Revenue growth reached 135.8% in 2026Q2, yet the company continues to struggle with profitability, reporting a negative operating margin of -20.8% for the same period.
| Sales/Revenue | 43.8M | 13.83M | 3.76M | 5.68M | 7.59M | 3.48M | 2.36M | 2.88M | 1.29M |
| Revenue Growth % | 2216.68% | 267.61% | -33.79% | -25.09% | 118.12% | 47.65% | -18.16% | 122.68% | - |
| Cost of Goods Sold | 36.48M | 13.54M | 6.61M | 4.73M | 4.47M | 2.07M | 1.79M | 1.96M | 890.01K |
| COGS % of Revenue | - | 97.86% | 175.58% | 83.24% | 58.96% | 59.61% | 76.15% | 68.25% | 68.85% |
| Gross Profit | 7.32M | 295.76K | -2.84M | 952.84K | 3.11M | 1.41M | 561.9K | 913.83K | 402.72K |
| Gross Margin % | 16.72% | 2.14% | -75.58% | 16.76% | 41.04% | 40.39% | 23.85% | 31.75% | 31.15% |
| Gross Profit Growth % | - | 110.4% | -398.47% | -69.4% | 121.63% | 150.06% | -38.51% | 126.92% | - |
| Operating Expenses | 17.05M | 10.61M | 13.56M | 21.31M | 16.3M | 14.11M | 2.66M | 579.05K | 408.94K |
| OpEx % of Revenue | - | 76.7% | 360.42% | 374.95% | 214.81% | 405.63% | 113.04% | 20.12% | 31.63% |
| Selling, General & Admin | 15.25M | 9.43M | 10.85M | 15.57M | 13.98M | 12.64M | 2.66M | 579.05K | 408.94K |
| SG&A % of Revenue | - | 68.14% | 288.23% | 274.01% | 184.3% | 363.23% | 113.04% | 20.12% | 31.63% |
| Research & Development | 939.54K | 1.18M | 2.72M | 5.74M | 2.31M | 1.48M | 0 | 0 | 0 |
| R&D % of Revenue | - | 8.56% | 72.19% | 100.94% | 30.51% | 42.4% | - | - | - |
| Other Operating Expenses | 866.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -9.73M | -10.31M | -16.41M | -20.36M | -13.18M | -12.71M | -2.1M | 334.78K | -6.22K |
| Operating Margin % | -22.21% | -74.56% | -436% | -358.19% | -173.77% | -365.24% | -89.19% | 11.63% | -0.48% |
| Operating Income Growth % | - | 37.14% | 19.41% | -54.41% | -3.78% | -504.64% | -727.66% | 5478.81% | - |
| EBITDA | -7.27M | -9.55M | -15.39M | -19.29M | -12.2M | -12.29M | -1.94M | 370K | 24.65K |
| EBITDA Margin % | -16.59% | -69.04% | -408.9% | -339.42% | -160.77% | -353.37% | -82.15% | 12.85% | 1.91% |
| EBITDA Growth % | 40.58% | 37.94% | 20.24% | -58.14% | 0.76% | -535.14% | -623.06% | 1401.01% | - |
| D&A (Non-Cash Add-back) | 2.46M | 763.98K | 1.02M | 1.07M | 986.25K | 412.87K | 165.92K | 35.22K | 30.87K |
| EBIT | -20.51M | -20.83M | -14M | -21.14M | -13.08M | -14.74M | -2.09M | 332.98K | 5.93K |
| Net Interest Income | -2.38M | -654.07K | -184.07K | -28.95K | 200.65K | -121.86K | -104.39K | -34.57K | -40.62K |
| Interest Income | 187.79K | 156.66K | 63.59K | 113.98K | 391.49K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.57M | 810.73K | 247.66K | 142.92K | 190.84K | 121.86K | 104.39K | 34.57K | 40.62K |
| Other Income/Expense | -12.75M | -11.33M | 2.16M | -920.18K | -82.3K | -2.15M | -95.91K | -36.36K | -28.46K |
| Pretax Income | -22.48M | -21.64M | -14.25M | -21.28M | -13.27M | -14.86M | -2.2M | 298.41K | -34.68K |
| Pretax Margin % | -51.32% | -156.47% | -378.62% | -374.38% | -174.85% | -427.13% | -93.26% | 10.37% | -2.68% |
| Income Tax | -23.34K | 7.88K | -241.5K | -282.47K | 266.65K | 104.53K | 20.77K | 64.59K | 154.26K |
| Effective Tax Rate % | 0.1% | -0.04% | 1.7% | 1.33% | -2.01% | -0.7% | -0.95% | 21.65% | -444.78% |
| Net Income | -22.45M | -21.65M | -14.01M | -21M | -13.53M | -14.96M | -2.22M | 233.82K | -188.94K |
| Net Margin % | -51.27% | -156.53% | -372.2% | -369.41% | -178.37% | -430.13% | -94.14% | 8.12% | -14.62% |
| Net Income Growth % | -89.45% | -54.6% | 33.29% | -55.14% | 9.55% | -574.61% | -1048.57% | 223.75% | - |
| Net Income (Continuing) | -22.45M | -21.65M | -14.01M | -21M | -13.53M | -14.96M | -2.22M | 233.82K | -188.94K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -279.74 | -9813.50 | -343280.90 | -999999.00 | -878583.80 | -970548.50 | -150885.90 | 15908.00 | -12853.50 |
| EPS Growth % | 97.12% | 97.14% | 71.94% | -39.23% | 9.48% | -543.23% | -1048.49% | 223.76% | - |
| EPS (Basic) | - | -9813.50 | -343280.90 | -999999.00 | -878583.80 | -970548.50 | -150885.90 | 15908.00 | -12853.50 |
| Diluted Shares Outstanding | 80.27K | 2.21K | 41 | 17 | 15 | 15 | 15 | 15 | 15 |
| Basic Shares Outstanding | 80.27K | 2.21K | 41 | 17 | 15 | 15 | 15 | 15 | 15 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As reported in recent financial filings, Vision Marine achieved a significant revenue surge to $14.5 million in 2026Q2, representing a 135.8% year-over-year growth rate, which suggests that the company is successfully scaling its electric powertrain deliveries despite historical quarterly fluctuations in its core sales segment.
The recent acceleration in top-line growth appears to validate the market's appetite for the E-Motion powertrain, though the sustainability of this trajectory remains tied to OEM adoption rates. Investors should monitor whether this growth is driven by one-time project deliveries or a repeatable, high-volume manufacturing cadence.
Based on the provided income statement data, the company's gross margin reached 30.3% in 2026Q2, yet this follows a history of negative or low single-digit margins, indicating that the firm has not yet established a consistent, profitable manufacturing cost structure for its specialized electric propulsion systems.
The volatility in gross margins suggests that Vision Marine is struggling with the high cost of lithium-ion battery procurement and assembly inefficiencies. Until the company can decouple its production costs from its revenue growth, it will likely remain vulnerable to input price shocks and competitive pricing pressure.
According to the latest quarterly figures, Vision Marine continues to report negative operating income of $3.0 million, demonstrating that SG&A and R&D expenses are currently scaling in lockstep with revenue, preventing the realization of meaningful operating leverage despite the recent top-line expansion observed in 2026Q2.
The persistent gap between gross profit and operating expenses suggests that the company's current administrative and research overhead is too heavy for its existing revenue base. This indicates that management must prioritize cost discipline or achieve a significant step-change in volume to reach a break-even operating point.
As evidenced by the historical income statement, net income remains deeply negative, with the 2026Q2 loss of $1.9 million highlighting that the company's bottom-line performance is heavily impacted by high R&D spending and non-operating items that frequently distort the reported earnings per share figures.
The reliance on stock-based compensation and the lack of consistent profitability suggest that the current EPS metrics may not reflect the underlying operational health of the business. Analysts should look past the headline losses to evaluate whether the R&D spend is effectively translating into proprietary IP that could eventually drive long-term value.
Based on the reported figures, the company's cash burn rate and reliance on external financing to cover operating losses raise significant concerns regarding the long-term viability of its current manufacturing-heavy business model, particularly given the lack of a mature service ecosystem for its high-voltage electric outboards.
Short-sellers would likely focus on the mismatch between the company's high-growth narrative and its inability to generate positive cash flow from operations. The absence of a global service network, unlike that of legacy incumbents, may represent a structural barrier that could limit future market penetration and margin expansion.
Quick answers to the most common questions about buying VMAR stock.
For fiscal year 2025, Vision Marine Technologies Inc. (VMAR) reported total revenue of $13.8M. This represents a 970.1% increase compared to $1.3M in 2018.
Vision Marine Technologies Inc. (VMAR) reported a net loss of $21.7M for the fiscal year ending 2025.
Vision Marine Technologies Inc. (VMAR) reported an operating income of $-10.3M, resulting in an operating profit margin of -74.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Vision Marine Technologies Inc. (VMAR) generated $0.3M in gross profit for the year, representing a gross profit margin of 2.1%. This demonstrates the company's core pricing power and production efficiency.