Maxim Power Corp. Announces 2025 Second Quarter Financial and Operating Results

Core Viewpoint - Maxim Power Corp. reported its financial and operating results for Q2 2025, highlighting a mixed performance with increased revenues and Adjusted EBITDA but decreased net income due to unrealized losses on commodity swaps [1][3]. Financial Highlights - Revenue for Q2 2025 was CAD 21,416,000, up from CAD 17,007,000 in Q2 2024, while revenue for the first six months of 2025 was CAD 41,679,000, down from CAD 51,775,000 in the same period of 2024 [2]. - Net income for Q2 2025 was CAD 386,000, a decrease from CAD 1,056,000 in Q2 2024, and for the first six months of 2025, it was CAD 3,652,000, down from CAD 11,543,000 in 2024 [2]. - Adjusted EBITDA for Q2 2025 was CAD 6,183,000, compared to CAD 4,287,000 in Q2 2024, while for the first six months, it was CAD 11,419,000, down from CAD 20,209,000 in 2024 [2][3]. - Total generation in Q2 2025 was 416,488 MWh, an increase from 365,666 MWh in Q2 2024, but total generation for the first six months decreased to 829,519 MWh from 842,197 MWh in 2024 [2][4]. Operating Results - The increase in revenues and Adjusted EBITDA in Q2 2025 was primarily due to higher generation volumes and realized power prices [3]. - The decrease in net income was attributed to unrealized losses on commodity swaps, despite the positive impact of higher revenues and Adjusted EBITDA [3]. - For the first six months of 2025, the decline in revenues, Adjusted EBITDA, and net income was mainly due to lower realized power prices and generation volumes [4]. Non-GAAP Financial Measures - Adjusted EBITDA is used to evaluate the corporation's operating cash flows before finance expenses, income taxes, depreciation, and amortization [5][6]. - Free cash flow (FCF) for Q2 2025 was CAD 5,163,000, significantly higher than CAD 1,699,000 in Q2 2024, while for the first six months, it was CAD 8,458,000, down from CAD 14,717,000 in 2024 [10]. Company Overview - Maxim Power Corp. is one of Canada's largest independent power producers, focusing on power projects in Alberta, with its core asset being the 300 MW H.R. Milner Plant [12].