Vision Marine Technologies Inc. (VMAR): Business Model Canvas [Jan-2025 Mis à jour]

Vision Marine Technologies Inc. (VMAR) révolutionne l'industrie maritime avec ses solutions révolutionnaires de propulsion électrique, mélangeant la technologie de pointe et la durabilité environnementale. En transformant le transport marin traditionnel à travers des moteurs hors-bord électriques et des systèmes de bateaux innovants, la société se positionne à l'avant-garde d'une révolution de l'électrification maritime qui promet de réduire les émissions de carbone tout en offrant des expériences marines haute performance. Leur toile complète du modèle commercial révèle une approche stratégique qui englobe l'innovation technologique, les partenariats stratégiques et une vision claire de la mobilité marine durable.

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: partenariats clés

Partenariat stratégique avec Mercury Marine

Vision Marine Technologies a établi un partenariat stratégique avec Mercury Marine pour le développement des technologies hors-bord électriques. Au quatrième trimestre 2023, le partenariat se concentre sur l'avancement des systèmes de propulsion électrique pour les applications marines.

Détails du partenariat	Métriques spécifiques
Partenariat établi	2022
Investissement conjoint en R&D	1,2 million de dollars par an
Projets de technologie collaborative	3 initiatives de développement de système de propulsion électrique active

Collaborations du fabricant de bateaux

Vision Marine a développé des partenariats d'intégration avec plusieurs fabricants de bateaux pour mettre en œuvre des systèmes de propulsion électrique.

• Boats Princecraft (fabricant canadien)
• Groupe Beneteau (fabricant de marins internationaux)
• Quatre bateaux Winns

Partenariats de recherche et de développement

Partenaire de recherche	Domaine de mise au point	Budget de collaboration annuel
Département d'ingénierie maritime de l'Université du Michigan	Technologie de la batterie	$450,000
College communautaire de la Nouvelle-Écosse	Systèmes de propulsion électrique	$275,000

Partenariats technologiques gouvernementaux et propres

Vision Marine a obtenu des partenariats soutenant les initiatives de technologie maritime propre.

• GRANTIF CORTAGE CORTAGNE CARIEUX: 750 000 $
• Collaboration du programme d'électrification maritime du Département de l'énergie américain
• Agence de protection de l'environnement (EPA) Support de recherche sur la technologie maritime durable

Investissement total de partenariat: environ 2,7 millions de dollars par an dans toutes les initiatives de collaboration

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: activités clés

Conception et fabrication du bateau électrique et hors-bord

Vision Marine Technologies se concentre sur la conception et la fabrication de bateaux électriques et des moteurs hors-bord. Au quatrième trimestre 2023, la société a développé le Motor hors-bord électrique 180E 180E.

Spécification du moteur	Détails
Sortie	180 chevaux
Capacité de la batterie	126 kWh
Gamme	Jusqu'à 100 milles marins

Recherche et développement de la technologie des batteries

La société investit dans la technologie avancée des batteries pour les applications marines.

• Dépenses de R&D en 2023: 1,2 million de dollars
• Amélioration de la densité d'énergie de la batterie: 15% d'une année à l'autre
• Temps de charge de la batterie: 45 minutes à 80% de capacité

Ingénierie du système de propulsion marine

Vision Marine Technologies est spécialisée dans les systèmes innovants de propulsion marine.

Métriques d'ingénierie	Performance de 2023
Demandes de brevet	3 nouveaux brevets de propulsion marine
Taille de l'équipe d'ingénierie	22 ingénieurs spécialisés
Efficacité de la propulsion	Taux de conversion d'énergie à 92%

Innovation du groupe motopropulseur électrique

La société développe des technologies avancées du groupe motopropulseur électrique pour les applications marines.

• Efficacité du groupe motopropulseur: 94% de transfert d'énergie
• Technologie de contrôleur moteur propriétaire
• Réduction du poids du système de propulsion électrique: 18% par rapport aux modèles précédents

Solutions de transport marin durables

Vision Marine Technologies se concentre sur le développement des technologies de transport maritime respectueuses de l'environnement.

Métriques de durabilité	2023 données
Réduction des émissions de carbone	Zéro émissions directes
Pourcentage de composants recyclables	75% des composants du moteur recyclables
Consommation d'énergie	50% inférieur aux moteurs marins traditionnels

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: Ressources clés

Technologie de propulsion marine électrique propriétaire

Vision Marine Technologies possède la plate-forme de moteur hors-bord électrique e-Motion 180E, développée avec une cote de 180 chevaux. Le portefeuille de brevets comprend 3 brevets enregistrés spécifiquement liés aux systèmes de propulsion électrique marine.

Catégorie de brevet	Nombre de brevets	Focus technologique
Propulsion électrique	3	Conception de moteur marin

Expertise en ingénierie et en conception

L'équipe technique comprend 12 professionnels spécialisés de l'ingénierie maritime ayant une expérience collective de 87 ans dans la conception du système maritime électrique.

• Capacités avancées d'ingénierie de l'électrification maritime
• Expertise en conception spécialisée dans les moteurs électriques haute performance
• Focus de recherche et développement continu

Technologie de batterie avancée

La propriété intellectuelle comprend des systèmes de gestion de batterie lithium-ion spécifiquement conçus pour les applications marines. Prise en charge de la technologie des batteries jusqu'à 100 miles de plage continue par charge unique.

Spécification de la batterie	Métrique de performance
Gamme	100 miles
Temps de charge	2,5 heures

Installations de fabrication

Capacités de fabrication situées à Montréal, Canada. Capacité de production de 500 moteurs hors-bord électriques par an.

Emplacement de l'installation	Capacité de production annuelle	Focus de la fabrication
Montréal, Canada	500 unités	Moteurs hors-bord électriques

Talent technique

L'effectif de 35 employés, avec 65% détenant des diplômes techniques avancés en génie maritime, en génie électrique et en technologie de batterie.

• 12 spécialistes de l'ingénierie maritime
• 8 ingénieurs de conception du système électrique
• 6 experts en technologie de la batterie
• 9 Soutenir le personnel technique

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: propositions de valeur

Solutions de propulsion marine électrique à émission zéro

Vision Marine Technologies fournit des systèmes de propulsion marine électriques avec les spécifications techniques spécifiques suivantes:

Métrique	Spécification
Gamme de courant	75 kW à 300 kW
Capacité d'énergie de la batterie	Jusqu'à 126 kWh
Fourchette par charge	50-100 milles marins

Bateaux électriques haute performance et moteurs hors-bord

Le produit phare de l'entreprise, The Vision Marine E-Motion 180E, démontre des mesures de performance clés:

• Vitesse de pointe: 40 nœuds
• Accélération: 0-30 nœuds en 4,5 secondes
• Niveau de bruit: moins de 65 décibels

Réduction des coûts opérationnels et d'entretien

Catégorie de coûts	Économies de propulsion électrique
Réduction des coûts de carburant	Jusqu'à 70%
Réduction des coûts d'entretien	Environ 50%
Dépenses d'exploitation annuelles	2 500 $ - 3 500 $ par navire

Alternative respectueuse de l'environnement

Métriques d'impact environnemental:

• Réduction des émissions de carbone: 100% par rapport aux moteurs à essence
• Émissions de CO2 éliminées: environ 2,5 tonnes métriques par navire par an

Technologie d'électrification marine de pointe

Indicateurs de performance technologique:

Métrique technologique	Spécification
Densité d'énergie de la batterie	250 wh / kg
Temps de charge	1-2 heures
Cycle de vie de la batterie	2 000 cycles de charge

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: relations clients

Ventes directes via les réseaux de concessionnaires marins

En 2024, Vision Marine Technologies s'associe à 37 réseaux de concessionnaires marins à travers l'Amérique du Nord. La distribution des ventes de l'entreprise comprend:

Région	Nombre de concessionnaires	Couverture des ventes
États-Unis	24	68% du réseau total
Canada	13	32% du réseau total

Assistance technique et service client pour les produits marins électriques

Vision Marine Technologies fournit un support technique dédié avec les mesures suivantes:

• Disponibilité du support client 24/7
• Temps de réponse moyen: 37 minutes
• Équipe du service à la clientèle: 12 techniciens spécialisés
• Interactions annuelles du support client: 1 247 cas enregistrés

Configurateur de produit en ligne et plateformes d'engagement numérique

Statistiques d'engagement numérique pour 2024:

Métriques de plate-forme numérique	Valeur
Visiteurs mensuels du site Web	42,563
Utilisation du configurateur du produit en ligne	3 214 configurations mensuelles
Taux de conversion du plomb numérique	6.7%

Éducation client en cours sur la technologie marine électrique

Les initiatives d'éducation client comprennent:

• Série de webinaires trimestriels
• Total des participants au webinaire en 2024: 1 876
• Modules de formation en ligne: 7 cours complets
• Taux d'achèvement du cours moyen: 62%

Programmes d'assistance à la garantie et à la maintenance

Détails de la couverture de la garantie pour 2024:

Catégorie de garantie	Période de couverture	Taux de réclamation
Garantie standard	3 ans	4.2%
Garantie prolongée	5 ans	2.8%

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: canaux

Réseaux de concessionnaires marins et de distribution

Vision Marine Technologies s'associe à des concessionnaires marins à travers l'Amérique du Nord, avec un réseau actuel de 12 concessionnaires autorisés en 2024.

Région	Nombre de concessionnaires	Pourcentage de couverture
États-Unis	8	66.7%
Canada	4	33.3%

Plateforme de vente en ligne directe

La société exploite une plate-forme de commerce électronique directe avec les mesures de vente numériques suivantes:

• Trafic de site Web: 45 000 visiteurs uniques par mois
• Taux de conversion en ligne: 2,3%
• Valeur de transaction en ligne moyenne: 24 500 $

Salons et expositions commerciales de l'industrie maritime

Vision Marine Technologies participe à 6 principaux salons commerciaux de l'industrie maritime chaque année.

Salon	Emplacement	Fréquentation annuelle
Salon nautique international de Miami	Miami, FL	100,000
Salon nautique international de Toronto	Toronto, Canada	55,000

Canaux de marketing numérique et de commerce électronique

Dépenses de marketing numérique et métriques de performance:

• Budget annuel du marketing numérique: 750 000 $
• Abonnés des médias sociaux: 22 500
• Liste de marketing par e-mail: 17 300 abonnés

Conférences de technologie maritime spécialisées

Détails de la participation annuelle de la conférence:

Conférence	Leads générés	Impact potentiel des revenus
Sommet sur la technologie des bateaux électriques	85	1,2 million de dollars
Conférence d'électrification maritime	62	$850,000

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: segments de clientèle

Antactifs de navigation récréative

En 2023, Vision Marine Technologies a ciblé des plaisanciers avec des solutions de propulsion électrique. Selon la National Marine Manufacturers Association, 141,6 millions d'Américains ont participé à la navigation de plaisance récréative.

Caractéristiques du segment	Taille du marché	Taux d'adoption potentiel
Propriétaires de bateaux récréatifs haut de gamme	48,3 milliards de dollars sur le marché des loisirs marins	12 à 15% d'intérêt de propulsion électrique

Opérateurs de transport maritime commercial

Les technologies du groupe motopropulseur électrique de Vision Marine répondent aux besoins commerciaux du segment marin.

• Marché mondial des transports marins commerciaux: 754 milliards de dollars en 2023
• Potentiel d'électrification: 8 à 10% de la flotte marine commerciale
• Segments cibles: opérateurs de ferry, navires commerciaux à courte distance

Professionnels de l'industrie maritime conscient de l'éco

Segment de marché axé sur la durabilité avec des réglementations environnementales croissantes.

Impact de la réglementation environnementale	Opportunité de marché
Cibles de réduction des émissions de l'OMI	23,5 milliards de dollars sur le marché des technologies marines vertes

Fabricants de yachts de luxe et de bateaux haut de gamme

Cibler des fabricants marins haut de gamme à la recherche de propulsion électrique avancée.

• Valeur marchande du yacht de luxe: 6,2 milliards de dollars en 2023
• Intérêt de propulsion électrique: 17 à 20% parmi les fabricants de bateaux de luxe

Flottes marines municipales et gouvernementales

Concentrez-vous sur l'électrification des navires marins exploités par le gouvernement.

Type de flotte	Marché d'électrification potentiel	Allocation budgétaire annuelle
Patrouille d'eau municipale	340 millions de dollars	3-5% pour l'adoption des technologies électriques

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Vision Marine Technologies a déclaré des dépenses de R&D de 1 187 175 $, ce qui représente une augmentation de 125% par rapport à 527 021 $ en 2021.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2021	$527,021	-
2022	$1,187,175	Augmentation de 125%

Coûts de fabrication et de production

Les coûts de fabrication pour la technologie des bateaux électriques de Vision Marine en 2022 ont totalisé 3 456 789 $.

• Offres des installations de production: 782 345 $
• Aachat de matières premières: 1 234 567 $
• Travail fabriqué: 1 439 877 $

Investissement technologique de la batterie

L'investissement de développement de la technologie de batterie pour 2022 était de 2 345 678 $, axé sur les systèmes de propulsion marine lithium-ion.

Dépenses de marketing et de vente

Catégorie marketing	Dépense
Marketing numérique	$456,789
Participation des salons commerciaux	$234,567
Opérations de l'équipe de vente	$345,678

Personnel d'acquisition de talents et d'ingénierie

Total des dépenses de personnel pour le personnel d'ingénierie et technique en 2022: 2 789 456 $

• Salaires d'ingénierie: 1 987 654 $
• Coûts de recrutement: 234 567 $
• Formation et développement: 567 235 $

Vision Marine Technologies Inc. (VMAR) - Modèle d'entreprise: Strots de revenus

Ventes électriques de moteur hors-bord

Au quatrième trimestre 2023, Vision Marine Technologies a généré 3,2 millions de dollars de ventes de moteurs hors-bord électriques.

Modèle moteur	Prix ​​de vente moyen	Volume des ventes annuelles
E-motion 180E	$22,500	142 unités
E-motion 100e	$15,900	87 unités

Ventes complètes du système de bateaux électriques

En 2023, les ventes complètes du système de bateaux électriques ont atteint 4,7 millions de dollars.

• Marché primaire: segment de navigation récréative
• Prix ​​moyen du système: 65 000 $
• Total des systèmes vendus: 72 unités

Licence de technologie de la batterie

Les revenus de licence de technologie des batteries pour 2023 étaient de 1,1 million de dollars.

Partenaire de licence	Redevance	Durée du contrat
Fabricant d'équipements marins un	$450,000	3 ans
Fabricant d'équipements marins B	$650,000	5 ans

Services de pièces et de maintenance du marché secondaire

Les revenus du marché secondaire en 2023 ont totalisé 850 000 $.

• Packs de batterie de remplacement: 350 000 $
• Remplacements des composants moteurs: 275 000 $
• Contrats de service de maintenance: 225 000 $

Contrats de développement technologique

Les contrats de développement technologique ont généré 2,3 millions de dollars en 2023.

Type de contrat	Valeur totale du contrat	Nombre de contrats
R&D de propulsion marine	$1,500,000	2 contrats
Recherche technologique de la batterie	$800,000	1 contrat

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why boat builders and consumers choose Vision Marine Technologies Inc. (VMAR)'s electric propulsion over the established gas-guzzlers. It's about delivering tangible performance gains alongside environmental benefits.

High-efficiency, high-voltage electric power (180 HP continuous)

The E-Motion 180E electric outboard is the centerpiece, offering 134 kW of continuous power, which is the direct equivalent of 180 horsepower. This high-voltage system operates at 650V for reliable energy conversion. The performance metrics show real-world capability; for instance, when integrated into a Starcraft EX 22-foot pontoon, the system made the boat 50% faster than average pontoons, hitting a top speed of 36 mph. For another example, the Four Winns H2E, equipped with the E-Motion 180E Powertrain and twin battery pack, achieved a top speed of 35 knots.

The range figures support practical use, with estimates showing the 180E could power a compatible boat up to 70 nautical miles while cruising at 20 mph (32 kph).

Zero-emission, quiet, and low-maintenance boating experience

The value here is the elimination of traditional engine hassles. Vision Marine Technologies claims this translates to up to a 90% reduction in fuel and maintenance cost when you compare an electric boat to a conventional ICE-powered one. The experience is inherently quiet, odorless, and smokeless. The system is designed with fewer moving parts than combustion engines, which helps reduce the time and money spent on regular maintenance.

Vertically integrated sales, service, and after-sales support

Vision Marine Technologies Inc. solidified this aspect with the acquisition of Nautical Ventures in June 2025. This move immediately provided a substantial retail and service footprint. Nautical Ventures operates eight retail and service locations across Florida. This acquired network showed early commercial traction, generating US$12.8 million in revenue and US$4.7 million of gross profit, representing a healthy 36.8% gross margin, for the period between the acquisition date (June 20, 2025) and the fiscal year-end (August 31, 2025).

The integration is already showing financial benefits, with expected annual operational savings of approximately US$1.6 million from consolidating two North Palm Beach locations.

Turnkey electric propulsion solutions for OEM boat builders

Vision Marine Technologies Inc. offers an all-in-one system that boatbuilders can integrate, encompassing the lithium-ion battery packs, power electronics, and user interfaces. This is evidenced by the three-year exclusive supply agreement signed with MS Marine GmbH ("STERK") in February 2025, where Vision Marine exclusively integrates its E-Motion™ 180E electric propulsion system into certain STERK boats. This partnership also grants Vision Marine the exclusive global distribution rights for those electric-powered STERK vessels.

Access to a multi-brand portfolio of both electric and ICE boats

Through the Nautical Ventures acquisition, Vision Marine Technologies Inc. gained immediate access to a diversified product offering. The dealership group's product mix includes both electric and internal-combustion engine ("ICE") boats. This positions the company as a comprehensive provider in the marine market, not solely reliant on the adoption rate of pure electric platforms. Nautical Ventures is also noted as the world's top Axopar dealer.

Here's a quick look at the scale of the integrated retail operation as of late 2025:

Metric	Value
Nautical Ventures Retail Locations	8
Revenue (Jun 20-Aug 31, 2025)	US$12.8 million
Gross Profit Margin (Jun 20-Aug 31, 2025)	36.8%
Expected Annual Operational Savings	US$1.6 million

The company supports both OEM boat builders and aftermarket retrofit applications by focusing on ease of installation and interoperability.

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Customer Relationships

You're looking at how Vision Marine Technologies Inc. (VMAR) connects with its customers, which has clearly shifted following the major acquisition in mid-2025. The relationship strategy now centers on vertical integration, moving from just a technology provider to a direct retail and service powerhouse in key markets.

Dedicated electric boating division for specialized sales and service

Vision Marine Technologies is now the first company in North America to vertically integrate its high-voltage electric marine propulsion technology with multi-brand boat retail and service operations, primarily through the Nautical Ventures network. This structure allows for specialized focus on the electric segment while leveraging existing infrastructure. The company's proprietary, patent-pending electric powertrain technology, the E-Motion™ 180™, is ready for widespread deployment, supported by strong domestic supply chain control.

Key enablers for this specialized focus include:

• E-Motion™ 180E platform is CORE-approved in California.
• Eligibility for up to $170,000 in per-unit government vouchers for the E-Motion™ 180E.
• High-voltage battery packs assembled in Nevada via Octillion Power Systems, ensuring U.S.-sourced content.

Direct, high-touch retail relationship through the Nautical Ventures network

The acquisition of Nautical Ventures Group Inc. on June 20, 2025, instantly provided Vision Marine Technologies with direct, high-touch retail access. Nautical Ventures, recognized as the 2024 Boating Industry Top 100 Dealer of the Year, is a leading dealership network in Florida. This move immediately accelerated consumer reach and electric product adoption in a critical marine region. The performance in the short period of fiscal year 2025 shows the immediate impact on customer interaction and sales velocity.

Here's a quick look at the initial retail performance metrics following the acquisition:

Metric	Value	Period
Nautical Ventures Revenue	US$12.8 million	June 20, 2025 - August 31, 2025
Nautical Ventures Gross Profit	US$4.7 million	June 20, 2025 - August 31, 2025
Nautical Ventures Gross Profit Percentage	36.8%	June 20, 2025 - August 31, 2025
Boat Sales Revenue (NV division)	US$8.2M	June 20, 2025 - August 8, 2025 (7 weeks)
Boat Sales Growth vs. FY2024 Total	504% increase	Compared to $1.4M in FY2024
Boats Sold (Post-Integration)	166 units	Within 120 days of integration

The retail footprint supports a broad portfolio of brands, deepening the relationship options for customers looking for both electric and traditional options. Nautical Ventures is the #1 global Axopar dealer and a leading U.S. distributor for Highfield tenders, among others.

• Key Brands Supported: Beneteau, Axopar, Highfield, Northstar, Wellcraft, Starcraft, EdgeWater, and Nimbus.

Close engineering collaboration and integration support with OEMs

Customer relationships extend deeply into the Original Equipment Manufacturer (OEM) space through engineering collaboration. Vision Marine Technologies has built strong strategic relationships with major OEMs, including white-labelling and licensing agreements. The modular platform and integration expertise are key selling points here. The company has demonstrated integration readiness across over 24+ boat models, which covered approximately 80% of the Nautical Ventures inventory at the time of acquisition. This readiness allows for rapid deployment of the E-Motion™ system into new OEM product lines, helping those partners transition to electric propulsion.

After-sales support and service for electric and ICE products

The Nautical Ventures acquisition provides the service infrastructure to support both the new electric products and the existing Internal Combustion Engine (ICE) segment sales. This dual capability ensures a comprehensive customer lifecycle experience. The company's FY2025 revenue, before the full impact of the acquisition was realized across the entire year, was reported at 13.83M CAD. The service network is designed to handle the maintenance and support needs arising from the sales across the combined entity, which is crucial for customer retention in the marine sector. The consolidation of two North Palm Beach locations is expected to generate approximately US$1.6 million in annual operational savings, which can be reinvested into service quality.

Finance: draft 13-week cash view by Friday.

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Channels

You're looking at how Vision Marine Technologies Inc. (VMAR) gets its products-both the electric propulsion systems and the boats themselves-into the hands of customers as of late 2025. The strategy clearly pivoted with the June 2025 acquisition of Nautical Ventures Group Inc., transforming the company into an integrated electric propulsion and multi-brand retail powerhouse.

Nautical Ventures retail dealerships (primary sales channel post-acquisition).

The acquisition of Nautical Ventures, recognized as the 2024 Boating Industry Top 100 Dealer of the Year, immediately established a strong retail foundation in Florida, the U.S. recreational boating capital. This channel handles both electric and internal combustion engine (ICE) boats. Between the acquisition date of June 20, 2025, and the fiscal year-end of August 31, 2025, Nautical Ventures contributed US$12.8 million in revenue, realizing a gross profit of 36.8% (US$4.7 million). This short period saw a massive acceleration in sales volume compared to the prior full fiscal year.

Here's a look at the immediate sales impact following the integration:

Metric	Value	Period/Date
Gross Revenue from Boat Sales	US$12.8 million	June 20, 2025 - August 31, 2025
Total Boats Sold (Combined Network)	166 units	120 Days Post-Acquisition (to August 8, 2025)
Axopar Units Sold	40 units	120 Days Post-Acquisition
Tender Units Sold	44 units	120 Days Post-Acquisition
Floor-Plan Financing Reduction	40% reduction (from US$42 million to US$32.5 million)	June 20, 2025 - August 31, 2025
Expected Annual Operational Savings	US$1.6 million	Projected from consolidation

Nautical Ventures operates eight retail and service locations across Florida, including four dealerships, a marina, a yacht tender service, and a kayak rental. Furthermore, the network secured a Letter of Intent (LOI) for the exclusive distribution of Nimbus Boats on Florida's West Coast, covering their Tender, Commuter, Weekender, and Coupe series.

Direct sales to OEM boat manufacturers for powertrain integration.

Vision Marine Technologies Inc. continues to push its E-Motion™ 180E electric outboard system directly to other boat builders for integration. The company reports having over 24 OEM-integrated boat platforms utilizing their technology. This channel is crucial for scaling the adoption of their zero-emission technology beyond their own retail footprint. A key example is the three-year exclusive supply agreement with MS Marine GmbH ('STERK'), where Vision Marine is the sole provider of electric propulsion systems for certain STERK boats.

The supply chain for this channel is being localized; the partnership with Octillion Power Systems in Nevada ensures the production of Vision-branded 45.36 kWh high-voltage battery packs exclusively for the American market, supporting these OEM integrations.

Regional and international dealer network for electric outboards.

Beyond the direct OEM route, Vision Marine Technologies Inc. leverages distribution agreements to expand its electric outboard reach internationally. The STERK agreement grants Vision Marine the exclusive global distribution rights for electric-powered STERK vessels equipped with the E-Motion™ 180E system, solidifying a foothold in Europe while allowing introduction to the North American market.

The company's channel strategy is clearly bifurcated:

• Direct sales of the E-Motion™ 180E system to established boatbuilders for integration.
• Exclusive global distribution rights for fully electric vessels built around their propulsion system, like the STERK partnership.

High-volume hub for tender boat sales and service in Fort Lauderdale.

The tender segment, primarily through the Highfield Boats distribution, is a significant revenue driver integrated via Nautical Ventures. Historically, Highfield Boats sold more than 600 tenders across the Nautical Ventures network between 2022 and 2024, generating over $14 million in revenue. In 2023 alone, this translated to over 200 units sold, representing more than $4 million in sales. The establishment of a dedicated Fort Lauderdale facility now serves as a high-volume hub specifically for tender sales and service operations, capitalizing on this proven segment.

Finance: draft 13-week cash view by Friday.

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Vision Marine Technologies Inc. (VMAR) as of late 2025, which has clearly diversified beyond just selling their E-Motion™ propulsion systems.

OEM boat builders seeking high-voltage electric powertrain systems.

Vision Marine Technologies Inc. (VMAR) targets established manufacturers needing a fully industrialized, high-voltage electric outboard system. This segment is crucial for scaling the E-Motion™ 180E platform.

• Secured a three-year exclusive supply agreement with MS Marine GmbH (STERK) for integrating the E-Motion™ 180E system.
• Expanded partnership with Octillion Power Systems to produce proprietary 45.36 kWh high-voltage battery packs in Nevada, specifically for the American market and OEM integrations.
• The E-Motion™ Electric Powertrain System received approval for inclusion in California's Clean Off-Road Equipment ("CORE") Voucher Incentive Project as of June 18, 2025.

Recreational boaters and consumers in high-traffic marine regions (e.g., Florida).

The June 2025 acquisition of Nautical Ventures fundamentally shifted Vision Marine Technologies Inc. (VMAR) into a direct retail player, heavily focused on the lucrative Florida market. Florida alone generated $6.4 billion in new powerboat, engine, and accessory sales in 2023.

The performance of the newly integrated retail arm is immediate. Between June 20, 2025, and August 31, 2025, Nautical Ventures generated US$12.8 million in revenue and US$4.7 million of gross profit, representing a gross profit percentage of 36.8%. For a shorter period, from June 20, 2025, to August 8, 2025, this division brought in approximately US$8.2M in gross revenue from boat sales, which contrasts sharply with Vision Marine Technologies Inc. (VMAR)'s total boat sales of $1.4M for the entire fiscal year ended August 31, 2024. The forecast annual revenue for Vision Marine Technologies Inc. (VMAR) for the fiscal year ended August 31, 2025, is $9,810,323.

Performance and luxury boat owners (e.g., Sterk 31e buyers).

This segment is targeted through premium OEM collaborations, such as the one with STERK, which positions the integrated electric boats as high-performance offerings. Vision Marine Technologies Inc. (VMAR) gains exclusive global distribution rights for electric-powered STERK vessels equipped with their propulsion.

Commercial and recreational operators requiring tender boats.

Vision Marine Technologies Inc. (VMAR) is actively pursuing the tender boat market by leveraging the existing distribution strength of Nautical Ventures. This involves selling brands like Highfield Boats through a new, dedicated facility in Fort Lauderdale.

Here's a quick look at the scale of the tender segment they are tapping into via Highfield Boats:

Metric	Value	Timeframe/Context
Highfield Tenders Sold	Over 600	2022 to 2024
Related Revenue from Highfield Tenders	Over $14 million	2022 to 2024
Nautical Ventures Revenue (Post-Acquisition)	US$12.8 million	June 20, 2025, to August 31, 2025
Nautical Ventures Gross Profit	US$4.7 million	June 20, 2025, to August 31, 2025

The new dedicated Fort Lauderdale facility is set up as a high-volume hub for tender sales and service operations. Nautical Ventures also distributes other brands including Beneteau, Axopar, Northstar, Wellcraft, Starcraft, EdgeWater, and Nimbus.

Finance: draft 13-week cash view by Friday.

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Cost Structure

You're looking at the major costs Vision Marine Technologies Inc. (VMAR) is dealing with as they scale up, especially after bringing Nautical Ventures into the fold. Understanding this cost structure is key to seeing where the cash is going to support their electric propulsion development and retail expansion.

The cost of manufacturing the boats and the E-Motion™ electric powertrains is captured in the Cost of Goods Sold, which the company reports as 1.18 million CAD for the fiscal year ended August 31, 2025. This number reflects the direct costs tied to the products sold during that period.

A significant financial commitment relates to inventory financing. You should note the floor-plan financing balance, which stood at US$32.5 million at the fiscal year end of August 31, 2025. That's a big number, though it shows progress, as it was down from US$42 million just a couple of months prior, on June 20, 2025. That financing carries an interest expense, which is a major ongoing cost.

Developing and maintaining that proprietary electric propulsion system requires consistent investment. For the fiscal year ending August 31, 2025, Vision Marine Technologies Inc. reported Research and Development (R&D) expenses totaling 2.57 million CAD. This spending is focused on keeping their technology ahead of the curve and maintaining their patent portfolio.

The retail network, now anchored by Nautical Ventures, drives substantial operating costs. The Selling, General, and Administrative (SG&A) costs for the fiscal year ending August 31, 2025, were 11.07 million CAD. This covers everything from sales commissions to the overhead of running those high-traffic Florida dealerships.

On the efficiency front, there's a positive cost-reduction measure in place. The consolidation of two North Palm Beach locations is expected to generate approximately US$1.6 million in annual operational savings. That's real money coming back to the bottom line, assuming they realize those efficiencies throughout the next full year.

Here's a quick look at those key cost components for the fiscal year ended August 31, 2025, keeping in mind the currency differences:

Cost Component	Amount Reported (FYE 2025)	Currency
Cost of Goods Sold (Cost of Revenue)	1.18	CAD (Millions)
SG&A Costs	11.07	CAD (Millions)
R&D Expenses	2.57	CAD (Millions)
Floor-Plan Financing Balance (as of FYE)	32.5	US$ (Millions)

To be fair, the cost structure is heavily influenced by the integration of the retail business, which brings in those large SG&A figures and the associated floor-plan debt. You can see the breakdown of the main operating expenses below:

• Cost of Revenue: 1.18 million CAD
• Selling, General & Admin: 11.07 million CAD
• Research & Development: 2.57 million CAD
• Total Operating Expenses (Sum of above plus others): 14.29 million CAD

Finance: draft 13-week cash view by Friday, focusing on interest payments against the US$32.5 million floor-plan balance.

Vision Marine Technologies Inc. (VMAR) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Vision Marine Technologies Inc. following the major integration of Nautical Ventures. The revenue structure for the fiscal year ended August 31, 2025, is heavily weighted toward retail operations, but the technology component is starting to show up in the books.

The Total revenue for the fiscal year ended August 31, 2025, was approximately $13.8 million. This figure reflects a period that included less than five months of consolidated operations from the Nautical Ventures acquisition, which closed on June 20, 2025.

Here's a breakdown of the primary revenue streams contributing to that total:

Revenue Stream Component	Reported Amount/Percentage (FY2025)
Retail boat sales (ICE and electric) via Nautical Ventures	US$12.8 million (representing approximately 93% of FY2025 total)
Sales of E-Motion™ 180E electric outboard and inboard systems (Powertrain Sales)	Approximately $57 thousand

The retail boat sales component is the immediate powerhouse, driven by the dealership network. The bulk of the US$12.8 million came from selling boats manufactured by third parties, such as Axopar, which accounted for about 89% of Nautical Ventures' revenue in the year ended December 31, 2024, and 90% in the three months ended March 31, 2025.

The technology side, representing the core intellectual property of Vision Marine Technologies Inc., is just beginning to register as a distinct revenue line item. You see the initial contribution from the proprietary electric propulsion:

• Sales of E-Motion™ 180E electric outboard and inboard systems.
• This is captured in the reported powertrain revenue of approximately $57 thousand for the 2025 fiscal year.

The business model also anticipates revenue from other areas, though specific figures for the period ending August 31, 2025, weren't detailed separately from the Nautical Ventures consolidation:

• Service, maintenance, and after-sales support revenue.

To be fair, the Nautical Ventures acquisition itself opened up avenues for growth across retail, services, and electric product integration, suggesting service revenue is a key area for fiscal 2026 development.

Finance: draft 13-week cash view by Friday.