Maxim Power Corp. reports $101 million revenue in 2024

Maxim Power Corp. announced its financial results for the year ending December 31, 2024. The company reported revenue of $101 million. It also generated a record amount of power from its H.R. Milner Plant, known as M2. In 2024, Maxim's net income was $21.9 million, down from $28.3 million in 2023. The decrease was mainly due to the end of business interruption insurance claims and impacts from an unplanned outage. The company’s Adjusted EBITDA was $38.5 million, compared to $50.7 million a year earlier. Maxim made significant financial moves in 2024, including repaying $49.9 million of loans and converting $29.4 million of debt into shares. This increased its total shares outstanding to nearly 63.7 million. A special dividend of $0.50 per share was also declared and paid out in November 2024. In February 2025, Maxim entered into an agreement to sell its coal subsidiaries for a total of $14.2 million. This sale includes a 3% royalty on coal production from the sold assets. The company anticipates the sale will close in the first half of 2025. Maxim is focused on power projects in Alberta, including potential new gas and wind generation developments. The company has a normal course issuer bid program in place, allowing it to buy back its shares as part of its financial strategy.