Vision Marine Technologies Inc. (VMAR) Cash Flow Statement
Where VMAR’s cash came from and went, FY2025
August 31, 2025 · Canadian dollars- Cash from operations
- −C$8.9M
- Capital expenditures
- C$227,353 1.6% of revenue
- Free cash flow
- −C$9.2M −66.2% margin
- Returned to shareholders
- —
- Change in cash
- C$7.4M cash at year-end C$7.4M
Cash from operations
−C$8.9M
Capital expenditures
−C$227,353
Acquisitions & other
+C$1.8M
Net borrowing (repayment)
−C$11.4M
Shares issued
+C$25.1M
Other financing
+C$1.1M
Change in cash
C$7.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VMAR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VMAR cash flow trends, FY2018–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$125,037FY2018 | −C$8.9MFY2025 | — | |
| Capital expenditures | C$1,755FY2018 | C$227,353FY2025 | +100.3%/yr | |
| Free cash flow | C$123,282FY2018 | −C$9.2MFY2025 | — | |
| Free cash flow margin | 9.5%FY2018 | −66.2%FY2025 | −75.7 pts | |
| Stock-based compensation | C$1.3MFY2020 | C$621,982FY2025 | −13.9%/yr | |
| Share buybacks (net) | C$0FY2018 | C$0FY2021 | — | |
| Capex / revenue | 0.1%FY2018 | 1.6%FY2025 | +1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VMAR cash flow by activity
OperatingInvestingFinancingChange in cash
VMAR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VMAR cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −C$21.7M | −C$14.1M | −C$20.9M | −C$13.1M | −C$15.1M | −C$2.3M | C$233,066 | −C$185,848 |
| Depreciation & amortization | C$763,982 | C$1.0M | C$1.1M | C$927,722 | C$417,050 | C$170,182 | C$35,109 | C$30,371 |
| Stock-based compensation | C$621,982 | C$395,988 | C$1.1M | C$2.7M | C$7.1M | C$1.3M | — | — |
| Change in working capital | C$624,623 | −C$744,404 | C$2.3M | −C$2.6M | −C$1.5M | C$289,402 | −C$411,487 | C$184,495 |
| Other non-cash items | C$10.7M | C$1.7M | C$2.4M | C$1.1M | C$834,681 | C$69,219 | C$30,944 | C$96,019 |
| Cash from operating activities | −C$8.9M | −C$11.6M | −C$14.0M | −C$11.0M | −C$8.3M | −C$434,658 | −C$112,368 | C$125,037 |
| Investing activities | ||||||||
| Capital expenditures | −C$227,353 | −C$600,262 | −C$938,802 | −C$1.2M | −C$1.1M | −C$77,966 | −C$175,952 | −C$1,755 |
| Investments (net) | — | C$615,608 | −C$537,020 | −C$964,503 | −C$3.4M | −C$37,656 | −C$109,184 | −C$108,375 |
| Acquisitions & other investing | C$1.8M | C$600,262 | C$938,802 | C$1.2M | −C$5.0M | C$77,966 | C$175,952 | C$1,755 |
| Cash from investing activities | C$1.5M | C$615,608 | −C$537,020 | −C$964,503 | −C$9.5M | −C$37,656 | −C$109,184 | −C$108,375 |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | — | — | C$0 | C$0 | −C$75 | C$0 |
| Net borrowing (repayment) | −C$11.4M | −C$697,910 | −C$521,500 | −C$548,555 | −C$884,406 | −C$129,510 | C$221,627 | −C$16,662 |
| Shares issued | C$25.1M | C$6.5M | C$163,461 | C$10,001 | C$2.0M | C$2.0M | C$0 | C$0 |
| Other financing | C$1.1M | C$1.9M | C$12.4M | C$176,771 | C$33.4M | −C$120,930 | C$37,500 | C$0 |
| Cash from financing activities | C$14.8M | C$7.7M | C$12.1M | −C$361,783 | C$34.6M | C$1.7M | C$259,052 | −C$16,662 |
| Summary | ||||||||
| Net change in cash | C$7.4M | −C$3.3M | −C$2.5M | −C$12.3M | C$16.9M | C$1.3M | C$37,500 | C$37,500 |
| Cash at end of period | C$7.4M | C$63,126 | C$3.4M | C$5.8M | C$18.1M | C$1.3M | C$37,500 | C$0 |
| Free cash flow | −C$9.2M | −C$12.2M | −C$14.9M | −C$12.2M | −C$9.3M | −C$512,624 | −C$288,320 | C$123,282 |
| Free cash flow margin | −66.2% | −325.3% | −263.0% | −160.9% | −268.1% | −21.8% | −10.0% | 9.5% |
| Capex / revenue | 1.6% | 16.0% | 16.5% | 15.9% | 30.8% | 3.3% | 6.1% | 0.1% |
| Operating cash flow / net income | — | — | — | — | — | — | −0.48 | — |
| Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$4.3M | −C$9.3M | −C$9.8M | −C$3.6M | −C$1.6M | −C$3.7M | −C$3.0M | −C$8.4M | C$1.0M | −C$4.3M |
| Depreciation & amortization | C$782,837 | C$353,991 | C$144,527 | C$129,953 | C$134,261 | C$217,290 | C$264,870 | C$264,438 | C$275,839 | C$268,272 |
| Stock-based compensation | C$21,279 | C$91,016 | C$16,174 | C$380,857 | C$138,322 | C$28,130 | C$46,270 | C$247,255 | C$74,333 | C$84,092 |
| Change in working capital | C$5.0M | C$4.3M | −C$85,225 | −C$1.7M | −C$3.3M | C$2.0M | C$974,997 | −C$3.2M | −C$448,199 | C$356,283 |
| Other non-cash items | C$371,802 | C$6.5M | C$4.4M | −C$1.0M | −C$1.1M | C$942,628 | C$561,593 | C$5.3M | −C$5.0M | C$953,387 |
| Cash from operating activities | C$1.9M | C$1.9M | −C$5.4M | −C$5.8M | −C$5.7M | −C$506,410 | −C$1.2M | −C$5.9M | −C$4.1M | −C$2.6M |
| Investing activities | ||||||||||
| Capital expenditures | −C$60,775 | −C$9,187 | −C$381,273 | −C$80,443 | −C$8,606 | −C$84,146 | −C$268,986 | −C$207,934 | −C$39,196 | −C$104,506 |
| Investments (net) | — | — | −C$359,976 | −C$80,443 | −C$8,606 | C$12,047 | C$850,691 | −C$258,456 | C$11,326 | −C$104,506 |
| Acquisitions & other investing | C$3.8M | C$1.9M | C$247,294 | C$80,443 | C$8,606 | — | C$268,986 | C$207,934 | C$39,196 | C$104,506 |
| Cash from investing activities | C$3.8M | C$1.9M | −C$493,955 | −C$80,443 | −C$8,606 | — | C$850,691 | −C$258,456 | C$11,326 | −C$104,506 |
| Financing activities | ||||||||||
| Net borrowing (repayment) | −C$10.8M | −C$11.1M | −C$159,843 | −C$99,889 | −C$64,430 | C$114,298 | −C$516,219 | — | — | — |
| Shares issued | C$0 | C$0 | C$612,212 | C$20.4M | C$6.8M | C$0 | C$0 | C$6.5M | C$1.8M | C$0 |
| Other financing | C$46,135 | C$7.1M | −C$671,703 | C$0 | −C$102,024 | C$101,883 | C$0 | −C$90,865 | −C$205,124 | C$4.6M |
| Cash from financing activities | −C$10.7M | −C$4.0M | −C$219,334 | C$20.3M | C$6.6M | C$216,181 | −C$516,219 | C$6.5M | C$1.6M | C$4.6M |
| Summary | ||||||||||
| Net change in cash | −C$5.6M | −C$502,248 | −C$6.1M | C$14.4M | C$900,454 | −C$278,182 | −C$843,775 | C$343,095 | −C$2.5M | C$1.8M |
| Cash at end of period | C$2.3M | C$7.4M | C$14.9M | C$15.3M | C$963,580 | C$63,126 | C$341,308 | C$1.2M | C$841,988 | C$3.4M |
| Free cash flow | C$1.8M | C$1.9M | −C$5.8M | −C$5.9M | −C$5.7M | −C$590,556 | −C$1.4M | −C$6.1M | −C$4.1M | −C$2.7M |
| Free cash flow margin | 11.4% | 14.2% | −2,064.3% | −5,551.6% | −4,000.9% | −20.3% | −227.0% | −824.1% | −423.7% | −127.0% |
| Capex / revenue | 0.4% | 0.1% | 136.9% | 75.7% | 6.0% | 2.9% | 42.2% | 28.3% | 4.0% | 4.9% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −4.00 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
VMAR cash generation
In fiscal 2025 (ended August 31, 2025), Vision Marine Technologies generated -C$8.9 million of cash from operations and spent C$0.2 million on capital expenditures, leaving free cash flow of -C$9.2 million, −66.2% of revenue. Cash and equivalents rose by C$7.4 million over the year.
Related: VMAR income statement. See the VMAR stock overview for the latest quote and news.
VMAR cash flow FAQ
What is Vision Marine Technologies's free cash flow?
Vision Marine Technologies's free cash flow was -C$9.2 million in fiscal 2025: -C$8.9 million of operating cash flow minus C$0.2 million of capital expenditures It was -C$12.2 million a year earlier..
How much cash does Vision Marine Technologies generate from operations?
Vision Marine Technologies generated -C$8.9 million of cash from operating activities in fiscal 2025.
How much does Vision Marine Technologies spend on capital expenditures?
Vision Marine Technologies spent C$0.2 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with C$0.6 million the year before.