Vision Marine Technologies (VMAR) Registration Filing summary

Company overview and business model

• Designs and manufactures electric outboard powertrain systems, electric powerboats, and related technology, with a focus on high-efficiency, high-performance products for commercial and retail customers.

• Operates a rental business for electric boats in select U.S. locations, building brand awareness and acting as open-water showrooms.

• Partners with OEMs and marina operators to expand distribution and brand presence, with plans to increase international sales and dealer networks.

• Relies on third-party suppliers for key components and contracts out mass production of powertrains to Linamar Corporation.

Financial performance and metrics

• Sold 45 electric powerboats in fiscal 2024 for $1,847,918 in revenue; rental business generated $1,946,427 in 2024, down from $4,038,803 in 2023.

• Recognized government grants and tax credits of $66,761 in 2024, $232,882 in 2023, and $1,458,632 in 2022.

• Net loss position and substantial doubt about ability to continue as a going concern, as noted by auditors.

• Shareholders’ equity as of November 30, 2024: $9.1M actual, $29.0M pro forma; cash: $963,580 actual, $20.9M pro forma.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling shareholders; may receive up to $3.9M if warrants are exercised in cash, intended for working capital.

• Net proceeds from prior private placements used for patent applications and working capital.