Vision Marine Technologies (VMAR) Registration Filing summary

Company overview and business model

• Focuses on recreational boating, with operations in electric outboard powertrain systems, electric boats, and boat rentals, and expanded into retail boat sales and services through the acquisition of Nautical Ventures in June 2025.

• Nautical Ventures operates eight locations in Florida, selling new and used boats, parts, accessories, and offering services; in fiscal 2025, it contributed 92.8% of total revenue and 65.2% of total assets.

• Legacy operations include design and manufacture of high-efficiency electric powertrains and boats, with a focus on innovation and proprietary technology.

• Vertically integrated model spans technology development, manufacturing, direct retail, and after-sales support.

Financial performance and metrics

• As of November 28, 2025, public float was approximately $8.2 million, based on 4,956,487 common shares held by non-affiliates at $1.65 per share.

• During the 12 months prior to the prospectus, $6,786,380 of securities were offered or sold.

• Nautical Ventures' boat sales accounted for 80.5% of total revenue in fiscal 2025, with new boats representing about 80% of dealership revenue.

• Floor plan financing balance as of August 31, 2025, was $32,511,664, with a weighted average interest rate of 9.7%.

• Electric powertrain sales in fiscal 2025 generated $57,000; electric powerboat sales were $739,000; rental business represented about 1% of total revenue.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for working capital purposes, with more detailed allocation to be provided in future prospectus supplements.