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CALGARY, Alberta, Aug. 06, 2026 (GLOBE NEWSWIRE) — Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX: MXG) announced today the release of financial and operating results for the second quarter ended June 30, 2026. The unaudited condensed consolidated interim financial statements, accompanying notes and Management’s Discussion and Analysis (“MD&A”) will be available on SEDAR+ and on MAXIM’s website on August 6, 2026. All figures reported herein are Canadian dollars unless otherwise stated.
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FINANCIAL HIGHLIGHTS
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| ($ in thousands except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||
| Revenue | 15,346 | 21,416 | 30,964 | 41,679 | ||||
| Net income (loss) | (3,066 | ) | 386 | (3,260 | ) | 3,652 | ||
| Earnings (loss) per share – basic | (0.05 | ) | 0.01 | (0.05 | ) | 0.06 | ||
| Earnings (loss) per share – diluted | (0.05 | ) | 0.01 | (0.05 | ) | 0.06 | ||
| Adjusted EBITDA (1) | 757 | 6,183 | 3,347 | 11,419 | ||||
| Total generation – (MWh) | 357,427 | 416,488 | 664,191 | 829,519 | ||||
| Total fuel consumption – (GJ) | 2,942,362 | 3,400,931 | 5,534,965 | 6,890,354 | ||||
| Average Alberta market power price ($ per MWh) | 29.47 | 40.48 | 30.80 | 40.14 | ||||
| Average realized power price ($ per MWh) | 42.93 | 51.44 | 46.62 | 50.24 | ||||
| Loans and borrowings | – | – | – | – | ||||
| Total net debt (net cash) (1) | (34,772 | ) | (40,382 | ) | (34,772 | ) | (40,382 | ) |
| Total assets | 375,883 | 360,005 | 375,883 | 360,005 | ||||
| Free cash flow (1) | (79 | ) | 5,163 | (16,885 | ) | 8,458 | ||
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(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 net debt, (see Non-GAAP Financial Measures below).
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OPERATING RESULTS
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During the second quarter of 2026, MAXIM recorded net loss and Adjusted EBITDA(1) of $3.1 million and $0.8 million, respectively, as compared to net income and Adjusted EBITDA(1) of $0.4 million and $6.2 million, respectively, in the same period of 2025. Net income and Adjusted EBITDA(1) decreased in 2026 primarily due to lower generation volumes and lower average realized power prices in the second quarter of 2026. Partially offsetting the unfavourable variance to net income were higher unrealized gains on commodity swaps in the second quarter of 2026.
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As a result of lower average Alberta market power pricing in the second quarter of 2026, M2 spent more time offline, or at lower output levels, to avoid uneconomic dispatch hours. M2, through its efficient combined cycle gas turbine configuration, demonstrated significant operational efficiency and flexibility throughout the quarter, the result of which helped minimize negative financial impact from prolonged uneconomic periods.
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GROUND LEASE
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On April 29, 2025, MAXIM, through its wholly-owned subsidiary Milner Power Inc. (“Milner”), entered into a ground lease at the Milner site with Mine 14 Operations Inc (“Mine 14 Ops”) to allow for construction and operation of a coal processing facility. On July 14, 2026, Mine 14 Ops issued a notice of termination under the ground lease providing for fourteen months notice of its termination of the ground lease in accordance with the terms of the ground lease. As such the ground lease will terminate on September 14, 2027. Mine 14 Ops continues to be obligated to pay rent of $0.3 million per month up to September 2027. As a result of the termination, there is no longer a potential benefit to MAXIM from the variable throughput payment which would have been payable under the ground lease if a coal processing facility was constructed and operational on the leased lands.
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