Hallador Energy (HNRG) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Entity Central Index Key	0000788965
Entity Registrant Name	HALLADOR ENERGY CO
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		42,617,108

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,829	$ 2,842
Restricted cash	5,812	4,281
Accounts receivable	11,908	19,937
Inventory	31,077	23,075
Parts and supplies	39,663	38,877
Prepaid expenses	5,964	2,262
Assets held-for-sale	1,544	1,611
Total current assets	99,797	92,885
Property, plant and equipment:
Land and mineral rights	115,486	115,486
Buildings and equipment	529,818	537,131
Mine development	167,077	158,642
Finance lease assets	19,869	12,346
Total property, plant and equipment	832,250	823,605
Less - accumulated depreciation, depletion and amortization	(360,173)	(334,971)
Total property, plant and equipment, net	472,077	488,634
Investment in Sunrise Energy	2,071	2,811
Other assets	5,785	5,450
Total assets	579,730	589,780
Current liabilities:
Current portion of bank debt, net	24,095	24,438
Accounts payable and accrued liabilities	42,915	62,908
Current finance lease liabilities	6,248	3,933
Deferred revenue	57,293	23,062
Contract liability - power purchase agreement and capacity payment reduction	41,049	43,254
Total current liabilities	171,600	157,595
Long-term liabilities:
Bank debt, net	42,918	63,453
Convertible notes payable		10,000
Convertible notes payable - related party		9,000
Non-current finance lease liabilities	9,234	8,157
Deferred income taxes	5,846	9,235
Asset retirement obligations	15,746	14,538
Contract liability - power purchase agreement	13,456	47,425
Other	2,133	1,789
Total long-term liabilities	89,333	163,597
Total liabilities	260,933	321,192
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 10,000 shares authorized; none issued
Common stock, $.01 par value, 100,000 shares authorized; 42,599 and 34,052 issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively	426	341
Additional paid-in capital	188,018	127,548
Retained earnings	130,353	140,699
Total stockholders' equity	318,797	268,588
Total liabilities and stockholders' equity	$ 579,730	$ 589,780

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Preferred Stock, Shares Authorized	10,000	10,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000	100,000
Common Stock, Shares, Issued	42,599	34,052
Common Stock, Shares, Outstanding	42,599	34,052

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SALES AND OPERATING REVENUES:
Other revenues	$ 1,667	$ 945	$ 4,221	$ 3,888
Total sales and operating revenues	105,044	165,768	310,175	515,296
EXPENSES:
Fuel	13,176	11,345	31,674	99,959
Other operating and maintenance costs	33,320	65,551	106,714	139,979
Cost of purchased power	3,149		7,694
Utilities	3,185	4,507	10,955	13,347
Labor	26,721	37,639	88,444	114,698
Depreciation, depletion, and amortization	13,838	16,230	42,930	51,375
Asset retirement obligations accretion	410	468	1,208	1,380
Exploration costs	62	171	179	682
General and administrative	6,471	6,054	20,218	18,596
Total operating expenses	100,332	141,965	310,016	440,016
INCOME FROM OPERATIONS	4,712	23,803	159	75,280
Interest expense (1)	(2,692)	(3,030)	(10,364)	(10,470)
Loss on extinguishment of debt		(1,491)	(2,790)	(1,491)
Equity method investment (loss)	(234)	(177)	(740)	(325)
NET INCOME (LOSS) BEFORE INCOME TAXES	1,786	19,105	(13,735)	62,994
INCOME TAX EXPENSE (BENEFIT):
Current		(178)		315
Deferred	232	3,208	(3,389)	7,638
Total income tax expense (benefit)	232	3,030	(3,389)	7,953
NET INCOME (LOSS)	$ 1,554	$ 16,075	$ (10,346)	$ 55,041
NET INCOME (LOSS) PER SHARE:
Basic (in dollar per share)	$ 0.04	$ 0.49	$ (0.27)	$ 1.66
Diluted (in dollar per share)	$ 0.04	$ 0.44	$ (0.27)	$ 1.52
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	42,598	33,140	38,455	33,088
Diluted (in shares)	43,018	36,848	38,455	36,748
Interest Expense:
Interest on bank debt	$ 2,073	$ 2,006	$ 7,657	$ 6,316
Other interest	181	422	1,456	1,316
Amortization:
Amortization of debt issuance costs	438	602	1,251	2,838
Total amortization	438	602	1,251	2,838
Total interest expense	2,692	3,030	10,364	10,470
Electric sales
SALES AND OPERATING REVENUES:
Revenues	71,715	67,403	191,861	230,812
Coal sales
SALES AND OPERATING REVENUES:
Revenues	$ 31,662	$ 97,420	$ 114,093	$ 280,596

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,554	$ 16,075	$ (10,346)	$ 55,041
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit)	232	3,208	(3,389)	7,638
Equity loss - Sunrise Energy	234	177	740	325
Cash distribution - Sunrise Energy				625
Depreciation, depletion, and amortization	13,838	16,230	42,930	51,375
Loss on extinguishment of debt		1,491	2,790	1,491
Loss (gain) on sale of assets			(536)	78
Amortization of debt issuance costs	438	602	1,251	2,838
Asset retirement obligations accretion	410	468	1,208	1,380
Cash paid on asset retirement obligation reclamation			(820)	(2,286)
Stock-based compensation			3,320	2,774
Amortization of contract asset and contract liabilities			(36,174)	(32,444)
Other			1,352	914
Change in operating assets and liabilities:
Accounts receivable			8,029	9,197
Inventory			(8,002)	14,874
Parts and supplies			(786)	(8,717)
Prepaid expenses			(1,098)	1,116
Accounts payable and accrued liabilities			(7,715)	(11,419)
Deferred revenue			34,231	(15,273)
Net cash provided by operating activities			26,985	79,527
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(39,606)	(48,746)
Proceeds from sale of equipment			3,373	62
Net cash used in investing activities			(36,233)	(48,684)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on bank debt			(86,500)	(56,463)
Borrowings of bank debt			65,000	33,000
Payments on lease financing	(1,440)		(4,105)
Proceeds from sale and leaseback arrangement			3,783
Issuance of related party notes payable			5,000
Payments on related party notes payable			(5,000)
Debt issuance costs			(654)	(5,940)
ATM offering			34,515
Taxes paid on vesting of RSUs			(273)	(1,150)
Net cash provided by (used in) financing activities			11,766	(30,553)
Increase in cash, cash equivalents, and restricted cash			2,518	290
Cash, cash equivalents, and restricted cash, beginning of period			7,123	6,426
Cash, cash equivalents, and restricted cash, end of period	9,641	6,716	9,641	6,716
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	3,829	2,573	3,829	2,573
Restricted cash	5,812	4,143	5,812	4,143
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 9,641	$ 6,716	9,641	6,716
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest			8,679	8,069
SUPPLEMENTAL NON-CASH FLOW INFORMATION:
Change in capital expenditures included in accounts payable and prepaid expense			(7,825)	$ 3,214
Stock issued on redemption of convertible notes and interest			$ 22,993

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Issued	Additional Paid-in Capital	Retained Earnings	Total
Balance at the beginning at Dec. 31, 2022	$ 330	$ 118,788	$ 95,906	$ 215,024
Balance at the beginning (in shares) at Dec. 31, 2022	32,983
Stock-based compensation		2,774		2,774
Stock issued on vesting of RSUs	$ 3	(3)
Stock issued on vesting of RSUs (in shares)	285
Taxes paid on vesting of RSUs	$ (1)	(1,149)		(1,150)
Taxes paid on vesting of RSUs (in shares)	(126)
Net income (loss)			55,041	55,041
Balance at the end at Sep. 30, 2023	$ 332	120,410	150,947	271,689
Balance at the end (in shares) at Sep. 30, 2023	33,142
Balance at the beginning at Jun. 30, 2023	$ 332	119,678	134,872	254,882
Balance at the beginning (in shares) at Jun. 30, 2023	33,137
Stock-based compensation		773		773
Stock issued on vesting of RSUs (in shares)	10
Taxes paid on vesting of RSUs		(41)		(41)
Taxes paid on vesting of RSUs (in shares)	(5)
Net income (loss)			16,075	16,075
Balance at the end at Sep. 30, 2023	$ 332	120,410	150,947	271,689
Balance at the end (in shares) at Sep. 30, 2023	33,142
Balance at the beginning at Dec. 31, 2023	$ 341	127,548	140,699	268,588
Balance at the beginning (in shares) at Dec. 31, 2023	34,052
Stock-based compensation		3,320		3,320
Stock issued on vesting of RSUs	$ 4	(4)
Stock issued on vesting of RSUs (in shares)	379
Taxes paid on vesting of RSUs	$ (2)	(271)		(273)
Taxes paid on vesting of RSUs (in shares)	(159)
Stock issued on redemption of convertible notes	$ 36	22,957		22,993
Stock issued on redemption of convertible notes (in shares)	3,672
Stock issued in ATM offering	$ 47	34,468		34,515
Stock issued in ATM offering (in shares)	4,655
Net income (loss)			(10,346)	(10,346)
Balance at the end at Sep. 30, 2024	$ 426	188,018	130,353	318,797
Balance at the end (in shares) at Sep. 30, 2024	42,599
Balance at the beginning at Jun. 30, 2024	$ 426	186,945	128,799	316,170
Balance at the beginning (in shares) at Jun. 30, 2024	42,599
Stock-based compensation		1,073		1,073
Net income (loss)			1,554	1,554
Balance at the end at Sep. 30, 2024	$ 426	$ 188,018	$ 130,353	$ 318,797
Balance at the end (in shares) at Sep. 30, 2024	42,599

GENERAL BUSINESS

GENERAL BUSINESS	9 Months Ended
GENERAL BUSINESS	Sep. 30, 2024
GENERAL BUSINESS
GENERAL BUSINESS	(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. We strategically view and manage our operations through two reportable segments: Electric Operations and Coal Operations. 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 and 2 underground mines, Prosperity surface mine, Freelandville surface mine, and Carlisle wash plant. On February 23, 2024, our Coal Operations Segment committed to a reorganization effort designed to strengthen its financial and operational efficiency and create significant operational savings and higher margins. For further information, see “Note 16 – Organizational Restructuring” “Note 20 – Assets Held-for-Sale” 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 impact the Company’s condensed consolidated net income (loss), consolidated cash flows, total assets, total liabilities or total stockholders’ equity. 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 and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for future quarters or for the year ending 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 Annual Report on Form 10-K

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	Sep. 30, 2024
RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED
RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	(2) RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In November 2023 , , ” , , , In December 2023 , , 740 ” , ,

LONG-LIVED ASSET IMPAIRMENTS

LONG-LIVED ASSET IMPAIRMENTS	9 Months Ended
LONG-LIVED ASSET IMPAIRMENTS	Sep. 30, 2024
LONG-LIVED ASSET IMPAIRMENTS
LONG-LIVED ASSET IMPAIRMENTS	(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 be recoverable. For the three and nine months ended September 30, 2024 and 2023, no impairment charges were recorded for long-lived assets.

INVENTORY

INVENTORY	9 Months Ended
INVENTORY	Sep. 30, 2024
INVENTORY
INVENTORY	(4) INVENTORY Inventory is valued at a lower of cost or net realizable value (NRV). As of September 30, 2024, and December 31, 2023, coal inventory includes NRV adjustments of $1.8 million and $2.0 million, respectively.

BANK DEBT

BANK DEBT	9 Months Ended
BANK DEBT	Sep. 30, 2024
BANK DEBT
BANK DEBT	(5) BANK DEBT On September 27, 2024, Bank debt was reduced by $21.5 million during the nine months ended September 30, 2024. Bank debt is comprised of our Term Loan ( $45.5 million as of September 30, 2024) and a $75.0 million revolver ( $24.5 million borrowed as of September 30, 2024) under the Credit Agreement. The term debt required quarterly payments of $6.5 million starting in April 2024 through maturity. Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by our assets. Liquidity As of September 30, 2024, we had additional borrowing capacity of $31.1 million under the revolver and total liquidity of $34.9 million. Our additional borrowing capacity is net of $19.4 million in outstanding letters of credit that we were required to maintain for surety bonds and $24.5 million drawn on the revolver at September 30, 2024. Liquidity consists of our additional borrowing capacity and cash and cash equivalents. Fees Unamortized bank fees and other costs incurred in connection with our initial facility totaled $4.3 million. Additional costs incurred with the First Amendment totaled $0.6 million . Bank debt, less debt issuance costs, is presented below (in thousands): September 30, December 31, 2024 2023 Current bank debt $ 26,000 $ 26,000 Less unamortized debt issuance cost (1,905) (1,562) Net current portion $ 24,095 $ 24,438 Long-term bank debt $ 44,000 $ 65,500 Less unamortized debt issuance cost (1,082) (2,047) Net long-term portion $ 42,918 $ 63,453 Total bank debt $ 70,000 $ 91,500 Less total unamortized debt issuance cost (2,987) (3,609) Net bank debt $ 67,013 $ 87,891 Future Maturities (in thousands): 2024 $ 6,500 2025 26,000 2026 37,500 Total $ 70,000 Covenants The First Amendment, among other things, provided the Company with short-term covenant relief to pursue additional liquidity. The First Amendment waived the Company’s Leverage Ratio requirement for the third and fourth quarters of 2024, increased the threshold to 5.50 to 1.00 for the first quarter of 2025, and decreased the threshold back to 2.25 to 1.00 for each fiscal quarter thereafter. Additionally, the Debt Service Coverage Ratio requirement (1.25 to 1.00) was waived from third quarter of 2024 through the first quarter of 2025. The First Amendment also added additional financial covenants which include: (i) a maximum First Lien Leverage Ratio for the first quarter of 2025, calculated as of the end of each fiscal quarter for the trailing twelve months, not to exceed 3.50 to 1.00; (ii) a minimum liquidity requirement of $10.0 million, beginning on the First Amendment execution date and ending when the second quarter of 2025 compliance certificate is received; and (iii) a minimum quarterly EBITDA requirement, as defined in the First Amendment, of $5.0 million for the third quarter of 2024 through the first quarter of 2025. As of September 30, 2024, our liquidity of $34.9 million and quarterly EBITDA of $9.6 million were in compliance with the requirements of the Credit Agreement. As of September 30, 2024, we were in compliance with all other covenants defined in the Credit Agreement. Interest Rate The interest rate on the facility ranges from SOFR plus 4.00% to SOFR

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Sep. 30, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	(6) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following for the indicated dates (in thousands): September 30, December 31, 2024 2023 Accounts payable $ 23,437 $ 43,636 Accrued property taxes 4,808 2,987 Accrued payroll 5,123 6,575 Workers' compensation reserve 4,397 3,629 Group health insurance 1,750 2,300 Asset retirement obligation - current portion 1,330 2,150 Other 2,070 1,631 Total accounts payable and accrued liabilities $ 42,915 $ 62,908

REVENUE

REVENUE	9 Months Ended
REVENUE	Sep. 30, 2024
REVENUE
REVENUE	(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 determined to be a lease or derivative, the definition of a contract and the criteria in ASC 606, Revenue from Contracts with Customers (“ASC 606”), is met at the time a PPA is executed by the parties, as this is the point at which enforceable rights and obligations are established. Accordingly, we concluded that a PPA that is not determined to be a lease or derivative constitutes a valid contract under ASC 606. 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 allow either party to commence a renegotiation of the contract price at a pre-determined time. Price re-opener provisions may automatically set a new price based on the prevailing market price or, in some instances, require us to negotiate a new price, sometimes within specified ranges of prices. The terms of our coal sales agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of these contracts vary by customer. Coal sales agreements will typically contain coal quality specifications. With coal quality specifications in place, the raw coal sold by us to the customer at the delivery point must be substantially free of magnetic material and other foreign material impurities and crushed to a maximum size as set forth in the respective coal sales agreement. Price adjustments are made and billed in the month the coal sale was recognized based on quality standards that are specified in the coal sales agreement, such as 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Delivered energy (including contract liability amortization) $ 55,855 $ 54,391 $ 147,355 $ 184,675 Capacity 15,860 13,012 44,506 46,137 Total Electric Operations sales $ 71,715 $ 67,403 $ 191,861 $ 230,812 Coal operations Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Outside third-party Indiana customers $ 13,338 $ 32,137 $ 46,490 $ 115,787 Customers in Florida, North Carolina, Alabama and Georgia 18,324 65,283 67,603 164,809 Total Coal Operations sales $ 31,662 $ 97,420 $ 114,093 $ 280,596 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, we entered into an Asset Purchase Agreement (“APA”) with Hoosier (“Hoosier APA”) in which Hallador Power shall sell, and Hoosier shall buy, delivered energy quantities through 2025 at the contract price, which is $34.00 per MWh. We have remaining delivered energy obligations to Hoosier on the APA totaling $70.1 million through 2025 as of September 30, 2024 . 2028 . 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 to four. Hoosier shall pay Hallador Power the capacity price of $5.80 per kilowatt month for the contract capacity. We have remaining capacity obligations to Hoosier through 2025 . 2028 During the second quarter 2024, the Company entered into an 11-month, $45.0 million prepaid physically delivered power contract in which Hallador will provide a total of 1,302,480 MWh. We have energy and capacity obligations to customers, excluding the Hoosier APA, through 2029 totaling . , 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 have control over the asset at any point during the fulfillment of the contract. For substantially all our customers, this is supported by the fact that title and risk of loss transfer to the customer upon loading of the truck or railcar at the mine. This is also the point at which physical possession of the coal transfers to the customer, as well as the right to receive substantially all benefits and the risk of loss in ownership of the coal. We have remaining coal sales performance obligations relating to fixed priced contracts to third-party customers of approximately $320.28 million, which represents the average fixed prices on our committed contracts as of September 30, 2024. We expect to recognize approximately 9.9% of this coal sales revenue in 2024 remainder 2028 . We have remaining volume performance obligations relating to coal contracts with price reopeners of 3.0 million tons (1.0 million tons in 2025, 2026 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, the timing of when a performance obligation is satisfied can affect the presentation of accounts receivable, contract assets, and contract liabilities. The main distinction between accounts receivable and contract assets is whether consideration is conditional on something other than the passage of time. A receivable is an entity’s right to consideration that is unconditional. Under the typical payment terms of our contracts with customers, the customer pays us 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, accounts receivable for coal sales billed to customers was $16.3 million.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	(8) INCOME TAXES For the nine months ended September 30, 2024 and 2023, we recorded income taxes using an estimated annual effective tax rate based upon projected annual income (loss), forecasted permanent tax differences, discrete items, and statutory rates in states in which we operate. The effective tax rate for the nine months ended September 30, 2024 and 2023, was ~24% and ~13%, respectively. Historically, our actual effective tax rates have differed from the statutory effective rate primarily due to the benefit received from statutory percentage depletion in excess of tax basis. The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income (loss) before income taxes.

STOCK COMPENSATION PLANS

STOCK COMPENSATION PLANS	9 Months Ended
STOCK COMPENSATION PLANS	Sep. 30, 2024
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS	(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 (42,500) Non-vested grants as of September 30, 2024 1,035,486 For the three and nine months ended September 30, 2024, our stock compensation was $1.1 million and $3.3 million, respectively. For the three and nine months ended September 30, 2023, our stock compensation was $0.8 million and $2.8 million, respectively. Non-vested RSU grants will vest as follows: Vesting Year RSUs Vesting 2024 1,000 2025 682,068 2026 176,210 2027 176,208 1,035,486 The outstanding RSUs have a value of $9.8 million based on the September 30, 2024 closing stock price of $9.43. As of September 30, 2024, unrecognized stock compensation expense is $3.8 million, and we had 53,761 RSUs available for future issuance. RSUs are not allocated earnings and losses as they are considered non-participating securities.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2024
LEASES
LEASES	(10) LEASES We have operating leases for office space with remaining lease terms ranging from 1 month to 8 years. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. Imputed interest on our operating leases was $0.3 million as of September 30, 2024. During the nine months ended September 30, 2024, we entered into four finance leases that were accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the condensed consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the condensed consolidated balance sheets, as applicable. Depreciation on our finance lease assets was $1.5 million and $3.7 million for the three and nine months ended September 30, 2024 . . The following information relates to our leases (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease information: Operating cash outflows from operating leases $ 38 $ 52 $ 142 $ 156 Weighted average remaining lease term in years 8.0 8.75 8.0 8.75 Weighted average discount rate 9.8 % 6.0 % 9.8 % 6.0 % Finance lease information: Financing cash outflows from finance leases $ 1,440 — $ 4,105 — Proceeds from sale and leaseback arrangement $ — — $ 3,783 — Weighted average remaining lease term in years 2.39 — 2.39 — Weighted average discount rate 9.09 % — 9.09 % — Future minimum lease payments under non-cancellable leases as of September 30, 2024, were as follows: Operating Leases Finance Leases (In thousands) 2024 $ — $ 1,872 2025 108 7,490 2026 121 7,331 2027 125 749 2028 129 — Thereafter 494 — Total minimum lease payments $ 977 $ 17,442 Less imputed interest and deferred finance fees (320) (1,960) Total lease liability $ 657 $ 15,482 The following are reflected within the indicated condensed consolidated balance sheet line items: For the Nine Months Ended September 30, For the Year Ended December 31, 2024 2023 (In thousands) Operating lease assets Buildings and equipment $ 657 $ 712 Operating lease liabilities: Current operating lease liabilities Accounts payable and accrued liabilities $ - $ 58 Non-current operating lease liabilities Other long-term liabilities 657 654 Total operating lease liability $ 657 $ 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 $ 6,248 $ 3,933 Non-current finance lease liabilities Long-term lease financing 9,234 8,157 Total finance lease liabilities $ 15,482 $ 12,090

SELF-INSURANCE

SELF-INSURANCE	9 Months Ended
SELF-INSURANCE	Sep. 30, 2024
SELF-INSURANCE
SELF-INSURANCE	(11) SELF-INSURANCE We self-insure our non-leased underground mining equipment. Such equipment was allocated among four mining units dispersed over seven miles and seven mining units dispersed over eleven miles, at September 30, 2024 and December 31, 2023, respectively. The historical cost of such equipment was approximately $247.3 million and $262.0 million as of September 30, 2024, and December 31, 2023. We also self-insure for workers’ compensation claims. Restricted cash of $5.8 million and $4.3 million as of September 30, 2024, and December 31, 2023, represents cash held and controlled by a third party and is restricted primarily for future workers’ compensation claim payments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(12) FAIR VALUE MEASUREMENTS We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. We have no Level 1 instruments. Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. We have no Level 2 instruments. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). ARO liabilities use Level 3 . 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 $9.6 million and $7.1 million as of September 30, 2024 and December 31, 2023, respectively, which exceeded FDIC insured limits. The Company regularly monitors these institutions’ financial condition. The Company utilizes large and reputable banking institutions which it believes mitigates these risks. The Company has not experienced any losses in such accounts.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
EQUITY METHOD INVESTMENTS	Sep. 30, 2024
EQUITY METHOD INVESTMENTS.
EQUITY METHOD INVESTMENTS.	(13) EQUITY METHOD INVESTMENTS We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy, LLC, also plans to develop and explore for oil, natural gas, and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in our condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023, was $2.1 million and $2.8 million, respectively.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	9 Months Ended
CONVERTIBLE NOTES	Sep. 30, 2024
CONVERTIBLE NOTES
CONVERTIBLE NOTES	(14) CONVERTIBLE NOTES On July 29, 2022, we issued a $5.0 million senior unsecured convertible note (the “July 29 th Note”) to a related party affiliated with an independent member of our board of directors. The July 29 th Note carried an interest rate of 8% per annum with a maturity date of December 29, 2028. For the period August 18, 2022, through August 17, 2024, the holder had the option to convert the July 29 th Note into shares of the Company’s common stock at a conversion price of $6.254 . During the first quarter of 2024, the holders of the July 29 th Note converted them into 799,488 shares of common stock of the Company, and in connection with such early conversion, we elected to pay interest through August 2025 with 112,570 shares of common stock on the conversion date. We recorded a loss on extinguishment of debt in the condensed consolidated statements of operations in the amount of $0.6 million during the three months ended March 31, 2024. As of September 30, 2024, the entire July 29 th Note had been converted to shares of common stock of the Company. On August 8, 2022, we issued an additional $4.0 million of senior unsecured convertible notes (the “August 8 th Notes”) to related parties affiliated with independent members of our board of directors. The August 8 th Notes carried an interest rate of 8% per annum with a maturity date of December 29, 2028. For the period August 18, 2022, through August 17, 2024, the holder had the option to convert the Notes into shares of the Company’s common stock at a conversion price of $6.254 . Beginning August 8, 2025, we could elect to redeem the August 8 th Notes and the holder was obligated to surrender them at 100% of the outstanding principal balance together with any accrued unpaid interest. Upon receipt of the redemption notice from the Company, the holder could have elected to convert the principal balance and accrued interest into the Company’s common stock. During the first quarter of 2024, the holders converted $3.0 million of the August 8 th Notes into 479,693 shares of common stock of the Company, and in connection with such early conversion, we elected to pay interest through August 2025 with 67,542 shares of common stock on the conversion date. During the same period, the holders also converted accrued interest into 57,564 shares of the Company’s common stock. We recorded a loss on extinguishment of debt during the first quarter of 2024 in the condensed consolidated statements of operations in the amount of $0.3 million . During the second quarter of 2024, the holder converted the remaining $1.0 million of August 8 th Notes into 159,898 shares of common stock of the Company, and in connection with such early conversion, we paid accrued interest and additional shares of common stock of 5,099 and 25,003 , respectively, on the conversion date. We recorded a loss on extinguishment of debt during the second quarter of 2024 in the condensed consolidated statements of operations in the amount of $0.2 million. As of September 30, 2024, the entire August 8 th Note had been converted to shares of common stock of the Company. On August 12, 2022, we issued an additional $10.0 million senior unsecured convertible note (the “August 12 th Note”) to an unrelated party. The August 12 th Note carried an interest rate of 8% per annum with a maturity date of December 31, 2026. For the period August 18, 2022, through the maturity date, the holder had the option to convert the August 12 th Note into shares of the Company’s common stock at a conversion price of $6.15 . Beginning August 12, 2025, we could elect to redeem the August 12 th Note and the holder would have been obligated to surrender at 100% of the outstanding principal balance together with any accrued unpaid interest. Upon receipt of the redemption notice from the Company, the holder could elect to convert the principal balance and accrued interest into the Company’s common stock. During the three months ended March 31, 2024, the holder converted accrued interest into 65,041 shares of the Company’s common stock. During the second quarter of 2024, the holder converted the $10.0 million August 12 th Note into 1,626,016 shares of common stock of the Company, and in connection with such early conversion, we paid accrued interest and additional shares of common stock of 49,716 and 224,268 , respectively, on the conversion date. We recorded a loss on extinguishment of debt in the condensed consolidated statements of operations in the amount of $1.7 million during the second quarter of 2024. As of September 30, 2024, the entire August 12 th Note had been converted to shares of common stock of the Company. 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.

NOTES PAYABLE - RELATED PARTIES

NOTES PAYABLE - RELATED PARTIES	9 Months Ended
NOTES PAYABLE - RELATED PARTIES	Sep. 30, 2024
NOTES PAYABLE - RELATED PARTIES
NOTES PAYABLE - RELATED PARTIES	(15) NOTES PAYABLE - RELATED PARTIES In March 2024, we issued unsecured promissory notes, having a 12-month maturity date and 12% per annum interest rate, to (i) Charles R. Wesley IV Revocable Trust (in which our director Charles R. Wesley IV has a pecuniary interest) in the principal amount of $2,000,000, (ii) Lubar Opportunities Fund I, LLC (in which are our director David J. Lubar has a pecuniary interest) in the principal amount of $2,500,000, and (iii) Hallador Alternative Investment Advisors LLC (in which our director David C. Hardie has a pecuniary interest) in the principal amount of $500,000. The related party notes were paid off in June 2024 with proceeds from the prepaid physically delivered power contract mentioned above in “Note 7 – Revenue”

ORGANIZATIONAL RESTRUCTURING

ORGANIZATIONAL RESTRUCTURING	9 Months Ended
ORGANIZATIONAL RESTRUCTURING	Sep. 30, 2024
ORGANIZATIONAL RESTRUCTURING
ORGANIZATIONAL RESTRUCTURING	(16) ORGANIZATIONAL RESTRUCTURING On February 23, 2024, (the “Effective Date”), we committed to a reorganization effort in the Coal Operations Segment (the “Reorganization Plan”) that included a workforce reduction of approximately 110 employees, or approximately 12% of the workforce. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Reorganization Plan is designed to strengthen our financial and operational efficiency and create significant operational savings and higher margins in our coal segment. This step will help to advance our transition from a company primarily focused on coal production to a more resilient and diversified integrated independent power producer (“IPP”). As part of this initiative, we substantially idled production at our higher cost surface mines, Prosperity Mine, and Freelandville Mine, with minimal ongoing production. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. In connection with the Reorganization Plan, we incurred aggregate expenses of $1.9 million ($1.1 million in the first quarter of 2024 and $0.8 million in the second quarter of 2024) that were included in operating expenses in the condensed consolidated statements of operations. These charges related to compensation, tax, professional, and insurance related expenses and are considered one-time charges paid in the nine months of 2024.

AT THE MARKET AGREEMENT

AT THE MARKET AGREEMENT	9 Months Ended
AT THE MARKET AGREEMENT	Sep. 30, 2024
AT THE MARKET AGREEMENT
AT THE MARKET AGREEMENT	(17) AT THE MARKET AGREEMENT On December 18, 2023 , During the nine months ended September 30, 2024, we issued 4,654,430 shares of Common Stock under the ATM Program for net proceeds of $34.5 million. No shares were issued under the ATM Program during the third quarter of 2024.

SEGMENTS OF BUSINESS

SEGMENTS OF BUSINESS	9 Months Ended
SEGMENTS OF BUSINESS	Sep. 30, 2024
SEGMENTS OF BUSINESS
SEGMENTS OF BUSINESS	(18) SEGMENTS OF BUSINESS As of September 30, 2024, our operations are divided into two primary reportable segments, Electric Operations and Coal Operations. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as “Corporate and Other and Eliminations” and primarily are comprised of unallocated corporate costs and activities, including a 50% interest in Sunrise Energy, LLC, which the Company accounts for using the equity method and our held-for-sale wholly-owned subsidiary Summit Terminal LLC, a logistics transport facility located on the Ohio River. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Operating revenues Electric operations (i) $ 71,902 $ 67,544 $ 192,379 $ 231,141 Coal operations 49,331 134,896 162,630 343,267 Corporate and other and eliminations (16,189) (36,672) (44,834) (59,112) Consolidated operating revenues $ 105,044 $ 165,768 $ 310,175 $ 515,296 Operating expenses Electric operations $ 52,547 $ 70,220 $ 150,989 $ 205,856 Coal operations 61,510 110,132 197,587 279,052 Corporate and other and eliminations (13,725) (38,387) (38,560) (44,892) Consolidated operating expenses $ 100,332 $ 141,965 $ 310,016 $ 440,016 Income (loss) from operations Electric operations $ 19,355 $ (2,676) $ 41,390 $ 25,285 Coal operations (12,179) 24,764 (34,957) 64,215 Corporate and other and eliminations (2,464) 1,715 (6,274) (14,220) Consolidated income (loss) from operations $ 4,712 $ 23,803 $ 159 $ 75,280 Depreciation, depletion and amortization Electric operations $ 4,802 $ 4,695 $ 14,197 $ 14,045 Coal operations 9,013 11,508 28,671 37,249 Corporate and other and eliminations 23 27 62 81 Consolidated depreciation, depletion and amortization $ 13,838 $ 16,230 $ 42,930 $ 51,375 Assets Electric operations $ 217,826 $ 209,455 $ 217,826 $ 209,455 Coal operations 356,252 375,682 356,252 375,682 Corporate and other and eliminations 5,652 49 5,652 49 Consolidated assets $ 579,730 $ 585,186 $ 579,730 $ 585,186 Capital expenditures Electric operations $ 4,602 $ 6,566 $ 16,121 $ 10,092 Coal operations 6,810 11,570 23,002 38,654 Corporate and other and eliminations 150 — 483 — Consolidated capital expenditures $ 11,562 $ 18,136 $ 39,606 $ 48,746 (i). Electric operations revenue as of each period presented were comprised of the components noted below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating revenues: Capacity revenue $ 15,860 $ 13,012 $ 44,506 $ 46,137 Delivered energy 44,549 44,110 111,181 121,492 Amortization of contract liability 11,306 10,281 36,174 63,183 Other operating revenue 187 141 518 329 Total Electric Operations revenue: $ 71,902 $ 67,544 $ 192,379 $ 231,141

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
NET INCOME (LOSS) PER SHARE	Sep. 30, 2024
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	(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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic earnings per common share: Net income (loss) - basic $ 1,554 $ 16,075 $ (10,346) $ 55,041 Weighted average shares outstanding - basic 42,598 33,140 38,455 33,088 Basic earnings (loss) per common share $ 0.04 $ 0.49 $ (0.27) $ 1.66 The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Diluted earnings per common share: Net income (loss) - basic $ 1,554 $ 16,075 $ (10,346) $ 55,041 Add: Convertible Notes interest expense, net of tax — 303 — 898 Net income (loss) - diluted $ 1,554 $ 16,378 $ (10,346) $ 55,939 Weighted average shares outstanding - basic 42,598 33,140 38,455 33,088 Add: Dilutive effects of if converted Convertible Notes — 3,162 — 3,164 Add: Dilutive effects of Restricted Stock Units 420 546 — 496 Weighted average shares outstanding - diluted 43,018 36,848 38,455 36,748 Diluted net income (loss) per share $ 0.04 $ 0.44 $ (0.27) $ 1.52

ASSETS HELD-FOR-SALE

ASSETS HELD-FOR-SALE	9 Months Ended
ASSETS HELD-FOR-SALE	Sep. 30, 2024
ASSETS HELD-FOR-SALE
ASSETS HELD-FOR-SALE	(20) During the third quarter of 2024, the Company considered strategic alternatives with respect to its wholly-owned subsidiary Summit. Summit is included in our “Corporate and other and eliminations” segment and primarily holds property, plant and equipment. On July 29, 2024, the Company entered into a ninety day right of first refusal (“ROFR”) with a potential buyer of Summit for $3.2 million. As of July 29, 2024 Summit met the held-for-sale criteria, and its assets are included in "assets held-for-sale" in the current assets section of the condensed consolidated balance sheets. The Company recorded the Summit assets, once held for sale, at the lower of their carrying value or their estimated fair value less cost to sell. The Company also did not record depreciation and amortization of $0.1 million ($0.1 million after-tax) on assets held-for-sale and will continue to do so while held-for-sale criteria is met. The Company expects the Summit sale to be executed by December 31, 2024. Fair value is the amount at which an asset, liability or business could be bought or sold in a current transaction between willing parties and may be estimated using a number of techniques, or may be observable using quoted market prices. The Company used a market approach consisting of the contractual ROFR sales price, subject to prorations for property taxes and utilities, to determine the fair value as of September 30, 2024, and subtracted estimated costs to sell from that calculated fair value. The resulting net fair value of Summit's assets exceeded the carrying value of Summit’s assets, and accordingly no impairments were recorded. The sale of Summit does not represent a strategic shift that has or will have a major effect on the Company, and as such, does not qualify for treatment as a discontinued operation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(21) SUBSEQUENT EVENTS On October 23, 2024 , the Company entered into a 19-month (beginning in June of 2025) $60.0 million prepaid physically delivered power contract in which Hallador will provide a total of 1,918,275 MWh. A portion of the proceeds were used to pay down $20.0 million on our Term Loan, which satisfies our January 2025, April 2025, July 2025 and a portion of our October 2025 required quarterly Term Loan payments. We also paid $34.0 million on our revolver. On October 23, 2024, the Company entered into a second amendment to the Fourth Amended and Restated Credit Agreement with PNC, dated as of August 2, 2023, to clarify certain provisions of the First Amendment that was entered into on September 27, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,554	$ 16,075	$ (10,346)	$ 55,041

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BANK DEBT (Tables)

BANK DEBT (Tables)	9 Months Ended
BANK DEBT (Tables)	Sep. 30, 2024
BANK DEBT
Schedule of debt	Bank debt, less debt issuance costs, is presented below (in thousands): September 30, December 31, 2024 2023 Current bank debt $ 26,000 $ 26,000 Less unamortized debt issuance cost (1,905) (1,562) Net current portion $ 24,095 $ 24,438 Long-term bank debt $ 44,000 $ 65,500 Less unamortized debt issuance cost (1,082) (2,047) Net long-term portion $ 42,918 $ 63,453 Total bank debt $ 70,000 $ 91,500 Less total unamortized debt issuance cost (2,987) (3,609) Net bank debt $ 67,013 $ 87,891
Schedule of maturities of long-term debt	Future Maturities (in thousands): 2024 $ 6,500 2025 26,000 2026 37,500 Total $ 70,000

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	Sep. 30, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of accounts payable and accrued liabilities	Accounts payable and accrued liabilities consist of the following for the indicated dates (in thousands): September 30, December 31, 2024 2023 Accounts payable $ 23,437 $ 43,636 Accrued property taxes 4,808 2,987 Accrued payroll 5,123 6,575 Workers' compensation reserve 4,397 3,629 Group health insurance 1,750 2,300 Asset retirement obligation - current portion 1,330 2,150 Other 2,070 1,631 Total accounts payable and accrued liabilities $ 42,915 $ 62,908

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Sep. 30, 2024
REVENUE
Schedule of revenue by geographic area	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Outside third-party Indiana customers $ 13,338 $ 32,137 $ 46,490 $ 115,787 Customers in Florida, North Carolina, Alabama and Georgia 18,324 65,283 67,603 164,809 Total Coal Operations sales $ 31,662 $ 97,420 $ 114,093 $ 280,596
Schedule of revenue by major customers	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Delivered energy (including contract liability amortization) $ 55,855 $ 54,391 $ 147,355 $ 184,675 Capacity 15,860 13,012 44,506 46,137 Total Electric Operations sales $ 71,715 $ 67,403 $ 191,861 $ 230,812

STOCK COMPENSATION PLANS (Table

STOCK COMPENSATION PLANS (Tables)	9 Months Ended
STOCK COMPENSATION PLANS (Tables)	Sep. 30, 2024
STOCK COMPENSATION PLANS
Schedule of Non-vested activity table	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 (42,500) Non-vested grants as of September 30, 2024 1,035,486
Schedule of Non-vested RSU vesting years	Vesting Year RSUs Vesting 2024 1,000 2025 682,068 2026 176,210 2027 176,208 1,035,486

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2024
LEASES
Schedule of lease cost	The following information relates to our leases (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease information: Operating cash outflows from operating leases $ 38 $ 52 $ 142 $ 156 Weighted average remaining lease term in years 8.0 8.75 8.0 8.75 Weighted average discount rate 9.8 % 6.0 % 9.8 % 6.0 % Finance lease information: Financing cash outflows from finance leases $ 1,440 — $ 4,105 — Proceeds from sale and leaseback arrangement $ — — $ 3,783 — Weighted average remaining lease term in years 2.39 — 2.39 — Weighted average discount rate 9.09 % — 9.09 % — For the Nine Months Ended September 30, For the Year Ended December 31, 2024 2023 (In thousands) Operating lease assets Buildings and equipment $ 657 $ 712 Operating lease liabilities: Current operating lease liabilities Accounts payable and accrued liabilities $ - $ 58 Non-current operating lease liabilities Other long-term liabilities 657 654 Total operating lease liability $ 657 $ 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 $ 6,248 $ 3,933 Non-current finance lease liabilities Long-term lease financing 9,234 8,157 Total finance lease liabilities $ 15,482 $ 12,090
Schedule of future minimum lease payment	Operating Leases Finance Leases (In thousands) 2024 $ — $ 1,872 2025 108 7,490 2026 121 7,331 2027 125 749 2028 129 — Thereafter 494 — Total minimum lease payments $ 977 $ 17,442 Less imputed interest and deferred finance fees (320) (1,960) Total lease liability $ 657 $ 15,482

SEGMENTS OF BUSINESS (Tables)

SEGMENTS OF BUSINESS (Tables)	9 Months Ended
SEGMENTS OF BUSINESS (Tables)	Sep. 30, 2024
SEGMENTS OF BUSINESS
Schedule of operations of primary reportable segments	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Operating revenues Electric operations (i) $ 71,902 $ 67,544 $ 192,379 $ 231,141 Coal operations 49,331 134,896 162,630 343,267 Corporate and other and eliminations (16,189) (36,672) (44,834) (59,112) Consolidated operating revenues $ 105,044 $ 165,768 $ 310,175 $ 515,296 Operating expenses Electric operations $ 52,547 $ 70,220 $ 150,989 $ 205,856 Coal operations 61,510 110,132 197,587 279,052 Corporate and other and eliminations (13,725) (38,387) (38,560) (44,892) Consolidated operating expenses $ 100,332 $ 141,965 $ 310,016 $ 440,016 Income (loss) from operations Electric operations $ 19,355 $ (2,676) $ 41,390 $ 25,285 Coal operations (12,179) 24,764 (34,957) 64,215 Corporate and other and eliminations (2,464) 1,715 (6,274) (14,220) Consolidated income (loss) from operations $ 4,712 $ 23,803 $ 159 $ 75,280 Depreciation, depletion and amortization Electric operations $ 4,802 $ 4,695 $ 14,197 $ 14,045 Coal operations 9,013 11,508 28,671 37,249 Corporate and other and eliminations 23 27 62 81 Consolidated depreciation, depletion and amortization $ 13,838 $ 16,230 $ 42,930 $ 51,375 Assets Electric operations $ 217,826 $ 209,455 $ 217,826 $ 209,455 Coal operations 356,252 375,682 356,252 375,682 Corporate and other and eliminations 5,652 49 5,652 49 Consolidated assets $ 579,730 $ 585,186 $ 579,730 $ 585,186 Capital expenditures Electric operations $ 4,602 $ 6,566 $ 16,121 $ 10,092 Coal operations 6,810 11,570 23,002 38,654 Corporate and other and eliminations 150 — 483 — Consolidated capital expenditures $ 11,562 $ 18,136 $ 39,606 $ 48,746 (i). Electric operations revenue as of each period presented were comprised of the components noted below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating revenues: Capacity revenue $ 15,860 $ 13,012 $ 44,506 $ 46,137 Delivered energy 44,549 44,110 111,181 121,492 Amortization of contract liability 11,306 10,281 36,174 63,183 Other operating revenue 187 141 518 329 Total Electric Operations revenue: $ 71,902 $ 67,544 $ 192,379 $ 231,141

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Sep. 30, 2024
NET INCOME (LOSS) PER SHARE
Schedule of earnings (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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic earnings per common share: Net income (loss) - basic $ 1,554 $ 16,075 $ (10,346) $ 55,041 Weighted average shares outstanding - basic 42,598 33,140 38,455 33,088 Basic earnings (loss) per common share $ 0.04 $ 0.49 $ (0.27) $ 1.66 The following table (in thousands, except per share amounts) sets forth the computation of diluted net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Diluted earnings per common share: Net income (loss) - basic $ 1,554 $ 16,075 $ (10,346) $ 55,041 Add: Convertible Notes interest expense, net of tax — 303 — 898 Net income (loss) - diluted $ 1,554 $ 16,378 $ (10,346) $ 55,939 Weighted average shares outstanding - basic 42,598 33,140 38,455 33,088 Add: Dilutive effects of if converted Convertible Notes — 3,162 — 3,164 Add: Dilutive effects of Restricted Stock Units 420 546 — 496 Weighted average shares outstanding - diluted 43,018 36,848 38,455 36,748 Diluted net income (loss) per share $ 0.04 $ 0.44 $ (0.27) $ 1.52

GENERAL BUSINESS (Details)

GENERAL BUSINESS (Details)	9 Months Ended
GENERAL BUSINESS (Details)	Sep. 30, 2024 segment
GENERAL BUSINESS
Number of reportable segments	2
Southwestern Indiana
GENERAL BUSINESS
Number of underground mines	2
Sunrise Energy, LLC
GENERAL BUSINESS
Percentage of equity method investment	50%

LONG-LIVED ASSET IMPAIRMENTS (D

LONG-LIVED ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
LONG-LIVED ASSET IMPAIRMENTS
Asset impairment charges	$ 0	$ 0	$ 0	$ 0

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
INVENTORY
Inventory adjustments	$ 1.8	$ 2

BANK DEBT (Details)

BANK DEBT (Details) $ in Thousands		6 Months Ended	9 Months Ended
BANK DEBT (Details) $ in Thousands	Sep. 27, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 70,000	$ 70,000	$ 91,500
Unamortized bank fees and other costs		2,987	2,987	3,609
Additional costs incurred		2,987	2,987	3,609
Quarterly EBITDA		9,600	$ 9,600
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Credit Agreement
Debt Instrument [Line Items]
Debt Instrument, Increase (Decrease), Net			$ 19,400
Additional borrowing capacity		31,100	31,100
Unamortized bank fees and other costs		4,300	4,300
Additional costs incurred		4,300	4,300
Unamortized bank fees		3,000	$ 3,000	$ 3,600
First lien leverage ratio			3.50
Minimum liquidity requirement		10,000	$ 10,000
Minimum quarterly EBITDA requirement		5,000	5,000
Debt Instrument, Liquidity		$ 34,900	$ 34,900
Covenant compliance			As of September 30, 2024, we were in compliance with all other covenants defined in the Credit Agreement.
Interest rate			5%
All in rate		9.76%	9.76%
Credit Agreement \| First quarter of 2025
Debt Instrument [Line Items]
Total Leverage Ratio, Threshold			5.50
Credit Agreement \| Each fiscal quarter after first quarter of 2025
Debt Instrument [Line Items]
Total Leverage Ratio, Threshold			2.25
Credit Agreement \| Minimum
Debt Instrument [Line Items]
Interest rate			4%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate			5%
Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Repay outstanding term loans	$ 20,000
Quarterly term loan payments	$ 6,500	$ 6,500
Debt Instrument, Increase (Decrease), Net			$ 21,500
Long-Term Debt, Gross		45,500	45,500
Credit Agreement \| Revolving credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000	75,000
Amount borrowed			$ 24,500
Credit Agreement \| Revolving credit \| Each fiscal quarter after first quarter of 2025
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio		1.25	1.25
First Amendment to the Credit Agreement
Debt Instrument [Line Items]
Unamortized bank fees and other costs		$ 600	$ 600
Additional costs incurred		$ 600	$ 600

BANK DEBT - Bank debt, less deb

BANK DEBT - Bank debt, less debt issuance costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
BANK DEBT
Current bank debt	$ 26,000	$ 26,000
Less unamortized debt issuance cost	(1,905)	(1,562)
Net current portion	24,095	24,438
Long-term bank debt	44,000	65,500
Less unamortized debt issuance cost	(1,082)	(2,047)
Net long-term portion	42,918	63,453
Total bank debt	70,000	91,500
Less total unamortized debt issuance cost	(2,987)	(3,609)
Net bank debt	$ 67,013	$ 87,891

BANK DEBT - Future Maturities (

BANK DEBT - Future Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
BANK DEBT
2024	$ 6,500
2025	26,000
2026	37,500
Total bank debt	$ 70,000	$ 91,500

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 23,437	$ 43,636
Accrued property taxes	4,808	2,987
Accrued payroll	5,123	6,575
Workers' compensation reserve	4,397	3,629
Group health insurance	1,750	2,300
Asset retirement obligation - current portion	1,330	2,150
Other	2,070	1,631
Total accounts payable and accrued liabilities	$ 42,915	$ 62,908

REVENUE (Details)

REVENUE (Details)	3 Months Ended	9 Months Ended	12 Months Ended
REVENUE (Details)	Jun. 30, 2024 USD ($) MWh	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2023 USD ($)
Contract Capacity [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		$ 24,700,000
Additional Obligations [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		32,600,000
Coal [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts Receivable, after Allowance for Credit Loss				$ 16,300,000
Hoosier [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Long-term Purchase Commitment, Minimum Quantity Required, Price Per Megawatt Hour		56
Revenue, Remaining Performance Obligation, Amount		186,600,000
Long-term Purchase Commitment, Stand Ready Obligation, Contract Capacity, Price Per Kilowatts-month		$ 7.02
Hoosier [Member] \| Electricity, Purchased [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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		$ 5.80

REVENUE - Remaining performance

REVENUE - Remaining performance obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Energy Obligations [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 320,280
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	3 months
Revenue, Remaining Performance Obligation, Percentage	9.90%
Energy Obligations [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	4 years
Revenue, Remaining Performance Obligation, Percentage	90.10%
Energy Obligations [Member] \| Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 70,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	4 years 3 months
Contract Capacity [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 140,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	5 years 3 months
Contract Capacity [Member] \| Hoosier [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 186,600
Contract Capacity [Member] \| Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 25,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year 3 months
Contract Capacity [Member] \| Hoosier [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 60,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	3 years
Additional Obligations [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 134,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	5 years 3 months

REVENUE - Electric Operations (

REVENUE - Electric Operations (Details) - Electric Operations [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 71,715	$ 67,403	$ 191,861	$ 230,812
Delivered Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues	55,855	54,391	147,355	184,675
Energy Capacity [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 15,860	$ 13,012	$ 44,506	$ 46,137

REVENUE - Coal Operations (Deta

REVENUE - Coal Operations (Details) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Coal Operations (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) T	Sep. 30, 2023 USD ($)
Coal Operations [Member]
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 31,662	$ 97,420	$ 114,093	$ 280,596
Remaining volume performance obligations			3
2025
Disaggregation of Revenue [Line Items]
Remaining volume performance obligations			1
2026
Disaggregation of Revenue [Line Items]
Remaining volume performance obligations			1
2027
Disaggregation of Revenue [Line Items]
Remaining volume performance obligations			1
INDIANA \| Coal Operations [Member]
Disaggregation of Revenue [Line Items]
Revenues \| $	13,338	32,137	$ 46,490	115,787
Florida, North Carolina, Alabama and Georgia [Member] \| Coal Operations [Member]
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 18,324	$ 65,283	$ 67,603	$ 164,809

INCOME TAXES (Details)

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Effective Income Tax Rate Reconciliation, Percent	24%	13%

STOCK COMPENSATION PLANS (Detai

STOCK COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1.1	$ 0.8	$ 3.3	$ 2.8
Share Price (in dollars per share)	$ 9.43		$ 9.43
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Intrinsic value of outstanding shares	$ 9.8		$ 9.8
Unrecognized stock compensation expense	$ 3.8		$ 3.8
Number of shares available for grants (in shares)	53,761		53,761

STOCK COMPENSATION PLANS - RSU

STOCK COMPENSATION PLANS - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares outstanding (in shares)
Non-vested grants - Beginning (in shares)	858,363
Awarded (in shares)	599,013
Vested (in shares)	(379,390)
Forfeited (in shares)	(42,500)
Non-vested grants - Ending (in shares)	1,035,486
Weighted average share price (in dollars per share)
Share price on grant date, awarded (in dollars per share) \| $ / shares	$ 5.69
Share price on vested date (in dollars per share) \| $ / shares	$ 5.30

STOCK COMPENSATION PLANS - Vest

STOCK COMPENSATION PLANS - Vesting of Non-vested RSU Grants (Details)	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vesting (in shares)	1,035,486
2024 \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vesting (in shares)	1,000
2025 \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vesting (in shares)	682,068
2026 \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vesting (in shares)	176,210
2027 \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vesting (in shares)	176,208

LEASES (Details)

LEASES (Details) $ in Millions	3 Months Ended	9 Months Ended
LEASES (Details) $ in Millions	Sep. 30, 2024 USD ($) lease	Sep. 30, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Sep. 30, 2023 lease
Lessee, Lease, Description [Line Items]
Imputed interest on operating leases	$ 0.3
Number of financing leases \| lease	4	4		0
Financing Leases, depreciation expense	$ 1.5	$ 3.7
Interest expense on finance lease liability	0.4	1.1
Imputed interest on future remaining finance lease liability		1.8
Deferred financing fees	$ 0.2	$ 0.2	$ 0.1
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, remaining lease term (Month)	1 month	1 month
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, remaining lease term (Month)	8 years	8 years

LEASES - Leases information (De

LEASES - Leases information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease information:
Operating cash outflows from operating leases	$ 38	$ 52	$ 142	$ 156
Weighted average remaining lease term in years (in years)	8 years	8 years 9 months	8 years	8 years 9 months
Weighted average discount rate	9.80%	6%	9.80%	6%
Finance lease information:
Financing cash outflows from finance leases	$ 1,440		$ 4,105
Proceeds from sale and leaseback arrangement			$ 3,783
Weighted average remaining lease term in years (Year)	2 years 4 months 20 days		2 years 4 months 20 days
Weighted average discount rate	9.09%		9.09%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2025	$ 108
2026	121
2027	125
2028	129
Thereafter	494
Total minimum lease payments	977
Less imputed interest and deferred finance fees	(320)
Total lease liability	657	$ 712
Finance Leases
2024	1,872
2025	7,490
2026	7,331
2027	749
2028	0
Thereafter	0
Total minimum lease payments	17,442
Less imputed interest and deferred finance fees	(1,960)
Total lease liability	$ 15,482	$ 12,090

LEASES - Balance Sheet Location

LEASES - Balance Sheet Locations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
LEASES
Operating lease assets	$ 657	$ 712
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Buildings and equipment
Current operating lease liabilities		58
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current
Non-current operating lease liabilities	$ 657	654
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Total lease liability	$ 657	712
Finance lease assets	19,869	12,346
Current finance lease liabilities	6,248	3,933
Non-current finance lease liabilities	9,234	8,157
Total lease liability	$ 15,482	$ 12,090

SELF-INSURANCE (Details)

SELF-INSURANCE (Details) $ in Thousands	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Sep. 30, 2023 USD ($)
Self Insurance [Line Items]
Total lease liability	$ 657	$ 712
Restricted cash	$ 5,812	$ 4,281	$ 4,143
Mining Properties and Mineral Rights [Member]
Self Insurance [Line Items]
Number of mining units \| item	4	7
Geographic spread of mining units (in miles) \| item	7	11
Total lease liability	$ 247,300	$ 262,000
Future Workers' Compensation Claim Payments [Member]
Self Insurance [Line Items]
Restricted cash		$ 4,300

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Total cash and cash equivalent and restricted cash balances on deposit with financial institutions	$ 9.6	$ 7.1

EQUITY METHOD INVESTMENTS (Deta

EQUITY METHOD INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in Sunrise Energy	$ 2,071	$ 2,811
Sunrise Energy, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity method investment	50%
Investment in Sunrise Energy	$ 2,100	$ 2,800

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			9 Months Ended
	Aug. 12, 2022	Aug. 08, 2022	Jul. 29, 2022	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Issuance of related party notes payable							$ 5,000
Loss on extinguishment of debt						$ (1,491)	(2,790)	$ (1,491)
Stock issued on redemption of convertible notes and interest							$ 22,993
Senior Unsecured Convertible Notes [Member]
Debt Instrument [Line Items]
Interest rate of debt instrument			8%
Senior Unsecured Convertible Notes [Member] \| Director [Member] \| Conversion Price 6 Point 254, Maturity Date December 2028 [Member]
Debt Instrument [Line Items]
Issuance of related party notes payable			$ 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
Loss on extinguishment of debt					$ (600)
Senior Unsecured Convertible Notes [Member] \| Director [Member] \| Conversion Price 6 Point 15, Maturity Date December 2028 [Member]
Debt Instrument [Line Items]
Issuance of related party notes payable		$ 4,000
Interest rate of debt instrument		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
Loss on extinguishment of debt				$ 200	$ (300)
Stock issued on redemption of convertible notes and interest				$ 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 Instrument [Line Items]
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]
Debt Instrument [Line Items]
Issuance of related party notes payable	$ 10,000
Interest rate of debt instrument	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
Loss on extinguishment of debt				$ (1,700)
Stock issued on redemption of convertible notes and interest				$ 10,000
Debt Conversion, Converted Instrument, Additional Shares (in shares)				49,716

NOTES PAYABLE - RELATED PARTI_2

NOTES PAYABLE - RELATED PARTIES (Details) - Unsecured Promissory Notes	Mar. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Interest rate of debt instrument	12%
Charles R. Wesley
Related Party Transaction [Line Items]
Principal amount of debt instrument	$ 2,000,000
David J. Lubar
Related Party Transaction [Line Items]
Principal amount of debt instrument	2,500,000
David C. Hardie
Related Party Transaction [Line Items]
Principal amount of debt instrument	$ 500,000

ORGANIZATIONAL RESTRUCTURING (D

ORGANIZATIONAL RESTRUCTURING (Details) $ in Millions	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 23, 2024 employee
ORGANIZATIONAL RESTRUCTURING
Number of employees \| employee				110
Percentage of Workforce				12%
Restructuring Reserve \| $	$ 1.9	$ 0.8	$ 1.1

AT THE MARKET AGREEMENT (Detail

AT THE MARKET AGREEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Dec. 18, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Stock issued in ATM offering			$ 34,515
ATM \| B. Riley Securities, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate gross proceeds	$ 50,000
Period of sale agreement	5 days
Stock issued in ATM offering (in shares)		0	4,654,430
Stock issued in ATM offering			$ 34,500

SEGMENTS OF BUSINESS (Details)

SEGMENTS OF BUSINESS (Details)	9 Months Ended
SEGMENTS OF BUSINESS (Details)	Sep. 30, 2024 segment
Segment Reporting Information [Line Items]
Number of Reportable Segments	2
Sunrise Energy, LLC
Segment Reporting Information [Line Items]
Percentage of equity method investment	50%

SEGMENTS OF BUSINESS - Summary

SEGMENTS OF BUSINESS - Summary of reportable segments operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues		$ 105,044	$ 165,768	$ 310,175	$ 515,296
Operating Expense		100,332	141,965	310,016	440,016
Income (loss) from operations		4,712	23,803	159	75,280
Depreciation, Depletion and Amortization		13,838	16,230	42,930	51,375
Assets		579,730	585,186	579,730	585,186	$ 589,780
Capital Expenditures		11,562	18,136	39,606	48,746
Other revenues		1,667	945	4,221	3,888
Electric Operations
Segment Reporting Information [Line Items]
Operating revenues	[1]	71,902	67,544	192,379	231,141
Operating Expense		52,547	70,220	150,989	205,856
Income (loss) from operations		19,355	(2,676)	41,390	25,285
Depreciation, Depletion and Amortization		4,802	4,695	14,197	14,045
Assets		217,826	209,455	217,826	209,455
Capital Expenditures		4,602	6,566	16,121	10,092
Amortization of contract liability		11,306	10,281	36,174	63,183
Electric Operations \| Capacity revenue
Segment Reporting Information [Line Items]
Operating revenues		15,860	13,012	44,506	46,137
Electric Operations \| Delivered energy
Segment Reporting Information [Line Items]
Other revenues		44,549	44,110	111,181	121,492
Electric Operations \| Other operating revenue
Segment Reporting Information [Line Items]
Other revenues		187	141	518	329
Coal Operations
Segment Reporting Information [Line Items]
Operating revenues		49,331	134,896	162,630	343,267
Operating Expense		61,510	110,132	197,587	279,052
Income (loss) from operations		(12,179)	24,764	(34,957)	64,215
Depreciation, Depletion and Amortization		9,013	11,508	28,671	37,249
Assets		356,252	375,682	356,252	375,682
Capital Expenditures		6,810	11,570	23,002	38,654
Corporate and other and eliminations
Segment Reporting Information [Line Items]
Operating revenues		(16,189)	(36,672)	(44,834)	(59,112)
Operating Expense		(13,725)	(38,387)	(38,560)	(44,892)
Income (loss) from operations		(2,464)	1,715	(6,274)	(14,220)
Depreciation, Depletion and Amortization		23	27	62	81
Assets		5,652	49	5,652	49
Capital Expenditures		$ 150	$ 0	$ 483	$ 0

[1]Electric operations revenue as of each period presented were comprised of the components noted below (in thousands):

NET INCOME (LOSS) PER SHARE - C

NET INCOME (LOSS) PER SHARE - Computation of net income allocated to common shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per common share:
Net income (loss) - basic	$ 1,554	$ 16,075	$ (10,346)	$ 55,041
Weighted average shares outstanding - basic (in shares)	42,598	33,140	38,455	33,088
Basic earnings (loss) per common share (in dollars per share)	$ 0.04	$ 0.49	$ (0.27)	$ 1.66
Diluted earnings per common share:
Net income (loss) - basic	$ 1,554	$ 16,075	$ (10,346)	$ 55,041
Add: Convertible Notes interest expense, net of tax		303		898
Net income (loss) - diluted	$ 1,554	$ 16,378	$ (10,346)	$ 55,939
Weighted average shares outstanding - basic (in shares)	42,598	33,140	38,455	33,088
Add: Dilutive effects of if converted Convertible Notes (in shares)		3,162		3,164
Add: Dilutive effects of Restricted Stock Units (in shares)	420	546		496
Weighted average shares outstanding - diluted (in shares)	43,018	36,848	38,455	36,748
Diluted net income (loss) per share (in dollars per share)	$ 0.04	$ 0.44	$ (0.27)	$ 1.52

ASSETS HELD-FOR-SALE (Details)

ASSETS HELD-FOR-SALE (Details) - Summit - Wholly-owned subsidiary held for sale - USD ($) $ in Millions		3 Months Ended
	Jul. 29, 2024	Sep. 30, 2024
ASSETS HELD-FOR-SALE
Right of first refusal number of days	90 days
Consideration	$ 3.2
Depreciation and amortization	0.1
Depreciation and amortization, net of tax	$ 0.1
Impairment of assets held for sale		$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands		3 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Oct. 23, 2024 USD ($) MWh	Jun. 30, 2024 USD ($) MWh	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
SUBSEQUENT EVENTS
Payments on bank debt			$ 86,500	$ 56,463
Hoosier
SUBSEQUENT EVENTS
Long Term Purchase Agreement, Prepaid Contract Amount		$ 45,000
Long Term Purchase Commitment, Total Usage of Power, Megawatt Per Hour (Megawatt-Hour) \| MWh		1,302,480
Subsequent Events
SUBSEQUENT EVENTS
Power contract term (in months)	19 months
Subsequent Events \| Hoosier
SUBSEQUENT EVENTS
Long-term purchase agreement prepaid contract amount	$ 60,000
Long-term purchase commitment total usage of power, megawatt per hour \| MWh	1,918,275
Subsequent Events \| Revolving credit
SUBSEQUENT EVENTS
Repayment of revolving credit	$ 34,000
Subsequent Events \| Term Loan \| Revolving credit
SUBSEQUENT EVENTS
Payments on bank debt	$ 20,000