Vision Marine Technologies (VMAR) AI Stock Analysis

• Market Cap: $2.38M
• Dividend Yield: N/A
• Average Volume (3M): 292.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: -66.16%
• EPS Growth: 78.81%
• Country: US
• Employees: 46
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): -34.56
• Shares Outstanding: 996,695
• 10 Day Avg. Volume: 202,354
• 30 Day Avg. Volume: 292,548
• PEG Ratio: <0.01
• Price to Book (P/B): 0.20
• Price to Sales (P/S): 0.09
• P/FCF Ratio: -0.13
• Enterprise Value/Market Cap: 17.09
• Enterprise Value/Revenue: 1.00
• Enterprise Value/Gross Profit: 10.01
• Enterprise Value/Ebitda: -1.57
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -260.6
• Revenue Forecast (FY): $15.00M

• Rating: 42 Neutral
• Price Target: $2.50 ▲(1566.67% Upside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held down primarily by stressed financial performance (deep losses, thin margins, elevated leverage, and ongoing negative free cash flow). Technicals also weigh on the rating due to a pronounced downtrend, partially offset by oversold readings. Valuation cannot be strongly supported from the provided P/E and dividend yield data, so it contributes only modestly.

Positive Factors

Top-line Growth

Sustained TTM revenue growth (~157% to ~$35.6M) signals meaningful commercial traction for its electric propulsion offerings. Durable top-line momentum supports scaling of manufacturing and OEM program conversion, improving the odds of future margin and cash-flow improvements if execution continues.

Proprietary Propulsion Technology

Owning and commercializing the E-Motion™ high-voltage propulsion platform provides a clear technology moat and differentiation in marine electrification. This proprietary hardware and integration expertise positions the company to capture OEM programs and recurring service/parts revenue as industry electrification advances.

Access to Equity Capital (ATM)

A US$16.34M at‑the‑market equity facility provides a durable, flexible financing mechanism to fund operations, capex, and ramp manufacturing without adding debt. This structural access to capital reduces immediate liquidity risk and supports execution of multi‑period growth initiatives.

Negative Factors

Very Low Gross Margins

Extremely low gross margin (~4.3%) indicates poor unit economics on product sales, leaving little room to cover operating costs or fund R&D. Without sustainable margin expansion via cost reductions or pricing power, revenue growth alone may not translate into durable profitability.

Elevated Leverage

High leverage (debt ~ $17.1M vs equity ~$5.9M, ~2.9x) constrains financial flexibility, raises refinancing and interest risks, and limits capacity to invest in scale. Persistent losses and weak cash flow increase the probability that servicing debt will force dilutive financing or cutbacks in strategic investment.

Negative Cash Generation

Consistent negative operating and free cash flow (~-$5.25M and ~$-5.70M TTM) means the business does not self-fund growth and relies on external capital. FCF deterioration versus prior period raises funding risk and can impair the company's ability to scale manufacturing or fulfill OEM commitments long term.

Vision Marine Technologies Business Overview & Revenue Model

Company Description

Vision Marine Technologies Inc. designs, develops, and manufactures electric outboard powertrain systems and electric boats in Canada, the United States, and internationally. It operates in two segments, Sale of Electric Boats and Rental of Electric Boats. The company offers outboard motors, boat parts, and related maintenance services. It also operates an electric boat rental center with a fleet of approximately 20 ships located in Newport beach, California. The company provides its products through its retail e-commerce website, as well as rental boating companies, distributors, and dealers. It serves original equipment manufacturers and end-consumers. The company was formerly known as The Canadian Electric Boat Company. The company was founded in 1995 and is headquartered in Boisbriand, Canada. Vision Marine Technologies Inc. operates as a subsidiary of West Island Brands Inc.

How the Company Makes Money

VMAR primarily makes money by selling electric marine propulsion systems and related components to OEM boat manufacturers and other channel partners, as well as through direct sales where applicable. Key revenue streams include: (1) sales of its electric outboard/propulsion packages (e.g., the E-Motion™ system) and associated hardware; (2) potential engineering, integration, and support services tied to electrifying specific boat models (when contracted); and (3) any ancillary revenue from parts, maintenance/support, or licensing-type arrangements if and when such agreements are in place. Significant factors influencing earnings include the pace of adoption of electric propulsion in recreational boating, the company’s ability to scale manufacturing and supply chain for high-voltage marine systems, and the conversion of relationships with boat builders and distributors into repeatable OEM programs. Specific revenue mix by stream, margins, and named partnership economics: null.

Vision Marine Technologies Financial Statement Overview

Summary

Despite strong TTM revenue growth (~157% to ~$35.6M), profitability and cash generation are very weak (gross margin ~4.3%, EBIT margin ~-66.8%, net margin ~-73.2%). Leverage is elevated (debt ~$17.1M vs equity ~$5.9M, ~2.9x) and both operating cash flow (~-$5.25M) and free cash flow (~-$5.70M) remain negative, indicating ongoing funding risk until margins and cash flow improve.

Income Statement

TTM (Trailing-Twelve-Months) revenue surged to ~$35.6M (up ~157%), showing strong top-line momentum. However, profitability remains very weak: gross margin is low (~4.3%) and the company continues to post deep operating losses (EBIT margin ~-66.8%) and a large net loss (net margin ~-73.2%). While losses have improved versus prior annual periods (when net margins were even more negative), the business is still far from breakeven and appears highly sensitive to costs and pricing.

Balance Sheet

The balance sheet shows elevated leverage risk. In TTM (Trailing-Twelve-Months), total debt (~$17.1M) is high relative to equity (~$5.9M), with debt running at ~2.9x equity, and returns to shareholders remain strongly negative (return on equity ~-1.90). Total assets are sizeable (~$83.4M), but the combination of losses and higher leverage reduces financial flexibility compared with earlier years when leverage was much lower.

Cash Flow

Cash generation is consistently negative, with TTM (Trailing-Twelve-Months) operating cash flow at about -$5.25M and free cash flow around -$5.70M, implying ongoing cash burn. Free cash flow also deteriorated versus the prior period (growth ~-59%), raising funding risk if losses persist. A positive point is that cash burn is smaller than net loss in TTM (free cash flow to net income > 1), suggesting some non-cash charges help cushion cash outflows, but underlying operations still do not self-fund.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Nov 2021
Income Statement
Total Revenue	40.58M	19.00M	3.76M	5.68M	7.59M	3.48M
Gross Profit	4.07M	406.26K	-2.84M	952.84K	―	1.41M
EBITDA	-25.85M	-27.57M	-12.98M	-20.07M	-12.09M	-14.32M
Net Income	-16.42M	-29.74M	-14.01M	-21.00M	-13.53M	-14.96M
Balance Sheet
Total Assets	59.66M	69.91M	8.46M	17.84M	29.10M	38.80M
Cash, Cash Equivalents and Short-Term Investments	2.30M	7.42M	46.79K	2.48M	5.82M	18.15M
Total Debt	39.74M	46.60M	532.53K	2.29M	2.64M	3.03M
Total Liabilities	55.41M	61.46M	6.23M	9.24M	5.07M	5.28M
Stockholders Equity	4.25M	8.45M	2.23M	8.61M	24.03M	33.53M
Cash Flow
Free Cash Flow	-5.00M	-12.58M	-12.24M	-14.95M	-12.20M	-9.32M
Operating Cash Flow	-4.54M	-12.27M	-11.64M	-14.01M	-11.00M	-8.25M
Investing Cash Flow	7.40M	2.12M	615.61K	-537.02K	-964.50K	-9.47M
Financing Cash Flow	-358.43K	20.27M	7.73M	12.08M	-361.78K	34.57M

Vision Marine Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VMAR, the sentiment is Negative. The current price of 0.15 is below the 20-day moving average (MA) of 2.53, below the 50-day MA of 4.00, and below the 200-day MA of 97.35, indicating a bearish trend. The MACD of -0.75 indicates Negative momentum. The RSI at 28.37 is Positive, neither overbought nor oversold. The STOCH value of 26.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VMAR.

Vision Marine Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MCFT	70 Outperform	$316.74M	31.53	8.43%	―	-12.17%	―
MPX	67 Neutral	$249.52M	26.91	8.92%	6.03%	-12.30%	-29.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ONEW	45 Neutral	$140.22M	-5.80	-33.00%	―	5.62%	-1706.59%
VEEE	43 Neutral	$3.29M	-0.40	-52.42%	―	-34.70%	36.13%
VMAR	42 Neutral	$2.38M	-0.31	―	―	-66.16%	78.81%
EZGO	42 Neutral	$27.46M	>-0.01	-16.81%	―	-1.08%	97.76%

Vision Marine Technologies Corporate Events

Vision Marine Technologies Renews CFO Employment Agreement Through 2028

On March 1, 2026, Vision Marine Technologies Inc. renewed the executive employment agreement of its chief financial officer, Raffi Sossoyan, ensuring his continued service as CFO through March 1, 2028. The new contract replaces a prior March 1, 2024 agreement and confirms a base salary of CA$295,000, eligibility for an annual performance-based bonus of up to 25% of salary, equity participation, and a suite of executive benefits including severance protections and restrictive covenants.

The renewal secures continuity in Vision Marine’s finance leadership at a time when the company is actively engaged with U.S. capital markets and regulatory filings, signaling stability to investors and other stakeholders. By formalizing long-term terms and incentives for its CFO, the company underscores its focus on governance, compliance, and strategic financial management as it pursues its registered financing and compensation programs.

The most recent analyst rating on (VMAR) stock is a Sell with a $2.50 price target. To see the full list of analyst forecasts on Vision Marine Technologies stock, see the VMAR Stock Forecast page.

Vision Marine Technologies Sets Up US$16.3 Million At-the-Market Equity Program with ThinkEquity

On January 23, 2026, Vision Marine Technologies Inc. entered into an at-the-market sales agreement with ThinkEquity LLC, allowing the company to issue and sell up to US$16.34 million of its common shares from time to time through the agent under an effective shelf registration on Form F-3. The agreement, which can be terminated by either party, provides for commissions of 3.0% on most sales and 7.5% when ThinkEquity arranges individual share sales of US$1 million or more, giving Vision Marine a flexible mechanism to raise equity capital as needed, although the company is under no obligation to sell any shares and the actual amount raised will depend on market conditions and management’s use of the facility.

The most recent analyst rating on (VMAR) stock is a Sell with a $5.00 price target. To see the full list of analyst forecasts on Vision Marine Technologies stock, see the VMAR Stock Forecast page.