Here are 1-2 brief analogies to describe Vision Marine Technologies (VMAR):

• Tesla for boats
• Intel for electric boat motors

• E-Motion™ Electric Powertrains: Advanced electric outboard motors and integrated systems designed to electrify marine propulsion for various types of boats.
• Electric Boats: Manufacturing and sales of fully electric pleasure boats, often featuring their proprietary E-Motion™ powertrain technology.

• Groupe Beneteau (BN.PA): A prominent global boat manufacturer that has partnered with Vision Marine to integrate the E-Motion™ electric powertrain into specific models of their boat lines. This represents a significant business-to-business (B2B) relationship for VMAR's core technology integration.
• Independent Boat Dealerships: Vision Marine sells its range of electric powerboats (such as the Phantom and Bruce 22 models) and E-Motion™ electric outboard systems to a network of authorized dealerships. These dealerships act as wholesale customers, purchasing inventory from VMAR for resale to individual consumers.

• Octillion Power Systems

Alexandre Mongeon, Chief Executive Officer
Alexandre Mongeon co-founded Vision Marine Technologies and has been a driving force behind its growth into North America's first vertically integrated electric propulsion and multi-brand retail marine platform. With over 25 years of experience in the boating industry and a strong background in electrification and battery technology, he oversees the design, manufacturing, and production of the E-Motion™ platform. Mongeon is also a socially responsible entrepreneur and a former world-class speedboat racer. He led the company's transition to high-voltage propulsion systems and spearheaded the acquisition of Nautical Ventures. Prior to his work with Vision Marine, he managed various neighborhood businesses and was an electrician by trade.

Raffi Sossoyan, Chief Financial Officer
Raffi Sossoyan was appointed CFO of Vision Marine Technologies on March 1, 2024. He brings over 25 years of global financial and operational leadership experience to the role. Sossoyan is a Chartered Professional Accountant (CPA) and previously served as Vice President, Corporate Treasury at Velan Inc., a Canadian multinational company, where he managed financial operations for global sales exceeding USD 370 million. He also held the position of CFO at Valtech Fabrication Inc., where he drove worldwide sales beyond USD 50 million.

Maxime Poudrier, Chief Operating Officer
Maxime Poudrier was appointed Chief Operating Officer in August 2025. He previously served as Head of Growth & Strategic Partnerships at Vision Marine, where he was instrumental in the industrialization of the E-Motion™ 180E high-voltage propulsion system, implementing strategic grant programs, expanding OEM and vendor alliances, and supporting the acquisition and integration of Nautical Ventures. With over 10 years of executive leadership in the automotive, mobility, and industrial sectors, Poudrier has a strong record of strategic growth and operational execution. He was the youngest self-made dealer principal in Canada, successfully leading multiple automotive dealerships, and advised on international M&A mandates for manufacturers like ArcelorMittal. He is also a graduate of executive education programs at Harvard Business School.

Daniel Rathe, Chief Technology Officer
Daniel Rathe was promoted to Chief Technology Officer of operations in July 2025. He has over seven years of technical leadership experience in maritime energy systems, including high-profile projects such as the electric Maid of the Mist boats in Niagara Falls. Rathe holds a B.Sc. in Construction Management and is certified in high-voltage and IPC-JSTD protocols. He previously worked under Xavier Montagne for over two years, coordinating technical operations, boat integrations, and testing of Vision Marine's E-Motion™ 180E high-voltage electric powertrain in Florida.

Roger Moore, Chief Revenue Officer (Nautical Ventures Group)
Roger Moore serves as the President and Chief Revenue Officer of Nautical Ventures Group, a subsidiary acquired by Vision Marine Technologies in June 2025. Nautical Ventures is recognized as a top boat dealership network in the United States and the number one Axopar dealership globally. Moore has been a long-time advocate for the electric segment in the marine industry, introducing the Electric Pavilion at the Miami Boat Show. He continues to lead Nautical Ventures, reporting to the board and CEO of Vision Marine Technologies. Nautical Ventures operates nine high-volume retail locations across Florida.

The key risks to Vision Marine Technologies (VMAR) primarily revolve around its precarious financial health, significant share price volatility, and the associated challenges of maintaining liquidity and managing debt.

1. Financial Health and Going Concern Risk: Vision Marine Technologies is currently unprofitable and is not projected to achieve profitability within the next three years. The company has experienced a decline in earnings by 13.4% per year over the past five years. It faces significant financial challenges, including negative margins and diminishing revenue trends over the past three and five years, with a staggering pre-tax profit margin of -247.5%. The return on assets is notably inefficient at -33.85%. Financial health indicators, such as an Altman Z-Score of -2, place the company in a distress zone with potential bankruptcy risk. Macroaxis indicates a probability of bankruptcy above 80%, suggesting a very high likelihood of financial distress in the upcoming years. Furthermore, recent audited financial statements have raised doubts about the company's ability to continue as a going concern due to ongoing losses and limited cash reserves.
2. Share Price Volatility and Shareholder Dilution: VMAR's share price has demonstrated extreme volatility, with significant fluctuations in recent periods. Shareholders have experienced substantial dilution, notably from a public offering of 3.5 million shares at $2 each, which led to a 32% drop in share price and exacerbated dilution concerns. The stock's intraday range can be very large, indicating high risk, and its weekly volatility is higher than 75% of US stocks. The market price and liquidity of its common shares are prone to disproportionate fluctuations compared to its operating performance.
3. Limited Liquidity and High Leverage: The company's balance sheet highlights further concerns, including a current ratio of 1.19, which suggests limited liquidity. Additionally, a high debt-to-equity ratio of 4.92 indicates significant reliance on debt, raising concerns about its overall financial stability.

Competition from Established Marine Engine Manufacturers: Companies like Brunswick Corporation (through its Mercury Marine division) are aggressively investing in and launching their own lines of electric marine propulsion systems, such as the Mercury Avator series. These incumbents possess vast dealer networks, established brand recognition, significant R&D budgets, and existing customer relationships, which could allow them to quickly scale their electric offerings and potentially capture market share from specialized electric-only players like Vision Marine Technologies.

Entry of Large Automotive OEMs into Marine Electrification: The marine electric propulsion market is beginning to attract significant interest and investment from large automotive original equipment manufacturers (OEMs). A prime example is General Motors' partnership with Pure Watercraft, which leverages GM's extensive experience in battery technology, manufacturing scale, and supply chain management. The entry of such well-resourced players could lead to accelerated technological development, greater economies of scale, and more aggressive pricing strategies, posing a direct threat to smaller, specialized marine EV companies.

Vision Marine Technologies (VMAR) operates primarily in the electric boat and electric outboard motor markets. The addressable markets for their main products and services are as follows:

Electric Boats

• Globally, the electric boat market was valued at approximately $7.25 billion in 2024 and is projected to reach $22.31 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 13.3% from 2025 to 2033. Another report estimates the global electric boat market size at $6.78 billion in 2024, expected to grow to $14.09 billion by 2030, with a CAGR of 13.5% from 2025 to 2030. A different source projects the global market to reach $13.2 billion by 2034, from $3.5 billion in 2024, growing at a CAGR of 14.2% from 2025 to 2034.
• In the U.S., the electric boat market was estimated at $2.49 billion in 2024 and is projected to grow at a CAGR of 14.0% from 2025 to 2030, reaching $5.32 billion by 2030. North America holds a significant share of the global electric boat market, accounting for 47.8% and valued at $1.6 billion.

E-Motion Electric Outboard Powertrain Systems (Electric Outboard Motors)

• The global electric outboard engines market was valued at $910.9 million in 2024 and is expected to reach $1.64 trillion by 2034, growing at a CAGR of 6.1% from 2025 to 2034. Another report states the global electric outboard marine motor market size is expected to grow from $1.29 billion in 2023 to $4.38 billion by 2033, with a CAGR of 13.00%. Additionally, the electric outboard engines market is expected to grow from $3.5 billion in 2023 to $6.5 billion by 2030, at a 10.2% CAGR.
• The U.S. electric outboard engines market size exceeded $418.3 million in 2024 and is set to grow at a CAGR of 5.6% from 2025 to 2034.

Vision Marine Technologies (VMAR) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives focused on expanding its electric marine propulsion systems and market reach.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion and Adoption of the E-Motion™ 180E Electric Outboard System: Vision Marine is bolstering the supply chain for its flagship E-Motion™ 180E electric outboard system through a strategic partnership with Octillion Power Systems for U.S.-based manufacturing of high-voltage battery packs. This strengthens its capacity to meet the increasing demand for electric propulsion systems from both OEM integrations and direct consumer sales in the American market. The company also continues to enhance its patent portfolio around this core technology.
2. Growth through the Nautical Ventures Acquisition and Dedicated Electric Boating Division: The acquisition of Nautical Ventures Group in June 2025 has provided Vision Marine with substantial commercial leverage, particularly in the profitable tender market. Nautical Ventures generated over $14 million in tender sales between 2022-2024, selling more than 600 units. Furthermore, Vision Marine has launched a dedicated electric boating division within Nautical Ventures, which focuses exclusively on electric boating solutions, including sales, service, and after-sales support. This vertically integrated model, leveraging Nautical Ventures' nine locations across Florida, aims to accelerate the nationwide adoption of electric marine technology and expand Vision Marine's market presence.
3. Strategic Partnerships and Advanced Product Development: Collaborations aimed at enhancing and developing next-generation electric propulsion platforms are key growth drivers. Vision Marine has partnered with BRP Electrification Engineering Services to advance the performance and accelerate the development of its high-voltage propulsion platform. Additionally, a partnership with Hydrofin will integrate patented hydrofoil technology into Vision Marine's pontoon lineup, enhancing efficiency, range, and ride comfort, thus making their electric boats more appealing to a broader customer base.
4. Geographic and OEM Market Expansion: Vision Marine is actively expanding its strategic partnerships with various boat manufacturers and rental operators across North America and Europe. Alongside this, the company is increasing its direct-to-consumer presence, particularly in the high-demand recreational boating market of the Southeastern United States. These efforts aim to broaden the accessibility and adoption of their electric boating solutions globally.

Share Repurchases

• Vision Marine Technologies announced a stock repurchase program on February 21, 2025, authorizing the buyback of up to 5% of its issued and outstanding common shares.
• As of February 20, 2025, the company had 9,813,429 common shares outstanding.

Share Issuance

• Vision Marine Technologies completed a $7 million public offering on August 18, 2025, by issuing 3.5 million shares at $2.00 per share, with proceeds intended for general corporate purposes, working capital, and potential acquisitions or strategic investments.
• In January 2024, the company closed a $3.0 million private placement of convertible preferred shares and warrants with Investissement Québec.
• Vision Marine Technologies raised $20 million in an IPO on November 24, 2020, by issuing 2,200,000 shares at a price of $8.00-$10.00 per share.

Inbound Investments

• In January 2024, Vision Marine Technologies received a $3.0 million private placement from Investissement Québec for convertible preferred shares and warrants.

Outbound Investments

• In June 2025, Vision Marine Technologies acquired Nautical Ventures Group, a Florida recreational boating retailer with 5 dealerships across 9 locations, which had consistently generated over $100 million in annual sales between 2020 and 2023.