Hallador Energy Company Reports First Quarter 2024 Financial and Operating Results
Hallador Energy Company reported a net loss of $1.7 million, $(0.05) basic earnings per share, operating cash flow of $16.4 million, and adjusted EBITDA of $6.8 million for Q1 2024. The company is transitioning to an independent power producer, with Electric Operation revenue surpassing Coal Operation revenue. Forward sales book increased to $657.0 million, supporting the shift. Coal Division restructuring aims to improve margins. Solid forward sales position and revenue contracts through 2029 reflect positive growth.
Transition to independent power producer with Electric Operation revenue exceeding Coal Operation revenue.
Increased forward sales book to $657.0 million, supporting future growth.
Coal Division restructuring to enhance margins and adapt to market conditions.
Solid forward sales position and revenue contracts through 2029 indicate positive growth.
- None.
Insights
The reported net loss of $1.7 million and operating cash flow of
From a financial standpoint, the paydown of
Examining the forward sales book and the contractual revenue indicates a solid pipeline, yet the pricing and margins will be key considerations for the potential upside. The average cost per ton of coal at
As Hallador Energy pivots towards power production, one must understand the implications within the energy sector landscape. The securing of
The company's targeted Request for Proposals for power demand at the Merom Power Plant could potentially diversify its revenue streams and increase margins. This move also indicates an innovative approach to capitalizing on the power-dense consumers like data centers and AI providers, which are increasingly significant in the energy consumption matrix.
However, as the energy sector is highly regulated and subject to technological disruptions, Hallador must navigate the challenges of policy changes and competition from more established renewable energy sources. Their ability to adjust to the volatile power environment, while maintaining profitability and supporting the grid, will be essential for long-term success.
The strategic shift in Hallador Energy's operations could anticipate broader market trends favoring electricity over coal. This transition is aligned with consumer preferences and regulatory pressures encouraging cleaner energy sources. The reported increase in revenues from Electric Operations is indicative of market demand and the company's adaptability.
Investors might consider the broader economic and environmental contexts influencing Hallador's strategic decisions. The successful implementation of these strategies could position the company favorably within the evolving energy market. The proposal initiative at the Merom Power Plant highlights a proactive approach and potential for creating additional value through targeted energy solutions.
Nonetheless, it is important for stakeholders to monitor the execution of these strategic shifts, as the transition involves inherent risks associated with changing core operations, regulatory compliance and market competitiveness.
TERRE HAUTE, Ind., May 06, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) reported a net loss of
Brent Bilsland, President and Chief Executive Officer, stated, "Throughout the first quarter, we continued our progress on transitioning the focus of Hallador from a coal production company to an independent power producer. During the first three months of 2024, our Electric Operation's revenue exceeded that of our Coal Operation's revenue. Additionally, we were successful in adding approximately
Below are highlights for the first quarter of 2024:
- The Company Generated
$16.4 Million in Operating Cash Flow Which We Utilized to Pay Down Bank Debt by$14.5 million .- As of March 31, 2024, our bank debt was
$77.0 million , bringing our liquidity to$39.5 million and our leverage ratio to 1.58X, within our covenant of 2.25X.
- As of March 31, 2024, our bank debt was
- We Continued to Make Progress in our Transition from a Coal Production Company to an Independent Power Producer.
- Our Electric Operation's revenue exceeded our Coal Operation's revenue for the first three months of 2024.
- Since January 1, 2024, we secured approximately
$138.0 million in new long-term capacity and energy contracts.
- We Restructured Our Coal Division to Increase Margins and Adjust to Current Market Conditions.
- As previously announced, the restructuring should reduce capital expenditures at the Oaktown Mining Complex by
$10.0 million . - Maintains up to 4.5 million tons of annual production of our highest margin coal. Mining costs for the quarter were
$53.38 per ton. However, at Oaktown, we saw mining costs in March decrease into the$30 's on a per ton basis. - Reduced employee headcount by 110.
- Idled production at our highest cost surface mines.
- As previously announced, the restructuring should reduce capital expenditures at the Oaktown Mining Complex by
- We Launched a Targeted Request for Proposals for Power Demand Supporting New Development at our Merom Power Plant. Proposals are Due in Mid-May.
- Allows us to potentially capture additional margins above our traditional wholesale energy markets.
- Allows us to market industrial users of power, such as data centers, AI providers and power dense manufacturers, to the Merom property.
- We believe utilizing our power plant to help supply these large users of energy with reliable, resilient electricity, should allow us to operate more efficiently in a volatile power environment, generate increased margins and support the fragile power grid as it navigates the challenges of transition to new sources of energy in the coming decades.
Solid Forward Sales Position – Segment Basis, Before Intercompany Eliminations (unaudited):
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Total | ||||||||||||||||||||||
| Power | ||||||||||||||||||||||||||||
| Energy | ||||||||||||||||||||||||||||
| Contracted MWh (in millions) | 1.60 | 1.90 | 1.83 | 1.78 | 1.09 | 0.27 | 8.47 | |||||||||||||||||||||
| Contracted price per MWh | $ | 37.02 | $ | 36.06 | $ | 55.37 | $ | 54.65 | $ | 52.98 | $ | 51.00 | ||||||||||||||||
| Contracted revenue (in millions) | $ | 59.23 | $ | 68.51 | $ | 101.33 | $ | 97.28 | $ | 57.75 | $ | 13.77 | $ | 397.87 | ||||||||||||||
| % Energy Sold* | 27 | % | 32 | % | 31 | % | 30 | % | 18 | % | 5 | % | ||||||||||||||||
| Capacity | ||||||||||||||||||||||||||||
| Average monthly contracted capacity | 818 | 801 | 744 | 623 | 454 | 100 | ||||||||||||||||||||||
| % Capacity Contracted** | 106 | % | 82 | % | 77 | % | 64 | % | 47 | % | 10 | % | ||||||||||||||||
| Average contracted capacity price per MWd | $ | 209 | $ | 198 | $ | 230 | $ | 226 | $ | 225 | $ | 230 | ||||||||||||||||
| Contracted capacity revenue (in millions) | $ | 47.01 | $ | 57.89 | $ | 62.46 | $ | 51.39 | $ | 37.39 | $ | 3.47 | $ | 259.61 | ||||||||||||||
| Total Energy & Capacity Revenue | ||||||||||||||||||||||||||||
| Contracted Power Revenue (in millions) | $ | 106.24 | $ | 126.40 | $ | 163.79 | $ | 148.67 | $ | 95.14 | $ | 17.24 | $ | 657.48 | ||||||||||||||
| Contracted Power Revenue per MWh* | $ | 44.39 | $ | 47.76 | $ | 68.96 | $ | 68.00 | $ | 66.31 | $ | 56.62 | ||||||||||||||||
| 2024 average cost per MWh was | ||||||||||||||||||||||||||||
| 2024 Power Capex Budget (in millions) excluding ELG requirements | $ | 18.00 | ||||||||||||||||||||||||||
| Coal | ||||||||||||||||||||||||||||
| Priced tons – 3rd party (in millions) | 2.48 | 1.78 | 0.50 | 0.50 | — | — | 5.26 | |||||||||||||||||||||
| Average price per ton – 3rd party | $ | 50.65 | $ | 50.04 | $ | 55.50 | $ | 55.50 | $ | — | $ | — | ||||||||||||||||
| Priced tons (in millions) – Hallador Power | 1.20 | 2.30 | 2.30 | 2.30 | 2.30 | — | 10.40 | |||||||||||||||||||||
| Average price per ton – Hallador Power | $ | 51.00 | $ | 51.00 | $ | 51.00 | $ | 51.00 | $ | 51.00 | $ | — | ||||||||||||||||
| Contracted coal revenue (in millions) | $ | 186.81 | $ | 206.37 | $ | 145.05 | $ | 145.05 | $ | 117.30 | $ | — | $ | 800.58 | ||||||||||||||
| % Priced | 82 | % | 91 | % | 62 | % | 62 | % | 51 | % | 0 | % | ||||||||||||||||
| Committed & unpriced tons (in millions) – 3rd party | — | 1.00 | 1.00 | 1.00 | — | — | 3.00 | |||||||||||||||||||||
| Committed & unpriced tons (in millions) – Hallador Power | — | — | — | — | — | — | — | |||||||||||||||||||||
| Total contracted tons (in millions) | 3.68 | 5.08 | 3.80 | 3.80 | 2.30 | — | 18.66 | |||||||||||||||||||||
| % Coal Sold* | 82 | % | 113 | % | 84 | % | 84 | % | 51 | % | 0 | % | ||||||||||||||||
| Average cost per ton of coal was | ||||||||||||||||||||||||||||
| 2024 Coal Capex Budget (in millions) | $ | 25.00 | ||||||||||||||||||||||||||
| TOTAL CONTRACTED REVENUE (IN MILLIONS) | $ | 293.05 | $ | 332.77 | $ | 308.84 | $ | 293.72 | $ | 212.44 | $ | 17.24 | $ | 1,458.06 | ||||||||||||||
| *Based on coal production of 4.5 million tons and 6.0 million MWh annually. | ||||||||||||||||||||||||||||
| **Based on a MISO accreditation of 769 MW per day through 2024, up to 971 MW per day for 2025. Accreditations are adjusted annually based on 3-year rolling performance metrics. | ||||||||||||||||||||||||||||
The unaudited table below represents some of our critical metrics (in thousands, except for per-ton data):
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net income (loss) | $ | (1,696 | ) | $ | 22,051 | |||
| Total Revenues | $ | 109,672 | $ | 188,334 | ||||
| Tons Sold (after elimination) | 892 | 1,693 | ||||||
| Average Price per Ton (after elimination) | $ | 55.64 | $ | 55.88 | ||||
| Tons Sold (before elimination) | 1,214 | 1,693 | ||||||
| Average Price per Ton (before elimination) | $ | 54.40 | $ | 55.88 | ||||
| Bank Debt | $ | 77,000 | $ | 75,200 | ||||
| Operating Cash Flow | $ | 16,369 | $ | 26,112 | ||||
| Adjusted EBITDA* | $ | 6,823 | $ | 34,015 | ||||
| _______________ | ||||||||
| * Non-GAAP financial measure, defined as operating cash flowsless effects of certain subsidiary and equity method investment activity, plus bankinterest, less effects of working capital period changes, plus other amortization | ||||||||
Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing Adjusted EBITDA may not be the same method used to compute similar measures reported by other companies.
Management believes the non-GAAP financial measure, Adjusted EBITDA, is an important measure in analyzing our liquidity and is a key component of certain material covenants contained within our Credit Agreement, specifically a maximum leverage ratio and a debt service coverage ratio. Noncompliance with the leverage ratio or debt service coverage ratio covenants could result in our lenders requiring the Company to immediately repay all amounts borrowed. If we cannot satisfy these financial covenants, we would be prohibited under our Credit Agreement from engaging in certain activities, such as incurring additional indebtedness, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA is critical to the assessment of our liquidity. The required amount of Adjusted EBITDA is a variable based on our debt outstanding and/or required debt payments at the time of the quarterly calculation based on a rolling prior 12-month period.
Reconciliation of the non-GAAP financial measure, Adjusted EBITDA, to cash provided by operating activities, the most comparable GAAP measure, is as follows (in thousands) for the quarters ended March 31, 2024 and 2023, respectively.
Reconciliation of GAAP "Cash provided by (used in) operating activities" to non-GAAP "Adjusted EBITDA" (in thousands; unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash provided by (used in) operating activities | $ | 16,369 | $ | 26,112 | ||||
| Current income tax expense | — | 432 | ||||||
| Loss from Hourglass Sands | 1 | 1 | ||||||
| Loss from Sunrise Indemnity | 6 | — | ||||||
| Distribution from Sunrise Energy | — | (625 | ) | |||||
| Bank and convertible note interest expense | 3,533 | 2,687 | ||||||
| Working capital period changes | (13,175 | ) | 4,812 | |||||
| Other long-term asset and liability changes | (937 | ) | (451 | ) | ||||
| Cash paid on asset retirement obligation reclamation | 639 | 365 | ||||||
| ASC 606 Capacity Adjustment | (1,248 | ) | — | |||||
| Other amortization | 1,635 | 682 | ||||||
| Adjusted EBITDA | 6,823 | 34,015 | ||||||
| Cash used in investing activities | (14,850 | ) | (13,467 | ) | ||||
| Cash used in financing activities | (2,270 | ) | (12,722 | ) | ||||
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "guidance," "target," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador's annual report on Form 10-K for the year ended December 31, 2023, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
Conference Call
The call will be on Tuesday, May 7, 2024, at 2:00 pm Eastern time and will be webcast live on our website at www.halladorenergy.com under events and will be available for a limited time.
PARTICIPANT INFORMATION
United States (Local): +1 404 975 4839
United States (Toll-Free): +1 833 470 1428
Access Code: 749324
Hallador is headquartered in Terre Haute, Indiana, and through its wholly-owned subsidiaries, Sunrise Coal, LLC and Hallador Power, LLC, produces coal and electricity in the Illinois Basin for the electric power generation industry. To learn more about Hallador, visit our website at www.halladorenergy.com.
| CONTACT: | INVESTOR RELATIONS |
| PHONE: | (303) 839-5504 |
| Hallador Energy Company | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,635 | $ | 2,842 | ||||
| Restricted cash | 4,737 | 4,281 | ||||||
| Accounts receivable | 14,228 | 19,937 | ||||||
| Inventory | 29,688 | 23,075 | ||||||
| Parts and supplies | 40,360 | 38,877 | ||||||
| Prepaid expenses | 2,614 | 2,262 | ||||||
| Total current assets | 93,262 | 91,274 | ||||||
| Property, plant and equipment: | ||||||||
| Land and mineral rights | 115,486 | 115,486 | ||||||
| Buildings and equipment | 537,921 | 537,131 | ||||||
| Mine development | 161,669 | 158,642 | ||||||
| Finance lease right-of-use assets | 16,178 | 12,346 | ||||||
| Total property, plant and equipment | 831,254 | 823,605 | ||||||
| Less - accumulated depreciation, depletion and amortization | (348,783 | ) | (334,971 | ) | ||||
| Total property, plant and equipment, net | 482,471 | 488,634 | ||||||
| Investment in Sunrise Energy | 2,562 | 2,811 | ||||||
| Other assets | 7,125 | 7,061 | ||||||
| Total assets | $ | 585,420 | $ | 589,780 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of bank debt, net | $ | 24,438 | $ | 24,438 | ||||
| Notes payable – related party | 5,000 | — | ||||||
| Accounts payable and accrued liabilities | 47,125 | 62,908 | ||||||
| Current portion of lease financing | 4,958 | 3,933 | ||||||
| Deferred revenue | 41,242 | 23,062 | ||||||
| Contract liability – power purchase agreement and capacity payment reduction | 41,662 | 43,254 | ||||||
| Total current liabilities | 164,425 | 157,595 | ||||||
| Long-term liabilities: | ||||||||
| Bank debt, net | 49,343 | 63,453 | ||||||
| Convertible notes payable | 10,000 | 10,000 | ||||||
| Convertible notes payable – related party | 1,000 | 9,000 | ||||||
| Long-term lease financing | 9,701 | 8,157 | ||||||
| Deferred revenue | 5,434 | — | ||||||
| Deferred income taxes | 8,625 | 9,235 | ||||||
| Asset retirement obligations | 14,934 | 14,538 | ||||||
| Contract liability – power purchase agreement | 36,229 | 47,425 | ||||||
| Other | 1,871 | 1,789 | ||||||
| Total long-term liabilities | 137,137 | 163,597 | ||||||
| Total liabilities | 301,562 | 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; 36,534 and 34,052 issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively | 365 | 341 | ||||||
| Additional paid-in capital | 144,490 | 127,548 | ||||||
| Retained earnings | 139,003 | 140,699 | ||||||
| Total stockholders' equity | 283,858 | 268,588 | ||||||
| Total liabilities and stockholders' equity | $ | 585,420 | $ | 589,780 | ||||
| Hallador Energy Company | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| SALES AND OPERATING REVENUES: | ||||||||
| Electric sales | $ | 58,755 | $ | 92,392 | ||||
| Coal sales | 49,630 | 94,602 | ||||||
| Other revenues | 1,287 | 1,340 | ||||||
| Total sales and operating revenues | 109,672 | 188,334 | ||||||
| EXPENSES: | ||||||||
| Operating expenses | 85,083 | 133,521 | ||||||
| Depreciation, depletion and amortization | 15,443 | 17,976 | ||||||
| Asset retirement obligations accretion | 399 | 451 | ||||||
| Exploration costs | 70 | 206 | ||||||
| General and administrative | 5,944 | 6,947 | ||||||
| Total operating expenses | 106,939 | 159,101 | ||||||
| INCOME FROM OPERATIONS | 2,733 | 29,233 | ||||||
| Interest expense (1) | (3,937 | ) | (3,899 | ) | ||||
| Loss on extinguishment of debt | (853 | ) | — | |||||
| Equity method investment (loss) income | (249 | ) | 69 | |||||
| NET INCOME (LOSS) BEFORE INCOME TAXES | (2,306 | ) | 25,403 | |||||
| INCOME TAX EXPENSE (BENEFIT): | ||||||||
| Current | — | 432 | ||||||
| Deferred | (610 | ) | 2,920 | |||||
| Total income tax expense (benefit) | (610 | ) | 3,352 | |||||
| NET INCOME (LOSS) | $ | (1,696 | ) | $ | 22,051 | |||
| NET INCOME (LOSS) PER SHARE: | ||||||||
| Basic | $ | (0.05 | ) | $ | 0.67 | |||
| Diluted | $ | (0.05 | ) | $ | 0.61 | |||
| WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
| Basic | 34,816 | 32,983 | ||||||
| Diluted | 34,816 | 36,740 | ||||||
| (1) Interest Expense: | ||||||||
| Interest on bank debt | $ | 2,805 | $ | 2,255 | ||||
| Other interest | 728 | 432 | ||||||
| Amortization: | ||||||||
| Amortization of debt issuance costs | 404 | 1,212 | ||||||
| Total amortization | 404 | 1,212 | ||||||
| Total interest expense | $ | 3,937 | $ | 3,899 | ||||
| Hallador Energy Company | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | (1,696 | ) | $ | 22,051 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Deferred income taxes | (610 | ) | 2,920 | |||||
| Equity loss (income) – Sunrise Energy | 249 | (69 | ) | |||||
| Cash distribution – Sunrise Energy | — | 625 | ||||||
| Depreciation, depletion, and amortization | 15,443 | 17,976 | ||||||
| Loss on extinguishment of debt | 853 | — | ||||||
| Loss (gain) on sale of assets | (24 | ) | 21 | |||||
| Amortization of debt issuance costs | 404 | 1,212 | ||||||
| Asset retirement obligations accretion | 399 | 451 | ||||||
| Cash paid on asset retirement obligation reclamation | (639 | ) | (365 | ) | ||||
| Stock-based compensation | 666 | 1,220 | ||||||
| Amortization of contract asset and contract liabilities | (12,788 | ) | (15,569 | ) | ||||
| Other | 937 | 451 | ||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable | 5,709 | (3,269 | ) | |||||
| Inventory | (6,613 | ) | (4,004 | ) | ||||
| Parts and supplies | (1,483 | ) | (2,926 | ) | ||||
| Prepaid expenses | (37 | ) | 389 | |||||
| Accounts payable and accrued liabilities | (8,015 | ) | 2,009 | |||||
| Deferred revenue | 23,614 | 2,989 | ||||||
| Net cash provided by operating activities | 16,369 | 26,112 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (14,874 | ) | (13,482 | ) | ||||
| Proceeds from sale of equipment | 24 | 15 | ||||||
| Net cash used in investing activities | (14,850 | ) | (13,467 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments on bank debt | (26,500 | ) | (27,013 | ) | ||||
| Payments on lease financing | (1,238 | ) | — | |||||
| Borrowings of bank debt | 12,000 | 17,000 | ||||||
| Proceeds from sale and leaseback arrangement | 1,927 | — | ||||||
| Issuance of related party notes payable | 5,000 | — | ||||||
| Debt issuance costs | (38 | ) | (1,600 | ) | ||||
| ATM offering | 6,580 | — | ||||||
| Taxes paid on vesting of RSUs | (1 | ) | (1,109 | ) | ||||
| Net cash used in financing activities | (2,270 | ) | (12,722 | ) | ||||
| Decrease in cash, cash equivalents, and restricted cash | (751 | ) | (77 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 7,123 | 6,426 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 6,372 | $ | 6,349 | ||||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||||||||
| Cash and cash equivalents | $ | 1,635 | $ | 2,441 | ||||
| Restricted cash | 4,737 | 3,908 | ||||||
| $ | 6,372 | $ | 6,349 | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
| Cash paid for interest | $ | 3,083 | $ | 3,116 | ||||
| SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||||||||
| Change in capital expenditures included in accounts payable and prepaid expense | $ | (5,290 | ) | $ | 120 | |||
| Stock issued on redemption of convertible notes and interest | $ | 9,721 | $ | — | ||||
| Hallador Energy Company | ||||||||||||||||||||
| Condensed Consolidated Statements of Stockholders'Equity | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Additional | Total | |||||||||||||||||||
| Common Stock Issued | Paid-in | Retained | Stockholders' | |||||||||||||||||
| Shares | Amount | Capital | Earnings | Equity | ||||||||||||||||
| Balance, December 31, 2023 | 34,052 | $ | 341 | $ | 127,548 | $ | 140,699 | $ | 268,588 | |||||||||||
| Stock-based compensation | — | — | 666 | — | 666 | |||||||||||||||
| Stock issued on vesting of RSUs | 321 | 3 | (3 | ) | — | — | ||||||||||||||
| Taxes paid on vesting of RSUs | (132 | ) | (1 | ) | — | — | (1 | ) | ||||||||||||
| Stock issued on redemption of convertible notes | 1,582 | 15 | 9,706 | — | 9,721 | |||||||||||||||
| Stock issued in ATM offering | 711 | 7 | 6,573 | — | 6,580 | |||||||||||||||
| Net loss | — | — | — | (1,696 | ) | (1,696 | ) | |||||||||||||
| Balance, March 31, 2024 | 36,534 | $ | 365 | $ | 144,490 | $ | 139,003 | $ | 283,858 | |||||||||||
| Additional | Total | |||||||||||||||||||
| Common Stock Issued | Paid-in | Retained | Stockholders' | |||||||||||||||||
| Shares | Amount | Capital | Earnings | Equity | ||||||||||||||||
| Balance, December 31, 2022 | 32,983 | $ | 330 | $ | 118,788 | $ | 95,906 | $ | 215,024 | |||||||||||
| Stock-based compensation | — | — | 1,220 | — | 1,220 | |||||||||||||||
| Stock issued on vesting of RSUs | 275 | 3 | (3 | ) | — | — | ||||||||||||||
| Taxes paid on vesting of RSUs | (121 | ) | (1 | ) | (1,108 | ) | — | (1,109 | ) | |||||||||||
| Net income | — | — | — | 22,051 | 22,051 | |||||||||||||||
| Balance, March 31, 2023 | 33,137 | $ | 332 | $ | 118,897 | $ | 117,957 | $ | 237,186 | |||||||||||
