Vision Marine Technologies (VMAR) AI Stock Analysis

• Market Cap: $5.03M
• Dividend Yield: N/A
• Average Volume (3M): 292.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.87
• Revenue Growth: -66.16%
• EPS Growth: 78.81%
• Country: US
• Employees: 46
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): -3.07
• Shares Outstanding: 24,258,736
• 10 Day Avg. Volume: 202,354
• 30 Day Avg. Volume: 292,548
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.14
• Price to Sales (P/S): 0.09
• P/FCF Ratio: -0.13
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 0.33
• Enterprise Value/Gross Profit: 15.59
• Enterprise Value/Ebitda: -0.23
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $0.19 ▼(-4.00% Downside)

The score is held down primarily by weak financial performance—large and widening losses, ongoing cash burn, and increased leverage—despite strong revenue growth. Technicals add further pressure with a pronounced downtrend versus all key moving averages and negative MACD, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Market Position

The expansion of the E-Motion™ product line strengthens Vision Marine's market position in the electric boating industry, enhancing its competitive edge and potential for capturing a larger market share in the eco-friendly boating sector.

Leadership Change

The appointment of Maxime Poudrier as COO brings experienced leadership, potentially driving strategic growth and operational improvements, which can enhance the company's long-term performance and execution capabilities.

Strategic Partnerships

The LOI for exclusive distribution with Nimbus Boats can expand Vision Marine's market reach and sales channels, supporting revenue growth and reinforcing its presence in key markets, which is crucial for long-term sustainability.

Negative Factors

Revenue Decline

The declining revenue trend poses a significant challenge, indicating potential market share loss or demand issues, which may impact the company's ability to invest in growth and innovation over the long term.

Negative Cash Flow

Negative cash flow highlights the company's struggle to generate sufficient cash from operations, which can limit its ability to fund new projects, pay down debt, or invest in growth opportunities, affecting long-term viability.

Profitability Challenges

Substantial net losses and negative profit margins indicate severe profitability challenges, which could hinder the company's ability to sustain operations and invest in strategic initiatives, impacting its long-term financial health.

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

Vision Marine Technologies makes money through the sale of electric boats and powertrain systems. The company's revenue model includes direct sales of its products to consumers and businesses, as well as collaborations with other boat manufacturers who integrate Vision Marine's electric powertrains into their own vessels. Additionally, Vision Marine may generate income through strategic partnerships and licensing agreements that expand their technology's reach in the maritime industry. The company's focus on innovation and sustainability positions it to capitalize on the growing demand for eco-friendly boating solutions.

Vision Marine Technologies Financial Statement Overview

Summary

Despite a sharp 2025 revenue rebound (~303% to ~$13.8M), profitability and cash generation remain very weak: gross profit fell to ~$0.30M, net loss widened to ~$21.7M, operating cash flow was about -$8.9M (FCF ~- $9.2M), and leverage increased with debt rising to ~$9.0M versus equity of ~$8.5M.

Income Statement

Revenue rebounded sharply in 2025 (annual revenue up ~303% to ~$13.8M), signaling improving commercial traction after prior-year declines. However, profitability remains very weak: gross profit collapsed to ~$0.30M in 2025 (vs. ~$1.50M in 2024) while operating losses and net losses stayed large (2025 net loss ~$21.7M vs. ~$14.1M in 2024). Overall, strong top-line growth is being overwhelmed by heavy cost structure and persistent losses.

Balance Sheet

The capital structure deteriorated meaningfully in 2025: total debt rose to ~$9.0M while equity was ~$8.5M, implying materially higher leverage versus 2024 (when debt was low and debt-to-equity was ~0.24). Asset base expanded substantially in 2025 (total assets ~$69.9M vs. ~$11.4M in 2024), which can support future scale, but ongoing losses and the step-up in leverage increase balance-sheet risk.

Cash Flow

Cash generation remains a key weakness. Operating cash flow has been consistently negative across all years provided, and 2025 operating cash flow was roughly -$8.9M with free cash flow around -$9.2M, indicating continued cash burn to fund operations. While free cash outflow in 2025 improved versus 2024 (less negative), the company still relies on external financing until it can convert growth into sustainable positive cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.83M	13.83M	3.79M	5.65M	7.35M	3.51M
Gross Profit	295.75K	295.75K	1.50M	1.54M	3.29M	1.60M
EBITDA	-20.07M	-20.07M	-13.04M	-19.96M	-11.71M	-12.88M
Net Income	-21.65M	-21.65M	-14.06M	-20.88M	-13.11M	-15.11M
Balance Sheet
Total Assets	69.91M	69.91M	11.42M	24.05M	29.10M	38.80M
Cash, Cash Equivalents and Short-Term Investments	7.42M	7.42M	63.13K	3.36M	5.82M	18.15M
Total Debt	9.04M	9.04M	718.43K	3.10M	2.64M	3.03M
Total Liabilities	61.46M	61.46M	8.40M	12.48M	5.07M	5.28M
Stockholders Equity	8.45M	8.45M	3.02M	11.56M	24.03M	33.53M
Cash Flow
Free Cash Flow	-13.93M	-9.16M	-12.24M	-14.95M	-12.20M	-9.32M
Operating Cash Flow	-13.55M	-8.93M	-11.64M	-14.01M	-11.00M	-8.25M
Investing Cash Flow	1.39M	1.54M	615.61K	-537.02K	-964.50K	-9.47M
Financing Cash Flow	22.63M	14.76M	7.73M	12.08M	-361.78K	34.57M

Vision Marine Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• 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 0.2 is below the 20-day moving average (MA) of 0.34, below the 50-day MA of 0.88, and below the 200-day MA of 3.82, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 33.38 is Neutral, neither overbought nor oversold. The STOCH value of 37.39 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
MPX	64 Neutral	$320.94M	24.68	10.00%	6.03%	-12.30%	-29.51%
MCFT	63 Neutral	$330.34M	32.66	7.40%	―	-12.17%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ONEW	50 Neutral	$200.81M	-1.78	-35.49%	―	5.62%	-1706.59%
VEEE	46 Neutral	$4.41M	-0.29	-59.55%	―	-34.70%	36.13%
VMAR	41 Neutral	$5.03M	>-0.01	―	―	-66.16%	78.81%
EZGO	41 Neutral	$1.89M	>-0.01	-7.28%	―	-1.08%	97.76%

Vision Marine Technologies Corporate Events

Vision Marine Technologies Expands with Nautical Ventures Acquisition

In June 2025, Vision Marine Technologies Inc. completed the acquisition of Nautical Ventures Group Inc., a company with eight locations in Florida specializing in the sale of boats, parts, and accessories. This strategic acquisition is expected to significantly impact Vision Marine’s operations by expanding its market presence and enhancing its service offerings, although the financial results indicate a comprehensive loss for the period ending August 31, 2025.

The most recent analyst rating on (VMAR) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Vision Marine Technologies stock, see the VMAR Stock Forecast page.

Vision Marine Technologies Faces Financial Challenges Amid Fiscal Year 2025 Results

Vision Marine Technologies Inc. released its audited consolidated financial statements for the fiscal year ending August 31, 2025, highlighting ongoing challenges with limited cash, recurring losses, and doubts about its ability to continue as a going concern. The company’s financial statements, audited by M&K CPAs, PLLC, and Ernst & Young LLP, indicate a need for strategic management plans to address these financial difficulties, which could impact stakeholders and the company’s market position.

The most recent analyst rating on (VMAR) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Vision Marine Technologies stock, see the VMAR Stock Forecast page.