Business
Vision Marine Technologies Reports Third Quarter 2022 Financial Results
Two Consecutive Quarters of Triple Digit Sales Growth MONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- Vision Marine Technologies (NASDAQ: VMAR) (“Vision Marine”
About this update from Vision Marine Technologies Inc.
[{"type":"text","content":"Two Consecutive Quarters of Triple Digit Sales Growth\nMONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- Vision Marine Technologies (NASDAQ: VMAR) (“Vision Marine” or the “Company”), the leader in electric transition of the recreational boating industry, has filed its fiscal 2022 Q3 results. Revenue for the three months ended May 31, 2022, totaled CAD$2.01 million, which represented a year over year increase of 161% over the CAD$0.77 million reported in the like quarter in 2021. The sharp increase in revenue is largely the result of the inclusion of revenue generated by Vision Marine’s flagship boat rental operation, located in Newport Beach (“EBR”). EBR, acquired in June 2021, contributed CAD $854,620 in gross profits. Vision Marine reported a sharp narrowing of its operating loss for the quarter, which declined to CAD$1.94 million from the CAD$4.8 million reported one year ago. Cash on hard totaled CAD$7.9 million, which declined in part to non-recurring expenses related to securing the company’s supply chain, notably purchasing batteries in order to be ready for scaled production of its proprietary E-Motion powertrain system, expected to commence by mid-2023. The Company also reported zero long term debt. “We will continue to expand our rental operations in Newport Beach, with additional boats added in the coming months, as well as the addition of new locations in Florida and other areas currently being negotiated. We expect that these new locations will be highly profitable, and scalable and therefore continue to increase future revenue. On July 18, in a joint press release, we announced our partnership with Groupe Beneteau covering development and sales of our E-Motion™ powertrain, which we anticipate will produce significant revenue by spring of 2023. We continue to move forward with other large OEMS as well,” stated Alexandre Mongeon, co-founder and CEO. About Vision Marine Technologies, Inc. Vision Marine Technologies, Inc. (Nasdaq: VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. Our flagship outboard powertrain (“E-Motion™”) is the first fully electric purpose-built outboard power...