Vision Marine Technologies, provider of electric propulsion systems, has incurred recurring losses, has not yet achieved profitable operations and has a deficit of $61,956,734 since its inception.
The figures have been released in the electric boatbuilder’s latest financial statements which show the company’s assets decreased from CA$24,046,512 as of August 31, 2023, to $17,138,627 at the end of May 2024.
Shareholders’ equity also saw a decline from $11,564,437 to $3,720,963 during the same period.
As of May 31, 2024, the Company had cash of $341,308 and working capital of $4,961,637.
The cash flows from operations were negative for the three years ended August 31, 2023, as well as for the latest financial period ended May 31, 2024.
Additional financing
Additional financing will be needed by the Company to fund its operations and to commercialise the E-Motion powertrain business.
“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 from the issuance of these condensed interim consolidated financial statements,” according to the company’s condensed interim consolidated financial statements.
“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.”
The boatbuilder is evaluating several different strategies and is actively pursuing actions that are expected to increase its liquidity position.
More than $8,000 has been raised in the nine-month period to May 31 2024 however the company’s management cannot provide assurances that the company will be successful in accomplishing any of its proposed financing plans.
The company was incorporated in 2012.
