Vision Marine Technologies has issued a warning for its future as it reports continued negative cash flows and says additional funding will be needed to secure the future of the company and its powertrain business.
In its latest financial report, Vision Marine says its operations have made a loss for the last three years with financing needed to fund its operations and commercialise its E-Motion powertrain business.
The company says it is evaluating several different strategies and is actively pursuing actions that are expected to increase its liquidity position.
These include pursuing additional cost savings initiatives, seeking additional financing from both the public and private markets, and potentially selling assets.
As at February 28 2025, the company had cash of $15,324,176 and working capital of $23,300,099.
The company has incurred recurring losses and has not yet achieved profitable operations and has a deficit of $70,810,000 since its inception.
The cash flows from operations were negative for the three years ended August 31, 2024 as well as for the current six-month period ended February 28, 2025.
Material uncertainty
“These matters, when considered in aggregate, indicate the existence of a material uncertainty that raises substantial doubt about the company’s ability to continue as a going concern for at least 12 months,” said the company’s latest financial report.
“In view of these matters, continuation as a going concern is dependent upon the continued operations of the company which will be determined by the company’s ability to meet its financial requirements, including its ability to raise additional capital.”
For the three months ending February 28 2025, Vision Marine had revenues of $105,282 compared to $728,611 for the same period in 2024.
For the six month period ending February 28 2025, the company had revenues of nearly $248,000 compared to around $1,715,000 in 2024.
For the same period, Vision Marine made a net loss of more than $5.2 million compared to a net loss of $7.38 million in 2024.
Revenues from the electric boat rental business represented 51% of the company’s total revenues in its fiscal year 2024 and 20% of total revenue for the six-month period ended February 28 2025.
The company was incorporated in 2012 and manufactures, sells and rents electric boats.
