7 unchanged sentences
These instruments include prepaid forward contracts, PPAs, and other bilateral agreements.
−Removed: Hallador uses these agreements to manage and fix the prices of certain purchases and sales to alleviate market risk and improve visibility into future results.
+Added: Hallador uses these agreements to manage and
+Added: fix the prices of certain purchases and sales to alleviate market risk and improve visibility into future results.
See the “Forward Sales Position” table within the “Material Changes in Results of Operations” section of “Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” .
−Removed: We are exposed to market price fluctuations for emission credits related to our investments in Sunrise Energy and Oaktown Gas, which had an aggregate value of $2.5 million at March 31, 2026.
+Added: We are exposed to market price fluctuations for emission credits related to our investments in Sunrise Energy and Oaktown Gas, which had an aggregate carrying value of $2.3 million at June 30, 2026.
For additional information regarding our investments in Sunrise Energy and Oaktown Gas, see “Item 1.
7 unchanged sentences
We use judgment to determine the appropriate composition of interest rate derivative instruments, taking into account the relative costs and benefits in light of current and expected future market conditions, liquidity issues and other factors.
−Removed: As of March 31, 2026 and December 31, 2025, we did not hold any interest rate derivative instruments.
+Added: As of June 30, 2026 and December 31, 2025, we did not hold any interest rate derivative instruments.
Weighted Average Variable Interest Rate.
−Removed: At March 31, 2026 and December 31, 2025, the outstanding principal amount of our variable-rate indebtedness aggregated zero and $30.0 million, respectively, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 7.16% and 8.17%, respectively, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
+Added: At June 30, 2026 and December 31, 2025, the outstanding principal amount of our variable-rate indebtedness aggregated $45.0 million and $30.0 million, respectively, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 7.11% and 8.17%, respectively, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
+Added: A 100 basis point increase in SOFR would increase annual interest expense by approximately $0.5 million.
Inflation Risk
10 unchanged sentences
To date, neither the access to nor the value of our cash and cash equivalent balances have been adversely impacted by liquidity problems of financial institutions.
+Added: We are also exposed to counterparty performance risk under the APA.
+Added: Our ability to receive the turbine equipment we agreed to purchase, and to recover amounts we paid toward the purchase price, depends on the performance of the Seller and its designated vendors.
We invest our cash with financial institutions that meet high credit quality standards.
1 unchanged sentence
In order to mitigate these risks, we actively manage the deposits of our cash balances in light of our and our subsidiaries’ forecasted liquidity requirements.
−Removed: At March 31, 2026 and December 31, 2025, our exposure to counterparty credit risk included (i) cash and cash equivalents and restricted cash of $43.4 million and $15.4 million, respectively, and (ii) aggregate availability of undrawn debt facilities of $60.8 million and $28.8 million, respectively.
+Added: At June 30, 2026 and December 31, 2025, our exposure to counterparty credit risk included (i) cash and cash equivalents and restricted cash of $34.9 million and $15.4 million, respectively, and (ii) aggregate availability of undrawn debt facilities of $55.3 million and $28.8 million, respectively.
While we currently have no specific concerns about the creditworthiness of any counterparty for which we have material credit risk exposures, we cannot rule out the possibility that one or more of our counterparties could fail or otherwise be unable to meet its obligations to us.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.