Maxim Power Corp. Reports Continued Strong Earnings with $84 million of Revenue and $25 million of Net Income in the First Six Months of 2022

CALGARY, Alberta, Aug. 11, 2022 (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, 2022. 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 11, 2022. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS

	Three Months Ended June 30,		Six Months Ended June 30,
($ in thousands except per share amounts)	2022	2021	2022	2021
Revenue	48,380	44,342	84,172	74,372
Net income	8,565	29,589	25,463	56,015
Earnings per share – basic	0.17	0.59	0.51	1.12
Earnings per share – diluted	0.15	0.48	0.42	0.91
Adjusted EBITDA (1)	18,781	21,441	34,674	30,864
Total generation – (MWh)	390,813	389,101	784,404	713,591
Total fuel consumption – (GJ)	4,119,567	4,137,093	8,303,475	7,734,434
Average Alberta market power price ($ per MWh)	122.47	104.51	106.32	100.01
Average realized power price ($ per MWh)	123.79	113.96	107.31	104.22
Total net debt (1)	55,639	14,997	55,639	14,997
Total assets	365,459	295,366	365,459	295,366