Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Document Information [Line Items] | ||
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34743 | |
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 Shares, $.01 par value | |
Trading Symbol | HNRG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,598,058 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 6,446 | $ 2,842 |
Restricted cash | 4,282 | 4,281 |
Accounts receivable | 19,098 | 19,937 |
Inventory | 32,595 | 23,075 |
Parts and supplies | 39,459 | 38,877 |
Prepaid expenses | 2,027 | 2,262 |
Total current assets | 103,907 | 91,274 |
Property, plant and equipment: | ||
Land and mineral rights | 115,486 | 115,486 |
Buildings and equipment | 531,413 | 537,131 |
Mine development | 164,475 | 158,642 |
Finance lease right-of-use assets | 19,869 | 12,346 |
Total property, plant and equipment | 831,243 | 823,605 |
Less - accumulated depreciation, depletion and amortization | (349,462) | (334,971) |
Total property, plant and equipment, net | 481,781 | 488,634 |
Investment in Sunrise Energy | 2,305 | 2,811 |
Other assets | 7,176 | 7,061 |
Total assets | 595,169 | 589,780 |
Current liabilities: | ||
Current portion of bank debt, net | 17,938 | 24,438 |
Accounts payable and accrued liabilities | 45,890 | 62,908 |
Current portion of lease financing | 6,204 | 3,933 |
Deferred revenue | 84,772 | 23,062 |
Contract liability - power purchase agreement and capacity payment reduction | 40,735 | 43,254 |
Total current liabilities | 195,539 | 157,595 |
Long-term liabilities: | ||
Bank debt, net | 24,734 | 63,453 |
Convertible notes payable | 0 | 10,000 |
Convertible notes payable - related party | 0 | 9,000 |
Long-term lease financing | 10,699 | 8,157 |
Deferred income taxes | 5,614 | 9,235 |
Asset retirement obligations | 15,335 | 14,538 |
Contract liability - power purchase agreement | 25,076 | 47,425 |
Other | 2,002 | 1,789 |
Total long-term liabilities | 83,460 | 163,597 |
Total liabilities | 278,999 | 321,192 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | 0 | 0 |
Common stock, $.01 par value, 100,000 shares authorized; 42,599 and 34,052 issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively | 426 | 341 |
Additional paid-in capital | 186,945 | 127,548 |
Retained earnings | 128,799 | 140,699 |
Total stockholders’ equity | 316,170 | 268,588 |
Total liabilities and stockholders’ equity | $ 595,169 | $ 589,780 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 100,000 | 100,000 |
Common stock, issued (in shares) | 42,599 | 34,052 |
Common stock, outstanding (in shares) | 42,599 | 34,052 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
SALES AND OPERATING REVENUES: | ||||
Other revenues | $ 1,267 | $ 1,603 | $ 2,554 | $ 2,943 |
Total sales and operating revenues | 90,914 | 161,194 | 200,586 | 349,528 |
EXPENSES: | ||||
Fuel | 10,439 | 32,641 | 18,498 | 88,614 |
Other operating and maintenance costs | 35,912 | 41,908 | 73,394 | 74,428 |
Utilities | 3,396 | 4,343 | 7,770 | 8,840 |
Labor | 26,555 | 36,528 | 61,723 | 77,059 |
Depreciation, depletion and amortization | 13,649 | 17,169 | 29,092 | 35,145 |
Asset retirement obligations accretion | 399 | 461 | 798 | 912 |
Exploration costs | 47 | 305 | 117 | 511 |
General and administrative | 7,803 | 5,595 | 13,747 | 12,542 |
Total operating expenses | 98,200 | 138,950 | 205,139 | 298,051 |
INCOME (LOSS) FROM OPERATIONS | (7,286) | 22,244 | (4,553) | 51,477 |
Interest expense (1) | (3,735) | (3,541) | (7,672) | (7,440) |
Loss on extinguishment of debt | (1,937) | 0 | (2,790) | 0 |
Equity method investment (loss) | (257) | (217) | (506) | (148) |
NET INCOME (LOSS) BEFORE INCOME TAXES | (13,215) | 18,486 | (15,521) | 43,889 |
INCOME TAX EXPENSE (BENEFIT): | ||||
Current | 0 | 61 | 0 | 493 |
Deferred | (3,011) | 1,510 | (3,621) | 4,430 |
Total income tax expense (benefit) | (3,011) | 1,571 | (3,621) | 4,923 |
NET INCOME (LOSS) | $ (10,204) | $ 16,915 | $ (11,900) | $ 38,966 |
NET INCOME (LOSS) PER SHARE: | ||||
Basic (in dollars per share) | $ (0.27) | $ 0.51 | $ (0.32) | $ 1.18 |
Diluted (in dollars per share) | $ (0.27) | $ 0.47 | $ (0.32) | $ 1.08 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic (in shares) | 37,879 | 33,137 | 37,026 | 33,061 |
Diluted (in shares) | 37,879 | 36,708 | 37,026 | 36,696 |
(1) Interest Expense: | ||||
Interest on bank debt | $ 2,779 | $ 2,055 | $ 5,584 | $ 4,310 |
Other interest | 547 | 462 | 1,275 | 894 |
Amortization: | ||||
Amortization of debt issuance costs | 409 | 1,024 | 813 | 2,236 |
Total amortization | 409 | 1,024 | 813 | 2,236 |
Total interest expense | 3,735 | 3,541 | 7,672 | 7,440 |
Electric Sales [Member] | ||||
SALES AND OPERATING REVENUES: | ||||
Revenues | 56,846 | 71,017 | 115,601 | 163,409 |
Coal Sales [Member] | ||||
SALES AND OPERATING REVENUES: | ||||
Revenues | $ 32,801 | $ 88,574 | $ 82,431 | $ 183,176 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 29, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (10,204) | $ 16,915 | $ (11,900) | $ 38,966 | $ 38,966 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Deferred | (3,011) | 1,510 | (3,621) | 4,430 | |
Equity loss – Sunrise Energy | 257 | 217 | 506 | 148 | |
Cash distribution - Sunrise Energy | 0 | 625 | |||
Depreciation, depletion and amortization | 13,649 | 17,169 | 29,092 | 35,145 | |
Loss on extinguishment of debt | 1,937 | 0 | 2,790 | 0 | |
Loss (gain) on sale of assets | (246) | 58 | |||
Amortization of debt issuance costs | 813 | 2,236 | |||
Asset retirement obligations accretion | 399 | 461 | 798 | 912 | |
Cash paid on asset retirement obligation reclamation | (602) | (931) | |||
Stock-based compensation | 2,247 | 2,001 | |||
Amortization of contract asset and contract liabilities | (24,868) | (22,162) | |||
Other | 1,402 | 704 | |||
Change in operating assets and liabilities: | |||||
Accounts receivable | 839 | 8,461 | |||
Inventory | (9,520) | (9,322) | |||
Parts and supplies | (582) | (5,564) | |||
Prepaid expenses | 2,140 | 282 | |||
Accounts payable and accrued liabilities | (11,107) | (11,867) | |||
Deferred revenue | 61,710 | 121 | |||
Net cash provided by operating activities | 39,891 | 44,243 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (28,044) | (30,610) | |||
Proceeds from sale of equipment | 2,474 | 62 | |||
Net cash used in investing activities | (25,570) | (30,548) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Payments on bank debt | (86,500) | (37,013) | |||
Borrowings of bank debt | 40,500 | 26,000 | |||
Payments on lease financing | (1,427) | 0 | (2,665) | 0 | |
Proceeds from sale and leaseback arrangement | 1,856 | 3,783 | 0 | ||
Issuance of related party notes payable | 5,000 | 0 | |||
Payments on related party notes payable | (5,000) | 0 | |||
Debt issuance costs | (76) | (1,629) | |||
ATM offering | 34,515 | 0 | |||
Taxes paid on vesting of RSUs | (273) | (1,109) | |||
Net cash used in financing activities | (10,716) | (13,751) | |||
Increase (decrease) in cash, cash equivalents, and restricted cash | 3,605 | (56) | |||
Cash, cash equivalents, and restricted cash, beginning of period | 7,123 | 6,426 | $ 6,426 | ||
Cash, cash equivalents, and restricted cash, end of period | 10,728 | 6,370 | 10,728 | 6,370 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||||
Cash and cash equivalents | 6,446 | 2,337 | 6,446 | 2,337 | |
Restricted cash | 4,282 | 4,033 | 4,282 | 4,033 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 10,728 | $ 6,370 | 10,728 | 6,370 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||
Cash paid for interest | 6,312 | 5,010 | |||
SUPPLEMENTAL NON-CASH FLOW INFORMATION: | |||||
Change in capital expenditures included in accounts payable and prepaid expense | (1,694) | (426) | |||
Change in capital expenditures included in accounts payable and prepaid expense | 1,694 | 426 | |||
Stock issued on redemption of convertible notes and interest | $ 22,993 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 32,983 | |||
Balance at Dec. 31, 2022 | $ 330 | $ 118,788 | $ 95,906 | $ 215,024 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 38,966 | |||
Balance (in shares) at Jun. 30, 2023 | 33,137 | |||
Balance at Jun. 30, 2023 | $ 332 | 119,678 | 134,872 | 254,882 |
Balance (in shares) at Dec. 31, 2022 | 32,983 | |||
Balance at Dec. 31, 2022 | $ 330 | 118,788 | 95,906 | 215,024 |
Stock-based compensation | $ 0 | 2,001 | 0 | 2,001 |
Stock issued on vesting of RSUs (in shares) | 275 | |||
Stock issued on vesting of RSUs | $ 3 | (3) | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (121) | |||
Taxes paid on vesting of RSUs | $ (1) | (1,108) | 0 | (1,109) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | 38,966 | 38,966 |
Balance (in shares) at Jun. 29, 2023 | 33,137 | |||
Balance at Jun. 29, 2023 | $ 332 | 119,678 | 134,872 | 254,882 |
Balance (in shares) at Dec. 31, 2022 | 32,983 | |||
Balance at Dec. 31, 2022 | $ 330 | 118,788 | 95,906 | 215,024 |
Balance (in shares) at Dec. 31, 2023 | 34,052 | |||
Balance at Dec. 31, 2023 | $ 341 | 127,548 | 140,699 | 268,588 |
Balance (in shares) at Mar. 31, 2023 | 33,137 | |||
Balance at Mar. 31, 2023 | $ 332 | 118,897 | 117,957 | 237,186 |
Stock-based compensation | 0 | 781 | 0 | 781 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | 16,915 | 16,915 |
Balance (in shares) at Jun. 30, 2023 | 33,137 | |||
Balance at Jun. 30, 2023 | $ 332 | 119,678 | 134,872 | 254,882 |
Balance (in shares) at Dec. 31, 2023 | 34,052 | |||
Balance at Dec. 31, 2023 | $ 341 | 127,548 | 140,699 | 268,588 |
Stock-based compensation | $ 0 | 2,247 | 0 | 2,247 |
Stock issued on vesting of RSUs (in shares) | 379 | |||
Stock issued on vesting of RSUs | $ 4 | (4) | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (159) | |||
Taxes paid on vesting of RSUs | $ (2) | (271) | 0 | (273) |
Stock issued on redemption of convertible notes (in shares) | 3,672 | |||
Stock issued on redemption of convertible notes | $ 36 | 22,957 | 0 | 22,993 |
Stock issued in ATM offering (in shares) | 4,655 | |||
Stock issued in ATM offering | $ 47 | 34,468 | 0 | 34,515 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (11,900) | (11,900) |
Balance (in shares) at Jun. 30, 2024 | 42,599 | |||
Balance at Jun. 30, 2024 | $ 426 | 186,945 | 128,799 | 316,170 |
Balance (in shares) at Mar. 31, 2024 | 36,534 | |||
Balance at Mar. 31, 2024 | $ 365 | 144,490 | 139,003 | 283,858 |
Stock-based compensation | $ 0 | 1,581 | 0 | 1,581 |
Stock issued on vesting of RSUs (in shares) | 58 | |||
Stock issued on vesting of RSUs | $ 1 | (1) | 0 | 0 |
Taxes paid on vesting of RSUs (in shares) | (27) | |||
Taxes paid on vesting of RSUs | $ (1) | (271) | 0 | (272) |
Stock issued on redemption of convertible notes (in shares) | 2,090 | |||
Stock issued on redemption of convertible notes | $ 21 | 13,251 | 0 | 13,272 |
Stock issued in ATM offering (in shares) | 3,944 | |||
Stock issued in ATM offering | $ 40 | 27,895 | 0 | 27,935 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (10,204) | (10,204) |
Balance (in shares) at Jun. 30, 2024 | 42,599 | |||
Balance at Jun. 30, 2024 | $ 426 | $ 186,945 | $ 128,799 | $ 316,170 |
Note 1 - General Business
Note 1 - General Business | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 GENERAL BUSINESS The condensed consolidated financial statements include the accounts of Hallador Energy Company (hereinafter known as “we, us, or our”) and its wholly owned subsidiaries Sunrise Coal, LLC ("Sunrise"), Hallador Power Company, LLC ("Hallador Power"), as well as Sunrise and Hallador Power's wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to the Company’s prior period condensed consolidated financial information to conform to the current period presentation. These presentation changes did not We strategically view and manage our operations through two not The Electric Operations reportable segment includes electric power generation facilities of the Merom Power Plant. The Coal Operations reportable segment includes mining complexes Oaktown 1 2 February 23, 2024, 16 The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements included herein have been prepared pursuant to the Securities and Exchange Commission’s (the "SEC") rules and regulations; accordingly, certain information and footnote disclosures normally included in generally accepted accounting principles ("GAAP") financial statements have been condensed or omitted. The results of operations and cash flows for the three six June 30, 2024 not December 31, 2024 Our organization and business, the accounting policies we follow, and other information are contained in the notes to our consolidated financial statements filed as part of our 2023 10 10 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements Not yet Adopted | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 2 RECENT ACCOUNTING PRONOUNCEMENTS NOT In November 2023, 2023 07, 280 2023 07" 2023 07 2023 07 December 15, 2023, December 15, 2024, 2023 07, not In December 2023, 2023 09, 740 2023 09" 2023 09 1 2 3 2023 09 December 15, 2024, 2023 09, not |
Note 3 - Long-lived Asset Impai
Note 3 - Long-lived Asset Impairments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 3 LONG-LIVED ASSET IMPAIRMENTS Long-lived assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount of the assets may not three six June 30, 2024 June 30, 2023, no |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 INVENTORY Inventory is valued at a lower of cost or net realizable value (NRV). As of June 30, 2024 December 31, 2023 |
Note 5 - Bank Debt
Note 5 - Bank Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 BANK DEBT At June 30, 2024, April 2024 Bank debt was reduced by $46.0 million during the six June 30, 2024. Liquidity As of June 30, 2024 Fees Unamortized bank fees related to our term debt as of June 30, 2024 December 31, 2023 Bank debt, less debt issuance costs, is presented below (in thousands): June 30, December 31, 2024 2023 Current bank debt $ 19,500 $ 26,000 Less unamortized debt issuance cost (1,562 ) (1,562 ) Net current portion $ 17,938 $ 24,438 Long-term bank debt $ 26,000 $ 65,500 Less unamortized debt issuance cost (1,266 ) (2,047 ) Net long-term portion $ 24,734 $ 63,453 Total bank debt $ 45,500 $ 91,500 Less total unamortized debt issuance cost (2,828 ) (3,609 ) Net bank debt $ 42,672 $ 87,891 Covenants The credit facility includes a Maximum Leverage Ratio (consolidated funded debt/trailing twelve twelve not 1.00. June 30, 2024 The credit facility also requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA/annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve 1.00 June 30, 2024, As of June 30, 2024, Interest Rate The interest rate on the facility ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of June 30, 2024 SOFR Future Maturities (in thousands): 2024 $ 6,500 2025 26,000 2026 13,000 Total $ 45,500 |
Note 6 - Accounts Payable and A
Note 6 - Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 6 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following for the indicated dates (in thousands): June 30, December 31, 2024 2023 Accounts payable $ 29,151 $ 43,636 Accrued property taxes 4,109 2,987 Accrued payroll 3,606 6,575 Workers' compensation reserve 4,364 3,629 Group health insurance 1,900 2,300 Asset retirement obligation - current portion 1,548 2,150 Other 1,212 1,631 Total accounts payable and accrued liabilities $ 45,890 $ 62,908 |
Note 7 - Revenue
Note 7 - Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 7 REVENUE Revenue from Contracts with Customers We account for a contract with a customer when the parties have approved 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 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 606, 606" not 606. We recognize revenue daily, based on an output method of capacity made available as part of any stand-ready obligations for contract capacity performance obligations and daily, based on an output method of MWh of electricity delivered. For the delivered energy performance obligation in the PPA with Hoosier, we recognize revenue daily for actual delivered electricity plus the amortization of the contract liability as a result of the Asset Purchase Agreement with Hoosier. For delivered energy to all other customers, we recognize revenue daily for the actual delivered electricity. Coal operations Our coal revenue is derived from sales to customers of coal produced at our facilities. Our customers typically purchase coal directly from our mine sites where the sale occurs and where title, risk of loss, and control pass to the customer at that point. 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 may 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 Btu factor, moisture, ash, and sulfur content, and can result in either increases or decreases in the value of the coal shipped. Disaggregation of Revenue Revenue is disaggregated by revenue source for our electric operations and by primary geographic markets for our coal operations, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Electric operations Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Delivered energy (including contract liability amortization) $ 39,973 $ 53,862 $ 86,955 $ 130,284 Capacity 16,873 17,155 28,646 33,125 Total Electric Operations sales $ 56,846 $ 71,017 $ 115,601 $ 163,409 Coal operations Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Outside third-party Indiana customers $ 15,048 $ 34,214 $ 33,152 $ 83,650 Customers in Florida, North Carolina, Alabama and Georgia 17,753 54,360 49,279 99,526 Total Coal Operations sales $ 32,801 $ 88,574 $ 82,431 $ 183,176 Performance Obligations Electric operations We concluded that each megawatt-hour ("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 capacity provides an economic benefit to the holder and could be sold by the customer. During 2022, 2025 2025 June 30, 2024 . August 31, 2023, 2028. June 30, 2024 . In addition to delivered energy, under the Hoosier APA, Hallador Power shall provide a stand-ready obligation to provide electricity to MISO, also known as contract capacity. The contract capacity that Hallador Power shall provide to Hoosier is 917 megawatts (“MW”) for contract year one, and on average 300 MW for contract years two 2025 June 30, 2024 . August 31, 2023, 2028, June 30, 2024, During the second 2024, 11 2029 June 30, 2024 . June 30, 2024 , Coal operations 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. 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 based on the base price per the contract, increased or decreased for quality adjustments. We recognize revenue at a point in time as the customer does not We have remaining coal sales performance obligations relating to fixed priced contracts to third June 30, 2024. 2024, 2027 . We have remaining performance obligations relating to coal sales contracts with price reopeners of approximately $154.5 million, which represents our estimate of the expected reopener price on committed contracts as of June 30, 2024. 2025 2027. The coal tons used to determine the remaining performance obligations are subject to adjustment in instances of force majeure and exercise of customer options to either take additional tons or reduce tonnage if such an option exists in the customer contract. Contract Balances Under ASC 606, Under the typical payment terms of our contracts with customers, the customer pays us a base price for the coal, increased or decreased for any quality adjustments, electricity, or capacity. Amounts billed and due are recorded as trade accounts receivable and included in accounts receivable in our condensed consolidated balance sheets. As of January 1, 2023, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 INCOME TAXES For the six June 30, 2024 2023, six June 30, 2024 2023, ~23% ~11%, not |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 9 STOCK COMPENSATION PLANS Non-vested grants as of December 31, 2023 858,363 Awarded - weighted average share price on award date was $ 5.69 599,013 Vested - weighted average share price on vested date was $ 5.30 (379,390 ) Forfeited (37,500 ) Non-vested grants as of June 30, 2024 1,040,486 For the three six June 30, 2024 three six June 30, 2023, Non-vested RSU grants will vest as follows: Vesting Year RSUs Vesting 2024 1,000 2025 641,144 2026 199,171 2027 199,171 1,040,486 The outstanding RSUs have a value of $8.1 million based on the June 28, 2024 As of June 30, 2024, not |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 10 LEASES We have operating leases for office space and processing facilities with remaining lease terms ranging from 1 month to 8 years. As most of the leases do not three six June 30, 2024. During the six June 30, 2024, four three six June 30, 2024 . three six June 30, 2024 . June 30, 2024 December 31, 2023, not three six June 30, 2023. The following information relates to our leases (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease information: Operating cash outflows from operating leases $ 52 $ 52 $ 104 $ 104 Weighted average remaining lease term in years 7.6 0.95 7.6 0.95 Weighted average discount rate 10.5 % 6.0 % 10.5 % 6.0 % Finance lease information: Financing cash outflows from finance leases $ 1,427 — $ 2,665 — Proceeds from sale and leaseback arrangement $ 1,856 — $ 3,783 — Weighted average remaining lease term in years 2.64 — 2.64 — Weighted average discount rate 8.5 % — 8.5 % — Future minimum lease payments under non-cancellable leases as of June 30, 2024, Operating Finance Leases Leases (In thousands) 2024 $ 8 $ 3,745 2025 118 7,490 2026 122 7,177 2027 125 662 2028 129 — Thereafter 483 — Total minimum lease payments $ 985 $ 19,074 Less imputed interest and deferred finance fees (347 ) (2,171 ) Total lease liability $ 638 $ 16,903 The following are reflected within the indicated condensed consolidated balance sheet line items: For the Six Months Ended June 30, For the Year Ended December 31, 2024 2023 (In thousands) Operating lease assets Buildings and equipment $ 638 $ 712 Operating lease liabilities: Current operating lease liabilities Accounts payable and accrued liabilities $ 8 $ 58 Non-current operating lease liabilities Other long-term liabilities 630 654 Total operating lease liability $ 638 $ 712 Finance lease assets Finance lease right-of-use assets $ 19,869 $ 12,346 Finance lease liabilities: Current finance lease liabilities Current portion of lease financing $ 6,204 $ 3,933 Non-current finance lease liabilities Long-term lease financing 10,699 8,157 Total finance lease liabilities $ 16,903 $ 12,090 |
Note 11 - Self-Insurance
Note 11 - Self-Insurance | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Self Insurance [Text Block] | ( 11 SELF-INSURANCE We self-insure our non-leased underground mining equipment. Such equipment was allocated among four seven eleven June 30, 2024 December 31, 2023, June 30, 2024 December 31, 2023 We also self-insure for workers’ compensation claims. Restricted cash of $4.3 million as of June 30, 2024 December 31, 2023 third |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 12 FAIR VALUE MEASUREMENTS We account for certain assets and liabilities at fair value. The hierarchy below lists three one three Level 1: no 1 Level 2: not no 2 Level 3: no 3 . 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 $10.7 million and $7.1 million as of June 30, 2024 December 31, 2023, not |
Note 13 - Equity Method Investm
Note 13 - Equity Method Investments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 13 EQUITY METHOD INVESTMENTS We own a 50% i June 30, 2024 December 31, 2023 |
Note 14 - Convertible Notes
Note 14 - Convertible Notes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Convertible Notes Disclosure [Text Block] | ( 14 CONVERTIBLE NOTES On July 29, 2022, “July 29 th July 29 th December 29, 2028. August 18, 2022, August 17, 2024, July 29 th first 2024, July 29 th August 2025 six June 30, 2024. June 30, 2024, July 29 th On August 8, 2022, “August 8 th August 8 th December 29, 2028. August 18, 2022, August 17, 2024, August 8, 2025, may August 8 th 100% may first 2024, August 8 th August 2025 first 2024 . second 2024, August 8 th second 2024 June 30, 2024, August 8 th On August 12, 2022, “August 12 th August 12 th December 31, 2026. August 18, 2022, August 12 th August 12, 2025, may August 12 th 100% may three March 31, 2024, second 2024, August 12 th second 2024. June 30, 2024, August 12 th The funds received from the issuance of the various notes described above were used to provide additional working capital to the Company. The conversion price and number of shares of the Company's common stock issuable upon conversion of the above notes are subject to adjustment from time to time for any subdivision or consolidation of our shares of common stock and other standard dilutive events. |
Note 15 - Notes Payable - Relat
Note 15 - Notes Payable - Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 15 NOTES PAYABLE - RELATED PARTIES In March 2024, 12 June 2024 7 |
Note 16 - Organizational Restru
Note 16 - Organizational Restructuring | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 16 ORGANIZATIONAL RESTRUCTURING On February 23, 2024, ( seven four first 2024 second 2024 one first six 2024. |
Note 17 - At The Market Agreeme
Note 17 - At The Market Agreement | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | ( 17 AT THE MARKET AGREEMENT On December 18, 2023 , may five may During December 2023 , three six June 30, 2024 , |
Note 18 - Segments of Business
Note 18 - Segments of Business | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 18 SEGMENTS OF BUSINESS As of June 30, 2024, two not Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Operating revenues Electric operations (i) $ 57,020 $ 71,103 $ 115,932 $ 163,597 Coal operations 46,429 113,098 113,299 208,371 Corporate and other and eliminations (12,535 ) (23,007 ) (28,645 ) (22,440 ) Consolidated operating revenues $ 90,914 $ 161,194 $ 200,586 $ 349,528 Operating expenses Electric operations $ 50,232 $ 61,847 $ 93,897 $ 135,636 Coal operations 57,750 86,735 136,077 168,920 Corporate and other and eliminations (9,782 ) (9,632 ) (24,835 ) (6,505 ) Consolidated operating expenses $ 98,200 $ 138,950 $ 205,139 $ 298,051 Income (loss) from operations Electric operations $ 6,788 $ 9,256 $ 22,035 $ 27,961 Coal operations (11,321 ) 26,363 (22,778 ) 39,451 Corporate and other and eliminations (2,753 ) (13,375 ) (3,810 ) (15,935 ) Consolidated income (loss) from operations $ (7,286 ) $ 22,244 $ (4,553 ) $ 51,477 Depreciation, depletion and amortization Electric operations $ 4,698 $ 4,675 $ 9,395 $ 9,350 Coal operations 8,930 12,466 19,658 25,741 Corporate and other and eliminations 21 28 39 54 Consolidated depreciation, depletion and amortization $ 13,649 $ 17,169 $ 29,092 $ 35,145 Assets Electric operations $ 220,511 $ 216,665 $ 220,511 $ 216,665 Coal operations 367,807 387,653 367,807 387,653 Corporate and other and eliminations 6,851 (4,429 ) 6,851 (4,429 ) Consolidated assets $ 595,169 $ 599,889 $ 595,169 $ 599,889 Capital expenditures Electric operations $ 5,277 $ 2,683 $ 11,519 $ 3,526 Coal operations 7,560 14,445 16,192 27,084 Corporate and other and eliminations 333 — 333 — Consolidated capital expenditures $ 13,170 $ 17,128 $ 28,044 $ 30,610 (i). Electric operations revenue as of each period presented were comprised of the components noted below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenues: Capacity revenue $ 16,873 $ 17,155 $ 28,646 $ 33,125 Delivered energy 27,893 34,307 62,087 77,382 Amortization of contract liability 12,080 19,555 24,868 52,902 Other operating revenue 174 86 331 188 Total Electric Operations revenue: $ 57,020 $ 71,103 $ 115,932 $ 163,597 |
Note 19 - Net Income (Loss) Per
Note 19 - Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 19 NET INCOME (LOSS) PER SHARE The following table (in thousands, except per share amounts) sets forth the computation of basic earnings (loss) per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic earnings per common share: Net income (loss) - basic $ (10,204 ) $ 16,915 $ (11,900 ) $ 38,966 Weighted average shares outstanding - basic 37,879 33,137 37,026 33,061 Basic earnings (loss) per common share $ (0.27 ) $ 0.51 $ (0.32 ) $ 1.18 The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Diluted earnings per common share: Net income (loss) - basic $ (10,204 ) $ 16,915 $ (11,900 ) $ 38,966 Add: Convertible Notes interest expense, net of tax — 296 — 592 Net income (loss) - diluted $ (10,204 ) $ 17,211 $ (11,900 ) $ 39,558 Weighted average shares outstanding - basic 37,879 33,137 37,026 33,061 Add: Dilutive effects of if converted Convertible Notes — 3,224 — 3,163 Add: Dilutive effects of Restricted Stock Units — 347 — 472 Weighted average shares outstanding - diluted 37,879 36,708 37,026 36,696 Diluted net income (loss) per share $ (0.27 ) $ 0.47 $ (0.32 ) $ 1.08 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | OTHER |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 5 - Bank Debt (Tables)
Note 5 - Bank Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2024 2023 Current bank debt $ 19,500 $ 26,000 Less unamortized debt issuance cost (1,562 ) (1,562 ) Net current portion $ 17,938 $ 24,438 Long-term bank debt $ 26,000 $ 65,500 Less unamortized debt issuance cost (1,266 ) (2,047 ) Net long-term portion $ 24,734 $ 63,453 Total bank debt $ 45,500 $ 91,500 Less total unamortized debt issuance cost (2,828 ) (3,609 ) Net bank debt $ 42,672 $ 87,891 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Future Maturities (in thousands): 2024 $ 6,500 2025 26,000 2026 13,000 Total $ 45,500 |
Note 6 - Accounts Payable and_2
Note 6 - Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2024 2023 Accounts payable $ 29,151 $ 43,636 Accrued property taxes 4,109 2,987 Accrued payroll 3,606 6,575 Workers' compensation reserve 4,364 3,629 Group health insurance 1,900 2,300 Asset retirement obligation - current portion 1,548 2,150 Other 1,212 1,631 Total accounts payable and accrued liabilities $ 45,890 $ 62,908 |
Note 7 - Revenue (Tables)
Note 7 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Delivered energy (including contract liability amortization) $ 39,973 $ 53,862 $ 86,955 $ 130,284 Capacity 16,873 17,155 28,646 33,125 Total Electric Operations sales $ 56,846 $ 71,017 $ 115,601 $ 163,409 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Outside third-party Indiana customers $ 15,048 $ 34,214 $ 33,152 $ 83,650 Customers in Florida, North Carolina, Alabama and Georgia 17,753 54,360 49,279 99,526 Total Coal Operations sales $ 32,801 $ 88,574 $ 82,431 $ 183,176 |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Non-vested grants as of December 31, 2023 858,363 Awarded - weighted average share price on award date was $ 5.69 599,013 Vested - weighted average share price on vested date was $ 5.30 (379,390 ) Forfeited (37,500 ) Non-vested grants as of June 30, 2024 1,040,486 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Year RSUs Vesting 2024 1,000 2025 641,144 2026 199,171 2027 199,171 1,040,486 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease information: Operating cash outflows from operating leases $ 52 $ 52 $ 104 $ 104 Weighted average remaining lease term in years 7.6 0.95 7.6 0.95 Weighted average discount rate 10.5 % 6.0 % 10.5 % 6.0 % Finance lease information: Financing cash outflows from finance leases $ 1,427 — $ 2,665 — Proceeds from sale and leaseback arrangement $ 1,856 — $ 3,783 — Weighted average remaining lease term in years 2.64 — 2.64 — Weighted average discount rate 8.5 % — 8.5 % — For the Six Months Ended June 30, For the Year Ended December 31, 2024 2023 (In thousands) Operating lease assets Buildings and equipment $ 638 $ 712 Operating lease liabilities: Current operating lease liabilities Accounts payable and accrued liabilities $ 8 $ 58 Non-current operating lease liabilities Other long-term liabilities 630 654 Total operating lease liability $ 638 $ 712 Finance lease assets Finance lease right-of-use assets $ 19,869 $ 12,346 Finance lease liabilities: Current finance lease liabilities Current portion of lease financing $ 6,204 $ 3,933 Non-current finance lease liabilities Long-term lease financing 10,699 8,157 Total finance lease liabilities $ 16,903 $ 12,090 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Finance Leases Leases (In thousands) 2024 $ 8 $ 3,745 2025 118 7,490 2026 122 7,177 2027 125 662 2028 129 — Thereafter 483 — Total minimum lease payments $ 985 $ 19,074 Less imputed interest and deferred finance fees (347 ) (2,171 ) Total lease liability $ 638 $ 16,903 |
Note 18 - Segments of Business
Note 18 - Segments of Business (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Operating revenues Electric operations (i) $ 57,020 $ 71,103 $ 115,932 $ 163,597 Coal operations 46,429 113,098 113,299 208,371 Corporate and other and eliminations (12,535 ) (23,007 ) (28,645 ) (22,440 ) Consolidated operating revenues $ 90,914 $ 161,194 $ 200,586 $ 349,528 Operating expenses Electric operations $ 50,232 $ 61,847 $ 93,897 $ 135,636 Coal operations 57,750 86,735 136,077 168,920 Corporate and other and eliminations (9,782 ) (9,632 ) (24,835 ) (6,505 ) Consolidated operating expenses $ 98,200 $ 138,950 $ 205,139 $ 298,051 Income (loss) from operations Electric operations $ 6,788 $ 9,256 $ 22,035 $ 27,961 Coal operations (11,321 ) 26,363 (22,778 ) 39,451 Corporate and other and eliminations (2,753 ) (13,375 ) (3,810 ) (15,935 ) Consolidated income (loss) from operations $ (7,286 ) $ 22,244 $ (4,553 ) $ 51,477 Depreciation, depletion and amortization Electric operations $ 4,698 $ 4,675 $ 9,395 $ 9,350 Coal operations 8,930 12,466 19,658 25,741 Corporate and other and eliminations 21 28 39 54 Consolidated depreciation, depletion and amortization $ 13,649 $ 17,169 $ 29,092 $ 35,145 Assets Electric operations $ 220,511 $ 216,665 $ 220,511 $ 216,665 Coal operations 367,807 387,653 367,807 387,653 Corporate and other and eliminations 6,851 (4,429 ) 6,851 (4,429 ) Consolidated assets $ 595,169 $ 599,889 $ 595,169 $ 599,889 Capital expenditures Electric operations $ 5,277 $ 2,683 $ 11,519 $ 3,526 Coal operations 7,560 14,445 16,192 27,084 Corporate and other and eliminations 333 — 333 — Consolidated capital expenditures $ 13,170 $ 17,128 $ 28,044 $ 30,610 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenues: Capacity revenue $ 16,873 $ 17,155 $ 28,646 $ 33,125 Delivered energy 27,893 34,307 62,087 77,382 Amortization of contract liability 12,080 19,555 24,868 52,902 Other operating revenue 174 86 331 188 Total Electric Operations revenue: $ 57,020 $ 71,103 $ 115,932 $ 163,597 |
Note 19 - Net Income (Loss) P_2
Note 19 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic earnings per common share: Net income (loss) - basic $ (10,204 ) $ 16,915 $ (11,900 ) $ 38,966 Weighted average shares outstanding - basic 37,879 33,137 37,026 33,061 Basic earnings (loss) per common share $ (0.27 ) $ 0.51 $ (0.32 ) $ 1.18 The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Diluted earnings per common share: Net income (loss) - basic $ (10,204 ) $ 16,915 $ (11,900 ) $ 38,966 Add: Convertible Notes interest expense, net of tax — 296 — 592 Net income (loss) - diluted $ (10,204 ) $ 17,211 $ (11,900 ) $ 39,558 Weighted average shares outstanding - basic 37,879 33,137 37,026 33,061 Add: Dilutive effects of if converted Convertible Notes — 3,224 — 3,163 Add: Dilutive effects of Restricted Stock Units — 347 — 472 Weighted average shares outstanding - diluted 37,879 36,708 37,026 36,696 Diluted net income (loss) per share $ (0.27 ) $ 0.47 $ (0.32 ) $ 1.08 |
Note 1 - General Business (Deta
Note 1 - General Business (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Reportable Segments | 2 |
Southwestern Indiana [Member] | |
Number of Underground Mines Included in the Significant Operating Segment | 2 |
Sunrise Energy, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 3 - Long-lived Asset Imp_2
Note 3 - Long-lived Asset Impairments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2024 | Jun. 30, 2024 | |
Asset Impairment Charges | $ 0 | $ 0 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Adjustments | $ 0.9 | $ 2 |
Note 5 - Bank Debt (Details Tex
Note 5 - Bank Debt (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 | |
Long-Term Debt, Gross | $ 45,500 | $ 45,500 | $ 91,500 | |
Debt Issuance Costs, Net | $ 2,828 | 2,828 | 3,609 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Credit Agreement [Member] | ||||
Debt Instrument, Increase (Decrease), Net | 20,600 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 54,400 | 54,400 | ||
Debt Instrument, Liquidity | 60,700 | 60,700 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | 75,000 | ||
Debt Issuance Costs, Net | $ 2,800 | $ 2,800 | $ 3,600 | |
Leverage Ratio | 2.25 | 2.25 | ||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 2.12 | 2.12 | ||
Debt Instrument, Basis Spread on Variable Rate | 5% | |||
Debt Instrument, Interest Rate, Effective Percentage | 10.49% | 10.49% | ||
Credit Agreement [Member] | Minimum [Member] | ||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 1.25 | |||
Debt Instrument, Basis Spread on Variable Rate | 4% | |||
Credit Agreement [Member] | Maximum [Member] | ||||
Debt Instrument, Covenant, Debt Service Coverage Ratio | 1.56 | 1.56 | ||
Debt Instrument, Basis Spread on Variable Rate | 5% | |||
Credit Agreement [Member] | Term Loan [Member] | ||||
Long-Term Debt, Gross | $ 45,500 | $ 45,500 | ||
Debt Instrument, Periodic Payment | $ 6,500 | |||
Debt Instrument, Increase (Decrease), Net | $ 46,000 |
Note 5 - Bank Debt - Bank Debt,
Note 5 - Bank Debt - Bank Debt, Less Debt Issuance Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current bank debt | $ 19,500 | $ 26,000 |
Less unamortized debt issuance cost | (1,562) | (1,562) |
Net current portion | 17,938 | 24,438 |
Long-term bank debt | 26,000 | 65,500 |
Less unamortized debt issuance cost | (1,266) | (2,047) |
Net long-term portion | 24,734 | 63,453 |
Total | 45,500 | 91,500 |
Less total unamortized debt issuance cost | (2,828) | (3,609) |
Net bank debt | $ 42,672 | $ 87,891 |
Note 5 - Bank Debt - Maturities
Note 5 - Bank Debt - Maturities of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
2024 | $ 6.5 | |
2025 | 26 | |
2026 | 13 | |
Total | $ 45.5 | $ 91.5 |
Note 6 - Accounts Payable and_3
Note 6 - Accounts Payable and Accrued Liabilities (In Thousands) - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts payable | $ 29,151 | $ 43,636 |
Accrued property taxes | 4,109 | 2,987 |
Accrued payroll | 3,606 | 6,575 |
Workers' compensation reserve | 4,364 | 3,629 |
Group health insurance | 1,900 | 2,300 |
Asset retirement obligation - current portion | 1,548 | 2,150 |
Other | 1,212 | 1,631 |
Total accounts payable and accrued liabilities | $ 45,890 | $ 62,908 |
Note 7 - Revenue 1 (Details Tex
Note 7 - Revenue 1 (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 USD ($) MWh | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | |
Contract Capacity [Member] | ||||
Contract with Customer, Liability | $ 39,800,000 | $ 39,800,000 | ||
Additional Obligations [Member] | ||||
Contract with Customer, Liability | 45,000,000 | 45,000,000 | ||
Coal [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 16,300,000 | |||
Hoosier [Member] | ||||
Long Term Purchase Agreement, Prepaid Contract Amount | $ 45,000,000 | |||
Long Term Purchase Commitment, Total Usage of Power, Megawatt Per Hour (Megawatt-Hour) | MWh | 1,302,480 | |||
Hoosier [Member] | Contract Capacity [Member] | ||||
Long-term Purchase Commitment, Minimum Quantity Required, Price Per Megawatt Hour | 56 | |||
Revenue, Remaining Performance Obligation, Amount | $ 186,600,000 | 186,600,000 | ||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Price Per Kilowatts-month | $ 7.02 | |||
Hoosier [Member] | Electricity, Purchased [Member] | ||||
Long-term Purchase Commitment, Minimum Quantity Required, Price Per Megawatt Hour | $ 34 | |||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year One | 917 | |||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Megawatts Provided Year Two Through Four | 300 | |||
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Price Per Kilowatts-month | $ 5.8 |
Note 7 - Revenue 2 (Details Tex
Note 7 - Revenue 2 (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) |
Contract Capacity [Member] | Hoosier [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 186.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Energy Obligations [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 207.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 6 months |
Revenue, Remaining Performance Obligation, Percentage | 30.30% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Energy Obligations [Member] | Hoosier [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 83.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Contract Capacity [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 151.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Contract Capacity [Member] | Hoosier [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 30 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Additional Obligations [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 152 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Coal Sales [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 154.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Contract Capacity [Member] | Hoosier [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 60.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 7 - Revenue - Electric Ope
Note 7 - Revenue - Electric Operations (Details) - Electric Operations [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Delivered energy (including contract liability amortization) | $ 56,846 | $ 71,017 | $ 115,601 | $ 163,409 |
Delivered Energy [Member] | ||||
Delivered energy (including contract liability amortization) | 39,973 | 53,862 | 86,955 | 130,284 |
Energy Capacity [Member] | ||||
Delivered energy (including contract liability amortization) | $ 16,873 | $ 17,155 | $ 28,646 | $ 33,125 |
Note 7 - Revenue - Coal Operati
Note 7 - Revenue - Coal Operations (Details) - Coal Operations [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 32,801 | $ 88,574 | $ 82,431 | $ 183,176 |
INDIANA | ||||
Revenues | 15,048 | 34,214 | 33,152 | 83,650 |
Florida, North Carolina, Alabama and Georgia [Member] | ||||
Revenues | $ 17,753 | $ 54,360 | $ 49,279 | $ 99,526 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 23% | 11% |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | |
Share-Based Payment Arrangement, Expense | $ 1.6 | $ 0.8 | $ 2.2 | $ 2 | |
Share Price (in dollars per share) | $ 7.77 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 8.1 | 8.1 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5.7 | $ 5.7 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 48,761 | 48,761 |
Note 9 - Stock Compensation P_4
Note 9 - Stock Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2024 shares | |
Non-vested grants (in shares) | 858,363 |
Awarded (in shares) | 599,013 |
Vested (in shares) | (379,390) |
Forfeited (in shares) | (37,500) |
Non-vested grants (in shares) | 1,040,486 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - RSU Activity (Details) (Parentheticals) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Share price on grant date, awarded (in dollars per share) | $ 5.69 |
Share price on vesting date (in dollars per share) | $ 5.3 |
Note 9 - Stock Compensation P_6
Note 9 - Stock Compensation Plans - Vesting of Non-vested RSU Grants (Details) | Jun. 30, 2024 shares |
RSUs vesting (in shares) | 1,040,486 |
Vesting in 2024 [Member] | Restricted Stock Units (RSUs) [Member] | |
RSUs vesting (in shares) | 1,000 |
Represents vesting in 2025 [Member] | Restricted Stock Units (RSUs) [Member] | |
RSUs vesting (in shares) | 641,144 |
Represents vesting in 2026 [Member] | Restricted Stock Units (RSUs) [Member] | |
RSUs vesting (in shares) | 199,171 |
Represents vesting in 2027 [Member] | Restricted Stock Units (RSUs) [Member] | |
RSUs vesting (in shares) | 199,171 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Operating Lease, Interest Payment on Liability | $ 0.3 | $ 0.3 | |
Number of Financing Leases | 4 | 4 | |
Financing Leases, Depreciation Expense | $ 1.1 | $ 2.2 | |
Finance Lease, Interest Payment on Liability | 0.1 | 2 | |
Deferred Costs, Leasing, Net | $ 0.2 | $ 0.2 | $ 0.1 |
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | 1 month | |
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 8 months | 8 months |
Note 10 - Leases - Information
Note 10 - Leases - Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Assets [Abstract] | |||||
Buildings and equipment | $ 531,413 | $ 531,413 | $ 537,131 | ||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 45,890 | 45,890 | 62,908 | ||
Long-term liabilities: | |||||
Liabilities, Noncurrent | 83,460 | 83,460 | 163,597 | ||
Other | 2,002 | 2,002 | 1,789 | ||
Operating cash outflows from operating leases | $ 52 | $ 52 | $ 104 | $ 104 | |
Weighted average remaining lease term in years (Year) | 7 years 7 months 6 days | 11 months 12 days | 7 years 7 months 6 days | 11 months 12 days | |
Weighted average discount rate | 10.50% | 6% | 10.50% | 6% | |
Financing cash outflows from finance leases | $ 1,427 | $ 0 | $ 2,665 | $ 0 | |
Proceeds from sale and leaseback arrangement | $ 1,856 | $ 3,783 | $ 0 | ||
Weighted average remaining lease term in years (Year) | 2 years 7 months 20 days | 2 years 7 months 20 days | |||
Weighted average discount rate | 8.50% | 8.50% | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Buildings and equipment | Buildings and equipment | |||
Operating lease assets | $ 638 | $ 638 | 712 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | |||
Current operating lease liabilities | $ 8 | $ 8 | 58 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Non-current operating lease liabilities | $ 630 | $ 630 | 654 | ||
Operating Lease, Liability | 638 | 638 | 712 | ||
Finance lease assets | 19,869 | 19,869 | 12,346 | ||
Current finance lease liabilities | 6,204 | 6,204 | 3,933 | ||
Non-current finance lease liabilities | 10,699 | 10,699 | 8,157 | ||
Total finance lease liabilities | $ 16,903 | $ 16,903 | $ 12,090 |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
2024, operating leases | $ 8 | |
2024, financing leases | 3,745 | |
2025, operating leases | 118 | |
2025, financing leases | 7,490 | |
2026, operating leases | 122 | |
2026, financing leases | 7,177 | |
2027, operating leases | 125 | |
2027, financing leases | 662 | |
2028, operating leases | 129 | |
2028, financing leases | 0 | |
Thereafter, operating leases | 483 | |
Thereafter, financing leases | 0 | |
Total minimum lease payments | 985 | |
Total minimum lease payments | 19,074 | |
Less imputed interest and deferred finance fees | (347) | |
Less imputed interest and deferred finance fees | (2,171) | |
Operating Lease, Liability | 638 | $ 712 |
Total lease liability | $ 16,903 | $ 12,090 |
Note 11 - Self-Insurance (Detai
Note 11 - Self-Insurance (Details Textual) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) |
Operating Lease, Liability | $ 638 | $ 712 | |
Restricted Cash and Cash Equivalents | 4,282 | 4,281 | $ 4,033 |
Future Workers' Compensation Claim Payments [Member] | |||
Restricted Cash and Cash Equivalents | $ 4,300 | $ 4,300 | |
Mining Properties and Mineral Rights [Member] | |||
Number of Mining Units | 4 | 7 | |
Geographic Spread of Mining Units, in Miles | 7 | 11 | |
Operating Lease, Liability | $ 250,400 | $ 262,000 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents, Restricted Cash Balances, Deposits | $ 10.7 | $ 7.1 |
Note 13 - Equity Method Inves_2
Note 13 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Equity Method Investments | $ 2,305 | $ 2,811 |
Sunrise Energy, LLC [Member] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Equity Method Investments | $ 2,300 | $ 2,800 |
Note 14 - Convertible Notes (De
Note 14 - Convertible Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Aug. 12, 2022 | Jul. 29, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 08, 2022 | |
Proceeds from Related Party Debt | $ 5,000 | $ 0 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (1,937) | $ 0 | (2,790) | 0 | ||||
Debt Conversion, Original Debt, Amount | 22,993 | $ 0 | ||||||
Senior Unsecured Convertible Notes [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 254, Maturity Date December 2028 [Member] | ||||||||
Proceeds from Related Party Debt | $ 5,000 | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.254 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 799,488 | |||||||
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares) | 112,570 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (600) | |||||||
Senior Unsecured Convertible Notes [Member] | Director [Member] | Conversion Price 6 Point 15, Maturity Date December 2028 [Member] | ||||||||
Proceeds from Related Party Debt | $ 4,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.254 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 159,898 | 479,693 | ||||||
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares) | 67,542 | |||||||
Gain (Loss) on Extinguishment of Debt | $ 200 | $ (300) | ||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | $ 3,000 | ||||||
Debt Conversion, Converted Instrument, Additional Shares (in shares) | 25,003 | |||||||
Senior Unsecured Convertible Notes [Member] | Director [Member] | Represents conversion price of %6.15 with maturity date of December 2028, additional shares [Member]. | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 57,564 | |||||||
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares) | 5,099 | 5,099 | ||||||
Senior Unsecured Convertible Notes [Member] | Non-affiliated Party [Member] | Conversion Price 6 Point 254, Maturity Date December 2026 [Member] | ||||||||
Proceeds from Related Party Debt | $ 10,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.15 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,626,016 | 65,041 | ||||||
Debt Conversion, Converted Instrument, Shares Used for Interest (in shares) | 224,268 | 224,268 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (1,700) | |||||||
Debt Conversion, Original Debt, Amount | $ 10,000 | |||||||
Debt Conversion, Converted Instrument, Additional Shares (in shares) | 49,716 |
Note 15 - Notes Payable - Rel_2
Note 15 - Notes Payable - Related Parties (Details Textual) - Unsecured Promissory Notes [Member] | Mar. 31, 2024 USD ($) |
Debt Instrument, Interest Rate, Stated Percentage | 12% |
Director Charles R. Wesley IV [Member] | |
Debt Instrument, Face Amount | $ 2,000,000 |
Director David J. Lubar [Member] | |
Debt Instrument, Face Amount | 2,500,000 |
Director David C. Hardie [Member] | |
Debt Instrument, Face Amount | $ 500,000 |
Note 16 - Organizational Rest_2
Note 16 - Organizational Restructuring (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Feb. 23, 2024 |
Number Of Employees | 110 | ||
Percentage of Workforce | 12% | ||
Restructuring Reserve | $ 0.8 | $ 1.1 | |
Operating Expenses [Member] | |||
Restructuring Reserve | $ 1.9 |
Note 17 - At The Market Agree_2
Note 17 - At The Market Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 18, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Stock Issued During Period, Value, New Issues | $ 27,935 | $ 34,515 | ||
At Market Offering [Member] | B. Riley Securities, Inc. [Member] | ||||
Equity Sales Agreement, Maximum Aggregate Gross Proceeds | $ 50,000 | |||
ATM Offering, Notice for Termination (Day) | 5 days | |||
Stock Issued During Period, Shares, New Issues (in shares) | 794,000 | 3,943,807 | 4,654,430 | |
Stock Issued During Period, Value, New Issues | $ 27,900 | $ 34,500 | $ 7,300 |
Note 18 - Segments of Busines_2
Note 18 - Segments of Business (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Reportable Segments | 2 |
Sunrise Energy, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 18 - Segment of Business -
Note 18 - Segment of Business - Summary of Reportable Segments Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Electric operations(i) | $ 90,914 | $ 161,194 | $ 200,586 | $ 349,528 | ||
Operating Expense | 98,200 | 138,950 | 205,139 | 298,051 | ||
Income (loss) from operations | (7,286) | 22,244 | (4,553) | 51,477 | ||
Depreciation | 13,649 | 17,169 | 29,092 | 35,145 | ||
Assets | 595,169 | 599,889 | 595,169 | 599,889 | $ 589,780 | |
Capital Expenditures | 13,170 | 17,128 | 28,044 | 30,610 | ||
Revenue | 90,914 | 161,194 | 200,586 | 349,528 | ||
Delivered energy | 1,267 | 1,603 | 2,554 | 2,943 | ||
Electric Operations [Member] | ||||||
Electric operations(i) | [1] | 57,020 | 71,103 | 115,932 | 163,597 | |
Operating Expense | 50,232 | 61,847 | 93,897 | 135,636 | ||
Income (loss) from operations | 6,788 | 9,256 | 22,035 | 27,961 | ||
Depreciation | 4,698 | 4,675 | 9,395 | 9,350 | ||
Assets | 220,511 | 216,665 | 220,511 | 216,665 | ||
Capital Expenditures | 5,277 | 2,683 | 11,519 | 3,526 | ||
Revenue | [1] | 57,020 | 71,103 | 115,932 | 163,597 | |
Amortization of contract liability | 12,080 | 19,555 | 24,868 | 52,902 | ||
Electric Operations [Member] | Energy Capacity [Member] | ||||||
Electric operations(i) | 16,873 | 17,155 | 28,646 | 33,125 | ||
Revenue | 16,873 | 17,155 | 28,646 | 33,125 | ||
Electric Operations [Member] | Delivered Energy [Member] | ||||||
Delivered energy | 27,893 | 34,307 | 62,087 | 77,382 | ||
Electric Operations [Member] | Other Operating Revenue [Member] | ||||||
Delivered energy | 174 | 86 | 331 | 188 | ||
Coal Operations [Member] | ||||||
Electric operations(i) | 46,429 | 113,098 | 113,299 | 208,371 | ||
Operating Expense | 57,750 | 86,735 | 136,077 | 168,920 | ||
Income (loss) from operations | (11,321) | 26,363 | (22,778) | 39,451 | ||
Depreciation | 8,930 | 12,466 | 19,658 | 25,741 | ||
Assets | 367,807 | 387,653 | 367,807 | 387,653 | ||
Capital Expenditures | 7,560 | 14,445 | 16,192 | 27,084 | ||
Revenue | 46,429 | 113,098 | 113,299 | 208,371 | ||
Corporate Segment and Other Operating Segment [Member] | ||||||
Electric operations(i) | (12,535) | (23,007) | (28,645) | (22,440) | ||
Operating Expense | (9,782) | (9,632) | (24,835) | (6,505) | ||
Income (loss) from operations | (2,753) | (13,375) | (3,810) | (15,935) | ||
Depreciation | 21 | 28 | 39 | 54 | ||
Assets | 6,851 | (4,429) | 6,851 | (4,429) | ||
Capital Expenditures | 333 | 0 | 333 | 0 | ||
Revenue | $ (12,535) | $ (23,007) | $ (28,645) | $ (22,440) | ||
[1]Electric operations revenue as of each period presented were comprised of the components noted below (in thousands) |
Note 19 - Net Income Per Share
Note 19 - Net Income Per Share - Computation of Net Income Allocated to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income (loss) - basic | $ (10,204) | $ 16,915 | $ (11,900) | $ 38,966 |
Weighted average shares outstanding - basic (in shares) | 37,879 | 33,137 | 37,026 | 33,061 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.27) | $ 0.51 | $ (0.32) | $ 1.18 |
Add: Convertible Notes interest expense, net of tax | $ 0 | $ 296 | $ 0 | $ 592 |
Net income (loss) - diluted | $ (10,204) | $ 17,211 | $ (11,900) | $ 39,558 |
Add: Dilutive effects of if converted Convertible Notes (in shares) | 0 | 3,224 | 0 | 3,163 |
Add: Dilutive effects of Restricted Stock Units (in shares) | 0 | 347 | 0 | 472 |
Weighted average shares outstanding - diluted (in shares) | 37,879 | 36,708 | 37,026 | 36,696 |
Diluted net income (loss) per share (in dollars per share) | $ (0.27) | $ 0.47 | $ (0.32) | $ 1.08 |