Vision Marine Technologies Inc.
- Open
- 1.77
- Day high
- 1.78
- Day low
- 1.60
- Prev close
- 1.89
- Volume
- 13.4M
- Mkt cap
- $6M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.6
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▲Insiders net buying $153K over the last 3 months (8 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Vision Marine Technologies Inc. (VMAR) is a Consumer Cyclical company listed on NASDAQ. The stock is down 100% over the past year. Over the trailing 3 months, insiders filed 8 open-market buys and 4 sales (SEC Form 4).
Vision Marine Technologies Inc. (VMAR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VMAR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 14, 2026 | $-65.34 | $-2.32 | +96.4% | $15M | +1897.7% |
| Jan 13, 2026 | $-66.64 | $-34.40 | +48.4% | $16M | +2643.2% |
| Dec 1, 2025 | $-1.55 | $-99.99 | -6351.0% | $13M | +1799.9% |
| Jul 11, 2025 | $-1.67 | $-4.65 | -178.4% | $208034 | -48.0% |
| Apr 8, 2025 | $-2.39 | $-3.89 | -62.8% | $72890 | -81.8% |
| Jan 13, 2025 | $-241.80 | $-14.30 | +94.1% | $101817 | -90.5% |
| Dec 2, 2024 | $-31.05 | $-258.70 | -733.2% | $2M | +107.5% |
| Jul 15, 2024 | $-0.28 | $-242.90 | -86650.0% | $777622 | -33.7% |
| Apr 15, 2024 | $-269.89 | $-364.35 | -35.0% | $536680 | -68.3% |
| Jan 15, 2024 | $-310.38 | $-256.40 | +17.4% | $727536 | -66.5% |
| Nov 27, 2023 | $-431.83 | $-418.33 | +3.1% | $2M | -35.9% |
| Jul 13, 2023 | $-67.47 | $-161.94 | -140.0% | $963391 | -12.8% |
VMAR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 8,346 | $2.00 |
| Jun 29, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 876 | $1.98 |
| Jun 25, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 679 | $2.24 |
| Jun 24, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 99 | $2.74 |
| Jun 23, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 1,737 | $3.11 |
| Jun 23, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 6,872 | $2.84 |
| Jun 22, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 2,621 | $3.27 |
| Jun 18, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 234,583 | $0.29 |
| Jun 9, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 35,403 | $0.40 |
| Jun 8, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 16,876 | $0.39 |
| Jun 5, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 124,448 | $0.43 |
| Jun 5, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 5,569 | $0.43 |
Source: VMAR SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full VMAR insider & 13F page →Vision Marine Technologies Inc. company profile
Overview
Vision Marine Technologies Inc. (NASDAQ:VMAR) is a Canadian electric marine propulsion company founded in 1995 and originally known as The Canadian Electric Boat Company. Headquartered in Boisbriand, Canada, the company went public in November 2020 and operates as a subsidiary of West Island Brands Inc. Vision Marine specializes in designing, developing, and manufacturing electric outboard motors and electric boats, positioning itself as a pioneer in the transition from traditional gasoline-powered marine engines to electric propulsion systems for recreational boating.
Business
Vision Marine Technologies operates in the marine recreational vehicle industry, specifically focusing on electric propulsion systems for boats. The company's core business revolves around electric outboard motors and electric boats, representing a significant shift from traditional internal combustion marine engines to battery-powered alternatives. Electric outboard motors are external propulsion units that mount on the transom (back) of a boat, containing an electric motor, propeller, and control systems. Unlike traditional gasoline outboard motors that burn fuel and produce emissions, electric outboards run on rechargeable batteries and operate silently with zero local emissions. These systems are particularly appealing for recreational boating in environmentally sensitive areas, marinas with noise restrictions, and for users seeking lower maintenance costs. The company operates through two distinct business segments: 1. Sale of Electric Boats segment - This includes manufacturing and selling complete electric boats, electric outboard motors, boat parts, and providing related maintenance services. The company distributes these products through its retail e-commerce website and network of distributors and dealers, serving both original equipment manufacturers (OEMs) and end consumers. 2. Rental of Electric Boats segment - Vision Marine operates a direct-to-consumer electric boat rental center in Newport Beach, California, maintaining a fleet of approximately 20 electric vessels. This segment provides hands-on experience for potential customers while generating rental revenue. Based on recent financial data, the company's revenue has been declining, with total annual revenue of approximately $2.6 million in fiscal 2024, down from $5.4 million in fiscal 2022, suggesting challenges in market adoption or competitive pressures.
Revenue model
Vision Marine Technologies generates revenue through multiple channels within the electric marine propulsion market. The primary revenue stream comes from product sales of electric outboard motors, complete electric boats, replacement parts, and accessories sold to both OEM manufacturers and individual consumers through e-commerce platforms, distributors, and authorized dealers. The secondary revenue stream derives from service fees through their boat rental operations in Newport Beach, California, where customers pay hourly or daily rates to rent electric boats from their fleet. Additionally, the company generates income from maintenance and repair services for their electric marine products. The company's customers include recreational boat manufacturers seeking electric propulsion options for their vessels, marine dealers and distributors, and individual boat owners looking to transition from gasoline to electric power. The rental segment targets tourists and local recreational boaters in Southern California. Several factors significantly impact Vision Marine's profitability margins. Positive margin drivers include the growing environmental consciousness among boaters, increasing marina restrictions on noise and emissions, lower operating costs of electric motors compared to gasoline engines, and potential government incentives for clean transportation technologies. The company also benefits from reduced maintenance requirements of electric systems compared to internal combustion engines. Negative margin pressures include high battery costs which represent a significant portion of electric outboard motor expenses, limited charging infrastructure at marinas constraining market adoption, consumer concerns about range and power limitations compared to gasoline motors, intense competition from established marine engine manufacturers like Mercury Marine and Yamaha who are developing their own electric solutions, and the cyclical nature of the recreational boating industry which is sensitive to economic downturns and discretionary spending patterns.
Competitive moat
Vision Marine Technologies operates in a highly competitive marine propulsion market with limited sustainable competitive advantages. The company's primary moat appears to be its first-mover advantage in the electric outboard motor space, having focused exclusively on electric marine propulsion since 1995, which has provided valuable experience in battery management, marine-specific electric motor design, and understanding customer needs in this niche market. However, this moat is relatively weak and faces significant threats. Major marine engine manufacturers like Mercury Marine (owned by Brunswick Corporation), Yamaha, and Suzuki possess substantially greater resources, established dealer networks, brand recognition, and manufacturing capabilities. These incumbents are rapidly developing their own electric propulsion systems and can leverage their existing relationships with boat manufacturers and marine dealers to gain market share quickly. The electric marine propulsion technology itself does not present significant barriers to entry, as electric motors and battery management systems are increasingly commoditized. Patents in this space are limited, and the core technologies can be adapted from automotive or other electric vehicle applications. Additionally, Tesla's potential entry into marine propulsion or partnerships between automotive electric vehicle manufacturers and marine companies could rapidly disrupt Vision Marine's position. The company's rental operations provide some local market presence but represent a small-scale business model that doesn't create meaningful competitive barriers. The direct-to-consumer e-commerce approach, while providing margin advantages, lacks the scale and distribution reach necessary to compete effectively against established marine industry players with extensive dealer networks. Overall, Vision Marine's competitive position appears vulnerable to well-funded incumbents and new entrants, with limited sustainable differentiation beyond early market timing.
Risks & safety
Vision Marine Technologies presents significant financial risks with limited margin of safety for investors. • Cash burn and solvency: The company is burning approximately $4-8 million annually in operating cash flow with only $10.7 million in cash as of Q2 2025, providing roughly 1-2 years of runway at current burn rates. Free cash flow has been consistently negative at -$4.1 million in the most recent quarter. • Debt levels: Relatively low debt-to-equity ratio of 0.026 indicates minimal debt burden, though total liabilities of $3.2 million against $19.8 million in assets suggests reasonable solvency in the near term. • Valuation metrics: Trading at negative P/E ratios due to consistent losses, with price-to-book ratio of 3.04 indicating premium valuation relative to tangible assets. Current ratio of 10.86 shows strong short-term liquidity position. • Revenue trends: Declining revenue trajectory from $5.4 million in FY2022 to $2.6 million in FY2024, with quarterly revenues in the $70,000-$100,000 range, indicating severe business contraction. • Other considerations: Consistent EBITDA losses exceeding $2 million quarterly, negative return on equity of -15.2%, and extremely low market capitalization of approximately $8.2 million suggest high volatility and limited institutional interest.
Recent development
Based on the available financial data, Vision Marine Technologies has experienced significant operational challenges over recent years rather than strategic expansion. The company's revenue has declined substantially from $5.4 million in fiscal 2022 to $2.6 million in fiscal 2024, indicating either market adoption challenges or competitive pressures in the electric marine propulsion sector. The most notable development has been the company's deteriorating financial performance, with quarterly revenues dropping to extremely low levels of approximately $74,000-$99,000 in the most recent quarters of fiscal 2025. This represents a dramatic contraction from previous periods and suggests either seasonal factors, supply chain disruptions, or fundamental market challenges. The company has maintained its dual-segment approach of product sales and boat rental operations, with the Newport Beach rental facility continuing to operate with approximately 20 electric boats. However, the overall business appears to be struggling with execution, as evidenced by consistent negative EBITDA margins and substantial cash burn rates. Without access to recent earnings call transcripts, specific strategic initiatives, new product launches, or management commentary on market positioning cannot be detailed. The financial metrics suggest the company may be in a period of restructuring or facing significant headwinds in commercializing its electric marine propulsion technology at scale.
VMAR company profile · for informational purposes only — not investment advice.
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