REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

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

HALLADOR ENERGY CO 10-K