Hallador Energy Co 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscalyear ended:December31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15 (d)of the Act. Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities andExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrantwas required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. ☑Accelerated filer☐Smaller reporting company☐Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☑ The aggregate market value of the common stock held by non-affiliates (public float) on June30, 2025, was $520,726,758, based on theclosing price reported that date by the NASDAQ of $15.83 per share. As of March10, 2026, we had 47,023,495 shares outstanding. Our Annual Meeting of Shareholders will be held on May27, 2026, inDenver, Colorado. DOCUMENTS INCORPORATED BY REFERENCEPortions of the following document are incorporated by reference into this Report: Registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders, which is to be filed pursuant to Regulation 14A within 120 days after the end of our fiscal year endedDecember 31, 2025 (Part III). FORWARD-LOOKING STATEMENTS Certain statements and information in this Annual Report on Form10-K may constitute “forward-lookingstatements.”These statements are based on our beliefs as well as assumptions made by, and informationcurrently available to us. When used in this document, the words “anticipate,” “believe,” “continue,”“estimate,” “expect,” “forecast,” “may,” “project,” “will,” and similar expressions identify forward-looking statements. Without limiting the foregoing, all statements relating to our future outlook,anticipated capital expenditures, future cash flows and borrowings and sources of funding are forward-looking statements. These statements reflect our current views with respect to future events and are subjectto numerous assumptions that we believe are open to a wide range of uncertainties and business risks, andactual results may differ materially from those discussed in these statements. Among the factors that couldcause actual results to differ from those in the forward-looking statements are: ●changes in macroeconomic and market conditions and market volatility, and the impact ofsuchchanges and volatility on our financial position;●fluctuations in weather, natural gas and electricity commodity costs, inflation and economicconditions impact demand of our customers and our operating results;●the outcome or escalation of current international hostilities;●changes in competition in electricity or coal markets and our ability to respond to such changes;●c