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VMAR

Vision Marine Technologies Inc.

VMAR

Vision Marine Technologies Inc. • NASDAQ
$1.24 ▲ 0.81% (+0.01)
Market Cap $1.43 M
52w High $39.00
52w Low $1.10
Dividend Yield 0%
P/E 0
Volume 630.30K
Outstanding Shares 1.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $285.553K ▲ $3.309M ▼ $-7.144M ▼ -2.502K% ▲ $-6.53 ▲ $-3.179M ▲
Q2-2025 $105.282K ▼ $4.286M ▲ $-3.606M ▼ -3.425K% ▼ $-55.7 ▼ $-3.439M ▼
Q1-2025 $142.411K ▼ $-50.44K ▼ $-1.595M ▲ -1.12K% ▼ $-0.13 ▲ $-1.405M ▲
Q4-2024 $2.903M ▲ $1.443M ▲ $-3.653M ▼ -125.827% ▲ $-0.3 ▼ $-3.189M ▼
Q3-2024 $1.06M $450.037K $-3.026M -285.428% $-0.25 $-2.88M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.891M ▼ $24.5M ▼ $7.614M ▲ $16.887M ▼
Q2-2025 $15.324M ▲ $28.271M ▲ $4.544M ▲ $23.727M ▲
Q1-2025 $963.58K ▲ $13.257M ▲ $4.126M ▼ $9.132M ▲
Q4-2024 $63.126K ▼ $11.42M ▼ $8.4M ▼ $3.02M ▼
Q3-2024 $341.308K $17.139M $13.418M $3.721M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.144M ▼ $-3.913M ▲ $-414.462K ▼ $-268.336K ▼ $-4.687M ▼ $-4.191M ▲
Q2-2025 $-3.606M ▼ $-5.818M ▼ $-80.443K ▼ $20.259M ▲ $14.361M ▲ $-5.899M ▼
Q1-2025 $-1.595M ▲ $-5.711M ▼ $-8.606K ▼ $6.62M ▲ $900.454K ▲ $-5.72M ▼
Q4-2024 $-3.653M ▼ $-506.41K ▲ $12.047K ▼ $216.181K ▲ $-278.182K ▲ $-590.556K ▲
Q3-2024 $-3.026M $-1.178M $850.691K $-516.219K $-843.775K $-1.447M

Revenue by Products

Product Q3-2021Q3-2022
Boat rental and boat club membership revenue
Boat rental and boat club membership revenue
 $0 ▲$0 ▲
Ifrs Product And Service Other
Ifrs Product And Service Other
 $0 ▲$0 ▲
Sales Of Boats
Sales Of Boats
 $0 ▲$0 ▲
Sales Of Parts And Boat Maintenance
Sales Of Parts And Boat Maintenance
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Vision Marine is still very much in the “development” phase financially. Revenue over the last few years has been minimal, and the business has not yet shown a pattern of meaningful sales growth or durable gross margins. Operating results have been consistently negative, with ongoing losses every year since listing. The good news is that the size of the losses appears to have narrowed somewhat most recently, but they are still material relative to the company’s tiny revenue base. Overall, the income statement reflects a company investing heavily ahead of scale, with profitability still a distant goal and high dependence on future commercialization of its technology and retail platform.

Balance Sheet

Balance Sheet The balance sheet is small and getting lighter. Total assets have been declining, and cash has come down from earlier levels to a very modest amount, which limits financial flexibility. On the positive side, the company carries essentially no debt, so it is not burdened by interest obligations. Equity has also been shrinking, which signals cumulative losses and some erosion of the financial cushion available to absorb setbacks. Multiple recent reverse stock splits also suggest pressure at the equity level and a need to maintain listing standards rather than a position of financial strength.

Cash Flow

Cash Flow Cash flow mirrors the income statement: the company has been burning cash from operations every year, with no clear improvement trend and no offset from meaningful free cash generation. Capital spending has been low, which helps limit cash needs, but this also means growth is being funded mainly by operating outflows and, historically, external capital. This creates an ongoing need for funding unless the business can ramp revenue and margins. Put simply, the company is still in a cash‑consuming phase, and liquidity management is a key risk to watch.

Competitive Edge

Competitive Edge Competitively, Vision Marine is trying to position itself as an early leader in high‑performance electric boating rather than a traditional boat maker. Its focus on a complete electric powertrain solution, not just standalone motors, sets it apart from many smaller competitors and makes the offering more attractive to boat builders and dealers looking for a turnkey system. The acquisition of Nautical Ventures gives it direct access to customers and a retail and service network, which can speed adoption and create a feedback loop for product improvement. However, the company is still small, the overall electric‑boat market is nascent, and large, well‑capitalized marine and auto players are increasingly moving into electrification. Vision Marine’s moat today is more about specialized know‑how, partnerships, and early‑mover positioning than about scale or brand dominance, making execution and speed crucial.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of the story. The E‑Motion electric powertrain platform, with high efficiency and integrated battery and control systems, is the core asset the company is building around. Partnerships with engineering and battery specialists, and collaboration with larger industry players, suggest a deliberate strategy to stay on the technology frontier without shouldering all development costs alone. The expansion of the motor lineup to higher‑power models and the use of complementary technologies like hydrofoils show an intent to address a broad range of boat types and performance needs. The creation of a dedicated electric division within Nautical Ventures also signals commitment to being a full‑solution provider for electric boating. The main uncertainty is not whether the company is innovating—it clearly is—but whether it can turn that innovation into profitable, scalable products before competitors or funding constraints catch up.

Summary

Vision Marine today is primarily a technology and market‑development story rather than a mature operating business. Financials show very limited revenue, persistent losses, and ongoing cash burn, with a shrinking asset base and no debt but also a thin equity cushion and multiple reverse splits that highlight capital‑market pressure. Against that, the company has a differentiated electric powertrain platform, strong emphasis on R&D, and a strategically interesting mix of proprietary technology plus vertical integration through Nautical Ventures. The future will hinge on its ability to convert partnerships, product launches, and its retail footprint into real sales growth and improving margins, while carefully managing cash and potential dilution. For now, risk is high, dependence on external funding is significant, and the investment case rests heavily on successful execution in a young but promising electric‑boating market.

NEWS

November 28, 2025 · 4:40 PM UTC

Vision Marine Technologies Reports FY 2025 Results and Highlights Strategic Expansion Following Nautical Ventures Acquisition

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November 18, 2025 · 4:00 AM UTC

Nautical Ventures Achieves 40% Year-Over-Year Sales Lift Surrounding FLIBS 2025

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November 12, 2025 · 4:01 PM UTC

Vision Marine Technologies Reports 166 Boats Sold Within 120 Days of Nautical Ventures Integration

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November 11, 2025 · 6:00 AM UTC

Shaun Torrente and STR Powerboats, Supported by Nautical Ventures, Crowned Super Stock Offshore World Champions

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November 5, 2025 · 4:00 PM UTC

Vision Marine Technologies Selects BRP Electrification Engineering Services to Support Their Next Stage of Growth

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