Vision Marine Technologies Inc
NASDAQ: VMAR · CONSUMER CYCLICAL · RECREATIONAL VEHICLES
Updated 2026-06-03
Vision Marine Technologies Inc (VMAR) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2018 | $1.29M | $-188939.00 | 31.15% | -0.48% | -14.62% |
| 2019 | $2.88M | $233819.00 | 31.75% | 11.63% | 8.12% |
| 2020 | $2.36M | $-2.22M | 23.85% | -89.19% | -94.14% |
| 2021 | $3.48M | $-14.96M | 40.39% | -365.24% | -430.13% |
| 2022 | $7.59M | $-13.53M | 41.04% | -173.77% | -178.37% |
| 2023 | $5.68M | $-21.00M | 16.76% | -358.19% | -369.41% |
| 2024 | $3.76M | $-14.01M | -75.58% | -436.00% | -372.20% |
| 2025 | $13.83M | $-21.65M | 2.14% | -74.56% | -156.53% |
Frequently asked questions
What is Vision Marine Technologies Inc's revenue?
Vision Marine Technologies Inc's trailing twelve-month revenue is $43.88M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is VMAR?
In its most recent fiscal year, VMAR ran a gross margin of 2.14%, an operating margin of -74.56%, and a net margin of -156.53%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does VMAR generate?
VMAR produced $-9.16M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is VMAR's balance sheet healthy?
VMAR holds $5.40M in cash and equivalents against $1.37M in long-term debt, on $6.15M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.