NASDAQ · Financial Statements

Vision Marine Technologies Inc. (VMAR) Financial Statements

$7.78 NASDAQ: VMAR Market Cap $5.08M

Vision Marine Technologies Inc. most recently reported annual revenue of $14.0M, a net loss of $22.0M. Revenue grew at an average annual rate of 47.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Vision Marine Technologies Inc.: Revenue rose from $1.0M in 2018 to $14.0M in 2025, a change of +1300.0% over 7 years; net profit was positive in 0 of 8 reported years; operating margin moved from -0.5% to -74.6%, a shift of -74.1 percentage points; the most recent year shows a net loss of $22.0M.

Income Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$1.0M	$3.0M	$2.0M	$3.0M	$8.0M	$6.0M	$4.0M	$14.0M
Operating Expenses	$1.0M	$3.0M	$4.0M	$16.0M	$21.0M	$26.0M	$20.0M	$24.0M
Operating Profit	$0	$0	$-2.0M	$-13.0M	$-13.0M	$-20.0M	$-16.0M	$-10.0M
Operating Margin	-0.5%	11.6%	-89.2%	-365.2%	-173.8%	-358.2%	-436.0%	-74.6%
Other Income	$0	$0	$0	$-2.0M	$0	$-1.0M	$2.0M	$-11.0M
Interest	$0	$0	$0	$0	$0	$0	$0	$1.0M
Depreciation	$0	$0	$0	$0	$1.0M	$1.0M	$1.0M	$1.0M
Profit Before Tax	$0	$0	$-2.0M	$-15.0M	$-13.0M	$-21.0M	$-14.0M	$-22.0M
Tax	$-444.8M	$21.6M	$-950,000	$-700,000	$-2.0M	$1.3M	$1.7M	$-40,000
Net Profit	$0	$0	$-2.0M	$-15.0M	$-14.0M	$-21.0M	$-14.0M	$-22.0M
EPS	$-98946.20	$119630.00	$-1150270.00	$-7723850.00	$-6691450.00	$-9031870.00	$-3432.81	$-98132.10
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M	$0	$0	$0	$13.0M	$16.0M	$15.0M	$18.0M
Operating Expenses	$7.0M	$5.0M	$4.0M	$3.0M	$4.0M	$3.0M	$4.0M	$4.0M	$13.0M	$19.0M	$18.0M	$24.0M
Operating Profit	$-5.0M	$-4.0M	$-3.0M	$-3.0M	$-3.0M	$-3.0M	$-4.0M	$-4.0M	$0	$-3.0M	$-3.0M	$-5.0M
Operating Margin	-225.9%	-438.2%	-449.5%	-438.5%	-284.8%	-2082.5%	-4076.8%	-1312.2%	0.8%	-20.1%	-20.8%	-29.1%
Interest	$0	$0	$0	$0	$0	$0	$0	$0	$1.0M	$1.0M	$1.0M	$1.0M
Profit Before Tax	$-4.0M	$1.0M	$-9.0M	$-3.0M	$-4.0M	$-2.0M	$-4.0M	$-7.0M	$-9.0M	$-4.0M	$-2.0M	$-6.0M
Tax	$1.6M	$-5.9M	$480,000	$3.8M	$-570,000	$-1.4M	$250,000	$40,000	$30,000	$210,000	$480,000	$100,000
Net Profit	$-4.0M	$1.0M	$-8.0M	$-3.0M	$-4.0M	$-2.0M	$-4.0M	$-7.0M	$-9.0M	$-4.0M	$-2.0M	$-6.0M
EPS	$-1660350.00	$351420.00	$-2884240.00	$-979220.00	$-653050.00	$-62562.80	$-15900.80	$-18643.40	$-42.59	$-3456.30	$-232.30	$-291.00

Over the 8 years reported for Vision Marine Technologies Inc., cash stood at $5.0M in the latest year, shareholders' equity was $49.0M, current assets covered current liabilities 1.19 times.

Balance Sheet — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$2.0M	$2.0M	$4.0M	$39.0M	$29.0M	$18.0M	$8.0M	$51.0M
Current Assets	$2.0M	$1.0M	$2.0M	$21.0M	$12.0M	$6.0M	$6.0M	$43.0M
Cash	$0	$0	$1.0M	$18.0M	$6.0M	$2.0M	$0	$5.0M
Inventory	$1.0M	$1.0M	$0	$2.0M	$2.0M	$2.0M	$5.0M	$27.0M
Receivables	$1.0M	$1.0M	$0	$1.0M	$1.0M	$1.0M	$0	$8.0M
Fixed Assets	$0	$1.0M	$1.0M	$4.0M	$4.0M	$4.0M	$1.0M	$8.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$0	$0	$0	$0	$0	$0
Other Assets	$0	$0	$0	$9.0M	$9.0M	$7.0M	$0	$0
Total Liabilities	$2.0M	$2.0M	$3.0M	$5.0M	$5.0M	$9.0M	$6.0M	$45.0M
Current Liabilities	$2.0M	$1.0M	$2.0M	$3.0M	$3.0M	$8.0M	$6.0M	$36.0M
Borrowings	$0	$0	$1.0M	$3.0M	$3.0M	$2.0M	$1.0M	$34.0M
Other Liabilities	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$7.0M	$6.0M	$11.0M
Equity	$0	$0	$2.0M	$43.0M	$43.0M	$38.0M	$42.0M	$49.0M
Reserves	$0	$0	$1.0M	$34.0M	$24.0M	$9.0M	$2.0M	$6.0M

For Vision Marine Technologies Inc., operating cash flow was positive in 0 of 8 reported years; free cash flow in the latest year was negative at $9.0M; free cash flow was positive in 0 of 8 years; financing activities used $10.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$0	$0	$0	$-8.0M	$-11.0M	$-14.0M	$-12.0M	$-9.0M
Investing Cash Flow	$0	$0	$0	$-11.0M	$-2.0M	$-1.0M	$0	$1.0M
Financing Cash Flow	$0	$0	$0	$0	$0	$12.0M	$2.0M	$-10.0M
Net Cash Flow	$0	$0	$1.0M	$17.0M	$-12.0M	$-2.0M	$-3.0M	$7.0M
Free Cash Flow	$0	$0	$-1.0M	$-9.0M	$-12.0M	$-15.0M	$-12.0M	$-9.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.00
EV / EBITDA	-1.90
FCF Yield	96.59%
Quick Ratio	0.47
Interest Coverage	-3.70
Return 1Y	-99.95%
Return 3Y	-100.00%
Return 5Y	-100.00%

Vision Marine Technologies Inc. (VMAR) financials — frequently asked questions

What is Vision Marine Technologies Inc.'s annual revenue?

Vision Marine Technologies Inc. (VMAR) reported annual revenue of $14.0M in its most recent fiscal year.

What is Vision Marine Technologies Inc.'s net profit?

Vision Marine Technologies Inc. (VMAR) reported a net loss of $22.0M in its most recent fiscal year.

What is VMAR EV/EBITDA?

Vision Marine Technologies Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -1.90. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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