Vision Marine Technologies Inc 6-K/A, filed Jul 23, 2025

Vision Marine Technologies Inc. (VMAR)

6-K/A 2025-07-23 For: 2025-05-31

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Added on August 22, 2026

About this 6-K/A

Vision Marine Technologies Inc filed this 6-K/A on July 23, 2025.

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Exhibit No.		Exhibit
99.1**		Condensed Interim Consolidated Financial Statements for the three-month and nine-month periods ended May 31, 2025 and 2024 (incorporated by reference to Exhibit 99.1 to the report on Form 6-K filed on July 11, 2025)
99.2**		Management’s Discussion and Analysis for the three-month and nine-month periods ended May 31, 2025 (incorporated by reference to Exhibit 99.2 to the report on Form 6-K filed on July 11, 2025)
99.3*		Unaudited Pro Forma Combined Financial Statements for the nine months ended May 31, 2025
99.4**		Form 52-109F2 Certification of Interim Filings - CEO (incorporated by reference to Exhibit 99.3 to the report on Form 6-K filed on July 11, 2025)
99.5**		Form 52-109F2 Certification of Interim Filings - CFO (incorporated by reference to Exhibit 99.4 to the report on Form 6-K filed on July 11, 2025)
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	VISION MARINE TECHNOLOGIES INC.

Date: July 22, 2025	By:	/s/ Raffi Sossoyan
	Name:	Raffi Sossoyan
	Title:	Chief Financial Officer


	Vision Marine	Nautical
	Technologies	Ventures
	Inc.	Group Inc.	Pro Forma Adjustments			Combined
	May 31, 2025	March 31, 2025	Note 3a	Note 3b	Note 3c	Pro Forma
Assets
Current
Cash	10,891,002	2,735,835	—	—	(5,503,200)	8,123,637
Trade and other receivables	328,346	1,403,261	4,015,840	—	—	5,747,447
Income tax receivable	6,415	—	—	—	—	6,415
Inventories	7,107,318	91,405,634	—	—	—	98,512,952
Prepaid expenses and deposits	3,322,460	1,496,126	—	—	—	4,818,586
Other current assets	56,809	—	—	—	—	56,809
Total current assets	21,712,350	97,040,856	4,015,840	—	(5,503,200)	117,265,846
Right-of-use assets	175,396	1,144,505	9,593,118	—	—	10,913,019
Property and equipment	1,634,715	25,458,080	(22,869,147)	—	—	4,223,648
Goodwill and intangible assets	880,678	903,767	—	—	—	1,784,445
Deferred income taxes	97,183	—	—	—	—	97,183
Other financial assets	—	110,558	—	—	—	110,558
Total assets	24,500,322	124,657,766	(9,260,189)	—	(5,503,200)	134,394,699
Liabilities and shareholders’ equity
Current
Trade payables and accrued liabilities	4,215,887	10,482,283	—	—	(2,751,600)	11,946,570
Contract liabilities	1,099,429	5,208,878	—	—	—	6,308,307
Notes payable - floor plan	—	70,225,727	—	—	(2,751,600)	67,474,127
Current portion of lease liabilities	121,904	763,951	1,660,040	—	—	2,545,895
Current portion of long-term debt	92,520	1,023,403	(413,076)	—	—	702,847
Total current liabilities	5,529,740	87,704,242	1,246,964	—	(5,503,200)	88,977,746
Lease liabilities	54,864	479,166	7,933,077	—	—	8,467,107
Shareholder notes	—	7,646,579	—	(7,646,579)	8,254,800	8,254,800
Long-term debt	190,847	19,287,785	(18,440,230)	—	—	1,038,402
Derivative liabilities	1,838,183	—	—	—	—	1,838,183
Deferred income taxes	—	—	—	—	—	—
Total liabilities	7,613,634	115,117,772	(9,260,189)	(7,646,579)	2,751,600	108,576,238
Shareholders’ equity
Preferred stock, $0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025	—	—	—	—	—	—
Common stock, $0.00001 par value, 100,000,000 shares authorized, 40,000,000 shares issued and 21,505,000 shares outstanding as of March 31, 2025	—	302	—	—	(302)	—
Treasury stock	—	(3,441,838)	—	—	3,441,838	—
Voting Common stock, no-par value; unlimited shares authorized of which 1,130,746 shares are issued and outstanding as of May 31, 2025	81,066,751	—	—	—	—	81,066,751
Pre-Funded Warrants exercisable into Voting Common Shares on a one-for-one basis of which 48 warrants were issued and outstanding at May 31, 2025	38,725	—	—	—	—	38,725
Contributed surplus	12,611,783	3,069,490	—	7,646,579	(10,716,069)	12,611,783
Accumulated other comprehensive income	1,123,723	(201,310)	—	—	201,310	1,123,723
Retained earnings (Deficit)	(77,954,294)	10,113,350	—	—	(1,181,577)	(69,022,521)
Total shareholders’ equity	16,886,688	9,539,994	—	7,646,579	(8,254,800)	25,818,461
Total liabilities and shareholders’ equity	24,500,322	124,657,766	(9,260,189)	—	(5,503,200)	134,394,699


	Vision Marine	Nautical
	Technologies	Ventures
	Inc.	Group Inc.	Pro Forma Adjustments			Combined
	May 31, 2025	March 31, 2025	Note 3a	Note 3b	Note 3c	Pro Forma
Revenues	533,246	92,897,092	—	—	—	93,430,338
Cost of revenues	556,452	76,527,269	—	—	—	77,083,721
Gross profit (loss)	(23,206)	16,369,823	—	—	—	16,346,617
Expenses
General and administrative expenses	10,622,409	21,400,910	—	—	—	32,023,319
Depreciation and amortization	369,545	1,939,288	—	—	—	2,308,833
Net finance expense (income)	1,320,950	6,379,238	—	—	—	7,700,188
Other income (expense)	(1,703)	(569,128)	—	—	—	(570,831)
Gain on bargain purchase	—	—	—	—	(8,931,773)	(8,931,773)
	12,311,201	29,150,308	—	—	(8,931,773)	32,529,736
Income (loss) income before taxes	(12,334,407)	(12,780,485)	—	—	8,931,773	(16,183,119)
Income taxes	10,530	(1,287,845)	—	—	—	(1,277,315)
Net loss for the period	(12,344,937)	(11,492,640)	—	—	8,931,773	(14,905,804)
Items of comprehensive income that will be subsequently reclassified to earnings:
Foreign currency translation differences for foreign operations, net of tax	(3,325)	237,504	—	—	—	234,179
Other comprehensive income (loss), net of tax	(3,325)	237,504	—	—	—	234,179
Total comprehensive loss for the period, net of tax	(12,348,262)	(11,255,136)	—	—	8,931,773	(14,671,625)
Weighted average Voting Common Shares outstanding	608,905					608,905
Basic and diluted loss per share	(20.27)					(24.48)


	Vision Marine	Nautical
	Technologies	Ventures
	Inc.	Group Inc.	Pro Forma Adjustments			Combined
	August 31, 2024	September 30, 2024	Note 3a	Note 3b	Note 3c	Pro Forma
Revenues	3,794,345	149,666,179	—	—	—	153,460,524
Cost of revenues	2,296,907	115,700,231	—	—	—	117,997,138
Gross profit (loss)	1,497,438	33,965,948	—	—	—	35,463,386
Expenses
General and administrative expenses	13,901,112	29,449,440	—	—	—	43,350,552
Depreciation and amortization	830,876	1,828,617	—	—	—	2,659,493
Goodwill impairment loss	8,704,182	—	—	—	—	8,704,182
Net finance expense (income)	(7,480,761)	8,053,234	—	—	—	572,473
Other income (expense)	(141,888)	(173,507)	—	—	—	(315,395)
Gain on bargain purchase	—	—	—	—	(8,931,773)	(8,931,773)
	15,813,521	39,157,784	—	—	(8,931,773)	46,039,532
Income (loss) income before taxes	(14,316,083)	(5,191,836)	—	—	8,931,773	(10,576,146)
Income taxes	(255,463)	(161,402)	—	—	—	(416,865)
Net loss for the period	(14,060,620)	(5,030,434)	—	—	8,931,773	(10,159,281)
Items of comprehensive income that will be subsequently reclassified to earnings:
Foreign currency translation differences for foreign operations, net of tax	94,420	40,684	—	—	—	135,104
Other comprehensive income (loss), net of tax	94,420	40,684	—	—	—	135,104
Total comprehensive loss for the period, net of tax	(13,966,200)	(4,989,750)	—	—	8,931,773	(10,024,177)
Weighted average Voting Common Shares outstanding	9,161					9,161
Basic and diluted loss per share	(1,534.83)					(1,108.97)


Preliminary Purchase Price:

Converible note payable issued to the former shareholders of NVG		5,503,200
Converible note payable to be issued to the former shareholders of NVG, contingent on the outcome of certain claims against NVG		2,751,600
Total preliminary purchase consideration		8,254,800

Preliminary Purchase Price Allocation:

Cash		2,735,835
Trade and other receivables		5,419,101
Inventories		91,405,634
Prepaid expenses and deposits		1,496,126
Right-of-use assets		10,737,623
Property and equipment		2,588,933
Goodwill and intangible assets		903,767
Other financial assets		110,558
Liabilities assumed		(98,211,004)
Gain on bargain purchase		(8,931,773)
Net assets acquired		8,254,800