Vision Marine Technologies Inc Stock Price, News & Analysis

Vision Marine Technologies (NASDAQ: VMAR) announced plans to expand its electric boat rental operations to Portside Ventura Harbor, California. The lease agreement will enable the company to operate 15 rental boats initially, with potential for future growth. The new marina will feature 104 boat slips and is situated in a popular tourist destination, enhancing accessibility for residents and visitors. This move highlights Vision Marine's commitment to leading the electric transition in recreational boating while contributing to environmental sustainability.

Vision Marine Technologies (NASDAQ: VMAR) has partnered with Freedom Boat Club, a subsidiary of Brunswick Corporation, for a six-month evaluation program in Deerfield, Florida. The franchisee will use five pontoons featuring Vision Marine's E-Motion™ 180E electric outboard motor. This location is one of the fastest-growing franchisees in North America, with approximately 1,800 members across ten locations in Southeast Florida. Post-evaluation, both companies aim to expand the electric fleet across all locations, promoting eco-friendly boating solutions.

Vision Marine Technologies (NASDAQ: VMAR) has partnered with Nautical Ventures Group as the exclusive distributor of the new fully recyclable rotomolded boat, The Phantom, in Florida. This innovative vessel, designed for electric propulsion, will see an initial purchase agreement for 50 units valued at $1.5 million. The Phantom features a lightweight, durable hull made from recyclable materials, offering various colors and styles, buoyancy, and minimal maintenance. With certifications from USCG, CCG, and C.E., the Phantom represents a significant step towards eco-friendly boating.

Vision Marine Technologies (Nasdaq: VMAR) announced a US$2 million purchase order for 25 E-Motion™ 180E outboard motors from The Limestone Boat Company. This marks Vision Marine's initial order and signifies a shift towards electric propulsion in the recreational boating industry. With the delivery expected in the fourth quarter of 2023, Limestone plans to integrate Vision Marine's powertrain into existing and upcoming models. The E-Motion™ system promises high performance without compromising the experience of traditional combustion engines.

Vision Marine Technologies, Inc. (Nasdaq: VMAR) achieved a significant milestone by breaking the 100 MPH barrier for electric watercraft, reaching a record speed of 109 MPH at the Lake of the Ozarks Shootout on August 28, 2022. This accomplishment, led by champion pilot Shaun Torrente, showcased the capabilities of Vision Marine's E-Motion™ electric propulsion technology, developed in collaboration with Hellkat Powerboats and Octillion Power Systems. The company aims to revolutionize the boating industry and reduce carbon emissions with its innovative electric solutions.

Vision Marine Technologies (NASDAQ: VMAR) reported significant fiscal Q3 2022 results, achieving 161% year-over-year revenue growth of CAD$2.01 million, driven by its Newport Beach boat rental operation. Operating losses narrowed to CAD$1.94 million from CAD$4.8 million last year, bolstered by a cash position of CAD$7.9 million and zero long-term debt. The company plans to expand rental operations and has partnered with Groupe Beneteau to advance its E-Motion powertrain, expected to generate substantial revenue by spring 2023.

Groupe Beneteau, a leader in recreational boating, has partnered with Vision Marine Technologies (NASDAQ: VMAR) to integrate high-power electric outboard motors into its boat models. This follows Beneteau's commitment to electric boating, showcased in their DELPHIA 11 model launched in March 2022. The first commercial offering powered by Vision Marine's E-Motion™ 180 hp system is expected under the Four Winns brand by spring 2023. The partnership aims to revolutionize boating with a 100% electric propulsion package, aligning with market demand for eco-friendly solutions.

Vision Marine Technologies (NASDAQ: VMAR) announced advancements in its E-Motion™ 180E electric outboard motor, currently under sea trials with major boat manufacturers. The company is responding to rising consumer demand for electric boating alternatives amid increasing fossil fuel prices. Vision Electric Boat Rental continues to grow, reporting a 27.7% increase in sales, with a fleet expansion from 22 to 30 boats. The company is also expanding its rental operations to Dania Beach, Florida, securing space for 25 electric boats. Vision Marine aims to lead the electric transition in the recreational boating industry.