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Vision Marine Technologies Inc Financials

VMAR
Source SEC Filings (10-K/10-Q) Data as of Aug 31, 2025 Currency USD FYE August

This page shows Vision Marine Technologies Inc (VMAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VMAR FY2025

FY2025 became an inventory-led expansion, with external financing supporting growth while operations still absorbed cash.

Revenue jumped to $13.8M in FY2025, but inventory climbed to $36.9M, so the balance sheet grew much faster than product left the door and the expansion became inventory-heavy. Because receivables were only $483K while operating cash flow stayed at -$8.9M, the working-capital strain looks more like stock sitting on hand than customers delaying payment.

The current ratio reached 1.2x, but that cushion depended heavily on inventory rather than ready cash, so liquidity quality matters more than the headline ratio. Cash was $7.4M against current liabilities of $49.7M, which means near-term flexibility depends on turning inventory into sales instead of simply spending what is already in the bank.

Cash conversion got less punishing as sales scaled: free cash flow improved from -312.7% of revenue in FY2024 to -66.2% in FY2025. But financing supplied $14.8M in FY2025 while free cash flow remained -$9.2M, so the larger operation still was not self-funding and cash replenishment came from outside the business.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 49 / 100
Financial Health Score 49/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Vision Marine Technologies Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
40
Dilution
84
Revenue Progress
91
Burn Trend
52
Balance Sheet
26
Piotroski F-Score Partial
3/8

Vision Marine Technologies Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
0.41x

For every $1 of reported earnings, Vision Marine Technologies Inc generates $0.41 in operating cash flow (-$8.9M OCF vs -$21.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$13.8M
YoY+395.9%
5Y CAGR+37.0%

Vision Marine Technologies Inc generated $13.8M in revenue in fiscal year 2025. This represents an increase of 395.9% from the prior year.

EBITDA
N/A
Net Income
-$21.7M
YoY-108.5%

Vision Marine Technologies Inc reported -$21.7M in net income in fiscal year 2025. This represents a decrease of 108.5% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
-$9.2M
YoY-5.0%

Vision Marine Technologies Inc generated -$9.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 5.0% from the prior year.

Cash & Debt
$7.4M
YoY+15755.1%

Vision Marine Technologies Inc held $7.4M in cash against $5.3M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
5M
YoY+29931.4%

Vision Marine Technologies Inc had 5M shares outstanding in fiscal year 2025. This represents an increase of 29931.4% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
-156.5%
YoY+215.7pp

Vision Marine Technologies Inc's net profit margin was -156.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 215.7 percentage points from the prior year.

Return on Equity
-256.2%
YoY+209.5pp

Vision Marine Technologies Inc's ROE was -256.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 209.5 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$227K
YoY-48.8%

Vision Marine Technologies Inc invested $227K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 48.8% from the prior year.

VMAR Income Statement

Metric Q4'25 Q4'24 Q4'23
Revenue N/A N/A N/A
Cost of Revenue N/A N/A N/A
Gross Profit N/A N/A N/A
R&D Expenses N/A N/A N/A
SG&A Expenses N/A N/A N/A
Operating Income N/A N/A N/A
Interest Expense N/A N/A N/A
Income Tax N/A N/A N/A
Net Income N/A N/A N/A
EPS (Diluted) N/A N/A N/A

VMAR Balance Sheet

Metric Q4'25 Q4'24 Q4'23
Total Assets $69.9M+726.8% $8.5M-52.6% $17.8M
Current Assets $59.0M+823.7% $6.4M+1.8% $6.3M
Cash & Equivalents $7.4M+15755.1% $47K-98.1% $2.5M
Inventory $36.9M+701.1% $4.6M+154.7% $1.8M
Accounts Receivable $483K+370.1% $103K-74.7% $407K
Goodwill N/A N/A $7.2M
Total Liabilities $61.5M+887.1% $6.2M-32.6% $9.2M
Current Liabilities $49.7M+748.1% $5.9M-23.8% $7.7M
Long-Term Debt $5.3M+5130.1% $102K-93.1% $1.5M
Total Equity $8.5M+279.1% $2.2M-74.1% $8.6M
Retained Earnings -$71.6M-43.4% -$49.9M-26.3% -$39.5M

VMAR Cash Flow Statement

Metric Q4'25 Q4'24 Q4'23
Operating Cash Flow N/A N/A N/A
Capital Expenditures N/A N/A N/A
Free Cash Flow N/A N/A N/A
Investing Cash Flow N/A N/A N/A
Financing Cash Flow N/A N/A N/A
Dividends Paid N/A N/A N/A
Share Buybacks N/A N/A N/A

VMAR Financial Ratios

Metric Q4'25 Q4'24 Q4'23
Gross Margin N/A N/A N/A
Operating Margin N/A N/A N/A
Net Margin N/A N/A N/A
Return on Equity N/A N/A N/A
Return on Assets N/A N/A N/A
Current Ratio 1.19+0.1 1.09+0.3 0.82
Debt-to-Equity 0.63+0.6 0.05-0.1 0.17
FCF Margin N/A N/A N/A

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Frequently Asked Questions

Vision Marine Technologies Inc (VMAR) reported $13.8M in total revenue for fiscal year 2025. This represents a 395.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Vision Marine Technologies Inc (VMAR) revenue grew by 395.9% year-over-year, from $2.8M to $13.8M in fiscal year 2025.

No, Vision Marine Technologies Inc (VMAR) reported a net income of -$21.7M in fiscal year 2025, with a net profit margin of -156.5%.

As of fiscal year 2025, Vision Marine Technologies Inc (VMAR) had $7.4M in cash and equivalents against $5.3M in long-term debt.

Vision Marine Technologies Inc (VMAR) had a net profit margin of -156.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Vision Marine Technologies Inc (VMAR) has a return on equity of -256.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Vision Marine Technologies Inc (VMAR) generated -$9.2M in free cash flow during fiscal year 2025. This represents a -5.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Vision Marine Technologies Inc (VMAR) generated -$8.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Vision Marine Technologies Inc (VMAR) had $69.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Vision Marine Technologies Inc (VMAR) invested $227K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Vision Marine Technologies Inc (VMAR) had 5M shares outstanding as of fiscal year 2025.

Vision Marine Technologies Inc (VMAR) had a current ratio of 1.19 as of fiscal year 2025, which is considered adequate.

Vision Marine Technologies Inc (VMAR) had a debt-to-equity ratio of 0.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Vision Marine Technologies Inc (VMAR) had a return on assets of -31.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Vision Marine Technologies Inc (VMAR) had $7.4M in cash against an annual operating cash burn of $8.9M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Vision Marine Technologies Inc (VMAR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Vision Marine Technologies Inc (VMAR) has an earnings quality ratio of 0.41x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Vision Marine Technologies Inc (VMAR) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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