Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: CA$21.9m (up 8.2% from 1Q 2025). Net loss: CA$194.0k (down 106% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 26
Maxim Power Corp., Annual General Meeting, Jun 02, 2026 Maxim Power Corp., Annual General Meeting, Jun 02, 2026. Location: alberta, calgary Canada New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 171% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: CA$0.26 (vs CA$0.42 in FY 2024) Full year 2025 results: EPS: CA$0.26 (down from CA$0.42 in FY 2024). Revenue: CA$91.0m (down 10% from FY 2024). Net income: CA$16.7m (down 24% from FY 2024). Profit margin: 18% (down from 22% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Dec 12
President & CEO exercised options to buy CA$135k worth of stock. On the 10th of December, Robert Emmott exercised options to buy 31k shares at a strike price of around CA$3.43, costing a total of CA$107k. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since June 2025, Robert's direct individual holding has increased from 280.46k shares to 311.51k. Company insiders have collectively bought CA$353k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: CA$0.17 (vs CA$0.21 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.17 (down from CA$0.21 in 3Q 2024). Revenue: CA$27.6m (up 7.5% from 3Q 2024). Net income: CA$10.6m (down 1.2% from 3Q 2024). Profit margin: 39% (down from 42% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Sep 08
VP of Corporate Development & CFO exercised options to buy CA$59k worth of stock. On the 4th of September, Kyle Mitton exercised options to buy 13k shares at a strike price of around CA$3.78, costing a total of CA$50k. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. Since December 2024, Kyle's direct individual holding has increased from 454.68k shares to 530.78k. Company insiders have collectively bought CA$34k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: CA$0.01 (vs CA$0.021 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.01 (down from CA$0.021 in 2Q 2024). Revenue: CA$21.4m (up 26% from 2Q 2024). Net income: CA$386.0k (down 63% from 2Q 2024). Profit margin: 1.8% (down from 6.2% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Jul 04
VP of Corporate Development & CFO exercised options to buy CA$190k worth of stock. On the 30th of June, Kyle Mitton exercised options to buy 42k shares at a strike price of around CA$4.01, costing a total of CA$167k. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. Since September 2024, Kyle's direct individual holding has increased from 454.68k shares to 517.45k. Company insiders have collectively bought CA$67k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Andrea Whyte was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 15
Director recently sold CA$68k worth of stock On the 12th of June, Michael Mayder sold around 16k shares on-market at roughly CA$4.38 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$184k more than they bought in the last 12 months. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: CA$0.05 (vs CA$0.21 in 1Q 2024) First quarter 2025 results: EPS: CA$0.05 (down from CA$0.21 in 1Q 2024). Revenue: CA$23.0m (down 34% from 1Q 2024). Net income: CA$3.27m (down 69% from 1Q 2024). Profit margin: 14% (down from 30% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Apr 30
Valory Resources Inc. completed the acquisition of Summit Coal Inc. and Summit Coal Limited Partnership from Maxim Power Corp. (TSX:MXG). Valory Resources Inc. entered into a Purchase and Sale Agreement to acquire Summit Coal Inc. and Summit Coal Limited Partnership from Maxim Power Corp. (TSX:MXG) for CAD 14.2 million on February 18, 2025. Consideration consisting of CAD 10.2 million of cash and CAD 4.0 million of equity securities in the form of a 15% interest bearing note convertible into Valory common shares. Summit was sold with CAD 2.2 million of restricted cash, resulting in net cash proceeds to MAXIM of CAD 8.0 million. MAXIM anticipates the Closing to occur in the first half of 2025.
Valory Resources Inc. completed the acquisition of Summit Coal Inc. and Summit Coal Limited Partnership from Maxim Power Corp. (TSX:MXG) on April 29, 2025. Announcement • Mar 31
Maxim Power Corp., Annual General Meeting, Jun 03, 2025 Maxim Power Corp., Annual General Meeting, Jun 03, 2025. Location: alberta, calgary Canada New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: CA$0.42 (vs CA$0.56 in FY 2023) Full year 2024 results: EPS: CA$0.42 (down from CA$0.56 in FY 2023). Revenue: CA$113.5m (up 174% from FY 2023). Net income: CA$21.9m (down 22% from FY 2023). Profit margin: 19% (down from 68% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Dec 30
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to CA$5.99. The fair value is estimated to be CA$4.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 43%. Recent Insider Transactions • Nov 22
Director recently sold CA$105k worth of stock On the 20th of November, Michael Mayder sold around 20k shares on-market at roughly CA$5.30 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$164k more than they bought in the last 12 months. New Risk • Nov 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (32% net profit margin). Shareholders have been diluted in the past year (26% increase in shares outstanding). Announcement • Nov 08
Maxim Power Corp. Approves Special Dividend, Payable on November 29, 2024 Maxim Power Corp. announced on November 7, 2024, the company’s board of directors approved the declaration and distribution of a special dividend (the special dividend) of CAD 0.50 per common share of MAXIM (Common Share). The aggregate amount of the special dividend will be approximately CAD 31.8 million, which is payable in cash, and will be funded from surplus cash. The Special Dividend is payable on November 29, 2024 to the holders of the Common Shares, of record, as of the ex-dividend date, which is the close of business on November 21, 2024. New Risk • Aug 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 26% Last year net profit margin: 53% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (26% net profit margin). Recent Insider Transactions Derivative • Apr 02
Corporate Secretary & Senior HR Advisor exercised options to buy CA$37k worth of stock. On the 27th of March, Kim Karran exercised options to buy 8k shares at a strike price of around CA$8,333, costing a total of CA$69m. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. Since June 2023, Kim's direct individual holding has increased from 94.84k shares to 125.31k. Company insiders have collectively bought CA$70m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 29
Maxim Power Corp., Annual General Meeting, Jun 05, 2024 Maxim Power Corp., Annual General Meeting, Jun 05, 2024. New Risk • Mar 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 299% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (33% increase in shares outstanding). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: CA$0.56 (vs CA$0.84 in FY 2022) Full year 2023 results: EPS: CA$0.56 (down from CA$0.84 in FY 2022). Revenue: CA$44.5m (down 69% from FY 2022). Net income: CA$28.3m (down 33% from FY 2022). Profit margin: 64% (up from 30% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Mar 15
Maxim Power Corp. Reports Impairment Charge for the Three Months Ended December 31, 2023 Maxim Power Corp. reported impairment charge for the three months ended December 31, 2023. For the quarter, the company announced asset impairment charge was $2,002,000. Announcement • Dec 14
Maxim Power Corp. Announces Chief Executive Officer Changes, Effective January 1, 2024 Maxim Power Corp. announced that Mr. Robert (Bob) Emmott will be transitioning to President and Chief Executive Officer (‘CEO’), assuming the CEO role from Mr. M. Bruce Chernoff, effective January 1, 2024. Mr. Chernoff will continue to provide his experienced leadership and governance as the company’s Chair of the Board. As the incoming CEO, Mr. Emmott brings extensive and diverse experience from his many years in the power industry, including senior leadership delivering strategic global initiatives, most recently in Canada, the USA and Australia. Since joining the Corporation in 2018, Mr. Emmott has held senior roles, including as Executive Vice President and Chief Operating Officer (‘COO’), and since 2020 as President and COO. Mr. Emmott holds a Bachelor of Science in Mechanical Engineering, a Post Graduate Diploma in Nuclear Engineering and a Master of Laws from Osgoode Law School. Recent Insider Transactions Derivative • Dec 07
President & COO exercised options to buy CA$274k worth of stock. On the 5th of December, Robert Emmott exercised options to buy 65k shares at a strike price of around CA$2.12, costing a total of CA$137k. This transaction amounted to 35% of their direct individual holding at the time of the trade. Since December 2022, Robert's direct individual holding has increased from 156.04k shares to 184.64k. Company insiders have collectively bought CA$567k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 09
Third quarter 2023 earnings released: CA$0.10 loss per share (vs CA$0.48 profit in 3Q 2022) Third quarter 2023 results: CA$0.10 loss per share (down from CA$0.48 profit in 3Q 2022). Revenue: CA$2.47m (down 96% from 3Q 2022). Net loss: CA$4.90m (down 120% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Aug 18
Corporate Secretary & Senior HR Advisor exercised options to buy CA$152k worth of stock. On the 15th of August, Kim Karran exercised options to buy 31k shares at a strike price of around CA$1.99, costing a total of CA$61k. This transaction amounted to 32% of their direct individual holding at the time of the trade. Since September 2022, Kim's direct individual holding has decreased from 96.51k shares to 94.84k. Company insiders have collectively bought CA$769k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Aug 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,938% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: CA$0.28 (vs CA$0.51 in 1H 2022) First half 2023 results: EPS: CA$0.28 (down from CA$0.51 in 1H 2022). Net income: CA$13.7m (down 46% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Jul 06
VP of Corporate Development & CFO exercised options to buy CA$191k worth of stock. On the 30th of June, Kyle Mitton exercised options to buy 42k shares at a strike price of around CA$2.19, costing a total of CA$91k. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since September 2022, Kyle's direct individual holding has increased from 287.55k shares to 350.77k. Company insiders have collectively bought CA$745k more than they sold, via options and on-market transactions, in the last 12 months. Buying Opportunity • Jun 14
Now 21% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be CA$5.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$4.45, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 20x in the Renewable Energy industry in Canada. Total returns to shareholders of 103% over the past three years. Recent Insider Transactions Derivative • May 19
Independent Director exercised options to buy CA$115k worth of stock. On the 12th of May, Wiley Auch exercised options to buy 30k shares at a strike price of around CA$1.88, costing a total of CA$56k. This transaction amounted to 32% of their direct individual holding at the time of the trade. Since June 2022, Wiley's direct individual holding has increased from 76.83k shares to 96.73k. Company insiders have collectively bought CA$547k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: CA$0.15 (vs CA$0.34 in 1Q 2022) First quarter 2023 results: EPS: CA$0.15 (down from CA$0.34 in 1Q 2022). Net income: CA$7.75m (down 54% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Apr 19
VP of Corporate Development & CFO exercised options to buy CA$200k worth of stock. On the 14th of April, Kyle Mitton exercised options to buy 50k shares at a strike price of around CA$1.43, costing a total of CA$72k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since September 2022, Kyle's direct individual holding has increased from 287.55k shares to 300.77k. Company insiders have collectively bought CA$510k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: CA$0.84 (vs CA$1.57 in FY 2021) Full year 2022 results: EPS: CA$0.84 (down from CA$1.57 in FY 2021). Revenue: CA$141.3m (down 9.5% from FY 2021). Net income: CA$42.3m (down 46% from FY 2021). Profit margin: 30% (down from 50% in FY 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$5.16, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 42x in the Renewable Energy industry in Canada. Total returns to shareholders of 170% over the past three years. Announcement • Dec 16
Maxim Power Corp. Provides Updates on the M2 Return to Service, CCGT Expansion Project and Insurance Information Maxim Power Corp. provided an update regarding the return to service of the Milner 2 (“M2”) facility following the non-injury fire incident (the “Incident”) that occurred on September 30, 2022, a project update on the Combined Cycle Gas Turbine (“CCGT”) expansion of M2, and an update on insurance information related to the Incident. Following the Incident, MAXIM is continuing the process of disassembling and replacing M2’s damaged air inlet filter house. At this time, the Corporation’s most probable return to service date for the M2 facility is late July 2023. MAXIM continues to actively work with counterparties to improve on this schedule. Material updates regarding the return to service schedule will be provided as they become known. As previously reported, start up of the CCGT expansion project will be delayed due to the Incident. Construction of the CCGT expansion project is currently greater than 99% complete, however, hot-commissioning activities cannot occur until M2 is returned to service. MAXIM anticipates that the hot commissioning activities will commence following the return to service of M2.As previously noted, completion of the CCGT expansion of M2 will allow capture of waste heat that would otherwise exhaust into the atmosphere and turn it into useful low carbon electricity for the Alberta power grid. The CCGT expansion of M2 will reduce the intensity of carbon emissions by more than 60% compared to the legacy coal-fired H.R. Milner facility.At this time, MAXIM forecasts it has sufficient liquidity to complete both the CCGT expansion of M2 and the replacement of the air inlet filter house and will fund these costs using cash on hand, available funds through the existing senior and subordinated credit facilities, and anticipated insurance proceeds, as required. MAXIM reaffirms insurance coverage for the Incident, subject to the terms and conditions of the Corporation’s Property Insurance (“PI”) policy, including Business Interruption (“BI”) provisions. The Corporation continues to progress an insurance claim for property damage and lost earnings under the PI policy. The PI policy provides $200 million in total coverage, including BI. PI insurance coverage related to the property damage from the Incident is subject to a customary deductible. Sub-limitations on the BI provision of the PI policy include a 45-day deductible, a monthly cap of $5.5 million gross margin (plus 10% margin allowance), and a policy cap of $66 million total gross margin. The Corporation is comfortable that the PI policy limit of $200 million, less any coverage related to the BI provision, is more than adequate to cover the property damage related to the Incident.Additionally, MAXIM has submitted a claim for a delay in start up related to the Incident under its Course of Construction (“COC”) insurance policy, which includes a provision for Delay in Start Up (“DSU”) coverage. The Corporation is awaiting confirmation of coverage under this policy. The COC policy provides $170 million in total coverage, including DSU. Sub-limitations on the DSU provision of the COC policy include a 45-day deductible (beyond the original commercial operation date of December 15, 2022) and a 18-month coverage term with a monthly cap of $3.5 million gross margin up to a maximum DSU sub-limit of $62 million. MAXIM is of the view that the DSU coverage applies to the Incident and is additional to the BI coverage, however notes that confirmation of coverage related to the DSU has not been received and proceeds from this policy are not assured. Announcement • Oct 04
Maxim Power Corp. Reports Fire Incident At Milner 2 Maxim Power Corp. responded to a fire at its 204 MW Milner 2 facility located near Grande Cache, Alberta. During the afternoon of September 30, 2022, a fire occurred at the M2 facility. Emergency crews were dispatched and quickly extinguished the fire. MAXIM holds safety as its highest priority for its people, community and emergency responders and reports that all personnel involved in the incident are safe. The appropriate authorities have been informed and an investigation as to the cause of the fire and extent of the damage is currently underway. MAXIM is also in the process of evaluating an insurance claim for damages and future lost earnings. As previously reported, the M2 facility has been offline since early September for cold commissioning activities related to the Combined Cycle Gas Turbine (“CCGT”) expansion of M2. As a result of this incident, MAXIM anticipates that the timing of the hot commissioning activities and the commercial operations date, of the CCGT expansion of M2, will be impacted. Damages could cause a significant delay to the commissioning and operations of the CCGT expansion of M2. MAXIM does not currently have any forward financial or physical Alberta power positions in place and its forward financial natural gas long position does not extend beyond the current month. Further information will be provided as it becomes available. Announcement • Sep 22
Maxim Power Corp. Provides M2 Operations and CCGT Project Updates Maxim Power Corp. provided updates on its 204 MW Milner 2 ("M2") operations and the Combined Cycle Gas Turbine ("CCGT") expansion of M2 project. As previously reported, M2 commenced cold commissioning activities related to the CCGT expansion project in the third quarter of 2022. These activities include taking the M2 gas turbine offline to allow for the connection of the heat recovery steam generator, steam turbine and related components. As a result of these activities, the M2 facility has been offline since early September. MAXIM anticipates that the CCGT expansion of M2 will begin hot commissioning activities early in the fourth quarter of 2022, which will result in intermittent generation of electricity throughout the quarter. The project remains on schedule to complete commissioning in December 2022. Recent milestones include greater than 90% construction complete and continuing cold commissioning activities. The estimated project cost, excluding borrowing costs, is currently $155 million. MAXIM continues to forecast it has sufficient liquidity to complete the CCGT expansion of M2. Completion of the CCGT expansion of M2 will allow capture of waste heat that would otherwise exhaust into the atmosphere and turn it into useful low carbon electricity for the Alberta power grid. The CCGT expansion of M2 will reduce the intensity of carbon emissions by more than 60% compared to the legacy coal-fired H.R. Milner facility. Recent Insider Transactions Derivative • Sep 19
President & COO exercised options to buy CA$277k worth of stock. On the 14th of September, Robert Emmott exercised options to buy 61k shares at a strike price of around CA$2.11, costing a total of CA$129k. This transaction amounted to 64% of their direct individual holding at the time of the trade. Since December 2021, Robert's direct individual holding has increased from 66.90k shares to 95.12k. Company insiders have collectively bought CA$692k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 18% share price gain to CA$4.72, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 37x in the Renewable Energy industry in Canada. Total returns to shareholders of 168% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$0.17 (vs CA$0.59 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.17 (down from CA$0.59 in 2Q 2021). Revenue: CA$48.4m (up 9.1% from 2Q 2021). Net income: CA$8.57m (down 71% from 2Q 2021). Profit margin: 18% (down from 67% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Jun 15
Maxim Power Corp. Announces Board Changes Maxim Power Corp. held its 2022 annual general and special meeting of shareholders on June 14, 2022, approved to elect Andrea Whyte as Director. Ms. Whyte is currently a corporate partner at Osler, Hoskin & Harcourt LLP where she has been practicing law for over 20 years in the areas of mergers and acquisitions, corporate finance and corporate governance. The Board of Directors would also like to acknowledge Johann Polz, a director of MAXIM who did not stand for re-election at the Meeting and want to thank Mr. Polz for the years of service to MAXIM. Recent Insider Transactions Derivative • May 15
Independent Director exercised options to buy CA$109k worth of stock. On the 12th of May, Wiley Auch exercised options to buy 30k shares at a strike price of around CA$1.88, costing a total of CA$56k. This transaction amounted to 50% of their direct individual holding at the time of the trade. Since June 2021, Wiley's direct individual holding has increased from 56.50k shares to 59.83k. Company insiders have collectively bought CA$791k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: CA$0.34 (vs CA$0.53 in 1Q 2021) First quarter 2022 results: EPS: CA$0.34 (down from CA$0.53 in 1Q 2021). Revenue: CA$38.8m (up 29% from 1Q 2021). Net income: CA$16.9m (down 36% from 1Q 2021). Profit margin: 44% (down from 88% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Apr 02
VP of Corporate Development & CFO exercised options to buy CA$183k worth of stock. On the 30th of March, Kyle Mitton exercised options to buy 50k shares at a strike price of around CA$1.43, costing a total of CA$72k. This transaction amounted to 29% of their direct individual holding at the time of the trade. Since June 2021, Kyle's direct individual holding has increased from 119.20k shares to 174.20k. Company insiders have collectively bought CA$708k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: CA$1.57 (up from CA$0.18 in FY 2020). Revenue: CA$156.0m (up 234% from FY 2020). Net income: CA$78.5m (up CA$69.2m from FY 2020). Profit margin: 50% (up from 20% in FY 2020). Revenue missed analyst estimates by 10%. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Dec 24
Maxim Power Corp. Provides M2 Operations Update Maxim Power Corp. provided an update on its 204 MW Milner 2 operations, the combined cycle gas turbine expansion of M2 project, and updated Investor Presentation. As previously reported, M2 initiated a routine planned maintenance outage on November 9, 2021 and also performed work to integrate several critical components of the CCGT expansion of M2. The outage was completed on November 30, 2021 and M2 returned to normal operation on December 1, 2021. As a result of work performed during the planned maintenance outage in November, M2 has successfully increased its maximum electrical interconnection capacity with the Alberta Electric System Operator to 300 MW to facilitate the CCGT expansion of M2, which is not anticipated to be in commercial operation until December 2022. In the meantime, MAXIM is authorized to operate the legacy 144 MW H.R. Milner facility in tandem with the M2 facility, up to a combined total output of 300 MW. MAXIM has successfully demonstrated two-unit operation from both M1 and M2 with each unit operating as stand-alone power plants. This significant milestone confirms the interconnection is complete to allow for the CCGT expansion of M2. MAXIM notes that M1 as a stand-alone power plant is subject to federal greenhouse gas regulations which limit the annual hours of operation from the unit. MAXIM does not anticipate fully utilizing the M1 unit up to its authorized maximum operating hours. Progress continues on the engineering and construction of the CCGT expansion of M2 and as of this date the project remains on schedule with no change to the previously reported estimated project costs of $135 million. At this time, MAXIM forecasts it has sufficient liquidity to complete the CCGT expansion of M2 and will fund the project using cash on hand, operating cashflows and available funds through the existing senior and subordinated credit facilities, as required. Recent Insider Transactions Derivative • Nov 27
President & COO exercised options to buy CA$215k worth of stock. On the 25th of November, Robert Emmott exercised options to buy 57k shares at a strike price of around CA$2.11, costing a total of CA$121k. This transaction amounted to 606% of their direct individual holding at the time of the trade. Since December 2020, Robert has owned 9.47k shares directly. Company insiders have collectively bought CA$553k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improved over the past week After last week's 16% share price gain to CA$3.82, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 23x in the Renewable Energy industry in Canada. Total returns to shareholders of 74% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS CA$0.36 (vs CA$0.01 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$44.2m (up 150% from 3Q 2020). Net income: CA$18.1m (up CA$17.6m from 3Q 2020). Profit margin: 41% (up from 2.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Sep 07
Corporate Secretary & Senior HR Advisor exercised options to buy CA$195k worth of stock. On the 2nd of September, Kim Karran exercised options to buy 65k shares at a strike price of around CA$1.93, costing a total of CA$125k. This transaction amounted to 2,306% of their direct individual holding at the time of the trade. Kim currently holds less than 1% of total shares outstanding. Company insiders have collectively bought CA$432k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Sep 01
VP of Corporate Development & CFO exercised options to buy CA$159k worth of stock. On the 26th of August, Kyle Mitton exercised options to buy 55k shares at a strike price of around CA$2.36, costing a total of CA$130k. This transaction amounted to 46% of their direct individual holding at the time of the trade. Since September 2020, Kyle's direct individual holding has increased from 97.29k shares to 119.20k. Company insiders have collectively bought CA$284k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS CA$0.59 (vs CA$0.023 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$44.3m (up CA$39.9m from 2Q 2020). Net income: CA$29.6m (up CA$30.8m from 2Q 2020). Profit margin: 67% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 09
VP of Corporate Development & CFO recently bought CA$183k worth of stock On the 1st of June, Kyle Mitton bought around 104k shares on-market at roughly CA$1.76 per share. This was the largest purchase by an insider in the last 3 months. This was Kyle's only on-market trade for the last 12 months. Announcement • Jun 01
Maxim Power Corp. Updates on 300 Mw Milner 2 CCGT Project Maxim Power Corp. announced that as previously reported, MAXIM commenced preliminary engineering of the heat recovery technology required to expand M2 into a combined cycle gas turbine ("CCGT") facility. Engineering has progressed to detailed design and the Corporation continues to advance work on the CCGT project using cash on hand. The CCGT project would increase total generation capacity from 204 MW to approximately 300 MW and improve operational efficiency resulting in lower operating and maintenance costs per MWh. The current estimated cost of the CCGT project is $125 million. MAXIM continues to work on securing financing and anticipates a final decision on fully proceeding with the CCGT project by the end of the third quarter. Recent Insider Transactions Derivative • May 31
Independent Director exercised options to buy CA$117k worth of stock. On the 25th of May, Wiley Auch exercised options to buy 47k shares at a strike price of around CA$1.90, costing a total of CA$89k. This transaction amounted to 475% of their direct individual holding at the time of the trade. Since September 2020, Wiley's direct individual holding has increased from 1.50k shares to 9.83k. Company insiders have collectively bought CA$117k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS CA$0.53 (vs CA$0.02 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$30.0m (up 314% from 1Q 2020). Net income: CA$26.4m (up CA$25.4m from 1Q 2020). Profit margin: 88% (up from 14% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$46.7m (up 65% from FY 2019). Net income: CA$9.26m (up CA$15.1m from FY 2019). Profit margin: 20% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 19
Maxim Power Corp., Annual General Meeting, May 27, 2021 Maxim Power Corp., Annual General Meeting, May 27, 2021. Announcement • Mar 03
Maxim Power Corp. Announces the Receipt of the Second Line Loss Proceedings Payment Maxim Power Corp. announced that the Corporation has received the second of three scheduled Line Loss Proceeding payments in the sum of $27.9 million from the Alberta Electric System Operator (“AESO”), relating to the years 2010 to 2013. The Corporation previously announced on January 5, 2021 the receipt of $6.4 million for the first Line Loss payment, relating to the historical years 2014 to 2016, for a total of $34.3 million of payments received to date. In addition, the Corporation is expecting to receive a third payment on May 31, 2021, in the amount of approximately $18.6 million related to the years 2006 to 2009, based on information currently available on the public record. Is New 90 Day High Low • Jan 20
New 90-day high: CA$2.46 The company is up 23% from its price of CA$2.00 on 21 October 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 20% over the same period. Announcement • Jan 06
Maxim Power Corp. Announces Appointment of Kyle Mitton as Chief Financial Officer Maxim Power Corp. announced that Mr. Kyle Mitton currently Vice President, Corporate Development, has been appointed Chief Financial Officer. Mr. Mitton is a Professional Engineer with over fifteen years of experience in the power industry. After joining the Corporation in 2005, Mr. Mitton has held increasingly senior positions and covered multiple facets of the organization, including operations, energy marketing, and corporate development. Mr. Mitton played a senior role in negotiating and structuring credit facilities related to MAXIM’s 204 MW M2 power plant. Is New 90 Day High Low • Dec 30
New 90-day high: CA$2.24 The company is up 9.0% from its price of CA$2.05 on 30 September 2020. The Canadian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: CA$2.19 The company is up 12% from its price of CA$1.95 on 28 August 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 28% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS CA$0.01 The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2020 results: Revenue: CA$17.7m (up 109% from 3Q 2019). Net income: CA$498.0k (down 77% from 3Q 2019). Profit margin: 2.8% (down from 26% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: CA$1.83 The company is down 11% from its price of CA$2.05 on 31 July 2020. The Canadian market is down 26% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 24% over the same period. 
