Vision Marine Technologies (VMAR) Registration Filing summary

Company overview and business model

• Focuses on electric propulsion systems and boats for the recreational marine market, with core technology in high-voltage E-Motion™ outboard and inboard powertrains.

• Expanded into retail through the acquisition of Nautical Ventures, a leading Florida-based multi-brand boat dealership with eight locations, offering both electric and internal combustion engine boats, parts, and services.

• Operates two segments: electric propulsion/boat manufacturing and retail sales/services, creating operational synergies and a diversified revenue base.

• Nautical Ventures contributed 92.8% of total revenue and 65.2% of total assets for fiscal 2025, with most sales from third-party boats, especially Axopar models.

• Electric operations include design, manufacturing, and rental of electric boats, with a focus on proprietary high-efficiency powertrains and expanding OEM integrations.

Financial performance and metrics

• Pro forma combined revenue for fiscal 2025 was $76.5 million, with a gross loss of $6.2 million and a net loss of $53.2 million.

• Standalone revenue for fiscal 2025 was $13.8 million, with a net loss of $21.3 million; Nautical Ventures reported $97.3 million in revenue for 2024.

• Floor plan financing balance was $32.5 million as of August 31, 2025, reduced to $22.1 million by end of November 2025.

• Net tangible book value after the offering is projected at $14.9 million, or $1.20 per share.

• Historical net tangible book value per share as of August 31, 2025 was $1.62.

Use of proceeds and capital allocation

• Estimated net proceeds of $7.0 million (or $8.1 million with full over-allotment) will be used for general corporate purposes, working capital, inventory management, servicing floorplan lines of credit, administrative expenses, and patent prosecution.

• May allocate a portion to acquisitions or strategic investments, though no targets have been identified.