Vision Marine reports net losses for Q3 2023
July 24, 2023
A story in the UK media outlet Marine Industry News has reported that Canada-headquartered electric boatbuilder Vision Marine Technologies reported earnings results for its third quarter, which ended 31 May 2023.
For the third quarter and nine months ended 31 May 2023, the company reported sales of CA$1.3m, compared to CA$2.01m a year ago. Net loss was CA$3.1m, compared to CA$1.94m a year ago.
For the nine months, sales were CA$3.53m, compared with CA$3.98m a year ago. Net loss was CA$16.58 m compared to CA$9.07m in 2022.
In a statement on Marketscreener, Vision reports basic loss per share from continuing operations was CA$0.32 compared to CA$0.23 in 2022. Diluted loss per share from continuing operations was CA$0.32 compared to CA$0.23 in 2022.
In February 2023, Vision Marine entered into a definitive agreement with an unnamed investor, to sell almost half a million shares in a deal worth around US$2m.
In October 2022, Vision Marine revealed it is launching what it describes as a ‘100 per cent recyclable boat’, called the Phantom, for the US leisure marine market.
The boatbuilder has formed a partnership with Nautical Ventures Group as its sole and exclusive distributor of the recyclable rotomolded plastic boat for the state of Florida and a non-exclusive distributor dealership agreement for the US.
Vision has also partnered with a large franchisee of Freedom Boat Club (FBC), located in Florida, to supply five third-party pontoon boats equipped with its E-Motion 180E fully electric outboard motor and powertrain system.
In addition, Vision has joined with Groupe Beneteau to integrate Vision Marine Technologies outboard motors onboard several models across Groupe Beneteau’s brand portfolio.
Last year, the Canadian boatbuilder broke the 100mph speed barrier on an electric watercraft, achieving 109mph with its V32 race boat at the Lake of the Ozarks Shootout performance boat competition in the US.
