Vision Marine Technologies Inc.
VMAR · Ship & Boat Building & Repairing · EDGAR filings ↗
Grade
D43Electric-boat maker reshaped by a dealership acquisition, posting headline revenue growth but heavy losses and short runway.
Strengths
- Revenue up 396% (97th pct) and net loss growth metric improved via the Nautical Ventures acquisition
- Gross margin 34.5% (42nd pct) reasonable for the segment
Risks
- Net loss $21.7M, net margin -157%, ROE -2.56x (5th pct); cash runway only ~3.2 quarters (37th pct)
- Quick ratio 0.44 (13th pct), heavy floor-plan debt, ongoing dilution, and cyclical/weather-sensitive boat demand
Notable findings
- Net lossNet loss (net margin -156.5%)
- Cash burnNegative free cash flow (-9.2M)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.5%
Net margin
-156.5%
Return on equity
-256.2%
Return on assets
-31.0%
Revenue growth (QoQ)
395.9%
Debt / equity
0.2×
Current ratio
1.2×
Free cash flow
-$9M
Tangible book value
$8M
Cash & investments
$7M
Cash runway
3q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-11-28 | 2025-08-31 | 0001104659-25-116945 ↗ |
| 20-F | 2024-12-20 | 2024-08-31 | 0001410578-24-002109 ↗ |
| 20-F | 2023-11-30 | 2023-08-31 | 0001410578-23-002600 ↗ |
| 20-F | 2022-11-30 | 2022-08-31 | 0001410578-22-003542 ↗ |
| 20-F | 2021-12-30 | 2021-08-31 | 0001410578-21-000616 ↗ |
| 20-F | 2020-12-30 | 2020-08-31 | 0001104659-20-140616 ↗ |