Hallador Energy Company (HNRG) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for attending Hallador Energy's first-quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following our prepared remarks, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call will be recorded.

下午好。感謝各位參加 Hallador Energy 2026 年第一季財報電話會議。目前所有與會者皆為只聽模式。在我們完成事先準備的發言後，將進行問答環節，屆時會提供相關指示。提醒各位，本次電話會議將被錄音。

I'd now like to turn the conference over to Sean Mansouri, the company's investor relations advisor with Elevate IR. Please go ahead, Sean.

現在我想把會議交給 Elevate IR 的公司投資人關係顧問 Sean Mansouri。Sean，請開始。

Thank you, and good afternoon, everyone. We appreciate you joining us to discuss our first quarter 2026 results. With me today are President and CEO, Brent Bilsland; and CFO, Todd Telesz. This afternoon, we released our first quarter 2026 financial and operating results and a press release that is now on the Hallador Investor Relations website. Today, we will discuss those results as well as our perspective on current market conditions and our outlook.

謝謝，各位下午好。感謝各位加入我們，一同討論 2026 年第一季的業績表現。今天與我一同出席的有總裁兼執行長 Brent Bilsland，以及財務長 Todd Telesz。今天下午，我們已發布 2026 年第一季的財務與營運結果，以及新聞稿；新聞稿目前已刊登於 Hallador 投資人關係網站。今天我們將討論這些結果，並分享我們對當前市場狀況的觀點與展望。

Following prepared remarks, we will open the call to answer your questions. Before we begin, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the SEC and are also reflected in today's press release.

在事先準備的發言結束後，我們將開放來電回答各位的問題。在開始之前提醒各位，我們今天的部分發言可能包含前瞻性陳述，這些陳述受多項風險、不確定性與假設影響；相關內容載於我們不時向美國證券交易委員會（SEC）提交的文件中，並亦反映於今日的新聞稿。

While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. In providing these remarks, Hallador has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law to do so. And with the preliminaries out of the way, I'll turn the call over to President and CEO, Brent Bilsland.

雖然這些前瞻性陳述係基於我們目前可得之資訊，但若一項或多項風險或不確定性成真，或我們的基本假設證明不正確，實際結果可能與我們所預測或預期者有重大差異。在提供上述發言時，除非法律要求，Hallador 無義務因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述。前言說明到此為止，接下來把電話交給總裁兼執行長 Brent Bilsland。

Thank you, Sean, and thank you, everyone, for joining us this afternoon. Before diving into our first quarter results, I want to begin with what we believe is an important milestone in a multiyear transformation of Hallador, one that has been in the works for a long time now and reflects the steady, deliberate execution of a strategy our long-term shareholders have been patient with.

謝謝你，Sean，也謝謝各位今天下午加入我們。在深入討論第一季業績之前，我想先從我們認為是 Hallador 多年轉型過程中的一個重要里程碑談起。這項轉型已籌劃許久，並反映出我們長期股東耐心支持的一項策略正在穩健且審慎地被執行。

Subsequent to quarter end, we executed a 12-year capacity agreement with a subsidiary of utility, that is expected to generate more than $1 billion of contracted revenue from 2028 through 2040 at pricing levels more than 2x our historical contracted capacity pricing. This agreement is subject to approval by the Indiana Utility Regulatory Commission, which we anticipate will occur in the second half of 2026. The agreement represents one of the most significant commercial achievements in our company's history. It may be helpful to put today's announcement in the context of the path that brought us here. Six years ago, Hallador was originally an underground coal mining company.

在季度結束後，我們與一家公用事業公司的子公司簽署了一份為期 12 年的容量協議，預期將在 2028 年至 2040 年期間帶來超過 10 億美元的合約收入，且定價水準高於我們歷史合約容量定價的 2 倍以上。該協議仍須取得印第安納州公用事業監管委員會（Indiana Utility Regulatory Commission）的核准，我們預期將於 2026 年下半年完成核准。此協議是本公司歷史上最重要的商業成就之一。將今日公告放在我們一路走來的脈絡中理解，或許更有幫助。六年前，Hallador 原本是一家地下煤礦開採公司。

In 2021, we began acquiring a 1 gigawatt interconnection. In '22, we acquired the 1 gigawatt power plant that utilizes the interconnection. In 2024, we began marketing long-term output of the plant. And in '25, those discussions broadened from data center developers to utilities. In March of this year, we executed a 3-year capacity agreement at approximately twice our historical pricing.

2021 年，我們開始收購一個 1 吉瓦的併網（interconnection）資源。2022 年，我們收購了使用該併網資源的 1 吉瓦發電廠。2024 年，我們開始行銷該電廠的長期輸出。到了 2025 年，相關討論從資料中心開發商擴大到公用事業公司。今年 3 月，我們簽署了一份為期 3 年的容量協議，價格約為我們歷史定價的兩倍。

And today, we are announcing a 12-year $1 billion-plus capacity agreement that follows directly behind it. Each of those steps was deliberate, each built on the one before. And we believe the same pattern of disciplined sequential execution will continue to define how we create shareholder value from here. Combined with the 3-year capacity agreement we announced in March that contracted our accredited capacity for planning years '26, '27 and '28, the agreement we are announcing today contracts the back portion of planning year 2028 and each year thereafter through mid-2040. Together, these 2 capacity-only sales total approximately $1.1 billion and place Hallador in a substantially sold-forward position on accredited capacity for approximately the next 14 consecutive years.

而今天，我們宣布一份為期 12 年、金額超過 10 億美元的容量協議，緊接在前述協議之後。上述每一步都是審慎規劃、循序推進，且每一步都建立在前一步的基礎之上。我們相信，這種有紀律、按部就班的執行模式，將持續定義我們未來如何為股東創造價值。結合我們在 3 月宣布的 3 年容量協議（已就規劃年度 2026、2027 與 2028 年簽約我們的認證容量），我們今天宣布的協議則涵蓋規劃年度 2028 年的後段，並自此每年延續至 2040 年年中。合計而言，這兩筆僅容量（capacity-only）的銷售總額約 11 億美元，使 Hallador 在未來約連續 14 年的認證容量上處於大幅度的提前售出（sold-forward）狀態。

We believe this represents a meaningful structural improvement in the durability of our earnings power and our balance sheet. And importantly, it provides the capital raising foundation from which to pursue the next set of opportunities in front of us. The agreement initially covers a smaller volume of accredited capacity in planning year 2028, increasing to approximately 2/3 of our accredited capacity beginning in planning year 2029 and continuing through 2040. This structure provides the kind of long-duration revenue visibility that is increasingly rare for dispatchable generation in MISO and validates the durable economic value of our dispatchable generation platform. It is worth noting that this agreement is only for our capacity.

我們認為，這代表我們獲利能力的持久性與資產負債表結構出現了具意義的改善。更重要的是，它提供了資本募集的基礎，使我們得以追求下一階段的機會。該協議在規劃年度 2028 年初期涵蓋較小的認證容量數量，自規劃年度 2029 年起提高至約占我們認證容量的 2/3，並持續至 2040 年。此結構提供了在 MISO 市場中對可調度發電（dispatchable generation）而言愈發稀缺的長期收入可視性，並驗證了我們可調度發電平台具備持久的經濟價值。值得注意的是，該協議僅涵蓋我們的容量。

We are not committing energy under this contract, which enables us to secure durable contracted revenue, while preserving full exposure to future upside in energy markets as demand for power continues to rise across MISO. Preserving that energy side optionality is intentional. As we will discuss in a moment, we believe the energy market is on a different time line than the capacity market, and we are positioning the portfolio to participate in both as they develop. To us, that is the bigger story. While our first quarter results were generally in line with our expectations due to previously mentioned availability constraints at Merom, the underlying value of Hallador is increasingly tied to the growing scarcity of reliable, dispatchable generation.

我們並未在此合約下承諾能源（energy）供應，這使我們能在鎖定穩健的合約收入之同時，保留對未來能源市場上行空間的完整曝險，因為 MISO 區域的用電需求仍在持續上升。保留能源端的選擇權是刻意為之。正如我們稍後將討論的，我們認為能源市場與容量市場的時間軸不同，我們正將投資組合定位為在兩者發展過程中都能參與。對我們而言，這才是更大的重點。雖然由於先前提到的 Merom 可用性限制，我們第一季業績大致符合預期，但 Hallador 的內在價值正日益與可靠、可調度發電資源日益稀缺的趨勢緊密相連。

The agreement we announced today is one clear data point of that dynamic. And we believe it is one of several you should expect to see emerge from the role our assets can play in meeting this demand. When we look at the market, we view capacity as the critical first step. For large load customers, particularly data centers, access to accredited capacity is often the gating factor. Without it, projects cannot move forward.

我們今天宣布的協議，正是這種市場動態的一個明確數據點。我們也相信，隨著我們資產在滿足此需求方面所能扮演的角色逐步顯現，未來還會出現更多類似的訊號。從市場角度來看，我們將容量視為關鍵的第一步。對大型負載客戶，尤其是資料中心而言，取得認證容量往往是決定性門檻；若無認證容量，專案便無法推進。

As a result, we are seeing capacity markets tighten and reprice ahead of the physical demand that these developments will ultimately bring. Energy demand follows on a different time line. These projects require several years to build. And as they come online and begin to draw power from the grid 24/7, 365, that is when we expect to see more meaningful response in energy pricing. Our portfolio is constructed to participate in both phases.

因此，我們看到容量市場在這些開發案最終將帶來的實體需求出現之前，就已先行收緊並重新定價。能源需求則沿著不同的時間軸發展。這些專案需要數年建置；當它們上線並開始全年無休（24/7、365 天）從電網取電時，我們預期能源價格才會出現更顯著的反應。我們的投資組合設計，旨在參與這兩個階段。

The capacity contracts we have announced this year address the first. The merchant energy position we have intentionally retained is positioned to address the second when it arrives. This dynamic is central to how we are positioning the business. Our strategy is to monetize capacity where we can secure attractive, long-term value today, while maintaining flexibility to participate in future upside in energy markets. We are being deliberate in how we contract our portfolio, locking in value where scarcity is already evident and preserving exposure where we believe demand has yet to be fully reflected.

我們今年宣布的容量合約對應的是第一個階段；而我們刻意保留的商業（merchant）能源部位，則是為了在第二階段到來時加以承接。這種動態是我們定位業務的核心。我們的策略是在今天能以具吸引力的條件鎖定長期價值之處，優先變現容量；同時保留彈性，以參與未來能源市場的上行空間。我們在投資組合簽約方式上採取審慎作法：在稀缺性已清楚浮現之處鎖定價值，並在我們認為需求尚未被充分反映之處保留曝險。

Capacity remains a critical requirement for large load development, and we continue to see strong interest from counterparties seeking reliable supply over longer periods. The agreement we signed is an important anchor in our forward sales book, but it is by design, not the last commercial step we expect to take. We continue to evaluate additional ways to monetize our remaining capacity and optimize our forward energy position. We will maintain a disciplined approach, and we will be deliberate about the timing and structure of any future commercial agreements. That said, the level of inbound interest we are seeing today is meaningfully higher than it was even 6 months ago across multiple counterparty types and contract structures.

容量仍是大型負載開發的關鍵需求，我們持續看到交易對手對於在更長期間內取得可靠供應抱持強烈興趣。我們簽署的協議是我們遠期銷售（forward sales）組合中的重要錨點，但按設計，它並非我們預期採取的最後一個商業步驟。我們仍在評估更多方式，以變現我們剩餘的容量並最佳化我們的遠期能源部位。我們將維持有紀律的作法，並對任何未來商業協議的時點與結構審慎拿捏。即便如此，我們目前看到的主動洽詢（inbound interest）水準，較 6 個月前在多種交易對手類型與合約結構上都明顯更高。

The contracted high conversion cash flows from these agreements also support a broader transformation we are pushing, building in Hallador over time into a multi-fuel independent power producer with a more diversified generating fleet. We have spoken previously about the proposed 515-megawatt combustion turbine project at our Merom Generating Station site under the MISO ERAS program. Additionally, we are continuing to evaluate dual fuel initiatives for our existing generation. We will work towards making progress on these work streams in the same disciplined sequential way as the contracting strategy has unfolded into the past year. Now turning to our first quarter 2026 results.

這些協議所帶來的高轉換率合約現金流，也支持我們正在推動的更廣泛轉型：隨時間推進，將 Hallador 打造成一家具多燃料（multi-fuel）的獨立發電業者（independent power producer），並擁有更多元化的發電機組組合。我們先前曾談及在 MISO ERAS 計畫下，於 Merom 發電站場址規劃的 515 兆瓦燃燒渦輪（combustion turbine）專案。此外，我們也持續評估既有機組的雙燃料（dual fuel）方案。我們將以與過去一年簽約策略相同的、有紀律且循序漸進的方式，推動這些工作主軸取得進展。接下來回到我們 2026 年第一季的業績。

As we discussed on our last call, we experienced availability constraints at Merom in Q4, that continued into the first quarter and reduced generation from the plant. First quarter results reflected those constraints as lower generation at Merom pressured electric sales and intercompany coal sales, which ultimately impacted our profitability for the quarter.

如同我們在上次電話會議中討論的，我們在第四季於 Merom 遭遇可用性限制，且該情況延續至第一季，導致該電廠發電量下降。第一季的結果反映了這些限制：Merom 較低的發電量對電力銷售與公司間煤炭銷售造成壓力，最終影響了我們本季的獲利能力。

We also incurred outage-related replacement power costs during Q1, which created an additional headwind. While these results were generally in line with the expectations we provided in March, they are below the level of performance that we expect from our Merom power plant over time. Maintaining high levels of reliability remains a top priority for our team, particularly as MISO increasingly depends on dispatchable resources during periods of peak demand. As such, the generating unit in question is currently in a planned maintenance outage, and we are using this period to make reliability-related investments that we believe should improve performance as we move through the balance of the year. As we have discussed previously, Hallador operates as a vertically integrated platform, and Merom sits at the center of that system.

我們在第一季也產生了與停機相關的替代電力成本，形成額外的逆風。雖然這些結果大致符合我們在三月提供的預期，但仍低於我們長期對 Merom 電廠表現的期待。維持高可靠度仍是團隊的首要任務，特別是在 MISO 於尖峰需求期間愈來愈依賴可調度資源之際。因此，相關發電機組目前正處於計畫性維修停機中，我們正利用這段期間進行可靠度相關投資，我們相信這將在今年剩餘期間推動表現改善。如同先前所述，Hallador 以垂直整合平台運作，而 Merom 位於該系統的核心。

When the plant is running efficiently, it drives performance across the business, supporting electric sales, creating consistent internal demand for coal, improving mine productivity and enhancing overall operating efficiency. When performance at Merom falls below planned levels, those impacts extend throughout the platform. Coal inventories increase, production at Sunrise becomes less efficient, and it becomes more difficult to optimize our cost structure. That is why our focus on improving reliability at Merom is so important. The outage currently underway is a key part of that effort.

當電廠高效率運轉時，將帶動整體業務表現，支撐電力銷售、創造穩定的內部煤炭需求、提升礦場生產力並增進整體營運效率。當 Merom 的表現低於計畫水準時，這些影響會擴散至整個平台：煤炭庫存增加、Sunrise 的生產變得較不效率，且更難以最佳化我們的成本結構。這也是為何我們如此重視提升 Merom 的可靠度。目前進行中的停機是這項努力的關鍵部分。

We are making targeted capital investments in the unit, and we believe that, that is the right decision given both the value of Merom today and the increasing importance of reliable, dispatchable generation going forward. Historically, similar investments have led to meaningful improvement in operating performance, and we expect the work being completed now to position the plant for higher availability as we move into the summer and upcoming peak demand periods.

我們正在對該機組進行具針對性的資本投資，考量 Merom 目前的價值以及未來可靠、可調度發電的重要性日益提升，我們認為這是正確的決策。歷史上，類似投資已帶來顯著的營運表現改善；我們預期目前完成的工作將使電廠在進入夏季及即將到來的尖峰需求期間時具備更高的可用性。

We are also in a much stronger financial position to support these investments. At quarter end, we had no outstanding bank debt and meaningfully improved liquidity compared to year-end.

我們也處於更強健的財務狀況以支持這些投資。截至季末，我們沒有任何未償還的銀行借款，且相較於年末，流動性顯著改善。

That improved capital position gives us greater financial flexibility to invest in the assets, support our ongoing operation, and pursue the strategic opportunities we are seeing across the power market.

資本狀況的改善使我們在財務上更具彈性，得以投資資產、支持持續營運，並把握我們在電力市場中看到的策略性機會。

Looking ahead, our second-quarter results will reflect the planned outage currently underway.

展望未來，我們第二季的結果將反映目前進行中的計畫性停機。

Which we expect will temporarily reduce generation as we complete the necessary maintenance.

我們預期在完成必要維修期間，發電量將暫時下降。

As we move into the second-half of the year, the underlying setup begins to shift, with the plant returning from outage and availability improving.

隨著進入下半年，基本面配置將開始轉變，電廠將自停機中恢復，且可用性提升。

We expect to be better positioned heading into the peak summer demand period.

我們預期在進入夏季尖峰需求期間時，將處於更有利的位置。

As I mentioned earlier.

如我先前提到的。

More consistent performance at Merom supports not only electric sales, but also internal coal demand, mine productivity, and overall operating efficiency across the platform.

Merom 更一致的表現不僅支撐電力銷售，也支撐內部煤炭需求、礦場生產力，以及整個平台的整體營運效率。

This is important because the opportunity in front of us ultimately depends on execution.

這很重要，因為我們面前的機會最終取決於執行力。

While the agreement we discussed earlier reinforces the value of accredited capacity and dispatchable generation.

儘管我們先前討論的協議強化了經認證容量與可調度發電的價值。

Realizing that value over time requires consistent performance at Merom.

但要隨時間實現該價值，仍需要 Merom 維持一致的表現。

We're focused on improving reliability, driving efficiency across our co-operations, and translating the market opportunity we see into durable cash flow.

我們專注於提升可靠度、推動我們各項營運的效率，並將我們所見的市場機會轉化為可持續的現金流。

Although the first quarter was operationally challenging, it does not change our view of the long-term earnings potential of the platform.

雖然第一季在營運上充滿挑戰，但這並未改變我們對該平台長期獲利潛力的看法。

The fundamental signals across our markets remain constructive, and we believe Hallador is well-positioned to compound shareholder value over a multi-year horizon as the strategy we have been describing continues to unfold, milestone by milestone.

我們市場的基本訊號仍然正向，我們相信隨著我們所描述的策略持續推進、逐一達成里程碑，Hallador 在多年期的時間軸上具備持續累積股東價值的良好定位。

With that, I'll turn the call over to Todd to take you through our financial results.

接下來，我將把電話交給 Todd，請他帶各位回顧我們的財務結果。

Thank you, Brent, and good afternoon, everyone. Jumping into our first quarter results. Electric sales for the first quarter were $65.1 million compared to $85.9 million in the prior year period, while third-party coal sales increased to $35.1 million compared to $30.2 million in the prior year period. Electric sales in the first quarter reflected the availability constraints at Merom, that Brent discussed earlier, which reduced generation during the period and resulted in lower electric sales compared to the prior year. These impacts were partially offset by stronger credit capacity revenue during the quarter.

謝謝你，Brent，各位下午好。接著進入我們第一季的業績。第一季電力銷售為 6,510 萬美元，較去年同期的 8,590 萬美元下降；同時，第三方煤炭銷售增加至 3,510 萬美元，去年同期為 3,020 萬美元。第一季電力銷售反映了 Brent 先前提到的 Merom 可用性限制，該限制使期間發電量下降，並導致電力銷售較去年同期減少。這些影響部分被本季較強的容量信用收入所抵銷。

The increase in third-party coal sales during the first quarter was driven primarily by improved pricing on shipments to customers, reflecting continued execution across our external customer book and Sunrise Coal's ability to supply both internal fuel requirements at Merom and external market demand. On a consolidated basis, total operating revenue was $101.8 million for the first quarter compared to $117.7 million in the prior year period. Net loss for the first quarter was $9.3 million compared to net income of $10 million in the prior year period. Operating cash flow for the first quarter was $20.5 million compared to $38.4 million in the prior year period, with the decrease primarily reflecting lower generation of Merom, higher purchase power costs during the quarter and an increase in coal inventory of approximately $4.6 million. Adjusted EBITDA, a non-GAAP measure, which is reconciled in our earnings press release issued earlier today, was $5.5 million for the first quarter compared to $19.3 million in the prior year period.

第一季第三方煤炭銷售的增加，主要由對客戶出貨價格改善所帶動，反映我們在外部客戶訂單組合上的持續執行，以及 Sunrise Coal 同時供應 Merom 內部燃料需求與外部市場需求的能力。以合併基礎計，第一季總營業收入為 1.018 億美元，去年同期為 1.177 億美元。第一季淨損為 930 萬美元，去年同期為淨利 1,000 萬美元。第一季營運現金流為 2,050 萬美元，去年同期為 3,840 萬美元；下降主要反映 Merom 發電量較低、本季購電成本較高，以及煤炭庫存增加約 460 萬美元。調整後 EBITDA（非 GAAP 指標；其調節表已於今日稍早發布的盈餘新聞稿中提供）第一季為 550 萬美元，去年同期為 1,930 萬美元。

We invested $7.7 million in capital expenditures during the first quarter of 2026 compared to $11.7 million in the year ago period. As Brent mentioned earlier, we are currently in a planned major maintenance outage at Merom and expect capital spending to remain focused on planned maintenance, reliability and operational improvements across the platform. For the full year, we continue to expect capital expenditures to increase modestly compared to 2025 levels, excluding potential ERAS-related development investments. As of March 31, 2026, our forward energy capacity sales position was $571.2 million compared to $543.5 million at December 31, 2025, and $630.4 million at March 31, 2025. When combined with our third-party forward coal sales of $288.4 million as well as intercompany sales to Merom, our total forward sales book as of March 31, 2026, was approximately $1.2 billion.

我們在 2026 年第一季的資本支出為 770 萬美元，較去年同期的 1,170 萬美元下降。如 Brent 先前提到的，我們目前正處於 Merom 的計畫性大型維修停機，並預期資本支出將持續聚焦於計畫性維修、可靠度以及平台各項營運改善。就全年而言，在不包含潛在 ERAS 相關開發投資的情況下，我們仍預期資本支出將較 2025 年水準小幅增加。截至 2026 年 3 月 31 日，我們的遠期能源容量銷售部位為 5.712 億美元，較 2025 年 12 月 31 日的 5.435 億美元增加，但低於 2025 年 3 月 31 日的 6.304 億美元。若再加上第三方遠期煤炭銷售 2.884 億美元以及對 Merom 的公司間銷售，截至 2026 年 3 月 31 日，我們的遠期銷售總訂單簿約為 12 億美元。

Importantly, these figures do not include the 12-year capacity agreement signed last week.

重要的是，這些數字並未包含上週簽署的 12 年期容量協議。

Hallador had no outstanding bank debt at March 31, 2026, compared to $29.7 million at December 31, 2025, and $21 million at March 31, 2025. Total liquidity at March 31, 2026, was $97.5 million compared to $38.8 million at December 31, 2025, and $69 million at March 31, 2025. The increase reflects both the capital raised during the quarter, capacity payments received and the addition of borrowing capacity under our new credit facility. As Brent mentioned earlier, we took several steps during the quarter to strengthen our capital structure. In early March, we entered into a new credit agreement with Texas Capital Bank, Old National Bank and other long-term relationship lenders, replacing our prior facility.

截至 2026 年 3 月 31 日，Hallador 沒有任何未償還的銀行借款；相較之下，2025 年 12 月 31 日為 2,970 萬美元，2025 年 3 月 31 日為 2,100 萬美元。截至 2026 年 3 月 31 日，總流動性為 9,750 萬美元，較 2025 年 12 月 31 日的 3,880 萬美元增加，亦高於 2025 年 3 月 31 日的 6,900 萬美元。增加反映本季籌集的資金、收到的容量款項，以及在我們新的信貸融資下新增的借款額度。如 Brent 先前提到的，我們在本季採取了數項措施以強化資本結構。三月初，我們與 Texas Capital Bank、Old National Bank 及其他長期往來的貸款機構簽訂新的信貸協議，以取代先前的融資安排。

The new agreement includes a $75 million revolving credit facility and a $45 million delayed draw term loan, with maturity in March 2029 and includes an accordion feature that provides additional flexibility. We believe this new facility, combined with our improved liquidity position and the absence of outstanding bank debt at quarter end, provides a more flexible capital structure than we had entering the year. It allows us to fund the planned outage and reliability investments at Merom, manage working capital across both segments and support the commercial strategy Brent outlined, while maintaining a disciplined approach to leverage and preserving the financial flexibility to support the disciplined multiyear transformation Brent described. With that, operator, we can now open the line for questions.

新協議包含 7,500 萬美元的循環信用額度，以及 4,500 萬美元的延遲提用定期貸款，到期日為 2029 年 3 月，並包含可增額（accordion）條款以提供額外彈性。我們相信，這項新融資安排，加上我們改善的流動性狀況以及季末無未償還銀行借款，使我們的資本結構較年初更具彈性。它使我們得以為 Merom 的計畫性停機與可靠度投資提供資金，管理兩個事業部門的營運資金，並支持 Brent 所概述的商業策略，同時維持對槓桿的紀律性做法，並保留財務彈性以支持 Brent 所描述的有紀律的多年期轉型。接下來，接線員，我們現在可以開放提問。

(Operator Instructions)

（接線員指示）

Your first question comes from the line of Julien Dumoulin-Smith with Jefferies. Your line is open.

您的第一個問題來自 Jefferies 的 Julien Dumoulin-Smith。您的線路已開通。

Hey guys, this is on for Julian. Thanks for taking my question and congrats on the big contract. It's been a long time coming, so nicely done there.

各位好，我是代替 Julian 提問。感謝讓我提問，也恭喜拿下這筆大合約。這等了很久，所以做得很漂亮。

Just wanted to ask you, know, now looking forward towards the gas extension, can you talk about what would get you more confident here in... Pursuing that, moving forward with the gas extension, and what your strategy there is both with regards to securing the turbine and towards the EPC. I think you've talked about partnerships on the turbine side, but we're also hitting constraints on the EPC side. So curious if you can add more color on how you move forward with the gas fees here.

我想請教的是，展望天然氣延伸案（gas extension），你們能否談談有哪些因素會讓你們在推進這件事上更有信心……也就是繼續推動天然氣延伸案時，你們在確保渦輪機以及 EPC（工程、採購與施工）方面的策略是什麼。我知道你們談過在渦輪機端的合作夥伴關係，但我們在 EPC 端也遇到限制。所以想請你們多補充一些，你們打算如何推進這裡的天然氣費用（gas fees）。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

Look, I mean, certainly selling a big block at capacity.

你看，我的意思是，當然，賣出一大塊容量。

Puts us in better financial footing, it increases our confidence.

讓我們的財務基礎更穩健，也提升了我們的信心。

As far as equipment, yeah, equipment's hard to get.

至於設備，沒錯，設備很難取得。

EPCs are hard to get, but we're in conversations with those parties.

EPC 也很難取得，但我們正在與相關方洽談。

And, we're moving those discussions forward.

而且我們正在推進這些討論。

When we secure equipment in an EPC, we will announce such a transaction if we decide to go forward with that.

當我們確保了設備與 EPC 後，如果我們決定繼續推進，我們會公告這類交易。

But, yeah, what we're seeing in the market is the value of PPAs go up, but equipment prices also go up.

不過，是的，我們在市場上看到的是 PPA（購電協議）的價值上升，但設備價格也在上升。

And so, we're trying to align those economics and see if we can get a development built.

因此我們正試著把這些經濟性對齊，看看能否把一個開發案建成。

Got it.

了解。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from the line of Nick Giles with B. Riley Securities. Your line is open.

您的下一個問題來自 B. Riley Securities 的 Nick Giles。您的線路已開通。

Yes, thank you, operator. Good evening, everyone. Congrats on the capacity deal. That's really great to see.

是的，謝謝接線員。各位晚安。恭喜這筆容量交易。很高興看到這樣的成果。

Brent, in your prepared remarks, you noted that capacity is the bottleneck between...

Brent，在你準備好的發言中，你提到容量是……之間的瓶頸。

Data center deals being finalized. And I know you've signed this deal with the utility, but, should we assume that this deal is ultimately linked to a hyperscaler end user? And, how should we think about how, end users have shifted on the energy front? Thanks.

資料中心交易正在定案。我知道你們已與公用事業簽了這筆交易，但我們是否應該假設這筆交易最終是與某個超大規模雲端業者（hyperscaler）的終端用戶相連？另外，我們該如何看待終端用戶在能源面向上的轉變？謝謝。

Well, we're a little limited on what we can say just based on some of the confidentiality.

嗯，基於一些保密條款，我們能說的內容有點受限。

Requirements in the agreement. That said, this is a material agreement, and so it will be filed as an exhibit with our 10-Q.

不過，這是一份重大的協議，因此會作為附件隨我們的 10-Q 申報。

So there'll be a little more information there.

所以那裡會有更多一些資訊。

But I would say overall, data centers are the big demand that we're seeing everywhere. It's not the only demand.

但我會說，整體而言，資料中心是我們在各地看到的最大需求。當然也不只有這個需求。

We're seeing potential steel plant.

我們也看到印第安納州可能有鋼鐵廠擴建。

Expansions in Indiana. We're seeing, announcements of new aluminum smelters, I think in Oklahoma. I mean, you're seeing manufacturing show up as well, particularly, as you look at energy disruption around the world, the United States truly is energy independent. We truly do have some of the cheapest energy and most secure energy.

我們也看到我想是在奧克拉荷馬州，有新鋁冶煉廠的公告。我的意思是，你也會看到製造業出現，特別是當你觀察全球能源動盪時，美國確實是能源獨立的。我們確實擁有一些最便宜、也最安全的能源。

In the world. And so, if you're going to build anything, it's going to be built upon that foundation.

在全世界都是如此。所以，如果你要建任何東西，都會建立在那樣的基礎之上。

Now, AI, I think it's revolutionary technology. I think people are just starting to get the first taste of some of these new products. I mean, Anthropic's new offering is amazing.

至於 AI，我認為這是革命性的技術。我覺得大家才剛開始初嚐這些新產品的滋味。我的意思是，Anthropic 的新產品非常驚人。

And once, your teams start to experience that, you see the productivity gains.

而一旦你們的團隊開始體驗到它，你就會看到生產力的提升。

And.

而且。

That's just -- I don't know that any of this is new information. It's just we're seeing it. And why are we seeing it in Indiana?

這些其實——我不確定這是不是什麼新資訊。只是我們正在看到它。那為什麼我們會在印第安納州看到？

Specifically, we've talked about Indiana as welcoming data centers to the state, whereas there's something like 30 different states across the country who have some form of pause or moratorium on new data centers.

具體來說，我們談過印第安納州歡迎資料中心進駐；相較之下，全國大約有 30 個不同的州，對新資料中心有某種形式的暫停或禁令（moratorium）。

And so, where can you go that has population or is near population? Has a great business climate, has favorable tax policy to attract data centers, Indiana is checking that box. And that's why we're just seeing such an intensified interest level in the state. And so that's the wind behind our sails.

所以，你能去哪裡——既有人口、或靠近人口；商業環境佳；稅制政策有利、能吸引資料中心——印第安納州符合這些條件。這也是為什麼我們看到該州的興趣程度大幅升溫。這就是推動我們前進的順風。

We executed on it in March. We've executed again here in May.

我們在 3 月執行到位。現在在 5 月又再次執行到位。

And we hope to announce -- hopefully, we can execute on further deals later this year.

我們希望能宣布——希望今年稍晚我們能再執行更多交易。

Appreciate that perspective, Brent. Maybe just back on the energy side, in the past, you've talked about kind of where you saw pricing at any given time, and you've made references to the forward curve. And so I was hoping just to get an updated view on that.

感謝這個觀點，Brent。也許回到能源面向，過去你談過在某個時間點你看到的定價，並提到遠期曲線（forward curve）。所以我希望能聽到你最新的看法。

It's been a while. There were some other deals across the space, some on the nuclear side.

已經有一段時間了。這個領域也有一些其他交易，有些是在核能那邊。

That we could use as precedent, but I don't think we've seen any of that nature here more recently. So just was hoping for an updated view on kind of where you see energy prices today. Thanks.

我們可以把它們當作先例，但我覺得最近沒有看到同類型的交易。所以想請你更新一下你對目前能源價格的看法。謝謝。

Yes, there's a lot of different curves out there. A lot of different companies put them out.

是的，市面上有很多不同的曲線，很多不同的公司都會發布。

We generally think capacity is a lead indicator for energy, right? I mean, first, if you're going to build a data center or even a factory for that matter. Really need to secure your accredited capacity first.

我們一般認為容量是能源的領先指標，對吧？我的意思是，首先，如果你要建資料中心，甚至是工廠也是一樣，你真的需要先確保你核可的容量（accredited capacity）。

And then once you've secured that, now you can start building your factory or data center.

然後一旦你確保了容量，你就可以開始建工廠或資料中心。

And then once that data, let's just use data centers, that is the biggest portion of the demand we're seeing.

接著，等那個資料——我們就以資料中心為例，這是我們看到需求中最大的一塊。

Once you see that being built, once it gets turned on, now we're using energy, right? And so there's typically a couple of year lag between.

一旦你看到它開始建、並且啟用之後，現在我們就開始用電了，對吧？所以通常會有幾年的落後期，介於。

What we're seeing in the capacity markets to kind of the response we're seeing in the energy markets. And I think the curves are just starting to reflect that. We've seen a little price movement up, which is encouraging.

我們在容量市場看到的狀況，與我們在能源市場看到的反應之間。我認為曲線才剛開始反映這點。我們看到價格有些上移，這令人鼓舞。

We'll see if that holds.

我們再看看能否維持。

But by and large, I mean, everything we're seeing is encouraging.

但總體而言，我的意思是，我們看到的一切都令人鼓舞。

And maybe just one more, if I could.

如果可以的話，我再問最後一個。

Given that some of the juice on the energy side, if you will, could come with a lag, would you be willing to kind of wait it out, given you have the stability of the capacity revenue secured now, or, would you rather, sign something sooner?

鑑於能源端的「動能」（如果這樣說）可能會有落後期，既然你們現在已確保容量收入的穩定性，你們是否願意等待一段時間，還是你們更希望更快簽下某些合約？

Thanks.

謝謝。

Well, I think, look, first of all, we're well ahead for 2020. 2026, right?

嗯，我想，你看，首先，我們在 2020 年就已經大幅超前了。2026 年，對吧？

And so this year's book is in great shape.

所以今年的訂單簿狀況非常好。

These capacity deals set a great foundation for the company through 2040. That's 14 years of forward visibility, a large portion of the book.

這些容量交易為公司奠定了直到 2040 年的良好基礎。那是 14 年的前瞻能見度，涵蓋了訂單簿中很大一部分。

And again, it's kind of look back to our March.

而且再一次，回頭看我們 3 月的。

Release, we talked about if we could continue to sell capacity at the price that we sold out in March, and we could sell everything at that price, that'd be $130 million of revenue before we turn the plant on, right? We have a fixed cost of roughly $60. This deal was priced higher than that.

公告，我們談到如果我們能持續以 3 月賣出的價格出售容量，並且能以那個價格把所有容量都賣掉，那在電廠啟用之前就會有 1.3 億美元的收入，對吧？我們的固定成本大約是 6,000 萬。這筆交易的定價高於那個水準。

So we think we've locked in -- now, we've only sold two-thirds of the forward.

所以我們認為我們已經鎖定了——當然，我們目前只賣出了我們要賣的遠期。

Capacity that we have to sell, but we've locked in a profit for 14 years before we even turned the plant out. I think that's a great position for us to be in. It definitely, we feel no pressure. And I think as far as selling energy goes, I think we just have to take the deals as they come. Different customers have different needs, different opportunities. And so...

容量的三分之二，但我們在電廠甚至還沒啟用之前，就已經鎖定了 14 年的利潤。我認為這是非常好的位置。我們確實不覺得有壓力。至於出售能源，我認為我們只能順勢而為、看到交易就把握。不同客戶有不同需求、不同機會。所以……

If we see opportunities to lock in energy tomorrow at prices that we deem, appropriate for the future, we will do so.

如果我們看到機會，能在明天就以我們認為對未來合適的價格鎖定能源，我們就會這麼做。

But where we've seen the biggest response, again, more than doubling the price of what we were doing two years ago, is in the capacity markets. And so that's where we've been most aggressive.

但我們看到反應最強的地方——同樣地，相較兩年前我們做的價格，已經上漲超過一倍——是在容量市場。因此那是我們最積極投入的地方。

Understood. Well, I appreciate the perspective. Congrats again and continue best of luck.

了解。嗯，我很感謝這個觀點。再次恭喜，並祝你們持續一切順利。

Your next question comes from the line of Jeff Grampp with Northland Capital Markets. Your line is open.

下一個問題來自 Northland Capital Markets 的 Jeff Grampp。您的線路已開通。

Good afternoon, guys, and congrats on the announcement.

各位下午好，並恭喜這項公告。

I wanted to talk on Brent, you're a little more vocal, it seems, in this release regarding the dual fuel ambitions at Merom.

我想談談 Merom 的 Brent。看起來你在這次新聞稿中對於 Merom 的雙燃料目標表述得更為明確。

Is there any more detail you can share regarding potential timing, next steps? And as I recall, it was a little bit more of a. Potential bargaining chip, I suppose, for prospective customers with that seemingly not really a constraint or consideration. Can you talk about what the benefits for Hallador would be should you pursue a project like that?

關於可能的時程、下一步，你能分享更多細節嗎？另外我記得，這在某種程度上更像是一個……我想，對潛在客戶而言的談判籌碼，因為看起來它並不真的是限制或考量因素。你能談談如果 Hallador 推進這樣的專案，對 Hallador 會有哪些好處嗎？

Yes, great question.

是的，這是個很好的問題。

Look, if we bring a gas line in for the gas plant.

你看，如果我們為燃氣機組引進一條天然氣管線。

Right? That has a dual use. It can be used for the gas plant, but it also could be used if we decide to dual fuel the coal-fired units.

對吧？那就有雙重用途。它可以供燃氣機組使用，但如果我們決定讓燃煤機組採用雙燃料，它也可以使用。

And again, it wouldn't be a replacement of coal. It would be we would have the ability to burn both, right? We could burn coal, we could burn gas.

再說一次，這不會取代煤。它是讓我們具備同時燃燒兩種燃料的能力，對吧？我們可以燒煤，也可以燒天然氣。

And there's a lot of reasons to do that, right? Some of it is there's times the gas is cheaper than coal.

而這麼做有很多原因，對吧？其中之一是，有些時候天然氣比煤更便宜。

It could be, it helps our investors, bankers, insurance companies.

這也可能有助於我們的投資人、銀行、保險公司。

Kind of protect the company and, well, if we have a different administration with a different viewpoint, then all of a sudden, Hallador is a multi-fuel company that isn't just a coal company. And we think as you progress through this, right, we're locking in the economics of the existing generation.

某種程度上保護公司；而且，如果我們遇到不同的政府、不同的觀點，那麼 Hallador 立刻就成為一家多燃料公司，而不只是煤炭公司。我們認為，隨著你推進這件事，對吧，我們正在鎖定既有發電資產的經濟性。

We're trying to step towards building of a gas unit to both expand.

我們也正嘗試朝著建置一個燃氣機組邁進，以便同時擴張。

Our capacity, but also add a separate fuel source.

我們的容量，同時也增加另一個燃料來源。

If we could then, upon that, dual fuel the existing plant, now Howador has really transitioned from a coal company to a multi-fuel company.

如果在此基礎上，我們還能讓既有電廠採用雙燃料，那麼 Hallador 就真的從一家煤炭公司轉型為一家多燃料公司。

And I think there could potentially be a multiple uplift in being able to pull all that off. Now, that doesn't mean, I don't want to sit here today and say we're going to do that.

我認為如果能把這些都做到，估值倍數可能會有提升。不過，這不代表——我今天不想坐在這裡就說我們一定會做。

I'm trying to say that. Because of the contracts we signed, we de-risked our balance sheet, we increased the ability to access capital, and these are the type projects that we are reviewing and trying to work towards. So I just want to kind of give the investor a little bit of insight into how we're thinking.

我想表達的是：因為我們簽下的合約，我們降低了資產負債表的風險、提升了取得資本的能力，而這些就是我們正在評估、並努力推進的專案類型。所以我只是想讓投資人稍微了解我們的思考方向。

We'll have to see if those investments make economic sense.

我們還得看看這些投資是否具備經濟效益。

And it's ultimately what we decide is the best use of our capital.

最終取決於我們認為資本的最佳用途是什麼。

Understood. I appreciate that thorough answer. For my follow-up, I know in the past you talked about M&A ambitions and some opportunities there.

了解。我很感謝你這麼完整的回答。我的追問是，我知道過去你談過併購（M&A）的企圖以及一些機會。

It's obviously a big de-risking event for the Haldor story at large. Does this help further or serve M&A ambitions or are these independent and can you just give us a broad update on the opportunity set.

這顯然是 Hallador 整體故事的一個重大去風險事件。這是否會進一步幫助或促成併購企圖？還是這些是彼此獨立的？你能否就機會集合給我們一個概括性的更新。

In that world.

在那個領域。

Yeah, look, I think there's a lot of opportunity.

是的，你看，我認為機會很多。

If you look at -- there's a lot of people that own assets that are funds.

如果你看——有很多擁有資產的人其實是基金。

And what is unique about Hallador is we have a public vehicle.

而 Hallador 的獨特之處在於，我們有一個上市平台。

We have a sales team that can help lock in long-term contracts to add value to those existing assets.

我們有一個銷售團隊，能協助鎖定長期合約，為那些既有資產增加價值。

And we have a team that is working on developing the interconnect and expanding upon that to meet market demands. So I think Hallador is unique in that, and we can touch coal assets.

我們也有一個團隊正在開發併網（interconnect）並在此基礎上擴張，以滿足市場需求。所以我認為 Hallador 在這方面很獨特，而且我們也能涉足煤炭資產。

So those four attributes, I think, really set us apart and make us a more interesting vehicle.

因此，我認為這四項特質確實讓我們脫穎而出，使我們成為更有吸引力的平台。

For potential M&A possibilities down the road. We'll see if those come to pass.

以便未來可能的併購機會。看看是否會成真。

We're only going to do deals that we think are smart, and we're going to do the deals that we think bring the most value to the shareholder at the time that they're in front of us. So hopefully we can have some success on that.

我們只會做我們認為明智的交易，也只會在交易擺在眼前時，做我們認為能在當下為股東帶來最大價值的交易。所以希望我們能在這方面有所成果。

Sounds great. I appreciate the time, Brent.

聽起來很棒。感謝你的時間，Brent。

Thank you.

謝謝。

Thanks, Jeff.

謝謝你，Jeff。

Your next question comes from the line of Matthew Key with Texas Capital. Your line is open.

下一個問題來自 Texas Capital 的 Matthew Key。您的線路已開通。

Hey, good afternoon, everyone, and congrats on the new agreement.

嗨，各位下午好，也恭喜達成新協議。

I was wondering if you could help quantify the pricing a little more on the new capacity agreement. I think you mentioned that it was done, above the previous three-year deal that was announced. Could you provide a rough ballpark on, that improvement. On pricing?

我想請你們協助更量化一些新容量協議的定價。我想你提到這次的價格高於先前宣布的三年期合約。你能否提供一個大致的區間，說明這次定價改善的幅度？

Yeah, Matt, I apologize. We're somewhat limited on what we can say just due to the confidentiality that is in the agreements.

是的，Matt，抱歉。由於協議中有保密條款，我們在能說的內容上有些限制。

But I think that if you look at the tenor and the volume that we've talked about and we've given roughly the total dollar amount.

但我想，如果你看我們談到的期限（tenor）與量，以及我們大致提供的總金額。

I think everybody can kind of get in the ZIP Code. There were a lot of reports out on what our last deal was at. And some of that will show up now. So what we announced in March, some of that does show up in our forward sales book in this 10-Q. So if you compare the previous 10-Q to this 10-Q, I think you can get a feel for what that pricing is.

我想大家大概可以推算到一個大概範圍。市場上有很多報告提到我們上一筆交易的水準。而其中一部分現在會反映出來。所以我們在三月宣布的內容，有一部分確實已在這份 10-Q 的遠期銷售簿中呈現。因此，如果你把前一份 10-Q 和這份 10-Q 做比較，我想你可以感受到那個定價水準。

On this particular $1 billion deal, once it's approved by the IURC, then that deal is firmly bound, right? That's the last approval that we're waiting for. I mean, we're bound, the counterparty is bound, we just have to have IURC approval.

至於這筆特定的 10 億美元交易，一旦獲得 IURC 核准，該交易就會被正式確定約束，對吧？那是我們正在等待的最後一項核准。我的意思是，我們已受約束、交易對手也受約束，只是需要 IURC 的核准。

Once that happens in our whatever queue follows that time period.

一旦在我們——不管後續排程是什麼——那段期間內完成。

Then we'll start to report what the volumes and the pricing is on the deal we just announced.

那麼我們就會開始揭露我們剛宣布這筆交易的量與價格。

Got it. No, that's helpful, Carter. And for my follow-up, I wanted to talk a little bit about the natural gas expansion. I believe in the previous earnings call, you mentioned that you would expect MISO to complete kind of the ERIS application in 3Q26. Have there been any changes to that timeline and have they picked up the application as you sent?

了解。不，這很有幫助，Carter。我的追問是，我想談談天然氣擴張。我記得在上一次財報電話會議中，你提到你預期 MISO 會在 2026 年第三季完成 ERIS 申請的相關作業。這個時程有任何變動嗎？他們是否已如你們送件那樣開始受理該申請？

Today they've not picked up the application yet but we still we still anticipate them doing that in June and and then that will require us to make a decision sometime in September.

截至今天，他們還沒有開始受理該申請，但我們仍然預期他們會在六月受理，然後這將要求我們在九月的某個時間點做出決定。

Got it yeah it's about 90 days right after they pick it up to kind of work through the the details of that.

了解，是的，他們受理之後大概是 90 天，對吧？用來把細節走完。

Yeah that's how the a program is supposed supposed to work once they pick it up you start the 90 day cost got it.

是的，這就是該流程應該運作的方式——一旦他們受理，就開始 90 天的時程。了解。

We do not control when they pick it up.

我們無法控制他們何時受理。

Got it. Okay.

了解。好的。

Well, I appreciate the time and best of luck moving forward.

感謝你們的時間，也祝未來一切順利。

Thank you, Matthew.

謝謝你，Matthew。

I'll now turn the call back over to Brent Bilsland for closing remarks.

我現在把電話交回給 Brent Bilsland 做結語。

Yes, I want to thank everybody for their patience in us getting this capacity deal done. We're very excited about the future of the company. And we think we've got just great things in store. So thank you for your time today.

是的，我想感謝大家在我們完成這筆容量交易期間的耐心。我們對公司的未來感到非常興奮，也認為接下來會有非常好的發展。所以謝謝大家今天撥冗參與。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。