Vision Marine Technologies (VMAR) Registration Filing summary

Company overview and business model

• Focuses on recreational boating, including electric outboard powertrains, electric boats, and boat rentals; expanded in June 2025 with the acquisition of Nautical Ventures, a major Florida-based multi-location boat dealership and service provider.

• Nautical Ventures operates nine locations in Florida, offering new and used boats, parts, accessories, services, and rentals, with a strong emphasis on third-party brands, especially Axopar.

• Electric operations include proprietary high-efficiency outboard powertrains, electric boat manufacturing, and rental operations in California and Florida.

• The company leverages a vertically integrated model, combining technology development, manufacturing, and direct-to-consumer retail through its dealership network.

Financial performance and metrics

• Pro forma revenue for the year ended August 31, 2024, was $153.5 million, with Nautical Ventures accounting for approximately 97.5% of revenue.

• Net loss for the nine months ended May 31, 2025, was $12.3 million; pro forma net loss for the year ended August 31, 2024, was $10.2 million.

• Nautical Ventures reported $97.3 million in revenue for 2024, with a net loss of $7.3 million.

• Gross profit for the combined entity was $35.5 million for the year ended August 31, 2024.

• As of May 31, 2025, pro forma total assets were $134.4 million, with total liabilities of $108.6 million and shareholders' equity of $25.8 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $9.0 million (or $10.4 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.

• Proceeds may also be allocated to acquisitions or strategic investments, though no targets have been identified.