Vision Marine Technologies (VMAR) AI Stock Analysis

• Market Cap: $3.72M
• Dividend Yield: N/A
• Average Volume (3M): 292.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• 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): 31.45
• Price to Sales (P/S): 13.99
• P/FCF Ratio: -21.13
• Enterprise Value/Market Cap: 11.31
• Enterprise Value/Revenue: 1.04
• Enterprise Value/Gross Profit: 10.34
• Enterprise Value/Ebitda: -1.63
• 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: $3.50 ▲(2233.33% Upside)

The score is primarily constrained by stressed financial performance (large losses, thin margins, negative free cash flow, and elevated leverage). Technicals also weigh heavily due to a strong downtrend despite oversold signals, while valuation offers limited support because the company is unprofitable and provides no dividend yield data.

Positive Factors

Revenue Growth Momentum

Sustained top-line growth of this magnitude indicates accelerating adoption of electric propulsion in recreational boating, enabling scale benefits, stronger OEM credibility, and potential for higher aftermarket and service revenue as installations and support contracts compound over time.

Proprietary E-Motion Propulsion Technology

Owning a differentiated high-voltage electric outboard platform provides a durable competitive advantage: it supports deep OEM integration, product stickiness via parts and service, and raises barriers to entry versus generic replacements, aiding longer-term margin expansion if scale is achieved.

Expanded Direct Distribution & Service Footprint

Owning retail and service locations increases control of the customer experience, accelerates aftermarket sales and installation capacity, and shortens feedback loops for product improvements—supporting sustainable revenue diversification and deeper market penetration in a key U.S. region.

Negative Factors

Very Low Gross Margins and Deep Operating Losses

Extremely thin gross margins and large operating losses indicate structural cost or pricing issues; absent sustained margin improvement through scale, product mix, or cost reduction, profitability remains a distant outcome and undermines long-term free cash flow generation.

Persistent Negative Operating and Free Cash Flow

Ongoing cash burn at the operating level forces reliance on external financing for working capital and growth, increasing dilution or refinancing risk and constraining the company's ability to fund factory scale-up or long sales cycles typical in OEM partnerships.

Audited Statements Flag Going-Concern Risks

Auditors' going-concern language signifies material funding and execution risk; it signals potential difficulty meeting obligations without new capital, which can hamper supplier terms, slow OEM program execution, and force dilutive fundraising during strategic inflection points.

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 strong TTM revenue growth (~157% to ~$35.6M), profitability and cash generation remain very weak (gross margin ~4.3%, EBIT margin ~-66.8%, net margin ~-73.2%, negative operating cash flow and free cash flow). Leverage is elevated (debt ~$17.1M vs equity ~$5.9M), reducing financial flexibility while losses persist.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.00M	3.76M	5.68M	7.59M	3.48M
Gross Profit	406.26K	-2.84M	952.84K	―	1.41M
EBITDA	-27.57M	-12.98M	-20.07M	-12.09M	-14.32M
Net Income	-29.74M	-14.01M	-21.00M	-13.53M	-14.96M
Balance Sheet
Total Assets	69.91M	8.46M	17.84M	29.10M	38.80M
Cash, Cash Equivalents and Short-Term Investments	7.42M	46.79K	2.48M	5.82M	18.15M
Total Debt	46.60M	532.53K	2.29M	2.64M	3.03M
Total Liabilities	61.46M	6.23M	9.24M	5.07M	5.28M
Stockholders Equity	8.45M	2.23M	8.61M	24.03M	33.53M
Cash Flow
Free Cash Flow	-12.58M	-12.24M	-14.95M	-12.20M	-9.32M
Operating Cash Flow	-12.27M	-11.64M	-14.01M	-11.00M	-8.25M
Investing Cash Flow	2.12M	615.61K	-537.02K	-964.50K	-9.47M
Financing Cash Flow	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: Positive

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 5.74, below the 50-day MA of 19.24, and below the 200-day MA of 135.15, indicating a bearish trend. The MACD of -4.10 indicates Negative momentum. The RSI at 28.90 is Positive, neither overbought nor oversold. The STOCH value of 13.31 is Positive, 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	70 Outperform	$330.39M	25.40	10.00%	6.03%	-12.30%	-29.51%
MCFT	63 Neutral	$340.60M	33.32	7.40%	―	-12.17%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ONEW	47 Neutral	$219.00M	-1.91	-35.49%	―	5.62%	-1706.59%
VEEE	47 Neutral	$3.05M	-0.21	-59.55%	―	-34.70%	36.13%
VMAR	41 Neutral	$3.72M	―	―	―	-66.16%	78.81%
EZGO	41 Neutral	$1.54M	>-0.01	-7.28%	―	-1.08%	97.76%

Vision Marine Technologies Corporate Events

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.

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.