Free cash flow remains consistently negative, evidenced by a -12.5% FCF margin in 2026Q2, highlighting a persistent inability to generate self-sustaining operational cash.
| Cash from Operations | -3.11M | -8.93M | -11.64M | -14.01M | -11M | -8.25M | -434.66K | -112.37K | 125.04K |
| Operating CF Margin % | - | -64.56% | -309.39% | -246.46% | -144.93% | -237.21% | -18.45% | -3.9% | 9.67% |
| Operating CF Growth % | 325% | 23.29% | 16.89% | -27.38% | -33.27% | -1798.37% | -286.82% | -189.87% | - |
| Net Income | -22.45M | -21.65M | -14.06M | -20.88M | -13.11M | -15.11M | -2.28M | 233.07K | -185.85K |
| Depreciation & Amortization | 2.52M | 763.98K | 1.02M | 1.06M | 955.51K | 417.05K | 170.18K | 35.11K | 30.37K |
| Stock-Based Compensation | 370.2K | 0 | 395.99K | 1.14M | 2.7M | 7.12M | 1.31M | 0 | 0 |
| Deferred Taxes | -25.02K | 7.88K | -255.46K | -280.88K | 258.34K | 105.59K | 21.31K | 25.8K | 86.71K |
| Other Non-Cash Items | 9.14M | 11.33M | 2M | 2.66M | 807.43K | 729.09K | 47.91K | 5.14K | 9.31K |
| Working Capital Changes | 10.17M | 624.62K | -744.4K | 2.29M | -2.61M | -1.51M | 289.4K | -411.49K | 184.5K |
| Change in Receivables | 91.91K | 107.54K | 253.23K | -78.29K | -152.81K | -232.72K | 22.76K | -42.54K | -23.41K |
| Change in Inventory | 10.52M | 2.95M | -3.78M | -351.78K | -117.69K | -1.47M | 327.28K | 112.89K | -507.09K |
| Change in Payables | 1.62M | -1.31M | 0 | 1.84M | 0 | -202.4K | 98.99K | 14.15K | 114.44K |
| Cash from Investing | 4.85M | 1.54M | 615.61K | -537.02K | -964.5K | -9.47M | -37.66K | -109.18K | -108.38K |
| Capital Expenditures | -728.64K | -326.76K | -536.95K | -938.8K | -1.21M | -1.07M | -77.97K | -175.95K | -1.75K |
| CapEx % of Revenue | 1.66% | 2.36% | 14.27% | 16.52% | 15.92% | 30.85% | 3.31% | 6.11% | 0.14% |
| Acquisitions | 1.9M | 1.87M | 1.09M | 0 | 0 | -5.03M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.68M | 0 | 63.25K | 401.78K | 243.63K | -3.37M | 40.31K | 66.77K | -106.62K |
| Cash from Financing | -11.38M | 14.76M | 7.73M | 12.08M | -361.78K | 34.57M | 1.73M | 259.05K | -16.66K |
| Debt Issued (Net) | -6.01M | -374.58K | -697.91K | -521.5K | -548.55K | -884.41K | 22.07K | 217.58K | -89.12K |
| Equity Issued (Net) | 15.5M | 25.1M | 6.55M | 163.46K | 10K | 35.46M | 1.9M | -75 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75 | 0 |
| Other Financing | -20.87M | -9.97M | 1.88M | 12.44M | 176.77K | -170K | -189.07K | 41.55K | 72.46K |
| Net Change in Cash | -10.44M | 7.37M | -3.3M | -2.47M | -12.32M | 16.85M | 1.26M | 37.5K | 0 |
| Free Cash Flow | -3.89M | -9.16M | -12.24M | -14.95M | -12.2M | -9.32M | -512.62K | -288.32K | 123.28K |
| FCF Margin % | -8.88% | -66.2% | -325.34% | -262.98% | -160.86% | -268.06% | -21.76% | -10.02% | 9.54% |
| FCF Growth % | 71.52% | 25.19% | 18.09% | -22.46% | -30.89% | -1718.98% | -77.8% | -333.87% | - |
| FCF per Share | -48.45 | -4151.40 | -298596.73 | -879219.12 | -813663.47 | -621634.53 | -34174.93 | -19221.33 | 8218.80 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.41x | 0.83x | 0.67x | 0.81x | 0.55x | 0.20x | -0.48x | -0.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial statements, Vision Marine's operating cash flow frequently diverges from net income, with the 2026Q2 OCF/NI ratio of 0.80 highlighting a persistent inability to convert accounting losses into positive cash generation, suggesting that accruals and non-cash expenses mask underlying operational cash deficits.
The consistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect genuine cash outflows required to sustain operations. Investors should monitor whether this disconnect persists as the company attempts to scale its E-Motion powertrain deliveries.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, with a 2026Q2 FCF margin of -12.5%, indicating that the firm's capital-intensive manufacturing model continues to consume cash at a rate that outpaces its current revenue growth.
The inability to achieve positive free cash flow suggests that the company is currently in a high-burn phase, necessitating external financing to maintain its operational footprint. This trajectory warrants further investigation into whether the company can reach a self-sustaining scale before its current cash reserves are exhausted.
According to recent SEC filings, working capital changes have been highly volatile, swinging from a $5.0 million inflow in 2026Q1 to a $1.0 million inflow in 2026Q2, which suggests that the company's cash position is heavily dependent on the timing of inventory procurement and customer payment cycles.
This volatility implies that management's control over the cash conversion cycle is currently tenuous, likely due to the complexities of sourcing specialized battery components. Such fluctuations make it difficult to forecast future liquidity needs and suggest that the company remains vulnerable to supply chain disruptions.
As indicated by the financial data, the company's CapEx/Revenue ratio has fluctuated significantly, reaching 136.9% in 2025Q3 before moderating to 1.8% in 2026Q2, which suggests that the firm is not yet locked into a heavy, fixed-asset manufacturing cycle despite its focus on electric powertrain production.
The low capital intensity in recent quarters may indicate that the company is relying on third-party manufacturing or assembly, which could be a strategic choice to preserve cash. However, this approach may limit the company's ability to control production quality and costs as it attempts to scale.
Based on the provided cash flow statements, stock-based compensation and depreciation expenses frequently adjust the reported net income, with SBC reaching $354.0K in 2026Q2, which suggests that the company's cash burn is partially mitigated by non-cash accounting entries that do not reflect actual operational efficiency.
These adjustments appear to obscure the true extent of the company's cash consumption, as they do not represent actual cash inflows. Analysts should be cautious when evaluating the company's path to profitability, as these non-cash items may continue to distort the perceived health of the cash flow statement.
Quick answers to the most common questions about buying VMAR stock.
Vision Marine Technologies Inc. (VMAR) generated $-8.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vision Marine Technologies Inc. (VMAR) reported negative free cash flow of $9.2M in 2025, indicating capital requirements exceeded cash from operations.
Vision Marine Technologies Inc. (VMAR) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.