Vision Marine Technologies (VMAR) Registration Filing summary

Company overview and business model

• Designs, manufactures, and commercializes high-voltage electric outboard powertrain systems and electric boats for the recreational marine market, with a focus on the E-Motion™ 180 HP platform.

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

• Operates two business segments: electric propulsion/boat manufacturing and retail sales/services, leveraging synergies to promote electric adoption and diversify revenue.

• Nautical Ventures contributed approximately 92.8% of total revenue and 65.2% of total assets for fiscal 2025, with most revenue from new boat sales, especially Axopar models.

• Pursues vertical integration, direct-to-consumer sales, and OEM partnerships to scale electric propulsion adoption.

Financial performance and metrics

• Pro forma combined revenue for fiscal year ended August 31, 2025: $76.5 million; pro forma net loss: $53.2 million.

• Standalone revenue for fiscal 2025: $13.8 million; net loss: $21.3 million; gross profit: $4.8 million.

• Nautical Ventures' revenue for the three months ended March 31, 2025: $22.2 million; net loss: $2.4 million.

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

• Net tangible book value as of August 31, 2025: $1.62 per share; pro forma as adjusted after offering: $0.61 per share.

Use of proceeds and capital allocation

• Estimated net proceeds of $7.0 million (if fully subscribed), primarily 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 in complementary businesses or technologies, though no targets identified.