevailing commodity prices and operating expense levels, which are classified as Level 3 inputs. Coal Operations assets include all of our coal mining properties as these properties are all within the same asset group given the near proximity to one another and their sharing of personnel and assets used to fulfill customer contracts. The Company utilized an estimated market participant discount rate of 11.5% and assumed production that is consistent with our mining plans and reserve estimates that equate to approximately 3.6 million tons per year until all reserves are produced as part of the analysis.

The result of the discounted cash flow analysis confirmed that fourth quarter of 2024 changes to the mining plans caused the carrying amount of its coal properties to not be recoverable. As a result, the Company recorded an impairment expense during the fourth quarter of 2024 of $215.1 million. The Company did not record an impairment during the year ended December 31, 2025.
v3.25.4
SEGMENTS OF BUSINESS
 12 Months Ended
Dec. 31, 2025
SEGMENTS OF BUSINESS  
SEGMENTS OF BUSINESS

(20)     SEGMENTS OF BUSINESS

Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews and assesses operating performance measures related to our Electric Operations and our Coal Operations segments.

Our Electric Operations segment includes the electric power generation facilities of our Merom power plant, which is a two-unit, 1080-megawatt rated coal fired power plant located in Sullivan County, Indiana. Our sales region is in MISO Zone 6, which includes Indiana and a portion of western Kentucky. Revenue from our Electric Operations segment consist primarily of delivered energy and accredited capacity revenue. Fuel costs included in our Electric Operations segment include the cost of coal purchased from our Coal Operations segment, which is based on multi-year contracts that approximated market prices at the time the contracts were agreed.

Our Coal Operations segment includes the Oaktown 1 underground mining complex, as well as other currently idled mining facilities, which produce high-quality bituminous coal from the Illinois Basin. Revenue from our Coal Operations segment consists of sales of coal to various third parties and to Merom. Coal sales to our Electric Operations are based on multi-year contracts that approximated market prices at the time the contracts were agreed. Intercompany coal sales and amounts above actual costs to produce the coal are eliminated in the consolidated statements of operations.

In addition to these reportable segments, the Company has a “Corporate and Other and Eliminations” category, which is not significant enough, on a stand-alone basis, to be considered an operating segment. Corporate and Other and Eliminations primarily consist of unallocated corporate costs and activities, including our equity method investments.

The CODM evaluates segment performance based upon Segment EBITDA for each business segment. Segment EBITDA is calculated for each segment as follows:

1.For our Electric Operations segment, Segment EBITDA is comprised of accredited capacity and delivered energy revenues less certain significant segment expenses, which include (i) variable costs comprised of fuel costs and certain other operating costs, such as limestone and soda ash, (ii) other operating and maintenance costs, (iii) costs of purchased power, (iv) utilities, (v) labor and (vi) general and administrative costs.
2.For our Coal Operations segment, Segment EBITDA is comprised of coal sales less certain significant segment expenses, which include (i) fuel, (ii) other operating and maintenance costs, (iii) utilities, (iv) labor and (v) general and administrative costs.

Segment EBITDA for each segment is a key measure used by our CODM and provides information about our core operating performance, significant expenses and ability to generate cash flow. Additionally, Segment EBITDA provides investors with the financial analytical framework upon which our CODM bases financial, operational, compensation and planning decisions and presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations. Our CODM reviews variable costs, as defined above, in our Electric Operations segment in order to evaluate the efficiency of that segment’s operations.

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

Electric Operations

​

​

Coal Operations

​

​

​

​

​

​

​

​

Delivered energy

  ​

$

252,644

  ​

Coal sales

$

221,008

Accredited capacity revenue

​

​

58,093

​

​

​

​

Electric sales

​

$

310,737

​

​

​

​

​

​

​

​

​

​

​

​

Fuel

​

$

(132,573)

​

​

​

​

Other operating costs (1)

​

​

(5)

​

​

​

​

Total variable costs

​

$

(132,578)

​

​

​

​

​

​

​

​

​

​

​

​

Other operating and maintenance costs (2)

​

$

(29,358)

​

Fuel

$

(2,088)

Cost of purchased power

​

​

(20,892)

​

Other operating and maintenance costs

​

(99,883)

Utilities

​

​

(4,612)

​

Utilities

​

(12,189)

Labor

​

​

(32,672)

​

Labor

​

(78,006)

Power margin without general and administrative

​

​

90,625

​

Coal margin without general and administrative

​

28,842

General and administrative

​

​

(5,195)

​

General and administrative

​

(8,712)

Electric Operations — Segment EBITDA

​

$

85,430

​

Coal Operations — Segment EBITDA

$

20,130

​

​

​

​

​

​

​

​

(1) Other operating costs include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

Electric Operations

​

​

Coal Operations

​

​

​

​

​

​

​

​

Delivered energy

  ​

$

203,434

  ​

Coal sales

$

202,525

Accredited capacity revenue

​

​

58,093

​

​

​

​

Electric sales

​

$

261,527

​

​

​

​

​

​

​

​

​

​

​

​

Fuel

​

$

(111,768)

​

​

​

​

Other operating costs (1)

​

​

(19)

​

​

​

​

Total variable costs

​

$

(111,787)

​

​

​

​

​

​

​

​

​

​

​

​

Other operating and maintenance costs (2)

​

$

(28,622)

​

Fuel

$

(2,851)

Cost of purchased power

​

​

(10,888)

​

Other operating and maintenance costs

​

(89,283)

Utilities

​

​

(2,070)

​

Utilities

​

(13,844)

Labor

​

​

(30,842)

​

Labor

​

(85,322)

Power margin without general and administrative

​

​

77,318

​

Coal margin without general and administrative

​

11,225

General and administrative

​

​

(5,311)

​

General and administrative

​

(9,877)

Electric Operations — Segment EBITDA

​

$

72,007

​

Coal Operations — Segment EBITDA

$

1,348

​

​

​

​

​

​

​

​

(1) Other operating costs include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).

​

​

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Revenue:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Delivered energy

  ​

$

252,644

  ​

$

—

  ​

$

—

  ​

$

252,644

Accredited capacity revenue

​

​

58,093

​

​

—

​

​

—

​

​

58,093

Other operating revenue

​

​

3,534

​

​

5,373

​

​

1,167

​

​

10,074

Coal sales (third party)

​

​

—

​

​

148,655

​

​

—

​

​

148,655

Coal sales (intercompany)

​

​

—

​

​

72,353

​

​

(72,353)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

$

314,271

​

$

226,381

​

$

(71,186)

​

$

469,466

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Revenue:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Delivered energy

  ​

$

203,434

  ​

$

—

  ​

$

—

  ​

$

203,434

Accredited capacity revenue

​

​

58,093

​

​

—

​

​

—

​

​

58,093

Other operating revenue

​

​

946

​

​

2,559

​

​

1,679

​

​

5,184

Coal sales (third party)

​

​

—

​

​

137,448

​

​

—

​

​

137,448

Coal sales (intercompany)

​

​

—

​

​

65,077

​

​

(65,077)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

$

262,473

​

$

205,084

​

$

(63,398)

​

$

404,159

​

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Income (Loss) before Income Taxes:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Income (Loss) before Income Taxes

  ​

$

56,741

  ​

$

480

  ​

$

(13,517)

  ​

$

43,704

Other operating revenue

​

​

(3,534)

​

​

(5,373)

​

​

(1,167)

​

​

(10,074)

Depreciation, depletion and amortization

​

​

22,681

​

​

18,465

​

​

76

​

​

41,222

ARO accretion

​

​

497

​

​

1,267

​

​

—

​

​

1,764

Exploration costs

​

​

—

​

​

216

​

​

—

​

​

216

(Gain) loss on disposal or abandonment of assets, net

​

​

—

​

​

(2,489)

​

​

—

​

​

(2,489)

Interest income

​

​

(52)

​

​

(235)

​

​

(315)

​

​

(602)

Interest expense

​

​

9,097

​

​

7,799

​

​

—

​

​

16,896

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

608

​

​

608

Equity method investment (loss)

​

​

—

​

​

—

​

​

450

​

​

450

Corporate — general and administrative

​

​

—

​

​

—

​

​

12,319

​

​

12,319

Segment EBITDA

​

$

85,430

​

$

20,130

​

$

(1,546)

​

$

104,014

​

​

​

​

​

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Income (Loss) before Income Taxes:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Income (Loss) before Income Taxes

  ​

$

51,367

  ​

$

(274,120)

  ​

$

(12,789)

  ​

$

(235,542)

Other operating revenue

​

​

(946)

​

​

(2,559)

​

​

(1,679)

​

​

(5,184)

Depreciation, depletion and amortization

​

​

19,290

​

​

46,245

​

​

91

​

​

65,626

Asset impairment

​

​

—

​

​

215,136

​

​

—

​

​

215,136

ARO accretion

​

​

457

​

​

1,171

​

​

—

​

​

1,628

Exploration costs

​

​

—

​

​

260

​

​

—

​

​

260

(Gain) loss on disposal or abandonment of assets, net

​

​

—

​

​

1,629

​

​

(1,679)

​

​

(50)

Interest income

​

​

(36)

​

​

(197)

​

​

(2)

​

​

(235)

Interest expense

​

​

1,875

​

​

11,033

​

​

942

​

​

13,850

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

2,790

​

​

2,790

Equity method investment (loss)

​

​

—

​

​

—

​

​

746

​

​

746

Settlement of litigation

​

​

—

​

​

2,750

​

​

—

​

​

2,750

Corporate — general and administrative

​

​

—

​

​

—

​

​

11,339

​

​

11,339

Corporate — other operating and maintenance costs

​

​

—

​

​

—

​

​

440

​

​

440

Segment EBITDA

​

$

72,007

​

$

1,348

​

$

199

​

$

73,554

​

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Other Reconciliations:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Assets

  ​

$

256,529

  ​

$

148,957

  ​

$

2,567

  ​

$

408,053

Capital expenditures

​

$

43,853

​

$

25,362

​

$

—

​

$

69,215

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Other Reconciliations:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Assets

  ​

$

220,477

  ​

$

144,519

  ​

$

4,124

  ​

$

369,120

Capital expenditures

​

$

18,699

​

$

34,081

​

$

587

​

$

53,367

​
v3.25.4
ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2025
ASSETS HELD FOR SALE  
ASSETS HELD FOR SALE

(21)     ASSETS HELD FOR SALE

During the third quarter of 2024, the Company considered strategic alternatives with respect to its wholly-owned subsidiary Summit Terminal LLC (“Summit”), which primarily held property, plant and equipment. On July 29, 2024, the Company entered into a ninety-day right of first refusal agreement with a potential buyer and subsequently sold Summit on December 23, 2024 for $3.2 million. As of July 29, 2024, Summit met the held-for-sale criteria but did not qualify for treatment as a discontinued operation, and its assets were included in assets held-for-sale in the current assets section of the consolidated balance sheets. In connection with the sale, the Company recorded a $2.3 million loss in (Gain) loss on disposal or abandonment of assets, net in its 2024 consolidated statements of operations.
v3.25.4
CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
CONTINGENCIES  
CONTINGENCIES

(22)     CONTINGENCIES

During 2024, our Coal Operations subsidiary was party to litigation in which the plaintiff’s alleged violations of the Fair Labor Standards Act and state law due to alleged failure to compensate for time "donning" and "doffing" equipment and to account for certain bonuses in the calculation of overtime rates and pay. In January 2025, we agreed to settle with the plaintiffs such litigation for $2.8 million, which was recorded in operating expenses on our consolidated statements of

operations for the year ended December 31, 2024. During the third quarter of 2025, we transferred $2.7 million into an escrow account and in late 2025 the settlement terms were approved by the court. At December 31, 2025, there were no further amounts accrued on our consolidated balance sheet related to this litigation.

v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

(23)     SUBSEQUENT EVENTS

In January 2026, the Company conducted a confidentially marketed public offering (the "CMPO") pursuant to a base prospectus and a final prospectus supplement that were filed with the SEC. The Company sold a total of 3,194,444 shares of common stock, at a price to the public of $18.00 per share for aggregate gross proceeds of approximately $57.5 million, including the exercise of the underwriter’s option prior to deducting underwriting discounts, commissions, and other offering expenses of $3.3 million.

v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 41,871 $ (226,138)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

We rely on information technology to operate our business. We have endpoint and other protection systems, and incident response processes, both internally and through third-party consultants, designed to protect our information technology systems. These established processes assist us to continuously assess and identify threats to our systems and minimize impact to our business in the event of a breach or other security incident. With our third-party consultants, the processes protect our information systems and allow us to resolve issues timely.

As new threats to security may be identified, our personnel are notified, with instruction to increase awareness of the threat and how to react if such a threat or actual breach appears to be encountered. Periodic educational notices are also disseminated to all personnel. Additionally, as our systems are modified and upgraded, all personnel are notified, with instruction as appropriate. Responsibility for the identification and assessment of risks and the recommendation of upgrades to our systems resides with our expert consultants who report to our IT Director.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

As new threats to security may be identified, our personnel are notified, with instruction to increase awareness of the threat and how to react if such a threat or actual breach appears to be encountered. Periodic educational notices are also disseminated to all personnel. Additionally, as our systems are modified and upgraded, all personnel are notified, with instruction as appropriate. Responsibility for the identification and assessment of risks and the recommendation of upgrades to our systems resides with our expert consultants who report to our IT Director.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board oversees the risks involved in our operations as part of its general oversight function, integrating risk management into the Company’s compliance policies and procedures. With respect to cybersecurity, the Board has the ultimate oversight responsibility, with the Audit Committee and IT Steering Committee each having certain responsibilities relating to risk management of cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Audit Committee and IT Steering Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The IT Steering Committee and/or the full Executive Team receive at least quarterly reports from management on information technology matters, including cybersecurity.
Cybersecurity Risk Role of Management [Text Block]

Our Board oversees the risks involved in our operations as part of its general oversight function, integrating risk management into the Company’s compliance policies and procedures. With respect to cybersecurity, the Board has the ultimate oversight responsibility, with the Audit Committee and IT Steering Committee each having certain responsibilities relating to risk management of cybersecurity.

Among other things, the Audit Committee discusses with management the Company’s major policies with respect to risk assessment and risk management, including cyber-security, as they relate to the integrity of the Company’s accounting and financial reporting processes and the Company’s compliance with legal and regulatory requirement.

In addition to its other responsibilities, the IT Steering Committee oversees operational information technology risks, including cybersecurity, as they relate to the technical aspects of the Company’s operations.

The IT Steering Committee and/or the full Executive Team receive at least quarterly reports from management on information technology matters, including cybersecurity. The reports address upgrades to hardware, software, and IT systems throughout the Company, and include the identification of IT and cybersecurity risks. Security scores, risk management, and mitigation measures are routinely presented. As discussed above, we maintain endpoint and other protection systems, and incident response processes, both internally and through third-party experts. As these systems, processes, training, and upgrades are implemented, updates are provided to the Executive Team.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] IT Director
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The IT Steering Committee and/or the full Executive Team receive at least quarterly reports from management on information technology matters, including cybersecurity. The reports address upgrades to hardware, software, and IT systems throughout the Company, and include the identification of IT and cybersecurity risks. Security scores, risk management, and mitigation measures are routinely presented. As discussed above, we maintain endpoint and other protection systems, and incident response processes, both internally and through third-party experts. As these systems, processes, training, and upgrades are implemented, updates are provided to the Executive Team.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

Hallador Energy Company (“Hallador” or the “Company”) is a vertically integrated, independent power producer (“IPP”) and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy supply chain, from accredited capacity and electricity to coal. The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of Hallador and our wholly owned subsidiaries Hallador Power Company, LLC (“Hallador Power”), Sunrise Coal, LLC (“Sunrise”) as well as their respective subsidiaries and Hourglass Sands, LLC. All significant intercompany accounts and transactions have been eliminated. Our operations comprise Hallador Power that provides accredited capacity and energy to utilities and other energy market participants through the MISO interconnection, and Sunrise that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States.

Segment Information

Segment Information

Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews and assesses operating performance measures related to our Electric Operations and our Coal Operations segments.

In addition to these reportable segments, the Company has a “Corporate and Other and Eliminations” category, which is not significant enough, on a stand-alone basis, to be considered an operating segment. Corporate and Other and Eliminations primarily consist of unallocated corporate costs and activities, including our 50% interests in Sunrise Energy, LLC (“Sunrise Energy”), a private gas exploration company with operations in Indiana and Oaktown Gas, LLC, which we account for using the equity method.

The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant (“Merom”).

The Coal Operations reportable segment includes our currently operating underground mining complex Oaktown 1 among other mining complexes and locations most of which were idled during the year ended December 31, 2024. 

Reclassifications

Reclassifications

Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation. Any reclassification adjustments had no impact on prior year total assets, liabilities, net income or shareholders’ equity.
Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates. The most significant estimates and assumptions included in the preparation of the financial statements relate to: (i) deferred income tax accounts, (ii) coal reserves, (iii) depreciation, depletion, and amortization, (iv) estimates used in our impairment analysis, and (v) estimates used in the calculation of asset retirement obligations (“ARO”) under the Federal Surface Mining Control and Reclamation Act of 1977 (“SMCRA”) and other state statues.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and on deposit at financial institutions, including highly liquid investments with original maturities of three months or less. Cash balances at individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has not historically experienced any losses in such accounts.
Restricted Cash

Restricted Cash

Restricted cash represents cash held by third parties primarily for future workers’ compensation claims and Midcontinent Independent System Operator’s ("MISO") escrow payments. The amount restricted for workers’ compensation is based on estimated claim liabilities. The amount restricted for MISO escrow payments is based on power purchased or sold through the MISO interconnection and our power purchase agreements (“PPA”).
Accounts Receivable

Accounts Receivable

The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced at periodic intervals in accordance with contractual terms for delivered energy and accredited capacity. Coal customers are invoiced upon shipment. Coal invoices typically include customary adjustments for the resolution of price variability, such as coal quality thresholds. Payments are generally received within thirty days of invoicing. Historically, credit losses have been insignificant. No charges for credit losses were recognized during the years ended December 31, 2025 or 2024.
Inventory and Parts and Supplies

Inventory and Parts and Supplies

Coal inventory is valued at the lower of cost or net realizable value (“NRV”) determined using the first-in first-out method. Coal inventory costs include labor, supplies, operating overhead, and other related costs incurred at or on behalf of the mining location or plant, including depreciation, depletion, and amortization of equipment, buildings, mineral rights, and mine development costs. Parts and supplies inventory is stated at cost basis determined using the first-in first-out method, less a reserve for surplus and obsolescence.

Prepaid Expenses

Prepaid Expenses

Prepaid expenses include prepaid insurance and other prepaid balances with vendors for various services paid in advance of use.
Advanced Royalties

Advanced Royalties

Coal leases that require minimum annual or advance payments and are recoverable from future production are generally deferred and charged to expense as the coal is subsequently produced. Advance royalties are included in other assets.
Property, Plant and Equipment

Property, Plant and Equipment

The values of our Hallador Power’s property, plant and equipment were initially recorded at relative fair value based on the consideration paid upon closing of the acquisition of Merom in 2022. Other equipment is recorded at cost. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not extend the useful lives or increase the productivity of the assets are expensed as incurred. Most power plant equipment is depreciated over the estimated useful life of the assets ranging from six to nine years.

Construction work in process (“CWIP”) on the consolidated balance sheets represent costs incurred for the construction, development, and installation of property, plant, and equipment that are not yet ready for their intended use. CWIP includes direct construction costs, labor, fees, and other directly attributable costs incurred during the construction period.

Costs are capitalized in CWIP as incurred and are not depreciated until the related asset is substantially complete and ready for its intended use. Upon completion, the accumulated costs are reclassified from CWIP to the appropriate property and equipment category and depreciation is commenced based on the asset’s estimated useful life and applicable depreciation method.

In connection with MISO’s Expedited Resource Addition Study (“ERAS”) project, the Company has deposits totaling approximately $13.6 million as of December 31, 2025, related to project development activities. These amounts are included in CWIP to the extent that they represent costs directly attributable to the project. The deposit balance of approximately $12.9 million paid to MISO in 2025 is refundable in the event the project is terminated and therefore does not represent costs of assets that are ready for their intended use. Accordingly, such amounts are not depreciated and remain classified as CWIP until the project advances to a stage at which the related assets are placed in service. If the project is terminated, any refundable amounts will be reclassified as appropriate upon receipt.

Mining properties are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Expenditures that extend the useful lives or increase the productivity of the assets are capitalized. The cost of maintenance and repairs that do not extend the useful lives or increase the productivity of the assets are expensed as incurred. Mining properties are depreciated using the units-of-production method over the estimated recoverable reserves. Mining equipment and other plant and equipment assets are depreciated using the straight-line method over their estimated useful life. Most surface and underground mining equipment is depreciated using estimated useful lives ranging from one to fifteen years.

The Company reviews long-lived assets for impairment whenever events or changes in circumstances, known as triggering events, indicate that the carrying amount of a long-lived asset or asset group, may not be recoverable. Management considers various factors when determining if long-lived assets should be evaluated for impairment, including a significant adverse change in the business climate or industry conditions (such as sustained decreases in commodity prices, volatility in energy costs, and the global economy), a current period operating or cash flow loss combined with a history of losses, a significant adverse change in the extent or manner in which an asset is used, or a current expectation that the asset will be sold or otherwise disposed of before the end of its useful life.

During the fourth quarter of 2024, the Company completed a review of its coal mining facilities and future mining plans. The impairment analysis was based upon our coal mining operating plans, market driven pricing and cost trends. As part of that analysis, the Company determined the carrying amount of its coal mining long-lived asset group was not recoverable and recorded a non-cash, long-lived asset impairment of $215.1 million in 2024. See “Note 19 – Impairment of Coal Properties” below related to our 2024 impairment. There were no long-lived asset impairments during the year ended December 31, 2025.
Mine Development

Mine Development

Costs of developing new mines, including ARO assets, or significantly expanding the capacity of existing mines, are capitalized and amortized using the units-of-production method over estimated recoverable reserves.
ARO - Reclamation

ARO – Reclamation

Our operations are governed by various state and federal statues which establish reclamation and mine closure standards. At the time they are incurred, legal obligations associated with the retirement of long-lived assets are reflected at their estimated fair value, with a corresponding increase to the respective assets. Obligations are typically incurred when the Company commences development of underground and surface mines or acquires or expands power plant facilities. Obligations include reclamation of support facilities, refuse areas, slurry ponds and our landfill.

Obligations are reflected at the present value of their future cash flows. The Company reflects accretion of the obligations for the period from the date they are incurred through the date they are extinguished. The ARO assets are amortized using straight line method over the useful life of the related asset. The Company uses the credit-adjusted risk-free discount rates ranging from 7% to 10% to discount the obligation, inflation rates anticipated during the time to reclamation, and cost estimates prepared by its engineers inclusive of market risk premiums. Federal and state laws

require that our properties be reclaimed in accordance with specific standards and approved reclamation plans, as outlined in applicable permits. Activities include reclamation of pit and support acreage at surface mines, sealing portals at underground mines, reclamation of refuse areas, slurry ponds and our landfill.

The Company reviews its ARO at least annually and reflects revisions for permit changes, changes in estimated reclamation costs and changes in the estimated timing of such costs. In the event the Company is not able to perform reclamation, it has surety bonds at December 31, 2025 totaling $30.9 million to cover ARO. The undiscounted asset retirement obligation was $25.3 million and $26.1 million at December 31, 2025 and 2024, respectively.

The table below (in thousands) reflects the changes to ARO for the periods presented:

​

​

​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Balance, beginning of year

​

$

16,810

​

$

16,589

Accretion

​

 

1,764

​

 

1,628

Change in estimate

​

 

—

​

 

—

Payments

​

 

(727)

​

 

(1,407)

Balance, end of year

​

 

17,847

​

 

16,810

Less current portion

​

 

(2,606)

​

 

(1,853)

Long-term balance, end of year

​

$

15,241

​

$

14,957
Contract Liabilities

Contract Liabilities

The Company records contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. Contract liabilities are amortized to electric sales revenue pro-rata over the term of the agreements as the contracts are fulfilled. Contract liabilities primarily relate to accredited capacity or physically delivered energy.
Business Interruption Insurance

Business Interruption Insurance

The Company carries an insurance policy to cover insurance risks including business interruption. There were no business interruption insurance settlements during the years ended December 31, 2025 and 2024. Business interruption insurance is recorded to cost of operations in the consolidated statements of operations and cash provided by operating activities in the consolidated statement of cash flows.
Commitments and Contingencies

Commitments and Contingencies

From time to time, we are involved in legal proceedings and/or may be subject to industry rulings that could bring rise to claims in the ordinary course of business. We have concluded that the likelihood is remote that the ultimate resolution of any pending litigation or pending claims will be material or have a material adverse effect on our business, financial position, results of operations or liquidity.

Fuel Costs

Fuel Costs

Fuel costs in our Electric Operations include coal purchased from Sunrise Coal and third parties to operate Merom. Fuel costs in our Coal Operations include mainly diesel, as well as natural gas and petroleum to operate our coal mines. These fuel costs are expensed as the fuel is used. The difference between Sunrise Coal’s cost to produce coal and the contracted sales price to Hallador Power is eliminated in consolidation.
Income Taxes

Income Taxes

Income taxes are provided based on the asset and liability method of accounting. The provision for income taxes is based on pretax financial income. Deferred tax assets and liabilities are recognized for the future expected tax consequences of temporary differences between income tax and financial reporting and principally relate to differences in the tax basis of

assets and liabilities and their reported amounts, using enacted tax rates in effect for the year in which differences are expected to reverse.
Earnings per Share

Earnings per Share

Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common shares outstanding for the period.

Diluted EPS attributable to common shareholders is computed by adjusting net earnings by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares of restricted stock units as if the units issued by us were vested. We apply the treasury stock method to account for the dilutive impact of its restricted stock units. Anti-dilutive securities are excluded from diluted EPS. As a result of determining the effect of potentially dilutive securities, in certain periods, diluted net loss per share may be the same as the basic net loss per share for the periods presented.
Stock-based Compensation

Stock-based Compensation

Stock-based compensation for restricted stock units is measured at the grant date based on the fair value of the award and is recognized as expense over the respective vesting period of the stock award using the straight-line method.
Recent Accounting Pronouncements

Recent Accounting Pronouncements - Adopted

The Company has adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 primarily requires enhanced disclosures to (1) disclose specific categories in the rate reconciliation, (2) disclose the amount of income taxes paid and expensed disaggregated by federal, state, and foreign taxes, with further disaggregation by individual jurisdictions if certain criteria are met, and (3) disclose income (loss) from continuing operations before income tax (benefit) disaggregated between domestic and foreign. Please see “Note 7 – Income Taxes” for additional information.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The update is intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard will be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of adoption of the standard on its financial statement disclosures.

v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of changes to Asset Retirement Obligations

The table below (in thousands) reflects the changes to ARO for the periods presented:

​

​

​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Balance, beginning of year

​

$

16,810

​

$

16,589

Accretion

​

 

1,764

​

 

1,628

Change in estimate

​

 

—

​

 

—

Payments

​

 

(727)

​

 

(1,407)

Balance, end of year

​

 

17,847

​

 

16,810

Less current portion

​

 

(2,606)

​

 

(1,853)

Long-term balance, end of year

​

$

15,241

​

$

14,957
v3.25.4
OTHER LONG-TERM ASSETS (IN THOUSANDS) (Tables)
 12 Months Ended
Dec. 31, 2025
OTHER LONG-TERM ASSETS (IN THOUSANDS)  
Schedule of other long-term assets

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Advanced coal royalties

​

$

4,234

​

$

3,906

Other

​

 

7

​

 

45

Total other assets

​

$

4,241

​

$

3,951

​
v3.25.4
BANK DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
BANK DEBT  
Schedule of debt

​

​

​

​

​

​

​

​

​

​

December 31, 

​

 

2025

  ​ ​ ​

2024

Current bank debt

​

$

—

​

$

6,000

Less unamortized debt issuance cost

​

 

—

​

 

(1,905)

Net current portion

​

$

—

​

$

4,095

​

​

​

​

​

​

​

Long-term bank debt

​

$

30,000

​

$

38,000

Less unamortized debt issuance cost

​

 

(322)

​

 

(606)

Net long-term portion

​

$

29,678

​

$

37,394

​

​

​

​

​

​

​

Total bank debt

​

$

30,000

​

$

44,000

Less total unamortized debt issuance cost

​

 

(322)

​

 

(2,511)

Net bank debt

​

$

29,678

​

$

41,489
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS) (Tables)
 12 Months Ended
Dec. 31, 2025
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)  
Schedule of accounts payable and accrued liabilities

​

​

​

​

​

​

​

​

​

 

December 31, 

​

 

2025

  ​ ​ ​

2024

Accounts payable

  ​

$

12,594

  ​

$

12,822

Accrued liabilities

​

​

10,829

​

​

11,469

Workers' compensation reserve

​

 

5,223

​

 

4,321

Accrued property taxes

​

 

3,900

​

 

4,185

Accrued payroll

​

 

3,037

​

 

3,258

Asset retirement obligation - current portion

​

 

2,606

​

 

1,853

Group health insurance

​

 

1,420

​

 

1,700

Other

​

​

2,239

​

​

4,690

Total accounts payable and accrued liabilities

​

$

41,848

​

$

44,298

​
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
REVENUE  
Schedule of concentration of risk by Risk factor

The following table shows consolidated operating revenue concentration greater than 10% from customers of our Electric Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

Year Ended December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Electric Operations

​

$

110,006

​

$

123,504

​

23.4

%

​

30.6

%

Customer B

Electric Operations

​

$

47,248

​

$

—

​

10.1

%

​

—

%

Customer C

Electric Operations

​

$

—

​

$

51,639

​

—

%

​

12.8

%

The following table shows consolidated accounts receivable concentration greater than 10% from customers of our Electric Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Electric Operations

​

$

3,275

​

$

3,460

​

23.4

%

​

22.4

%

Customer B

Electric Operations

​

$

3,184

​

$

5,952

​

22.8

%

​

38.6

%

Customer C

Electric Operations

​

$

3,188

​

$

—

​

22.8

%

​

—

%

The following table shows consolidated operating revenue concentration greater than 10% from customers of our Coal Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

Year Ended December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Coal Operations

​

$

48,983

​

$

54,593

​

10.4

%

​

13.5

%

Customer B

Coal Operations

​

$

64,799

​

$

43,394

​

13.8

%

​

10.7

%

The following table shows consolidated accounts receivable concentration greater than 10% from customers of our Coal Operations segment in dollars and percentages for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

Segment

​

2025

​

2024

​

2025

​

2024

​

​

​

(in thousands)

​

​

​

​

​

​

Customer A

Coal Operations

​

$

1,871

​

$

1,887

​

13.4

%

​

12.2

%
Schedule of revenue by major customers

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(in thousands)

Delivered energy (including contract liability amortization)

  ​

$

252,644

  ​

$

203,434

Accredited capacity

​

 

58,093

​

 

58,093

Total Electric Operations sales

​

$

310,737

​

$

261,527
Schedule of revenue by geographic area

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(in thousands)

Third party Indiana customers

  ​

$

83,353

  ​

$

59,045

Customers in Florida, North Carolina and Georgia

​

 

65,302

​

 

78,403

Total Coal Operations sales

​

$

148,655

​

$

137,448
Schedule of contracts allocated to performance obligations

Net income (loss) before income taxes consisted of the following (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

43,704

​

$

(235,542)

Foreign

​

 

—

​

 

—

Net Income (Loss) before income taxes

​

$

43,704

​

$

(235,542)
Schedule of remaining performance obligation disaggregated by segment and contract duration

The following table illustrates the balance of all current Electric and Coal Operations contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2025 and disaggregated by segment and contract duration (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

  ​ ​ ​

2029

  ​ ​ ​

Total

Delivered energy revenue

 

$

175,880

 

$

142,290

 

$

57,700

 

$

13,860

 

$

389,730

Accredited capacity revenue

​

​

61,540

​

​

51,400

​

​

37,330

​

​

3,470

​

​

153,740

Coal Operations revenue (1)

​

​

152,120

​

​

141,850

​

​

29,500

​

​

—

​

​

323,470

Total revenue

​

$

389,540

​

$

335,540

​

$

124,530

​

$

17,330

​

$

866,940

(1) Coal Operations revenue consists of consolidated revenue excluding our intercompany revenues from Merom.
Schedule of beginning and ending accounts receivable and contract liabilities

The following table shows our beginning and ending accounts receivable balances from contracts with customers for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2025

  ​ ​ ​

2024

Accounts receivable from contracts with customers - beginning balance

  ​

$

15,438

  ​

$

19,937

Accounts receivable from contracts with customers - ending balance

​

$

13,989

​

$

15,438

As the Company fulfills its contractual obligations, we recognized those amounts in revenue. The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2025

  ​ ​ ​

2024

Total contract liabilities - beginning balance

​

$

146,719

​

$

113,741

Cash payments received on future contract obligations

​

​

136,880

​

​

159,965

Accretion on contract liabilities

​

​

8,408

​

​

1,170

Revenue recognized, cash payments received in prior period

​

​

(99,683)

​

​

(70,203)

Revenue recognized, cash payments received in current period

​

​

(43,267)

​

​

(57,954)

Total contract liabilities - ending balance

​

$

149,057

​

$

146,719

​
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of net income (loss) before income taxes

Net income (loss) before income taxes consisted of the following (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

43,704

​

$

(235,542)

Foreign

​

 

—

​

 

—

Net Income (Loss) before income taxes

​

$

43,704

​

$

(235,542)
Schedule of federal and state income tax provision (benefit)

The federal and state income tax provision (benefit) is summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

2025

  ​ ​ ​

2024

Current tax expense:

​

​

​

​

​

​

Federal

​

$

—

​

$

—

State and local

​

​

—

​

​

(169)

Total current tax expense

​

​

—

​

​

(169)

Deferred tax expense (benefit):

​

​

​

​

​

​

Federal

​

​

1,833

​

​

(9,247)

State and local

​

​

—

​

​

12

Total deferred tax expense (benefit)

​

​

1,833

​

​

(9,235)

Total income tax expense (benefit):

​

​

​

​

​

​

Federal

​

​

1,833

​

​

(9,247)

State and local

​

​

—

​

​

(157)

Total income tax expense (benefit)

​

$

1,833

​

$

(9,404)
Schedule of deferred tax assets and liabilities

The tax effects of significant items comprising the Company’s deferred taxes as of the years presented are as follows (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

​

​

​

​

​

​

Net operating loss

​

$

28,320

​

$

32,725

Power contracts

​

 

13,243

​

 

10,828

Compensation

​

 

1,407

​

 

1,955

Accrued liabilities

​

 

463

​

 

423

ARO liabilities

​

​

2,436

​

​

2,293

Lease liabilities

​

​

2,196

​

​

3,938

Coal properties

​

​

20,909

​

​

26,191

Other

​

 

1,875

​

 

5,215

Total deferred tax assets

​

 

70,849

​

 

83,568

Valuation allowance

​

 

(41,438)

​

 

(49,695)

Deferred tax assets, net of valuation allowance

​

 

29,411

​

 

33,873

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

Coal properties

​

 

—

​

 

—

Power properties

​

 

(27,601)

​

 

(27,960)

Investment partnerships

​

 

(512)

​

 

(531)

ROU assets

​

 

(3,131)

​

 

(5,382)

Total deferred tax liabilities

​

 

(31,244)

​

 

(33,873)

​

​

​

​

​

​

​

Net deferred tax liability

​

$

(1,833)

​

$

—
Schedule of net operating losses and tax credit carryforwards

Net operating losses and tax credit carryforwards as of the financial statement date are as follows (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

Amount

​

Expiration Years

Net operating losses, federal (Post December 31, 2017)

​

$

102,067

​

Do not Expire

Net operating losses, federal (Pre January 1, 2018)

​

​

4,928

​

2037

Net operating losses, state

​

​

151,604

​

2036 - 2044

Tax credits, federal

​

​

32

​

2026 - 2038

Tax credits, state

​

​

—

​

​

​

Net operating losses, foreign

​

​

—

​

​

​

Tax credits, foreign

​

$

—

​

​

​
Schedule of effective tax rate of the company's provision (benefit) for income taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

​

2024

​

​

Amount

​

Percent

​

Amount

​

Percent

U.S. federal statutory tax rate

​

$

9,178

​

21.00

%

​

$

(49,464)

​

21.00

%

State and local income taxes, net of federal income tax effect

​

​

—

​

—

​

​

​

(124)

​

0.05

​

Enactment of new tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Effect of cross-borders tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Tax credits:

​

​

—

​

—

​

​

​

—

​

—

​

Mine rescue credits

​

​

10

​

0.02

​

​

​

20

​

(0.01)

​

Indiana EDGE credit

​

​

—

​

—

​

​

​

(169)

​

0.07

​

Change in valuation allowance

​

​

(6,605)

​

(15.11)

​

​

​

40,327

​

(17.12)

​

Nondeductible items

​

​

(1,112)

​

(2.54)

​

​

​

296

​

(0.13)

​

Worldwide changes in unrecognized tax benefits

​

​

—

​

—

​

​

​

—

​

—

​

Other

​

​

—

​

—

​

​

​

—

​

—

​

Prior period true-ups and other

​

​

362

​

0.82

​

​

​

(290)

​

0.12

​

Foreign tax effects

​

​

—

​

—

​

​

​

—

​

—

​

Total income tax expense (benefit)

​

$

1,833

​

4.19

%

​

$

(9,404)

​

3.99

%
Schedule of cash paid for income taxes (net of refunds)

The cash paid for income taxes (net of refunds) during the year was as follows (in dollars) (in thousands):

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Federal

​

$

—

​

$

—

State and local - Indiana

​

​

—

​

​

—

Foreign

​

​

—

​

​

—

Total income taxes paid

​

$

—

​

$

—
v3.25.4
STOCK COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
STOCK COMPENSATION PLANS  
Schedule of RSU's available for issuance

​

​

​

​

Total authorized RSUs in Plan approved by shareholders

  ​

6,850,000

Stock issued out of the Plan from vested grants

 

(4,260,472)

Unvested grants

 

(586,101)

RSUs available for future issuance

 

2,003,427
Schedule of Non-vested activity table

​

​

​

​

Unvested grants at December 31, 2023

  ​

858,363

Awarded - weighted average share price on grant date was $5.69

 

599,013

Vested

 

(380,390)

Forfeited

 

(42,500)

Unvested grants as of December 31, 2024

 

1,034,486

Awarded - weighted average share price on grant date was $16.96

 

365,237

Vested

 

(743,080)

Forfeited

 

(70,542)

Unvested grants as of December 31, 2025

 

586,101
Schedule of Non-vested RSU vesting years

​

​

​

​

Vesting Year

  ​ ​ ​

RSUs Vesting

2026

  ​

197,693

2027

 

377,192

2028

​

11,216

​

​

586,101
v3.25.4
EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
EMPLOYEE BENEFITS  
Schedule of employee benefit expenses

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Health benefits, including premiums

​

$

11,326

​

$

13,796

401(k) matching

​

 

1,957

​

 

1,851

Deferred bonus plan

​

 

770

​

 

553

Total

​

$

14,053

​

$

16,200
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
LEASES  
Schedule of lease cost

​

​

​

​

​

​

​

​

​

​

 

December 31, 

 

​

​

2025

​

2024

 

Operating lease information:

 

​

  ​

 

​

  ​

​

Operating cash outflows from operating leases

​

$

207

​

$

169

​

Weighted average remaining lease term in years

​

 

6.6

​

 

8.0

​

Weighted average discount rate

​

 

8.2

%  

 

9.5

%

Finance lease information:

​

 

  ​

​

 

  ​

​

Financing cash outflows from finance leases

​

$

6,994

​

$

5,633

​

Proceeds from sale and leaseback arrangement

​

 

—

​

 

5,134

​

Weighted average remaining lease term in years

​

 

1.22

​

 

2.18

​

Weighted average discount rate

​

 

9.0

%  

 

9.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

​

For the Year Ended December 31, 

​

  ​ ​ ​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

​

​

(In thousands)

Operating lease assets

​

Buildings and equipment

 

$

646

​

$

664

Operating lease liabilities:

​

  ​

 

 

  ​

​

 

  ​

Current operating lease liabilities

​

Accounts payable and accrued liabilities

 

$

112

​

$

99

Non-current operating lease liabilities

​

Other long-term liabilities

 

​

534

​

​

565

Total operating lease liability

​

​

​

$

646

​

$

664

​

​

​

​

​

​

​

​

​

Finance lease assets

​

Finance lease right-of-use assets

​

$

12,591

​

$

13,034

Finance lease liabilities:

​

  ​

​

 

  ​

​

 

  ​

Current finance lease liabilities

​

Current portion of lease financing

​

$

7,411

​

$

6,912

Non-current finance lease liabilities

​

Long-term lease financing

​

​

1,338

​

​

8,749

Total finance lease liabilities

​

​

​

$

8,749

​

$

15,661
Schedule of future minimum lease payment

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Operating Leases

  ​ ​ ​

Finance Leases

​

​

(In thousands)

2026

​

$

121

​

$

7,972

2027

​

 

125

​

 

1,391

2028

​

 

129

​

 

—

2029

​

 

133

​

 

—

2030

​

 

137

​

 

—

Thereafter

​

 

224

​

 

—

Total minimum lease payments

​

$

869

​

$

9,363

Less imputed interest and deferred finance fees

​

 

(223)

​

 

(614)

Total lease liability

​

$

646

​

$

8,749

​
v3.25.4
NET INCOME (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
NET INCOME (LOSS) PER SHARE  
Schedule of earnings (loss) per share

​

​

​

​

​

​

​

​

​

 

Year Ended December 31, 

​

​

2025

​

2024

Basic earnings per common share:

 

​

  ​

 

​

  ​

Net income (loss) - basic

​

$

41,871

​

$

(226,138)

Weighted average shares outstanding - basic

​

 

42,932

​

 

39,504

Basic earnings (loss) per common share

​

$

0.98

​

$

(5.72)

The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share:

​

​

​

​

​

​

​

​

 

Year Ended December 31, 

​

​

2025

​

2024

Diluted earnings per common share:

 

​

  ​

 

​

  ​

Net income (loss) - diluted

​

$

41,871

​

$

(226,138)

​

​

​

​

​

​

​

Weighted average shares outstanding - basic

​

 

42,932

​

 

39,504

Add: Dilutive effects of Restricted Stock Units

​

 

500

​

 

—

Weighted average shares outstanding - diluted

​

 

43,432

​

 

39,504

​

​

​

​

​

​

​

Diluted net income (loss) per share

​

$

0.96

​

$

(5.72)

​
v3.25.4
SEGMENTS OF BUSINESS (Tables)
 12 Months Ended
Dec. 31, 2025
SEGMENTS OF BUSINESS  
Schedule of key metrics reviewed by CODM

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

Electric Operations

​

​

Coal Operations

​

​

​

​

​

​

​

​

Delivered energy

  ​

$

252,644

  ​

Coal sales

$

221,008

Accredited capacity revenue

​

​

58,093

​

​

​

​

Electric sales

​

$

310,737

​

​

​

​

​

​

​

​

​

​

​

​

Fuel

​

$

(132,573)

​

​

​

​

Other operating costs (1)

​

​

(5)

​

​

​

​

Total variable costs

​

$

(132,578)

​

​

​

​

​

​

​

​

​

​

​

​

Other operating and maintenance costs (2)

​

$

(29,358)

​

Fuel

$

(2,088)

Cost of purchased power

​

​

(20,892)

​

Other operating and maintenance costs

​

(99,883)

Utilities

​

​

(4,612)

​

Utilities

​

(12,189)

Labor

​

​

(32,672)

​

Labor

​

(78,006)

Power margin without general and administrative

​

​

90,625

​

Coal margin without general and administrative

​

28,842

General and administrative

​

​

(5,195)

​

General and administrative

​

(8,712)

Electric Operations — Segment EBITDA

​

$

85,430

​

Coal Operations — Segment EBITDA

$

20,130

​

​

​

​

​

​

​

​

(1) Other operating costs include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

Electric Operations

​

​

Coal Operations

​

​

​

​

​

​

​

​

Delivered energy

  ​

$

203,434

  ​

Coal sales

$

202,525

Accredited capacity revenue

​

​

58,093

​

​

​

​

Electric sales

​

$

261,527

​

​

​

​

​

​

​

​

​

​

​

​

Fuel

​

$

(111,768)

​

​

​

​

Other operating costs (1)

​

​

(19)

​

​

​

​

Total variable costs

​

$

(111,787)

​

​

​

​

​

​

​

​

​

​

​

​

Other operating and maintenance costs (2)

​

$

(28,622)

​

Fuel

$

(2,851)

Cost of purchased power

​

​

(10,888)

​

Other operating and maintenance costs

​

(89,283)

Utilities

​

​

(2,070)

​

Utilities

​

(13,844)

Labor

​

​

(30,842)

​

Labor

​

(85,322)

Power margin without general and administrative

​

​

77,318

​

Coal margin without general and administrative

​

11,225

General and administrative

​

​

(5,311)

​

General and administrative

​

(9,877)

Electric Operations — Segment EBITDA

​

$

72,007

​

Coal Operations — Segment EBITDA

$

1,348

​

​

​

​

​

​

​

​

(1) Other operating costs include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).
Schedule of reconciliation of segment revenues to consolidated

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Revenue:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Delivered energy

  ​

$

252,644

  ​

$

—

  ​

$

—

  ​

$

252,644

Accredited capacity revenue

​

​

58,093

​

​

—

​

​

—

​

​

58,093

Other operating revenue

​

​

3,534

​

​

5,373

​

​

1,167

​

​

10,074

Coal sales (third party)

​

​

—

​

​

148,655

​

​

—

​

​

148,655

Coal sales (intercompany)

​

​

—

​

​

72,353

​

​

(72,353)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

$

314,271

​

$

226,381

​

$

(71,186)

​

$

469,466

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Revenue:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Delivered energy

  ​

$

203,434

  ​

$

—

  ​

$

—

  ​

$

203,434

Accredited capacity revenue

​

​

58,093

​

​

—

​

​

—

​

​

58,093

Other operating revenue

​

​

946

​

​

2,559

​

​

1,679

​

​

5,184

Coal sales (third party)

​

​

—

​

​

137,448

​

​

—

​

​

137,448

Coal sales (intercompany)

​

​

—

​

​

65,077

​

​

(65,077)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

$

262,473

​

$

205,084

​

$

(63,398)

​

$

404,159
Schedule of EBITDA Margin to Income (loss) before Income Taxes

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Income (Loss) before Income Taxes:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Income (Loss) before Income Taxes

  ​

$

56,741

  ​

$

480

  ​

$

(13,517)

  ​

$

43,704

Other operating revenue

​

​

(3,534)

​

​

(5,373)

​

​

(1,167)

​

​

(10,074)

Depreciation, depletion and amortization

​

​

22,681

​

​

18,465

​

​

76

​

​

41,222

ARO accretion

​

​

497

​

​

1,267

​

​

—

​

​

1,764

Exploration costs

​

​

—

​

​

216

​

​

—

​

​

216

(Gain) loss on disposal or abandonment of assets, net

​

​

—

​

​

(2,489)

​

​

—

​

​

(2,489)

Interest income

​

​

(52)

​

​

(235)

​

​

(315)

​

​

(602)

Interest expense

​

​

9,097

​

​

7,799

​

​

—

​

​

16,896

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

608

​

​

608

Equity method investment (loss)

​

​

—

​

​

—

​

​

450

​

​

450

Corporate — general and administrative

​

​

—

​

​

—

​

​

12,319

​

​

12,319

Segment EBITDA

​

$

85,430

​

$

20,130

​

$

(1,546)

​

$

104,014

​

​

​

​

​

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Reconciliation of Income (Loss) before Income Taxes:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Income (Loss) before Income Taxes

  ​

$

51,367

  ​

$

(274,120)

  ​

$

(12,789)

  ​

$

(235,542)

Other operating revenue

​

​

(946)

​

​

(2,559)

​

​

(1,679)

​

​

(5,184)

Depreciation, depletion and amortization

​

​

19,290

​

​

46,245

​

​

91

​

​

65,626

Asset impairment

​

​

—

​

​

215,136

​

​

—

​

​

215,136

ARO accretion

​

​

457

​

​

1,171

​

​

—

​

​

1,628

Exploration costs

​

​

—

​

​

260

​

​

—

​

​

260

(Gain) loss on disposal or abandonment of assets, net

​

​

—

​

​

1,629

​

​

(1,679)

​

​

(50)

Interest income

​

​

(36)

​

​

(197)

​

​

(2)

​

​

(235)

Interest expense

​

​

1,875

​

​

11,033

​

​

942

​

​

13,850

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

2,790

​

​

2,790

Equity method investment (loss)

​

​

—

​

​

—

​

​

746

​

​

746

Settlement of litigation

​

​

—

​

​

2,750

​

​

—

​

​

2,750

Corporate — general and administrative

​

​

—

​

​

—

​

​

11,339

​

​

11,339

Corporate — other operating and maintenance costs

​

​

—

​

​

—

​

​

440

​

​

440

Segment EBITDA

​

$

72,007

​

$

1,348

​

$

199

​

$

73,554
Schedule of segment assets and capital expenditures

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Other Reconciliations:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Assets

  ​

$

256,529

  ​

$

148,957

  ​

$

2,567

  ​

$

408,053

Capital expenditures

​

$

43,853

​

$

25,362

​

$

—

​

$

69,215

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate and Other

​

​

 

Other Reconciliations:

​

Electric Operations

​

Coal Operations

​

and Eliminations

​

Consolidated

Assets

  ​

$

220,477

  ​

$

144,519

  ​

$

4,124

  ​

$

369,120

Capital expenditures

​

$

18,699

​

$

34,081

​

$

587

​

$

53,367

​
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Number of reportable segments | segment   2  
Accounts receivable charges for credit losses $ 0 $ 0 $ 0
Total deposits   13,600  
Business interruption insurance settlements   12,900  
Amount of cash paid for the settlement of business interruption insurance   0 0
Asset impairment $ 215,100 0 215,136
Regulatory asset   30,900  
Undiscounted asset retirement obligation   25,300 26,100
Coal Operations | Operating Segment      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Asset impairment   $ 0 $ 215,136
Minimum | Measurement Input, Discount Rate      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
ARO measurement input   7  
Maximum | Measurement Input, Discount Rate      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
ARO measurement input   10  
Power Plant Equipment | Minimum      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Estimated useful life of the assets (in years)   7 years  
Power Plant Equipment | Maximum      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Estimated useful life of the assets (in years)   9 years  
Surface and Underground Mining Equipment | Minimum      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Estimated useful life of the assets (in years)   3 years  
Surface and Underground Mining Equipment | Maximum      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Estimated useful life of the assets (in years)   15 years  
Sunrise Energy, LLC      
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Percentage of equity method investment   50.00%  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes to Asset Retirement Obligation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Changes to ARO for the periods    
Balance, beginning of year $ 16,810 $ 16,589
Accretion 1,764 1,628
Change in estimate 0 0
Payments (727) (1,407)
Balance, end of year 17,847 16,810
Less current portion (2,606) (1,853)
Long-term balance, end of year $ 15,241 $ 14,957
v3.25.4
INVENTORY (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
INVENTORY    
Inventory adjustments $ 0.1 $ 0.3
Inventory downward adjustment $ 2.6  
v3.25.4
OTHER LONG-TERM ASSETS (IN THOUSANDS) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
OTHER LONG-TERM ASSETS (IN THOUSANDS)    
Advanced coal royalties $ 4,234 $ 3,906
Other 7 45
Total other assets $ 4,241 $ 3,951
v3.25.4
BANK DEBT (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 05, 2026
USD ($)
Dec. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
BANK DEBT              
Deposited in money market     $ 19,000        
Unamortized bank fees and other costs   $ 322   $ 2,511 $ 322   $ 2,511
Loss on extinguishment of debt         $ (608)   (2,790)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]         us-gaap:SecuredOvernightFinancingRateSofrMember    
Outstanding balance on revolving credit facility   29,678   37,394 $ 29,678   37,394
Term loan amount   30,000   44,000 30,000   44,000
Physically Delivered Prepaid Power Contract              
BANK DEBT              
Prepaid contract     $ 35,000        
Credit Agreement              
BANK DEBT              
Additional borrowing capacity   28,800     28,800    
Debt Instrument, Liquidity   38,800     38,800    
Outstanding letters of credit   16,200     16,200    
Unamortized bank fees and other costs   4,300     4,300    
Additional costs incurred         900    
Unamortized bank fees   $ 300   2,500 $ 300   2,500
Commitment fees, percentage         0.50%    
First lien leverage ratio   3.5     3.5    
Minimum liquidity requirement   $ 10,000     $ 10,000    
Covenant compliance         We were in compliance with all covenants defined in the Credit Agreement throughout the year and as of December 31, 2025.    
Interest rate         4.25%    
All in rate   8.17%     8.17%    
Credit Agreement | Subsequent Events              
BANK DEBT              
Commitment fees, percentage 0.50%            
Percentage of floor on the variable rate 1.00%            
Credit Agreement | First quarter of 2025              
BANK DEBT              
Total leverage ratio threshold         5.50%    
Credit Agreement | Fiscal quarter thereafter              
BANK DEBT              
Total leverage ratio threshold         2.25%    
Credit Agreement | Third quarter of 2024 through first quarter of 2025              
BANK DEBT              
Debt Service Coverage Ratio requirement   1.25     1.25    
Minimum quarterly EBITDA requirement   $ 5,000     $ 5,000    
Credit Agreement | Minimum              
BANK DEBT              
Interest rate         4.00%    
Credit Agreement | Minimum | Subsequent Events              
BANK DEBT              
Interest rate 2.25%            
Credit Agreement | Maximum              
BANK DEBT              
Interest rate         5.00%    
Credit Agreement | Maximum | Subsequent Events              
BANK DEBT              
Interest rate 3.75%            
Credit Agreement | Term Loan              
BANK DEBT              
Periodic loan payments   6,000          
Bank debt increase (decrease), net         $ 14,000   $ 47,500
Loss on extinguishment of debt         600    
Credit Agreement | Delayed Draw Term Loan | Subsequent Events              
BANK DEBT              
Term loan amount $ 45,000            
Percentage of original principal amount to be repaid every quarter 2.50%            
Credit Agreement | Physically Delivered Prepaid Power Contract | Term Loan              
BANK DEBT              
Proceeds amounts were used to pay       $ 20,000      
Credit Agreement | Revolving credit              
BANK DEBT              
Maximum borrowing capacity   75,000     75,000    
Periodic loan payments           $ 6,500  
Outstanding balance on revolving credit facility   $ 30,000     $ 30,000    
Credit Agreement | Revolving credit | Subsequent Events              
BANK DEBT              
Maximum borrowing capacity $ 75,000            
First Amendment to the Credit Agreement              
BANK DEBT              
Debt Service Coverage Ratio requirement   1.25     1.25    
Third Amendment              
BANK DEBT              
Additional costs incurred         $ 300    
Debt Service Coverage Ratio requirement   3.25     3.25    
Minimum liquidity requirement   $ 10,000     $ 10,000    
Third Amendment | Maximum              
BANK DEBT              
Leverage Ratio   2.25     2.25 3  
Third Amendment | Revolving credit | Subsequent Events              
BANK DEBT              
Outstanding letters of credit $ 0            
v3.25.4
BANK DEBT - Bank debt, less debt issuance costs (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
BANK DEBT    
Current bank debt $ 0 $ 6,000
Less unamortized debt issuance cost 0 (1,905)
Net current portion 0 4,095
Long-term bank debt 30,000 38,000
Less unamortized debt issuance cost (322) (606)
Net long-term portion 29,678 37,394
Total bank debt 30,000 44,000
Less total unamortized debt issuance cost (322) (2,511)
Net bank debt $ 29,678 $ 41,489
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (IN THOUSANDS)    
Accounts payable $ 12,594 $ 12,822
Accrued liabilities 10,829 11,469
Workers' compensation reserve 3,037 3,258
Accrued property taxes 5,223 4,321
Accrued payroll 3,900 4,185
Asset retirement obligation - current portion 2,606 1,853
Group health insurance 1,420 1,700
Other 2,239 4,690
Total accounts payable and accrued liabilities $ 41,848 $ 44,298
v3.25.4
REVENUE - Concentration risk (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Electric Operations    
REVENUE    
Revenues $ 310,737 $ 261,527
Coal Operations    
REVENUE    
Revenues 148,655 137,448
Revenue concentration | Customer concentration | Customer A | Electric Operations    
REVENUE    
Revenues $ 110,006 $ 123,504
Concentration risk percentage 23.40% 30.60%
Revenue concentration | Customer concentration | Customer A | Coal Operations    
REVENUE    
Revenues $ 48,983 $ 54,593
Concentration risk percentage 10.40% 13.50%
Revenue concentration | Customer concentration | Customer B | Electric Operations    
REVENUE    
Revenues $ 47,248  
Concentration risk percentage 10.10%  
Revenue concentration | Customer concentration | Customer B | Coal Operations    
REVENUE    
Revenues $ 64,799 $ 43,394
Concentration risk percentage 13.80% 10.70%
Revenue concentration | Customer concentration | Customer C | Electric Operations    
REVENUE    
Revenues   $ 51,639
Concentration risk percentage   12.80%
Accounts receivable concentration | Customer concentration | Customer A | Electric Operations    
REVENUE    
Revenues $ 3,275 $ 3,460
Concentration risk percentage 23.40% 22.40%
Accounts receivable concentration | Customer concentration | Customer A | Coal Operations    
REVENUE    
Revenues $ 1,871 $ 1,887
Concentration risk percentage 13.40% 12.20%
Accounts receivable concentration | Customer concentration | Customer B | Electric Operations    
REVENUE    
Revenues $ 3,184 $ 5,952
Concentration risk percentage 22.80% 38.60%
Accounts receivable concentration | Customer concentration | Customer C | Electric Operations    
REVENUE    
Revenues $ 3,188  
Concentration risk percentage 22.80%  
v3.25.4
REVENUE - Coal Operations (Details) - Coal Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 148,655 $ 137,448
INDIANA    
Disaggregation of Revenue [Line Items]    
Revenues 83,353 59,045
Florida, North Carolina, and Georgia    
Disaggregation of Revenue [Line Items]    
Revenues $ 65,302 $ 78,403
v3.25.4
REVENUE - Electric Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Electric Operations    
Disaggregation of Revenue [Line Items]    
Revenues $ 310,737 $ 261,527
Delivered energy    
Disaggregation of Revenue [Line Items]    
Revenues 252,644 203,434
Delivered energy | Electric Operations    
Disaggregation of Revenue [Line Items]    
Revenues $ 252,644 $ 203,434
v3.25.4
REVENUE - Remaining performance obligations (Details) - Operating Segment
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 866,940
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 389,540
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 335,540
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 124,530
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 17,330
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Delivered energy  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 389,730
Electric Operations | Delivered energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 175,880
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Delivered energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 142,290
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Delivered energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 57,700
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Delivered energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 13,860
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Accredited Energy Capacity  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 153,740
Electric Operations | Accredited Energy Capacity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 61,540
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Accredited Energy Capacity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 51,400
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Accredited Energy Capacity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 37,330
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Electric Operations | Accredited Energy Capacity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 3,470
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Coal Operations  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 323,470
Coal Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 152,120
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Coal Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 141,850
Unsatisfied or partially unsatisfied performance obligation, period 1 year
Coal Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 29,500
Unsatisfied or partially unsatisfied performance obligation, period 1 year
v3.25.4
REVENUE - Schedule of beginning and ending accounts receivable from contracts with customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
REVENUE    
Accounts receivable from contracts with customers - beginning balance $ 15,438 $ 19,937
Accounts receivable from contracts with customers - ending balance $ 13,989 $ 15,438
v3.25.4
REVENUE - Schedule of beginning and ending contract liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
REVENUE    
Total contract liabilities - beginning balance $ 146,719 $ 113,741
Cash payments received on future contract obligations 136,880 159,965
Accretion on contract liabilities 8,408 1,170
Revenue recognized, cash payment received in prior period (99,683) (70,203)
Revenue recognized, cash payment received in current period (43,267) (57,954)
Total contract liabilities - ending balance $ 149,057 $ 146,719
v3.25.4
INCOME TAXES - Net income (loss) before income taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
INCOME TAXES    
United States $ 43,704 $ (235,542)
NET INCOME (LOSS) BEFORE INCOME TAXES $ 43,704 $ (235,542)
v3.25.4
INCOME TAXES - Income tax provision (benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Current tax expense:    
State and local   $ (169)
Total current tax expense   (169)
Deferred tax expense (benefit):    
Federal $ 1,833 (9,247)
State and local   12
Total deferred tax expense (benefit) 1,833 (9,235)
Total income tax expense (benefit):    
Federal 1,833 (9,247)
State and local   (157)
Total income tax expense (benefit) $ 1,833 $ (9,404)
v3.25.4
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss $ 28,320 $ 32,725
Power contracts 13,243 10,828
Compensation 1,407 1,955
Accrued liabilities 463 423
ARO liabilities 2,436 2,293
Lease liabilities 2,196 3,938
Coal properties 20,909 26,191
Other 1,875 5,215
Total deferred tax assets 70,849 83,568
Valuation allowance (41,438) (49,695)
Deferred tax assets, net of valuation allowance 29,411 33,873
Deferred tax liabilities:    
Power properties (27,601) (27,960)
Investment partnerships (512) (531)
ROU assets (3,131) (5,382)
Total deferred tax liabilities (31,244) (33,873)
Net deferred tax liability 1,833  
Increase (decrease) in valuation allowance $ (8,300) $ 49,700
v3.25.4
INCOME TAXES - Net operating losses and tax credit carryforwards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Loss And Tax Credit Carryforwards [Line Items]    
Net operating loss $ 28,320 $ 32,725
Federal    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Tax credits 32  
Federal | Post December 31, 2017    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Net operating loss 102,067  
Federal | Pre January 1, 2018    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Net operating loss $ 4,928  
Tax credit expiration year Dec. 31, 2037  
Federal | Minimum    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Tax credit expiration year Dec. 31, 2026  
Federal | Maximum    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Tax credit expiration year Dec. 31, 2038  
State    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Net operating loss $ 151,604  
State | Minimum    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Tax credit expiration year Dec. 31, 2036  
State | Maximum    
Operating Loss And Tax Credit Carryforwards [Line Items]    
Tax credit expiration year Dec. 31, 2044  
v3.25.4
INCOME TAXES - Income tax reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income tax reconciliation, Amount    
Expected amount $ 9,178 $ (49,464)
State income taxes, net of federal benefit   (124)
Tax credits:    
Mine rescue credits 10 20
Indiana EDGE credit   (169)
Change in valuation allowance (6,605) 40,327
Nondeductible items (1,112) 296
Prior period true-ups and other 362 (290)
Total income tax expense (benefit) $ 1,833 $ (9,404)
Tax Jurisdiction of Domicile [Extensible Enumeration] country:US country:US
Income tax reconciliation, Percent    
Effective income tax rate reconciliation, at federal statutory income tax rate, percent 21.00% 21.00%
State and local income taxes, net of federal income tax effect   0.05%
Tax credits:    
Mine rescue credits 0.02% (0.01%)
Indiana EDGE credit   0.07%
Change in valuation allowance (15.11%) (17.12%)
Nondeductible items (2.54%) (0.13%)
Prior period true-ups and other 0.82% 0.12%
Total income tax expense (benefit) 4.19% 3.99%
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] INDIANA INDIANA
v3.25.4
INCOME TAXES - Income taxes paid, net (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
INCOME TAXES    
IncomeTaxPaidAfterRefundReceivedStateAndLocalJurisdictionsExtensibleEnumeration INDIANA INDIANA
v3.25.4
STOCK COMPENSATION PLANS (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 29, 2025
Dec. 31, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Shares vested, value   $ 10.6  
Shares vested, share price   $ 14.32  
Stock-based compensation expense   $ 3.5 $ 4.5
Increase in number of shared available for issuance 2,000,000    
Vesting period   3 years  
Unrecognized stock compensation expense   $ 4.1  
Number of shares available for grants (in shares)   2,003,427  
v3.25.4
STOCK COMPENSATION PLANS - RSU's available for issuance (Details) - Restricted stock units - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total authorized RSUs in Plan approved by shareholders 6,850,000    
Stock issued out of the Plan from vested grants (4,260,472)    
Unvested grants (586,101) (1,034,486) (858,363)
RSUs available for future issuance 2,003,427    
v3.25.4
STOCK COMPENSATION PLANS - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Shares outstanding (in shares)    
Unvested grants - Beginning (in shares) 1,034,486 858,363
Awarded (in shares) 365,237 599,013
Vested (in shares) (743,080) (380,390)
Forfeited (in shares) (70,542) (42,500)
Unvested grants - Ending (in shares) 586,101 1,034,486
Weighted average share price (in dollars per share)    
Share price on grant date, awarded (in dollars per share) $ 16.96 $ 5.69
v3.25.4
STOCK COMPENSATION PLANS - Vesting of Non-vested RSU Grants (Details) - Restricted stock units
Dec. 31, 2025
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
RSUs vesting (in shares) 586,101
2026  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
RSUs vesting (in shares) 197,693
2027  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
RSUs vesting (in shares) 377,192
2028  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
RSUs vesting (in shares) 11,216
v3.25.4
EMPLOYEE BENEFITS - Employee benefit expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
EMPLOYEE BENEFITS    
Health benefits, including premiums $ 11,326 $ 13,796
401(k) matching 1,957 1,851
Deferred bonus plan 770 553
Total $ 14,053 $ 16,200
v3.25.4
EMPLOYEE BENEFITS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
EMPLOYEE BENEFITS    
Employee benefit costs $ 14,053 $ 16,200
Operating Expense    
EMPLOYEE BENEFITS    
Employee benefit costs $ 13,200 $ 15,200
v3.25.4
LEASES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
ROU operating lease assets $ 646 $ 664
Financing Leases, depreciation expense 2,000 5,200
Interest expense on finance lease liability 100  
Imputed interest on future remaining finance lease liability 500  
Deferred financing fees $ 100 $ 200
Minimum    
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, remaining lease term (Month) 1 month  
Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, remaining lease term (Month) 7 years  
v3.25.4
LEASES - Leases information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating lease information:    
Operating cash outflows from operating leases $ 207 $ 169
Weighted average remaining lease term in years 6 years 7 months 6 days 8 years
Weighted average discount rate 8.20% 9.50%
Finance lease information:    
Financing cash outflows from finance leases $ 6,994 $ 5,633
Proceeds from sale and leaseback arrangement $ 0 $ 5,134
Weighted average remaining lease term in years 1 year 2 months 19 days 2 years 2 months 4 days
Weighted average discount rate 9.00% 9.00%
v3.25.4
LEASES - Future minimum lease payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 121  
2027 125  
2028 129  
2029 133  
2030 137  
Thereafter 224  
Total minimum lease payments 869  
Less imputed interest and deferred finance fees (223)  
Total lease liability 646 $ 664
Finance Leases    
2026 7,972  
2027 1,391  
Total minimum lease payments 9,363  
Less imputed interest and deferred finance fees (614)  
Total lease liability $ 8,749 $ 15,661
v3.25.4
LEASES - Balance Sheet Locations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
LEASES    
Operating lease assets $ 646 $ 664
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Buildings and equipment Buildings and equipment
Current operating lease liabilities $ 112 $ 99
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities, Current Accounts Payable and Accrued Liabilities, Current
Non-current operating lease liabilities $ 534 $ 565
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total operating lease liability $ 646 $ 664
Finance lease assets 12,591 13,034
Current finance lease liabilities 7,411 6,912
Non-current finance lease liabilities 1,338 8,749
Total finance lease liabilities $ 8,749 $ 15,661
v3.25.4
SELF-INSURANCE (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Self Insurance [Line Items]    
Self-insurance liabilities $ 0 $ 0
Operating Lease, Liability 646 664
Maximum liability per workers' compensation claim 1,000  
Maximum annual liability for workers' compensation claims 4,000  
Workers' compensation claims restricted cash 5,302 4,921
Workers' compensation reserve 5,200 4,300
Future Workers' Compensation Claim Payments [Member]    
Self Insurance [Line Items]    
Workers' compensation claims restricted cash $ 5,300 $ 4,900
v3.25.4
NET INCOME (LOSS) PER SHARE - Computation of net income allocated to common shareholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Basic earnings per common share:    
Net income (loss) - basic $ 41,871 $ (226,138)
Weighted average shares outstanding - basic (in shares) 42,932 39,504
Basic earnings (loss) per common share (in dollars per share) $ 0.98 $ (5.72)
Diluted earnings per common share:    
Weighted average shares outstanding - basic (in shares) 42,932 39,504
Add: Dilutive effects of Restricted Stock Units (in shares) 500  
Weighted average shares outstanding - diluted (in shares) 43,432 39,504
Diluted net income (loss) per share (in dollars per share) $ 0.96 $ (5.72)
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
FAIR VALUE MEASUREMENTS      
Impairment charge $ 215,100 $ 0 $ 215,136
Total cash and cash equivalent and restricted cash balances on deposit with financial institutions $ 12,153 $ 15,372 $ 12,153
v3.25.4
EQUITY METHOD INVESTMENTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Equity method investments $ 2,647 $ 2,607
Sunrise Energy, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity method investment 50.00%  
Equity method investments $ 1,900 2,100
Oaktown Gas, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity method investment 50.00%  
Equity method investments $ 700 $ 500
v3.25.4
CONVERTIBLE NOTES (Details) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CONVERTIBLE NOTES    
Stock issued on redemption of convertible notes (in shares)   3.7
Loss on extinguishment of debt $ (608) $ (2,790)
Convertible debt outstanding $ 0 $ 0
v3.25.4
NOTES PAYABLE - RELATED PARTIES (Details) - Unsecured Promissory Notes
Mar. 31, 2024
USD ($)
Related Party Transaction [Line Items]  
Interest rate of debt instrument 12.00%
Charles R. Wesley  
Related Party Transaction [Line Items]  
Principal amount of debt instrument $ 2,000,000
David J. Lubar  
Related Party Transaction [Line Items]  
Principal amount of debt instrument 2,500,000
David C. Hardie  
Related Party Transaction [Line Items]  
Principal amount of debt instrument $ 500,000
v3.25.4
ORGANIZATIONAL RESTRUCTURING (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Feb. 23, 2024
employee
ORGANIZATIONAL RESTRUCTURING        
Number of employees | employee       110
Percentage of workforce       12.00%
Restructuring reserve amount | $ $ 1.9 $ 0.8 $ 1.1  
v3.25.4
AT MARKET AGREEMENT (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 18, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 16, 2025
Dec. 15, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01    
Stock issued in ATM offering   $ 13,510 $ 34,515    
ATM | B. Riley Securities, Inc.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Aggregate gross proceeds $ 50,000     $ 100,000 $ 50,000
Period of sale agreement 5 days        
Stock issued in ATM offering (in shares)   697,227 4,654,430    
Stock issued in ATM offering   $ 13,500 $ 34,500    
v3.25.4
IMPAIRMENT OF COAL PROPERTIES (Details)
$ in Thousands, T in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
T
Dec. 31, 2024
USD ($)
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]      
Asset Impairment Charges   $ 0  
Impairment charge $ 215,100 $ 0 $ 215,136
Level 3      
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]      
Discount rate   11.50%  
Production capacity | T   3.6  
v3.25.4
SEGMENTS OF BUSINESS (Details)
 12 Months Ended
Dec. 31, 2025
MWh
segment
SEGMENTS OF BUSINESS  
Number of segments | segment 2
Merom power plant - number of units 2
Merom power plant - megawatt capacity | MWh 1,080
v3.25.4
SEGMENTS OF BUSINESS - Key Metrics Reviewed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SEGMENTS OF BUSINESS    
Fuel $ (63,854) $ (49,343)
Other operating and maintenance costs (129,246) (118,364)
Cost of purchased power (20,892) (10,888)
Utilities (16,801) (15,914)
Labor (110,678) (116,164)
Segment EBITDA 104,014 73,554
Delivered energy    
SEGMENTS OF BUSINESS    
Revenues 252,644 203,434
Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Revenues 58,093 58,093
Electric sales    
SEGMENTS OF BUSINESS    
Revenues 310,737 261,527
Coal sales    
SEGMENTS OF BUSINESS    
Revenues 148,655 137,448
Electric Operations    
SEGMENTS OF BUSINESS    
Revenues 310,737 261,527
Electric Operations | Delivered energy    
SEGMENTS OF BUSINESS    
Revenues 252,644 203,434
Electric Operations | Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Revenues 58,093 58,093
Electric Operations | Operating Segment    
SEGMENTS OF BUSINESS    
Fuel (132,573) (111,768)
Other operating costs (5) (19)
Total variable costs (132,578) (111,787)
Other operating and maintenance costs (29,358) (28,622)
Cost of purchased power (20,892) (10,888)
Utilities (4,612) (2,070)
Labor (32,672) (30,842)
Power margin without general and administrative 90,625 77,318
General and administrative (5,195) (5,311)
Segment EBITDA 85,430 72,007
Electric Operations | Operating Segment | Delivered energy    
SEGMENTS OF BUSINESS    
Revenues 252,644 203,434
Electric Operations | Operating Segment | Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Revenues 58,093 58,093
Electric Operations | Operating Segment | Electric sales    
SEGMENTS OF BUSINESS    
Revenues 310,737 261,527
Coal Operations    
SEGMENTS OF BUSINESS    
Revenues 148,655 137,448
Coal Operations | Operating Segment    
SEGMENTS OF BUSINESS    
Fuel (2,088) (2,851)
Other operating and maintenance costs (99,883) (89,283)
Utilities (12,189) (13,844)
Labor (78,006) (85,322)
Power margin without general and administrative 28,842 11,225
General and administrative (8,712) (9,877)
Segment EBITDA 20,130 1,348
Coal Operations | Operating Segment | Coal sales    
SEGMENTS OF BUSINESS    
Revenues $ 221,008 $ 202,525
v3.25.4
SEGMENTS OF BUSINESS - Revenuer Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SEGMENTS OF BUSINESS    
Other operating revenue $ 10,074 $ 5,184
Total sales and operating revenues 469,466 404,159
Delivered energy    
SEGMENTS OF BUSINESS    
Operating Revenues 252,644 203,434
Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Operating Revenues 58,093 58,093
Coal sales    
SEGMENTS OF BUSINESS    
Operating Revenues 148,655 137,448
Coal sales | Third-Party    
SEGMENTS OF BUSINESS    
Operating Revenues 148,655 137,448
Electric Operations    
SEGMENTS OF BUSINESS    
Operating Revenues 310,737 261,527
Electric Operations | Delivered energy    
SEGMENTS OF BUSINESS    
Operating Revenues 252,644 203,434
Electric Operations | Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Operating Revenues 58,093 58,093
Coal Operations    
SEGMENTS OF BUSINESS    
Operating Revenues 148,655 137,448
Operating Segment | Electric Operations    
SEGMENTS OF BUSINESS    
Other operating revenue 3,534 946
Total sales and operating revenues 314,271 262,473
Operating Segment | Electric Operations | Delivered energy    
SEGMENTS OF BUSINESS    
Operating Revenues 252,644 203,434
Operating Segment | Electric Operations | Accredited capacity revenue    
SEGMENTS OF BUSINESS    
Operating Revenues 58,093 58,093
Operating Segment | Coal Operations    
SEGMENTS OF BUSINESS    
Other operating revenue 5,373 2,559
Total sales and operating revenues 226,381 205,084
Operating Segment | Coal Operations | Coal sales    
SEGMENTS OF BUSINESS    
Operating Revenues 221,008 202,525
Operating Segment | Coal Operations | Coal sales | Third-Party    
SEGMENTS OF BUSINESS    
Operating Revenues 148,655 137,448
Operating Segment | Coal Operations | Coal sales | Intercompany    
SEGMENTS OF BUSINESS    
Operating Revenues 72,353 65,077
Corporate and Other Eliminations    
SEGMENTS OF BUSINESS    
Other operating revenue 1,167 1,679
Total sales and operating revenues (71,186) (63,398)
Corporate and Other Eliminations | Coal sales | Intercompany    
SEGMENTS OF BUSINESS    
Operating Revenues $ (72,353) $ (65,077)
v3.25.4
SEGMENTS OF BUSINESS - Schedule of EBITDA Margin to Income (loss) before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes   $ 43,704 $ (235,542)
Other operating revenue   (10,074) (5,184)
Depreciation, depletion and amortization   41,222 65,626
Asset impairment $ 215,100 0 215,136
Asset retirement obligations accretion   1,764 1,628
Exploration costs   216 260
Gain on disposal or abandonment of assets, net   (2,489) (50)
Interest income   (602) (235)
Interest expense   16,896 13,850
Loss on extinguishment of debt   608 2,790
Equity method investment (loss)   450 746
Settlement of litigation     2,750
Corporate - general and administrative   12,319 11,339
Corporate - other operating and maintenance costs     440
Segment EBITDA   104,014 73,554
Electric sales      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes   43,704  
Operating Segment | Electric Operations      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes     51,367
Other operating revenue   (3,534) (946)
Depreciation, depletion and amortization   22,681 19,290
Asset retirement obligations accretion   497 457
Interest income   (52) (36)
Interest expense   9,097 1,875
Segment EBITDA   85,430 72,007
Operating Segment | Electric Operations | Electric sales      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes   56,741  
Operating Segment | Coal Operations      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes     (274,120)
Other operating revenue   (5,373) (2,559)
Depreciation, depletion and amortization   18,465 46,245
Asset impairment   0 215,136
Asset retirement obligations accretion   1,267 1,171
Exploration costs   216 260
Gain on disposal or abandonment of assets, net   (2,489) 1,629
Interest income   (235) (197)
Interest expense   7,799 11,033
Settlement of litigation     2,750
Segment EBITDA   20,130 1,348
Operating Segment | Coal Operations | Electric sales      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes   480  
Corporate and Other and Eliminations      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes     (12,789)
Other operating revenue   (1,167) (1,679)
Depreciation, depletion and amortization   76 91
Gain on disposal or abandonment of assets, net     (1,679)
Interest income   (315) (2)
Interest expense     942
Loss on extinguishment of debt   608 2,790
Equity method investment (loss)   450 746
Corporate - general and administrative   12,319 11,339
Corporate - other operating and maintenance costs     440
Segment EBITDA   (1,546) $ 199
Corporate and Other and Eliminations | Electric sales      
SEGMENTS OF BUSINESS      
Income (Loss) before Income Taxes   $ (13,517)  
v3.25.4
SEGMENTS OF BUSINESS - Assets And Capital Expenditure (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SEGMENTS OF BUSINESS    
Assets $ 408,053 $ 369,120
Capital expenditures 69,215 53,367
Operating Segment | Electric Operations    
SEGMENTS OF BUSINESS    
Assets 256,529 220,477
Capital expenditures 43,853 18,699
Operating Segment | Coal Operations    
SEGMENTS OF BUSINESS    
Assets 148,957 144,519
Capital expenditures 25,362 34,081
Corporate and Other and Eliminations    
SEGMENTS OF BUSINESS    
Assets $ 2,567 4,124
Capital expenditures   $ 587
v3.25.4
ASSETS HELD FOR SALE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 23, 2024
ASSETS HELD FOR SALE        
Proceeds from held-for-sale assets     $ 3,200  
Gain on disposal or abandonment of assets, net   $ (2,489) $ (50)  
Summit | Wholly-owned subsidiary held for sale        
ASSETS HELD FOR SALE        
Right of first refusal number of days 90 days      
Consideration       $ 3,200
Gain on disposal or abandonment of assets, net   $ 2,300    
v3.25.4
CONTINGENCIES (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Sep. 30, 2025
Dec. 31, 2025
CONTINGENCIES      
Litigation settlement amount $ 2.8    
Payments for settlement in escrow   $ 2.7  
Amount accrued on settlement litigation     $ 0.0
v3.25.4
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
SUBSEQUENT EVENTS      
ATM offering   $ 13,510 $ 34,515
Subsequent Events | Confidentially marketed public offering      
SUBSEQUENT EVENTS      
Stock issued in ATM offering (in shares) 3,194,444    
Price per share $ 18    
ATM offering $ 57,500    
Offering expenses $ 3,300