CALGARY, Alberta, March 19, 2026 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today the release of financial and operating results for the fourth quarter ended December 31, 2025. The audited consolidated financial statements, accompanying notes and Management's Discussion and Analysis ("MD&A") will be available on SEDAR+ and on MAXIM's website on March 19, 2026. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS

 

Three Months EndedDecember 31,

Twelve Months EndedDecember 31,

($ in thousands except per share amounts)

2025

 

2024

 

2025

 

2024

 

Revenue

17,966

 

24,048

 

86,873

 

101,482

 

Net income (loss)

2,422

 

(341

)

16,694

 

21,946

 

Earnings (loss) per share, basic

0.04

 

(0.01

)

0.26

 

0.42

 

Earnings (loss) per share, diluted

0.04

 

(0.01

)

0.26

 

0.38

 

Adjusted EBITDA(1)

6,007

 

5,647

 

28,813

 

38,531

 

Total generation, (MWh)

312,769

 

425,486

 

1,596,541

 

1,733,267

 

Total fuel consumption, (GJ)

2,731,215

 

3,514,660

 

13,262,203

 

14,221,985

 

Average Alberta market power price ($ per MWh)

43.27

 

51.52

 

43.74

 

62.78

 

Average realized power price ($ per MWh)

57.44

 

56.52

 

54.41

 

58.55

 

Loans and borrowings

-

 

-

 

-

 

-

 

Total net debt (net cash)(1)

(56,917

)

(30,068

)

(56,917

)

(30,068

)

Total assets

383,424

 

359,098

 

383,424

 

359,908

 

Free cash flow(1)

2,454

 

(1,016

)

17,521

 

28,763

 

(1) Select financial information was derived from the consolidated financial statements and is prepared in accordance with GAAP, except certain non-GAAP measures including: free cash flow ("FCF"), adjusted Earnings before Interest, Income Taxes, Depreciation and Amortization ("Adjusted EBITDA") and total net debt, (see Non-GAAP Financial Measures below). Total net debt is included in the notes to the annual consolidated financial statements. Net debt is calculated to include: loans and borrowings less unrestricted cash.

OPERATING RESULTS

During 2025, MAXIM recorded net income and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"(1)) of $16.7 million and $28.8 million, respectively, as compared to net income and Adjusted EBITDA(1) of $21.9 million and $38.5 million, respectively, in the same period of 2024. Net income and Adjusted EBITDA(1) decreased in 2025 primarily due to lower generation volumes, as a result of a planned maintenance outage in the fourth quarter of 2025, and a lower realized average power price. Net income further decreased due to unrealized losses on commodity swaps, partially offset by other income and lower financing expenses.