Hadron Energy, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 9, 2026, reporting net income of $25,502 thousand for the nine months ended September 30, 2026, compared to a net loss of $31,198 thousand in the same period of 2025.

Key Highlights

  • Nine-month net income: The company reported net income of $25,502 thousand for the nine months ended September 30, 2026, versus a net loss of $31,198 thousand for the same period in 2025.
  • Third-quarter net loss: For the three months ended September 30, 2026, the company recorded a net loss of $5,424 thousand, compared to a net loss of $24,216 thousand in the prior-year quarter.
  • Cash position: Cash stood at $19,667 thousand as of September 30, 2026, up from $1,757 thousand as of December 31, 2025.
  • SAFE conversion and business combination: Simple Agreements for Future Equity (SAFEs) of $46,358 thousand on the December 31, 2025 balance sheet were converted, and a Business Combination generated net proceeds of $22,944 thousand during the period.
  • Fair value gains on SAFEs: A change in fair value of Simple Agreements for Future Equity contributed $31,846 thousand to other income for the nine months ended September 30, 2026.
  • Shares outstanding: As of November 5, 2026, the registrant had 70,974,018 shares of common stock outstanding, with 70,465,464 shares issued and outstanding as of September 30, 2026.
  • Total stockholders' equity: Total stockholders' equity was $16,165 thousand as of September 30, 2026, compared to a deficit of $59,800 thousand as of December 31, 2025.

Hadron Energy's Balance Sheet and Operating Results for Q3 2026

According to the filing, Hadron Energy, Inc. (NASDAQ:HDRN) reported a significant swing from a net loss to net income for the nine months ended September 30, 2026. The company disclosed that total other income for the nine-month period was $37,651 thousand, driven primarily by a change in fair value of Simple Agreements for Future Equity of $31,846 thousand and a change in fair value of warrant liabilities of $5,680 thousand. Interest income contributed $125 thousand. These non-cash items more than offset total operating expenses of $12,149 thousand, which included stock-based compensation of $12,985 thousand, general and administrative expenses of $5,879 thousand, and research and development expenses of $2,877 thousand.

The filing disclosed that total assets grew to $20,494 thousand as of September 30, 2026, from $4,089 thousand at December 31, 2025, with cash accounting for the majority of that increase. Total liabilities fell to $4,329 thousand from $63,889 thousand over the same period, primarily because the SAFEs balance of $46,358 thousand and accrued expenses of $17,383 thousand at year-end 2025 were eliminated following the Business Combination and related conversions completed during the second quarter of 2026. The company also noted a change in fair value of legal settlement liability of negative $9,601 thousand recorded among operating expenses for the nine-month period.

For the third quarter alone, the company reported a loss from operations of $5,967 thousand and total operating expenses of $5,967 thousand, which included stock-based compensation of $2,351 thousand, general and administrative expenses of $2,333 thousand, and research and development costs of $1,280 thousand. The registrant is classified as a non-accelerated filer, smaller reporting company, and emerging growth company. Redeemable warrants are also listed on the Nasdaq Stock Market LLC under the symbol HDRNW, with each full warrant exercisable for one share of common stock at an exercise price of $11.50 per share, according to the filing.

What Was Disclosed

Hadron Energy filed its quarterly report for the period ended September 30, 2026, disclosing a nine-month net income of $25,502 thousand driven largely by fair value changes on financial instruments, alongside a third-quarter net loss of $5,424 thousand and a strengthened balance sheet following its Business Combination.