It is possible that the Thevenin resistance \$R_{Th}\$ of a circuit is negative. This occurs in non-linear circuits. Likewise, in AC circuits, the real part of \$Z_{Th}\$ can be negative.
For AC power transfer, \$P = \frac{1}{2}|\mathbf{I}|^2 R_L\$, or $$P = \frac{1}{2}\frac{|\mathbf{V}_{Th} |^2 R_L}{(R_{Th} +R_L)^2 + (X_{Th} + X_L)^2 }$$
It is well known[1] that the power is at a maximum when \$X_{Th} =-X_L\$ and when \$R_L=R_{Th}\$. This leads to a generally well known equations for maximum average power transfer:
$$P_{\text{max}} =\frac{|\mathbf{V}_{Th} |^2}{8 R_{Th}}$$
Unfortunately, if \$R_{Th}<0\$, this yields negative power. It also implies that \$R_L<0\$, which also does not make sense.
How to find the maximum power for such a circuit?
Edit: The maximum is found by taking two derivatives, \$\frac{\delta P}{\delta X_L}\$ and \$\frac{\delta P}{\delta R_L}\$, and setting them equal to zero. For \$\frac{\delta P}{\delta X_L}\$, it is easy to see that \$X_{Th}=-X_L\$. For \$\frac{\delta P}{\delta R_L}\$, the derivative is:
$$ \frac{\delta P}{\delta R_L}\ = \frac{|\mathbf{V}_{Th} |^2 R_L[(R_{Th}+R_L)^2-2R_L(R_{Th}+R_L)]}{2(R_{Th}+R_L)^4} $$
This to find the maximum, we set \$\frac{\delta P}{\delta R_L}=0\$. The resulting equation simplifies to:
$$R_L = \sqrt{R_{Th}^2}$$
Mathematically, this has two roots, \$R_L = R_{Th}\$ and \$R_L = -R_{Th}\$. Both seem physically unrealistic to me; the positive root give a negative power; which doesn't make sense for a passive element. The negative root gives an infinite power transfer, from:
$$P = \frac{1}{2}\frac{|\mathbf{V}_{Th} |^2 R_L}{(R_{Th} - R_{Th})^2 } =\frac{|\mathbf{V}_{Th} |^2 R_L}{0}$$
This implies an infinite power transfer, which would be great, right? But I'm not sure how realistic that is either.
[1] For example, section 11.3 in Fundamentals of Electrical Circuits by Alexander