Vision Marine Technologies Files 2024 Annual Report

Ticker: VMAR · Form: 20-F · Filed: Dec 20, 2024 · CIK: 1813783

Vision Marine Technologies Inc. 20-F Filing Summary
FieldDetail
CompanyVision Marine Technologies Inc. (VMAR)
Form Type20-F
Filed DateDec 20, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$16.60 billion, $5 billion, $1,089,302, $66,761, $232,882
Sentimentneutral

Sentiment: neutral

Topics: annual-report, 20-f, boat-building

TL;DR

Vision Marine Tech dropped its 2024 20-F. Check financials for boat building biz.

AI Summary

Vision Marine Technologies Inc. filed its annual report on Form 20-F for the fiscal year ended August 31, 2024. The company, operating in the ship and boat building industry, is based in Boisbriand, Quebec, Canada. This filing provides an update on the company's operations and financial status for the reporting period.

Why It Matters

This 20-F filing provides investors and stakeholders with a comprehensive overview of Vision Marine Technologies' performance and financial health for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company in the manufacturing sector, Vision Marine Technologies is subject to market fluctuations, operational risks, and regulatory compliance, warranting a medium risk assessment.

Key Numbers

  • 2024 — Fiscal Year End (The report covers the fiscal year ending on this date.)
  • 000-39730 — Commission File Number (Identifies the company's filing with the SEC.)

Key Players & Entities

  • Vision Marine Technologies Inc. (company) — Filer of the 20-F report
  • August 31, 2024 (date) — Fiscal year end for the report
  • 000-39730 (dollar_amount) — Commission file number
  • 730 Boulevard du Curé-Boivin, Boisbriand, J7G 2A7 (company) — Company's business and mailing address

FAQ

What is the primary business of Vision Marine Technologies Inc. as indicated by its SIC code?

The Standard Industrial Classification (SIC) code 3730 indicates that Vision Marine Technologies Inc. is involved in SHIP & BOAT BUILDING & REPAIRING.

What is the reporting period for this Form 20-F filing?

The Form 20-F is for the fiscal year ended August 31, 2024.

Where is Vision Marine Technologies Inc. located?

The company's business and mailing address is 730 Boulevard du Curé-Boivin, Boisbriand, Quebec, Canada, J7G 2A7.

What is the SEC file number for Vision Marine Technologies Inc.?

The SEC file number for Vision Marine Technologies Inc. is 001-39730.

Is this filing an annual report or a registration statement?

This filing is an annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as indicated by the checked box for 'ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934'.

Filing Stats: 4,530 words · 18 min read · ~15 pages · Grade level 13.3 · Accepted 2024-12-20 16:54:03

Key Financial Figures

  • $16.60 billion — lobal electric boat market will reach US$16.60 billion in 2031 up significantly from US$5 bill
  • $5 billion — billion in 2031 up significantly from US$5 billion in 2021, growing at a compound annual g
  • $1,089,302 — l 25, 2024, we sold EB Rental, Ltd. for $1,089,302 in order to partially finance patent ap
  • $66,761 — and investment tax credits amounting to $66,761, $232,882 and $1,458,632, respectively,
  • $232,882 — tment tax credits amounting to $66,761, $232,882 and $1,458,632, respectively, of which
  • $1,458,632 — dits amounting to $66,761, $232,882 and $1,458,632, respectively, of which nil, $144,032 a
  • $144,032 — $1,458,632, respectively, of which nil, $144,032 and $1,408,840, respectively, is presen
  • $1,408,840 — espectively, of which nil, $144,032 and $1,408,840, respectively, is presented against res
  • $73,995 — uietude 156 Phantom Starting Price $73,995 $44,995 $49,995 $35,495 $19,123 - $
  • $44,995 — 56 Phantom Starting Price $73,995 $44,995 $49,995 $35,495 $19,123 - $38,252 E
  • $49,995 — tom Starting Price $73,995 $44,995 $49,995 $35,495 $19,123 - $38,252 E-Propulsi
  • $35,495 — rting Price $73,995 $44,995 $49,995 $35,495 $19,123 - $38,252 E-Propulsion Power
  • $19,123 — ce $73,995 $44,995 $49,995 $35,495 $19,123 - $38,252 E-Propulsion Power 5 HP 5
  • $38,252 — 5 $44,995 $49,995 $35,495 $19,123 - $38,252 E-Propulsion Power 5 HP 5 HP 5 HP
  • $279,995 — ssic (a 100 kWh five-seater starting at $279,995), an Open Utility (a 100 kWh eight-seat

Filing Documents

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5

KEY INFORMATION

ITEM 3. KEY INFORMATION 5

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 5

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 22

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 22

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 23

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 33

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 35

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 36

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 36

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 49 PART II 50

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 50

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 50

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 50

[RESERVED]

ITEM 16. [RESERVED] 51

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 51

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 51

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 51

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 52

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 52

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 52

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE. 52

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE. 54

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 54

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 54

CYBERSECURITY

ITEM 16K. CYBERSECURITY 54 PART III 54

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 54

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 54

EXHIBITS

ITEM 19. EXHIBITS 55 ii Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 20-F (the "Annual Report") contains statements that constitute "forward-looking statements". Any statements that are not statements of historical facts may be deemed to be forward-looking statements. These statements appear in a number of different places in this Annual Report and, in some cases, can be identified by words such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Annual Report may include, but are not limited to, statements and/or information related to: strategy, future operations, projected production capacity, projected sales or rentals, projected costs, expectations regarding demand and acceptance of our products, availability of material components, trends in the market in which we operate, plans and objectives of management. We believe that we have based our forward-looking statements on reasonable assumptions, estimates, analysis and opinions made in light of our experience and our perception of trends, current conditions and expected developments, as well as other factors that we believe to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although management believes that the assumption and expectations reflected in such forward-looking statements are reasonable, we may have made misjudgments in preparing such forward-looking statements. Assumptions have been made regarding, among other things: our expected production capacity; labor costs and material costs, no material variations in the current regulatory environment and our ability to obtain financing as and when required and on reasonable terms. Readers are cautio

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not Applicable. C. Reasons for the offer and use of proceeds Not Applicable. D.

Risk Factors

Risk Factors The information on risk factors required by this Item 3 is incorporated herein by reference to the information under the caption " Risks and Uncertainties " contained in Section 1.1 to Exhibit 99.2 to our report on Form 6-k dated December 2, 2024. An investment in our securities carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this Annual Report, including our consolidated financial statements and related notes included elsewhere in this Annual Report, before you decide to purchase our securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our common shares. Refer to " Cautionary Note Regarding Forward-Looking Statements ." We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY A. History and development of the Company We were incorporated pursuant to the Business Corporations Act (Quebec) on August 27, 2012, under the name Riopel Marine Inc. On April 23, 2020, we changed our name to Vision Marine Technologies Inc. and our principal activity is the design, development and manufacturing of electric outboard powertrain systems and power boats and the renting of electric boats. We have two wholly-owned subsidiaries and three indirectly wholly-owned subsidiaries. The Company's registered agent in the United States is Corporation Service Company. The address of the Company's registered agent in the United States is 251 Little Falls Drive, Wilmington, DE 19808. 5 Table of Contents Our principal executive offices are located at 730 Boulevard du Cur-Boivin, Boisbriand, Quebec J7G 2A7, Canada. Our phone number is 450-951-7009. The SEC maintains an Internet site that contains reports, proxy information statements and other information regarding issuers that file electronically with the SEC. The address of that site is http://www.sec.gov. Our website address is https://visionmarinetechnologies.com . Information contained in, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this Annual Report. We have included our website address in this document solely as an inactive textual reference. B. Business Overview General We are in the business of designing and manufacturing electric outboard powertrain systems, power boats, and related technology and the renting of electric boats. We believe that our electric outboard powertrain systems are significantly more efficient and powerful than those currently being offered in the market today. In particular, we have recorded powertrain efficiencies of more than 96%, well above the 54% efficiency that we recorded for our principal competitor's product. Increases in powertrain efficiency allow for more

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