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Earnings

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

By The Northwire Desk — AI Analysis Nov 06, 2025 · 17:35 MXG · 4.62 MAXIM POWER CORP.
MXG · Price

Executive Summary

  • Maxim Power Corp. reported Q3 2025 revenue of C$27.2 M, a modest increase versus the prior year, driven by higher realized power prices despite lower generation volumes.
  • Net income for the quarter was C$10.6 M (EPS basic C$0.17), essentially flat with Q3 2024; adjusted EBITDA fell to C$11.4 M from C$12.7 M year‑over‑year.
  • Free cash flow generated in Q3 2025 amounted to C$6.6 M, down sharply from C$15.1 M in the comparable period of 2024.

Key Details

  • Revenue: C$27,228 k (Q3 2025) vs. C$25,659 k (Q3 2024).
  • Net Income: C$10,620 k (Q3 2025) vs. C$10,744 k (Q3 2024).
  • Earnings per Share – Basic: C$0.17 (Q3 2025) vs. C$0.21 (Q3 2024).
  • Adjusted EBITDA: C$11,387 k (Q3 2025) vs. C$12,675 k (Q3 2024).
  • Total Generation: 454,253 MWh (Q3 2025) vs. 465,584 MWh (Q3 2024).
  • Average Alberta Market Power Price: $51.29/MWh (Q3 2025) vs. $55.36/MWh (Q3 2024).
  • Average Realized Power Price: $59.94/MWh (Q3 2025) vs. $55.11/MWh (Q3 2024).
  • Loans and Borrowings: None outstanding in Q3 2025 (previously C$79,869 k).
  • Total Net Debt (Net Cash): –C$53,032 k (Q3 2025) vs. –C$19,144 k (Q3 2024).
  • Free Cash Flow: C$6,609 k (Q3 2025) vs. C$15,062 k (Q3 2024).

Operating Commentary * Revenue increase attributed to higher realized power prices; generation volume declined modestly.
Adjusted EBITDA decline driven by lower net realized gains on commodity swaps and the same price/volume dynamics affecting revenue.
 Net income remained comparable year‑over‑year despite these pressures.

Nine‑Month Highlights (Jan–Sep 2025) * Revenue: C$68,907 k vs. C$77,434 k YoY – down due to lower power prices and generation.
Adjusted EBITDA: C$22,806 k vs. C$32,884 k YoY – decline for the same reasons as Q3.
 Net income: C$14,272 k vs. C$22,287 k YoY – down reflecting EBITDA trend and commodity swap losses.

Non‑GAAP Measures * Adjusted EBITDA excludes finance expense, taxes, depreciation & amortization, unrealized gains/losses on commodity swaps, share‑based compensation, and other income.
* Free cash flow calculated as operating cash before changes in non‑cash working capital less capex, loan repayments, interest expense/charges, plus interest income.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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