LM386 is also low power output. P=V^2/R = 25/8 or 3W with 5V supply and 8 ohm speaker.
Transistor drops some voltage, so output will be less, say 2.4W if Vce of transistor is 0.6V.
Current draw will be 4.4/8 = .55A if transistor is allowed to turn on & stay on. That's what the capacitor provides - it only allows current flow until it charges up, and then it approaches looking like an open circuit. When it does, the speaker cone starts returning to initial position, and the current flow in the other direction moves the cone in the other direction.
So in my circuit, with the transistor off, the speaker gets driven in the positive direction while the cap charges up, then the transistor turns on and drains the cap allowing the speaker to return to neutral, and repeats the cap charging when the transistor turns on again.
With 12V and the speaker I used, it is loud! Even with the two 68 ohm resistors in series it is loud.
Course, its a 4 ohm speaker, so ideal power would be 12V*12V/4ohm = 36W. I run from a wallwart, so it can supply the current needed: 12/4 = 3A. The 68 ohm resistors help bring that down a lot - and wife says its still too loud!