Vision Marine Technologies Inc.

What they do

Vision Marine designs and builds electric recreational boats and electric outboard propulsion systems from its facility in Boisbriand, Quebec. The company's operations span boat manufacturing and the development of high-voltage electric marine powertrains. It works with manufacturing partners including Linamar Corporation and Mac Engineering, and also operates through California Electric Boat Company Inc. Its fiscal year ends August 31.

Revenue drivers

• Electric boat sales — Revenue from the sale of electric recreational boats built at the Boisbriand facility; the company's principal product line.
• Electric propulsion systems — Revenue from electric outboard powertrain technology developed in-house for marine applications.
• Manufacturing partnerships — Supply and manufacturing arrangements, including an agreement with Linamar Corporation dated October 21, 2021, support production scale.

Recent performance

The filing is Amendment No. 1 to the annual report on Form 20-F for the fiscal year ended August 31, 2025, originally filed November 27, 2025. The amendment was filed solely to add Exhibit 97.1 and does not amend, update or restate any other items or sections of the Original 20-F. The amendment states it does not reflect events occurring after November 27, 2025. No revenue or earnings figures are presented in the amended text. As of the close of the period covered, 4,907,137 common shares without par value were outstanding.

Strategy

Management's stated direction, as reflected in the filing, centers on electric marine propulsion and electric boat production. The company has agreements with Linamar Corporation and Mac Engineering to support manufacturing. It has raised capital through multiple securities offerings, including warrants and purchase agreements dated December 2023, January 2024, and September 2024. No forward-looking strategy discussion is included in the amendment text.

Risks

• Amendment scope — This Form 20-F/A updates only Exhibit 97.1, so other statements in the Original 20-F are not confirmed as of any date after November 27, 2025.
• Emerging growth company status — The company is a non-accelerated filer and emerging growth company, which may reduce disclosure and compliance obligations relative to larger issuers.
• Dependence on manufacturing partners — Production relies on third parties such as Linamar Corporation and Mac Engineering under disclosed agreements.
• Dilution from financings — Repeated issuances of warrants, subscription agreements, and preferred stock since December 2023 may dilute existing common shareholders.

Outlook

The amendment provides no outlook or guidance. It explicitly does not reflect events after November 27, 2025, and updates only Exhibit 97.1. No forward-looking statements are included in the amended text.