Vision Marine Technologies reports Q1 revenue $15.7M vs. $0.1M last year

Reports Q1 EBITDA loss of $2.3M vs. $2.0M in the prior-year period. “Generating positive operating cash flow in the first quarter following the Nautical Ventures acquisition represents an important step in stabilizing our financial foundation,” said CEO Alexandre Mongeon. “Our focus remains on disciplined inventory management, integration execution, and strengthening liquidity as we execute on planned divestitures of non-core real-estate assets in the coming quarters, further strengthening the balance sheet without dilution. The Company’s focus is on fundamentals, including cash flow generation, margin expansion, strengthening the balance sheet, and generate new revenue growth opportunities from our marina and with our E-Motion 180E electric propulsion system.” CFO Raffi Sossoyan added, “this quarter represents a clear inflection point for the business. Following a period where operations historically consumed cash, we have now generated positive operating cash flow. Combined with the $9.6M in gross proceeds of equity financing completed subsequent to quarter-end, we believe the company has the liquidity required to continue executing its near-term operational plans. These include cost-reduction initiatives, further right-sizing of Nautical Ventures operations, disciplined inventory management, and balance-sheet strengthening, all undertaken in a challenging macroeconomic and recreational boating environment.”