Vision Marine Technologies Inc. (VMAR): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of Vision Marine Technologies Inc.'s pivot after scooping up Nautical Ventures, and honestly, mapping out their new structure isn't simple. But after digging into their late-2025 structure, the story is clear: it's now a vertically integrated dealer and OEM supplier. For the fiscal year ending August 31, 2025, retail sales from that network drove 93% of their $13.8 million total revenue, showing where the immediate cash flow is right now. Still, their proprietary E-Motion™ 180E tech remains the long-term play, partnered with firms like Octillion Power Systems for U.S.-sourced batteries. Here's the quick math on how they are balancing high-efficiency propulsion R&D against significant floor-plan financing costs; check out the full canvas below to see the nine building blocks that define their current strategy.

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

You're looking at the core alliances that Vision Marine Technologies Inc. (VMAR) is building to scale its E-Motion™ platform. These aren't just handshake agreements; they represent concrete supply chain security and market access, which is crucial for a company transitioning technology into mass-market products.

The Key Partnerships block of the Business Model Canvas for Vision Marine Technologies Inc. centers on securing critical components, integrating technology into established boat platforms, and building out distribution and experience centers. Here's a breakdown of the major players as of late 2025.

The company's strategy heavily relies on Original Equipment Manufacturer (OEM) integration, as evidenced by the specific agreements in place:

• Octillion Power Systems for U.S.-sourced high-voltage battery packs.
• International boat manufacturers for E-Motion™ system integration (OEMs).
• Sterk Boats (German builder) for dual E-Motion™ 180E performance integration.
• Regional dealers for broader distribution of electric solutions.
• Port de Plaisance La Ronde for Montreal electric boating hub development.

The partnership with Octillion Power Systems is about securing the energy source domestically. Vision Marine Technologies Inc. expanded this agreement to manufacture Vision-branded 45.36 kWh high-voltage battery packs at Octillion's Nevada facility, exclusively for the American market. This move solidifies a U.S. supply chain for the E-Motion™ 180E system. To be fair, Octillion is a Tier 1 supplier with a history of deploying over 2 million battery systems globally, which brings a level of established quality to this critical component. This supply chain localization is a significant step toward de-risking production schedules.

The collaboration with Sterk Boats is a prime example of OEM integration. This relationship, formalized in a three-year exclusive supply agreement, involves integrating the E-Motion™ 180E electric propulsion system. The premium Sterk 31e model, which debuted at the 2025 Fort Lauderdale International Boat Show (FLIBS), features a dual E-Motion™ 180E setup powered by a battery system totaling more than 170 kWh. This integration showcases the scalability of the E-Motion™ platform into higher-performance, larger recreational vessels. As of September 2025, Vision Marine Technologies Inc. had completed 24 total integrations of the E-Motion™ 180E system across various recreational platforms.

For distribution, Vision Marine Technologies Inc. has a dual approach: leveraging OEM distribution rights and direct retail presence. The Sterk agreement grants Vision Marine Technologies Inc. exclusive global distribution rights for electric-powered Sterk vessels. On the retail side, the acquisition of Nautical Ventures Group Inc. on June 20, 2025, provides direct access to the U.S. market, particularly in Florida. Between the acquisition date and the fiscal year-end of August 31, 2025, Nautical Ventures generated US$12.8 million in revenue, achieving a gross profit percentage of 36.8% in that short period. This dealership network also carries other brands, positioning Vision Marine Technologies Inc. as a comprehensive provider.

Here's a quick look at the quantifiable aspects of these core alliances:

Finally, the initiative with Port de Plaisance La Ronde, announced on September 26, 2025, is a strategic move to establish Québec's first dealership exclusively for electric boats, slated for operation starting in 2026. This non-binding initiative includes plans for a sales and distribution center, a training platform, and expertise center on Île Sainte-Hélène, near the Montréal-Trudeau International Airport. This is about building a local experience center to drive adoption in Vision Marine Technologies Inc.'s home province.

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

You're looking at the core engine of Vision Marine Technologies Inc. (VMAR) as of late 2025, especially after bringing Nautical Ventures into the fold. It's a mix of building proprietary tech and selling boats through a major retail footprint. Here's the breakdown of what they're actively doing.

Manufacturing and assembly of the E-Motion™ electric powertrain systems.

The company's flagship product is the E-Motion™ 180 HP outboard, which is the world's first certified continuous-use 180HP electric outboard. Vision Marine Technologies Inc. is focused on scaling this production. The technology is versatile; the E-Motion 180E has been successfully integrated into 25 different boat platforms. That's a lot of different hull types relying on their core tech. The system boasts an efficiency advantage of 96% compared to a competitor's ~54%. For the U.S. market, they've strengthened the supply chain by partnering with Octillion Power Systems to manufacture Vision-branded 45.36 kWh high-voltage battery packs at Octillion's Nevada facility for the E-Motion™ 180E system.

Operating the multi-brand boat retail and service network (Nautical Ventures).

This activity ramped up significantly with the acquisition of Nautical Ventures Group Inc. on June 20, 2025. For the short period between the acquisition date and the fiscal year end of August 31, 2025, Nautical Ventures brought in US$12.8 million in revenue and US$4.7 million of gross profit, hitting a gross profit percentage of 36.8%. The network is a powerhouse in Florida, recognized as the 2024 Boating Industry Top 100 Dealer of the Year. They've seen strong sales activity, with reports indicating 166 Boats Sold Within 120 Days of Nautical Ventures Integration. Anyway, the operational streamlining is also a key activity here.

Research and development (R&D) of advanced electric marine propulsion technology.

You've got to keep innovating to stay ahead in this space. While the full R&D expense for the fiscal year ended August 31, 2025 isn't public yet, we know the R&D costs for the prior year, FY2024, were $2,013,775. That was down from $4,237,638 in FY2023 as the focus shifted toward production. Still, the FY2025 net loss increased to $21.65 million from $10.38 million the year prior, partly due to substantial investments in R&D to support rapid expansion. Strategic priorities definitely include enhancing battery energy density.

Vertical integration of electric products into the retail sales channel.

This is where the acquisition pays off directly. The retail network is now a captive channel for the powertrains. Over 80% of Nautical Ventures' brands have E-Motion integration. This allows Vision Marine Technologies Inc. to push its own technology directly to the end-user through a leading dealer. The goal is to accelerate electric adoption across key market segments right where the sales happen.

• E-Motion Powertrain System Integrations: More than 24 across major recreational boat platforms.
• Direct Sales Channel: Access via Nautical Ventures, a leading Florida dealership.

Managing floor-plan financing and inventory turnover for boat sales.

Managing the debt tied up in inventory is crucial, especially with a large dealership acquisition. You can see the aggressive management in the floor-plan financing balance. It dropped from US$42 million on June 20, 2025, down to US$32.5 million by the fiscal year end of August 31, 2025. That momentum continued, as the balance was further reduced to approximately US$22.1 million as of November 28, 2025. Also, part of the acquisition structure involves a real estate receivable balance of US$6.6 million, which is tied to the future sale of four Florida properties, two of which were sold after year-end.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Vision Marine Technologies Inc. (VMAR) is counting on to drive its electric marine strategy forward as of late 2025. These aren't just abstract concepts; they are tangible and financial anchors for the business.

The most critical piece of intellectual property is the Proprietary E-Motion™ 180E electric powertrain technology. This system is rated for a continuous output of 180 HP, which translates to 135 kW, and operates at 650V for reliable energy conversion. The stated efficiency for this core technology is 96%. This technology is supported by a growing portfolio of intellectual property.

Speaking of IP, Vision Marine Technologies Inc. has been actively securing its innovations. As of February 24, 2025, the company announced the filing of its ninth patent application, specifically related to the Power Control Unit (PCU) for its E-Motion™ Electric Powertrain System. This focus on patents covering electric propulsion architectures and control units is a clear resource.

The retail and service backbone comes from the Nautical Ventures Group Inc. retail network, acquired in June 2025. This network provides immediate, high-volume market access in Florida, the capital of U.S. recreational boating. You should note the scale of this physical footprint:

• Operates nine high-volume retail locations across Florida.
• Includes four dealerships and a marina, among other facilities.
• Nautical Ventures was recognized as the 2024 Boating Industry "Dealer of the Year."

The financial benefit tied to this retail expansion is partially captured by a specific asset on the books. Vision Marine Technologies Inc. holds a real estate receivable of US$6.6 million, which represents the net proceeds expected from the future sale of four Florida properties associated with the acquisition structure. To be fair, two of those properties in North Palm Beach have already been sold subsequent to the fiscal year-end of August 31, 2025.

The supply chain for the high-voltage power source is secured through a partnership with Octillion. This agreement establishes a U.S.-based high-voltage battery supply chain via Octillion, with manufacturing occurring at Octillion's Reno, Nevada facility exclusively for the U.S. market. Here are the specifics on the battery resource:

Honestly, having this domestic battery sourcing is a major de-risking factor for U.S. market penetration and regulatory compliance. The integration of these physical and intellectual assets is what Vision Marine Technologies Inc. is banking on for scaling its operations throughout 2026.

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:

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:

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:

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:

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:

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:

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.