NASDAQ : VMAR
Vision Marine Technologies Inc. — Financial statements
Consumer Discretionary · Recreational Vehicles · Canada
Last price 6.26 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.09M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Vision Marine Technologies Inc. (VMAR) reported revenue of 62.04M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 62.04M | 13.83M | 2.79M | 4.20M | 5.62M | 2.78M |
| Cost of Revenue | 45.47M | 9.07M | 1.69M | 3.06M | 3.11M | 1.51M |
| Gross Profit | 16.57M | 4.77M | 1.10M | 1.14M | 2.51M | 1.27M |
| Selling, General & Admin | 27.33M | 13.14M | 8.05M | 10.66M | 8.30M | 4.52M |
| Research & Development | 176.39K | 1.18M | 2.01M | 4.24M | 1.72M | 1.18M |
| Operating Expenses | 30.52M | 15.08M | 10.83M | 16.18M | 12.28M | 11.48M |
| Operating Income | -13.96M | -10.31M | -9.73M | -15.04M | -9.77M | -10.21M |
| Interest Expense | -3.13M | -810.71K | -183.60K | -105.54K | -141.40K | -97.38K |
| Interest & Investment Income | 148.82K | 156.66K | 47.14K | 84.45K | 290.06K | |
| Earnings From Equity Investments | -380.46K | -380.46K | ||||
| Currency Exchange Gain (Loss) | 46.85K | -508.19K | 34.68K | 154.72K | 192.68K | -1.25M |
| Other Non Operating Income (Expenses) | 7.14M | 6.07M | 6.84M | 1.08M | 110.06K | 121.62K |
| EBT Excluding Unusual Items | -10.13M | -5.78M | -3.00M | -13.82M | -9.32M | -11.44M |
| Impairment of Goodwill | -15.08M | -15.08M | -6.37M | |||
| Gain (Loss) on Sale of Investments | -1.26M | -1.89M | -512.38K | -435.07K | ||
| Gain (Loss) on Sale of Assets | 67.38K | |||||
| Legal Settlements | 1.21M | -832.50K | ||||
| Other Unusual Items | -729.82K | 52.30K | ||||
| Pretax Income | -24.73M | -21.64M | -10.56M | -15.71M | -9.83M | -11.87M |
| Income Tax Expense | -22.82K | 7.88K | -179.03K | -207.58K | 197.57K | 83.53K |
| Net Income | -24.71M | -21.65M | -10.38M | -15.50M | -10.03M | -11.96M |
| Net Income to Common | -24.71M | -21.65M | -10.38M | -15.50M | -10.03M | -11.96M |
| Free Cash Flow | 3.92M | -9.16M | -8.72M | -11.30M | -9.31M | -6.96M |
| Gross Margin | 26.70% | 34.46% | 39.49% | 27.09% | 44.70% | 45.65% |
| Operating Margin | -22.50% | -74.56% | -348.83% | -357.89% | -173.77% | -367.29% |
| Profit Margin | -39.82% | -156.53% | -372.20% | -369.01% | -178.37% | -430.13% |
| Free Cash Flow Margin | 6.31% | -66.20% | -312.72% | -268.85% | -165.59% | -250.32% |
| EBITDA | -13.31M | -9.88M | -9.43M | -14.26M | -9.55M | -9.88M |
| EBITDA Margin | -21.46% | -71.44% | -169.90% | |||
| D&A For EBITDA | 647.34K | 431.61K | 296.46K | 781.68K | 217.62K | 329.90K |
| EBIT | -13.96M | -10.31M | -9.73M | -15.04M | -9.77M | -10.21M |
| EBIT Margin | -22.50% | -74.56% | -173.77% |
Balance sheet
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 814.21K | 7.42M | 46.79K | 2.48M | 4.45M | 14.36M |
| Cash & Short-Term Investments | 814.21K | 7.42M | 46.79K | 2.48M | 4.45M | 14.36M |
| Accounts Receivable | 6.93M | 10.81M | 19.44K | 406.97K | 83.14K | 21.66K |
| Other Receivables | 228.15K | 96.08K | 117.18K | 101.77K | 829.52K | 347.94K |
| Receivables | 7.16M | 10.91M | 136.62K | 508.74K | 912.66K | 369.60K |
| Inventory | 23.51M | 39.57M | 5.93M | 1.81M | 1.60M | 1.56M |
| Prepaid Expenses | 1.01M | 1.08M | 273.08K | 1.46M | 1.89M | 430.99K |
| Restricted Cash | 400.00K | |||||
| Other Current Assets | 14.88K | 12.80K | 146.66K | |||
| Total Current Assets | 32.90M | 58.97M | 6.38M | 6.27M | 8.87M | 16.87M |
| Property, Plant & Equipment | 11.53M | 10.38M | 1.36M | 3.56M | 3.43M | 3.42M |
| Long-Term Investments | 1.86M | 2.25M | ||||
| Goodwill | 190.94K | 7.15M | 7.15M | 7.15M | ||
| Other Intangible Assets | 487.83K | 481.20K | 643.77K | 713.06K | 850.91K | 969.59K |
| Long-Term Deferred Tax Assets | 9.53K | 59.96K | 66.25K | 13.88K | ||
| Other Long-Term Assets | 128.88K | 81.66K | 4.39K | 84.78K | 90.91K | 26.33K |
| Total Assets | 45.24M | 69.91M | 8.46M | 17.84M | 22.25M | 30.69M |
| Accounts Payable | 7.99M | 8.05M | 2.88M | 1.30M | 564.34K | 443.67K |
| Accrued Expenses | 347.49K | 557.13K | 455.48K | 223.60K | 227.17K | |
| Short-Term Debt | 10.17M | 114.52K | ||||
| Current Portion of Long-Term Debt | 1.20M | 657.11K | 75.16K | 200.62K | 55.13K | 8.05K |
| Current Portion of Leases | 2.53M | 1.67M | 90.49K | 478.49K | 429.15K | 444.67K |
| Current Income Taxes Payable | 2.44K | 109.41K | ||||
| Current Unearned Revenue | 3.63M | 5.67M | 613.48K | 1.34M | 787.17K | 710.91K |
| Other Current Liabilities | 167.10K | 33.09M | 1.75M | 4.26M | 136.00K | 187.83K |
| Total Current Liabilities | 26.04M | 49.70M | 5.86M | 7.69M | 2.20M | 2.13M |
| Long-Term Debt | 1.13M | 1.37M | 264.80K | 24.96K | 118.73K | 42.66K |
| Long-Term Leases | 6.39M | 5.34M | 102.08K | 1.47M | 1.42M | 1.90M |
| Long-Term Deferred Tax Liabilities | 5.89K | 48.58K | 143.81K | 97.02K | ||
| Other Long-Term Liabilities | 5.66M | 5.05M | ||||
| Total Liabilities | 39.22M | 61.46M | 6.23M | 9.24M | 3.88M | 4.17M |
| Common Stock | 76.12M | 67.12M | 42.00M | 38.34M | 33.22M | 33.88M |
| Additional Paid-In Capital | 12.36M | 11.79M | 9.41M | 9.12M | 8.08M | 6.22M |
| Retained Earnings | -83.47M | -71.58M | -49.93M | -39.55M | -23.46M | -13.89M |
| Comprehensive Income & Other | 1.02M | 1.13M | 746.00K | 693.37K | 533.54K | 307.37K |
| Shareholders' Equity | 6.03M | 8.45M | 2.23M | 8.61M | 18.38M | 26.52M |
| Total Liabilities & Equity | 45.24M | 69.91M | 8.46M | 17.84M | 22.25M | 30.69M |
| Total Debt | 21.42M | 9.04M | 532.53K | 2.29M | 2.02M | 2.40M |
| Net Cash (Debt) | -20.60M | -1.62M | -485.74K | 189.98K | 2.43M | 11.96M |
| Working Capital | 6.86M | 9.28M | 524.85K | -1.42M | 6.67M | 14.73M |
| Tangible Book Value | 5.35M | 7.97M | 1.59M | 740.56K | 10.37M | 18.40M |
| Machinery | 4.66M | 5.03M | 1.42M | 1.95M | 1.80M | 1.23M |
| Leasehold Improvements | 692.70K | 619.67K | 276.97K | 268.96K | 202.17K | 103.81K |
Cash flow statement
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -24.71M | -21.65M | -10.38M | -15.50M | -10.03M | -11.96M |
| Depreciation & Amortization | 3.31M | 1.13M | 743.51K | 781.68K | 715.83K | 329.90K |
| Other Amortization | 22.52K | 13.31K | 12.55K | 14.90K | ||
| Loss (Gain) From Sale of Assets | 93.77K | 79.09K | 128.76K | |||
| Asset Writedown & Restructuring Costs | 15.08M | 15.08M | 6.37M | |||
| Loss (Gain) From Sale of Investments | 1.26M | |||||
| Stock-Based Compensation | 992.25K | 1.71M | 1.22M | 2.09M | 2.52M | 5.72M |
| Other Operating Activities | -8.12M | -5.84M | -7.06M | 143.38K | 358.79K | 573.98K |
| Change in Accounts Receivable | 253.01K | 107.54K | 188.25K | -45.59K | -116.86K | -184.09K |
| Change in Inventory | 19.76M | 2.95M | -2.76M | -205.60K | -90.00K | -1.16M |
| Change in Accounts Payable | 99.29K | -1.31M | 2.28M | 508.61K | 139.40K | 76.43K |
| Change in Unearned Revenue | -1.84M | 386.05K | -50.50K | 554.33K | 99.88K | 313.33K |
| Change in Other Net Operating Assets | -841.90K | -1.51M | -178.66K | 975.74K | -2.03M | -236.53K |
| Operating Cash Flow | 4.10M | -8.93M | -8.28M | -10.57M | -8.41M | -6.53M |
| Capital Expenditures | -183.93K | -227.35K | -444.43K | -726.71K | -899.29K | -430.60K |
| Sale of Property, Plant & Equipment | 93.06K | 298.38K | 186.32K | 26.98K | ||
| Cash Acquisitions | 1.90M | 1.87M | -3.98M | |||
| Divestitures | 724.45K | |||||
| Sale (Purchase) of Intangibles | -95.76K | -99.41K | -46.93K | -24.63K | -418.24K | |
| Investment in Securities | -2.69M | |||||
| Investing Cash Flow | 5.45M | 1.54M | 326.14K | -428.33K | -737.60K | -7.49M |
| Short-Term Debt Issued | 1.07M | 114.52K | ||||
| Long-Term Debt Issued | 207.16K | 387.46K | 191.60K | 215.98K | ||
| Total Debt Issued | 4.46M | 1.28M | 387.46K | 306.12K | 215.98K | |
| Short-Term Debt Repaid | -10.53M | -114.52K | -134.48K | |||
| Long-Term Debt Repaid | -1.08M | -788.59K | -691.23K | -635.49K | -565.12K | |
| Lease Payments | -2.02M | -494.20K | -480.20K | -537.05K | -532.07K | -233.60K |
| Total Debt Repaid | -38.39M | -11.61M | -903.10K | -691.23K | -635.49K | -699.59K |
| Net Debt Issued (Repaid) | -33.93M | -10.33M | -515.64K | -385.11K | -419.51K | -699.59K |
| Issuance of Common Stock | 17.64M | 25.10M | 1.33M | 9.41M | 7.65K | 28.05M |
| Other Financing Activities | -364.09K | -12.80K | 74.91K | 135.19K | ||
| Financing Cash Flow | -16.65M | 14.76M | 5.52M | 9.03M | -276.67K | 27.35M |
| Net Cash Flow | -7.10M | 7.37M | -2.44M | -1.97M | -9.42M | 13.33M |
| Free Cash Flow | 3.92M | -9.16M | -8.72M | -11.30M | -9.31M | -6.96M |
| Free Cash Flow Margin | 6.31% | -66.20% | -312.72% | -268.85% | -165.59% | -250.32% |
| Levered Free Cash Flow | -22.58M | -7.97M | -8.46M | -1.60M | -5.77M | -1.69M |
| Unlevered Free Cash Flow | -20.62M | -7.46M | -8.35M | -1.53M | -5.68M | -1.63M |
| Free Cash Flow After Leases | 1.90M | -9.65M | -9.20M | -11.83M | -9.84M | -7.19M |
| Cash Income Tax Paid | 7.70K | 18.13K | 307.00 | 10.43K | 285.40K | -10.61K |
| Change in Working Capital | 17.43M | 624.61K | -524.92K | 1.79M | -1.99M | -1.20M |
Ratios
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.86M | 4.42M | 1.78M | 40.17M | 34.72M | 34.67M |
| Enterprise Value | 24.46M | -3.16M | 2.66M | 41.58M | 30.81M | 15.93M |
| Last Close Price | 5.91 | 5,480.00 | 889,192.89 | 20,086,393.00 | 34,719,222.00 | 34,665,227.00 |
| Forward PE | 142.99 | 142.99 | 142.99 | 142.99 | 142.99 | |
| PS Ratio | 0.06 | 0.32 | 0.64 | 9.56 | 6.18 | 12.47 |
| PB Ratio | 0.03 | 0.52 | 0.80 | 4.67 | 1.89 | 1.31 |
| P/TBV Ratio | 0.72 | 0.56 | 1.12 | 54.25 | 3.35 | 1.88 |
| EV/Sales Ratio | 0.39 | 0.95 | 9.90 | 5.48 | 5.73 | |
| Debt / Equity Ratio | 3.55 | 1.07 | 0.24 | 0.27 | 0.11 | 0.09 |
| Debt / FCF Ratio | 5.47 | |||||
| Net Debt / Equity Ratio | 3.42 | 0.19 | 0.22 | -0.02 | -0.13 | -0.45 |
| Net Debt / EBITDA Ratio | -1.55 | -0.16 | -0.05 | 0.01 | 0.26 | 1.21 |
| Net Debt / FCF Ratio | 5.26 | -0.18 | -0.06 | 0.02 | 0.26 | 1.72 |
| Asset Turnover | 1.97 | 0.35 | 0.21 | 0.21 | 0.22 | 0.17 |
| Inventory Turnover | 2.98 | 0.40 | 0.44 | 1.83 | 2.00 | 1.55 |
| Quick Ratio | 0.31 | 0.37 | 0.03 | 0.39 | 2.44 | 6.91 |
| Current Ratio | 1.26 | 1.19 | 1.09 | 0.81 | 4.04 | 7.91 |
| Return on Equity (ROE) | -269.98% | -405.45% | -191.65% | -117.65% | -45.56% | -88.08% |
| Return on Assets (ROA) | -27.67% | -16.45% | -46.25% | -47.78% | -23.52% | -38.02% |
| Return on Invested Capital (ROIC) | -45.47% | -161.35% | -174.84% | -123.47% | -64.05% | -129.03% |
| Return on Capital Employed (ROCE) | -72.70% | -51.00% | -374.80% | -148.10% | -48.70% | -35.70% |
| Earnings Yield | -640.14% | -489.60% | -583.85% | -38.59% | -28.88% | -34.49% |
| FCF Yield | 101.47% | -207.08% | -490.55% | -28.12% | -26.81% | -20.07% |