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

Core Insights - Maxim Power Corp. reported its financial and operating results for Q3 2025, showing a revenue increase compared to Q3 2024, primarily due to higher realized power prices despite lower generation volumes [1][3] - The company experienced a decrease in adjusted EBITDA and net income for the first nine months of 2025 compared to the same period in 2024, attributed to lower realized power prices and lower generation volumes [4] Financial Highlights - Q3 2025 revenue was CAD 27,228,000, up from CAD 25,659,000 in Q3 2024, while revenue for the first nine months of 2025 was CAD 68,907,000, down from CAD 77,434,000 in 2024 [2] - Net income for Q3 2025 was CAD 10,620,000, slightly down from CAD 10,744,000 in Q3 2024, and for the first nine months, it decreased to CAD 14,272,000 from CAD 22,287,000 in 2024 [2][4] - Adjusted EBITDA for Q3 2025 was CAD 11,387,000, down from CAD 12,675,000 in Q3 2024, and for the first nine months, it decreased to CAD 22,806,000 from CAD 32,884,000 in 2024 [2][4] Operating Results - The increase in revenue for Q3 2025 was primarily due to higher realized power prices, which averaged CAD 59.94 per MWh compared to CAD 55.11 per MWh in Q3 2024, while total generation decreased to 454,253 MWh from 465,584 MWh [2][3] - For the first nine months of 2025, the average realized power price was CAD 53.68 per MWh, down from CAD 59.21 per MWh in 2024, contributing to the overall revenue decline [2][4] Non-GAAP Financial Measures - Adjusted EBITDA is used by management to evaluate the company's operating cash flows before finance expenses, income taxes, depreciation, and amortization, providing insights into performance trends [5][6] - Free cash flow for Q3 2025 was CAD 6,609,000, down from CAD 15,062,000 in Q3 2024, indicating a decrease in cash available for growth initiatives and shareholder returns [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]