​

​

美国

证券交易委员会

华盛顿特区 20549

表格20-F

(标记一个)

☐ 根据1934年证券交易法第12(b)或(g)条的注册声明

或

☒ 根据1934年证券交易法第13条或15(d)条的年度报告

截至财政年度 8月31日, 2024

或

☐ 根据1934年证券交易法第13条或15(d)条款的过渡报告

或

☐ 根据1934年证券交易法第13条或15(d)条款的壳公司报告

需要此壳公司报告的事件日期 _______________

对于过渡期从 _______________ 给 _______________

委托文件编号 000-39730

Vision Marine Technologies 公司

(其章程中指定的注册人名称)

不适用

(注册人的名称翻译为英文)

加拿大魁北克

(注册地或组织地的管辖权)

730 Boulevard du Curé-Boivin

博伊斯布里昂, 魁北克 J7G 2A7, 加拿大

电话： 450-951-7009

(主要执行办公室地址)

Raffi Sossoyan; 450-951-7009; rs@v-mti.com

(公司联系人姓名、电话、电子邮件和/或传真号码及地址)

根据《法案》第12(b)节注册或将要注册的证券。

​

根据《证券法》第12条(g)注册或待注册的证券。 无

根据《证券法》第15条(d)有报告义务的证券。 无

请指明截至年度报告涵盖的期间结束时，发行人各类资本或普通股的流通股数。 163,403 无面值普通股

请用勾选标记表明注册人是否符合《证券法》405条款中所定义的知名成熟发行人。 是 ☐ 否 ☒

如果该报告是年度报告或过渡报告，请用勾选标记表明注册人是否不需要根据第13条或第15(d)条的要求提交报告 根据1934年《证券交易法》。 是的 ☐ 否 ☒

请打勾表示注册人(1) 是否已按照第13或15(d)条的要求提交所有报告， 根据1934年证券交易法第14(a)条的委托人委托的委托书 在过去的12个月内（或在注册人被要求提交此类报告的较短期限内），以及(2) 在过去90天内是否一直受到此类提交要求的约束。 是 ☒ 否 ☐

请勾选注册人是否在过去12个月内（或注册人被要求提交文件的较短时间内）按照规则405提交了所有需要电子提交的互动数据文件（本章的§232.405）。 是 ☒ 否 ☐

请勾选注册人是否为大型加速报告人，加速报告人，非加速报告人，或者新兴成长公司。有关“加速报告人”，“大型加速报告人”和“新兴成长公司”的定义，请参见交易法第120亿.2条。

​

如果一家新兴增长公司根据美国公认会计原则准备其基本报表，请通过勾选标记出注册人是否选择不使用根据《交易所法》第13(a)条款遵守任何新的或修订的财务会计标准的扩展过渡期。 ☐

请通过选中的方式指示，公司是否根据《萨班斯-奥克斯利法案》（15 U.S.C. 7262(b)）的规定，向其审核报告的注册公共会计师事务所提交了关于内部控制的有效性的管理评估报告和承诺的陈述。 ☐

如果证券根据法案第12(b)节注册，请勾选注册人在申报中包含的财务报表是否反映了对之前发布的财务报表错误的更正。 ☐

请通过勾选标记出这些错误更正中是否有需要根据§240.10D-1(b)进行回收分析的重述，这些重述涉及到在相关回收期间内任何注册公司的高管接受的基于激励的薪酬。 ☐

请勾选注册人用于准备本文件中包含的基本报表的会计基础： ☐ 美国 美国通用会计准则 ☒ 国际财务报告标准 由国际会计准则理事会发布 ☐ 其他

如果在之前的问题中勾选了“其他”，请用勾选标记表示注册者选择遵循的基本报表项目：第17项 ☐ 第18项 ☐

如果这是年报，请用勾选标记表示注册者是否为壳公司（根据交易法第120亿2条的定义）：是 ☐ 否 ☒

​

M&k CPAS, PLLC

我们自2024年起担任该公司的审计师。’自2024年起。

德克萨斯州伍德兰兹。

2024年12月2日

PCAOb ID #2738
​

​

​

​

​

目录

​

​

​

关于前瞻性陈述的警示说明

本年度报告表格20-F（“年度报告”）包含构成“前瞻性陈述”的声明。任何不是历史事实的声明可能被视为前瞻性陈述。这些声明出现在本年度报告的多个不同地方，并且在某些情况下，可以通过“预计”、“估算”、“计划”、“期望”、“考虑”、“意图”、“相信”、“规划”、“可能”、“将”或其否定形式或其他相似单词来识别，尽管并非所有前瞻性陈述都包含这些识别词。此年度报告中的前瞻性陈述可能包括但不限于与以下内容相关的声明和/或信息：策略、未来运营、预计生产能力、预计销售或租赁、预计成本、对我们产品的需求和接受度的期望、材料元件的可用性、我们所在市场的趋势、管理层的计划和目标。

我们相信，我们的前瞻性陈述是基于合理的假设、估算、分析和意见，这些是在考虑我们的经验、对趋势的认知、当前条件和预期发展的基础上做出的，以及我们认为在做出这些声明时情况相关和合理的其他因素，但这些假设可能被证明是错误的。尽管管理层认为这些前瞻性陈述中反映的假设和预期是合理的，但在编制这些前瞻性陈述时我们可能存在误判。已对以下内容做出假设：我们的预期生产能力；劳动力成本和材料成本，当前监管环境中无重大变化，以及我们能否在需要时以合理条款获得融资。读者须注意，前述清单并非所有可能使用的因素和假设的详尽列举。

这些风险在第3.D项“风险因素”中进行了讨论。特别是，在不限制上述披露范围的情况下，第4.b项- “业务概述”，第5项- “运营和财务回顾与展望”以及第11项- “关于市场风险的定量和定性披露”中的陈述固有地面临各种风险和不确定性，这可能导致实际结果、业绩或成就与预期有显著差异。这些风险、不确定性和其他因素包括但不限于：

尽管管理层已尝试识别可能导致实际结果与前瞻性声明中包含的结果存在重大差异的重要因素，但可能还有其他因素导致结果未达到预期、估计或意图。前瞻性声明可能并不准确，因为实际结果和未来事件可能与这些前瞻性声明中预期的结果存在重大差异，或者我们可能在准备前瞻性声明的过程中做出了错误判断。因此，读者不应对前瞻性声明抱有过度信任。我们希望提醒您，这些警示性声明明确对我们公司或代表我们公司的人员所作的所有前瞻性声明进行全面限定。我们不承诺更新任何前瞻性声明，以反映实际结果、假设变化或影响这些声明的其他因素的变化，除非根据适用的证券法律的要求，并在必要的情况下。您应仔细审查本年报及我们可能不时向证券监管机构提交的其他文件中包含的警示性声明和风险因素。

本年度报告中的其他声明

除非上下文另有要求，在本年度报告中，“我们”、“我们”、“我们的”、“公司”、“我们的公司”和“我们的业务”一词指的是Vision Marine Technologies Inc.及其合并子公司。

所有提到的“$”或“美元”均以加元表示，除非另有说明。

所有提到的“美金”、“美元指数”或“US$”均指美国美元。

本年度报告中提到的普通股、预先融资Warrants、A系列和B系列可转换优先股、warrants和期权均已调整，以反映(i)我们于2024年8月22日实施的1股换15股的反向股票拆分和(ii)我们于2024年10月8日实施的1股换9股的反向股票拆分。

​

第一部分

项目1. 董事、高级管理人员和顾问的身份

不适用。

项目2. 要约统计和预期时间表

不适用。

项目3. 关键信息

不适用。

不适用。

本项3所需的风险因素信息通过引用标题下的信息纳入本文件， “风险与不确定性” 包含在第1.1节中 附件99.2 关于我们2024年12月2日提交的6-k表格的报告。

投资我们的证券具有显著的风险。在决定购买我们的证券之前，您应该仔细考虑以下风险，以及本年度报告中的其他信息，包括我们合并财务报表及在本年度报告其他部分包含的相关附注。任何一种风险和不确定性都有可能对我们的业务、前景、财务状况和经营结果产生重大不利影响，这可能导致实际结果与我们所表达的任何前瞻性声明有重大差异，并导致我们普通股的价值显著下降。请参阅“关于前瞻性声明的警示说明.”

我们可能无法成功防止以下风险和不确定性可能造成的重大不利影响。这些潜在的风险和不确定性可能不是我们面临的完整风险和不确定性列表。可能还有其他我们目前未意识到的，或目前认为不重要的风险和不确定性，可能在未来变得重要并对我们产生重大不利影响。由于这些风险和不确定性，您可能会损失您投资的全部或大部分。

项目 4. 公司信息

我们于2012年8月27日根据《魁北克商业公司法》注册，名称为Riopel Marine Inc。2020年4月23日，我们更名为Vision Marine Technologies Inc.，我们的主要活动是设计、开发和制造电动外置动力系统和动力船，以及电动船的租赁。我们拥有两家全资子公司和三家间接全资子公司。

公司的注册代理人在美国是公司服务公司。公司在美国的注册代理地址是251 Little Falls Drive, Wilmington, DE 19808。

我们的主要执行办公室位于加拿大魁北克省博伊斯布里昂的730 Boulevard du Curé-Boivin，邮政编码为J7G 2A7。我们的电话号码是450-951-7009。证券交易委员会（SEC）维护一个互联网网站，里面包含文件提交给SEC的发行商的报告、代理信息声明和其他信息。该网站的地址是http://www.sec.gov。我们的网站地址是https://visionmarinetechnologies.com. 我们网站中包含的信息，或可通过我们网站访问的信息，并不是万亿.is年度报告的组成部分，并且不应通过引用纳入此报告中。我们在本文档中包含我们的网站地址，仅作为一个无效的文本引用。

​

一般情况

我们从事设计和制造电动外置动力系统、电动快艇及相关科技，以及电动船的租赁业务。我们相信，我们的电动外置动力系统比目前市场上提供的系统效率和动力都显著更高。特别是，我们记录的动力系统效率超过96%，远高于我们主要竞争对手产品的54%。动力系统效率的提升带来了更多的动力和区间，这两者都是市场消费者极为渴望的特性。尽管我们的主要关注点是电动外置动力技术，我们仍将继续设计、制造和销售我们的高性能全电动船只，面向商业和零售客户。根据艾瑞市场研究，全球电动船市场预计将在2031年达到166亿美元，远高于2021年的50亿美元，从2022年到2031年，年复合增长率为12.9%。

我们开发了首个全电动舷外动力系统，结合了先进的特斯拉-电池组、逆变器、高效电机以及在变速器与电动机设计之间的专有联合装配和广泛的控制软件。我们在此动力系统中使用的科技旨在提高舷外动力系统的效率，从而增加区间和性能。我们相信，在向船舶设计师和制造商推广和卖出我们的动力科技方面的方法将使我们能够利用他们的分销和服务体系，而资本支出最小。我们预计，包含在我们的舷外电动动力系统中的核心知识产权将成为我们未来增长的基础，并使这些系统占据我们营业收入的主要部分。

我们继续制造手工制作、耐用性高、维护成本低、环保的电动休闲动力船。在过去三个财政年度中，我们分别制造了45艘、46艘和58艘。我们将动力船出售给零售客户及动力船出租船队的运营商，以此建立品牌认知度。我们打算继续通过与码头运营商合作提供电动船的出租船队来提升品牌认知度。我们直接通过我们的网站或通过一系列码头、分销商和展厅与客户进行交易。

为了改善空气质量并保护当地水域生态，城市和地方政府开始禁止或限制在当地水道、湖泊和河流中使用汽油和柴油动力船。例如，美国密歇根州的Teal Lake禁止标准使用由汽油或柴油燃料驱动的动力船。这一趋势开始在美国其他地区蔓延，包括华盛顿州，该州提供了汽油产品对当地水域造成伤害的明显例子，以及新罕布什尔州，该州安全部已公布了关于在该州使用汽油和柴油动力船的限制。

在我们的2021财政年度，我们通过收购位于加利福尼亚州纽波特海滩的Eb Rental, Ltd.，扩展了我们的业务，包括电动动力艇的租赁。从那时起，我们增加了两个新的地点：一个在加利福尼亚州温图拉，由Eb Rental Ventura Corp.管理；一个在佛罗里达州棕榈滩，由EBR Palm Beach Inc.管理。我们计划在佛罗里达州达尼亚海滩开设另一个租赁事件；事件控件。除了通过租赁我们的动力艇产生收入外，我们的租赁地点还提高了品牌知名度，并充当潜在买家的开放水域展厅。为了部分资助我们电动船外部动力系统的专利申请，我们于2024年4月25日以1,089,302美元出售了Eb Rental, Ltd.

我们的电动船外部动力系统

动力系统是将能源转换成运动的车辆基础设施。在电动船中，该基础设施始于特斯拉-电池组，接着是逆变器，再到电机，最后是螺旋桨。电动动力系统的移动部件比内燃机船的动力系统少，因此更不容易故障，维修也不那么复杂。

动力系统的效率决定了船只在单次电池充电下的区间和船只的运行速度。我们发现现有的电动动力系统令人不满，因为它们的产出不足且功率范围有限。2015年，我们决定研究科技以利用这一市场空白并开发内部系统，尽可能依赖现有的第三方元件。我们注意到以下领域需要创新：

我们的电动动力系统设计为180马力（hp）和236磅英尺的扭矩，负载达到96%。此外，电动动力系统将采用液冷而不是风冷。

在2021年10月，我们与Linamar Corporation签订了制造与供应协议，该公司提供制造解决方案并开发高度工程化的产品。根据协议条款，我们希望McLaren Engineering，Linamar的技术和产品开发团队，负责其先进移动领域的技术，制造和组装我们的E-Motion™技术，通过测试、零部件、工具开发以及设计联合装配，以便在Linamar位于加拿大的设施中批量生产我们的电动动力系统。

一旦我们扩大电动动力系统的生产规模，我们希望Linamar Corporation为我们的电动动力系统进行批量商业化生产。尽管我们相信在目前的设施中我们可以每年生产多达300台电动动力系统，此外还可以每年生产150艘船，但我们认为外包电动动力系统的生产将使我们能够投入更多时间和资源来开发额外的电动动力系统。

我们的电动动力系统的生产将由第三方组装元件，包括特斯拉-电池组、逆变器和高效电动机。我们打算主要使用两个供应商的先进电池，Octillion和Neogy，但由于我们能够使用多种电池，我们也可以使用其他供应商。我们将从UQm（丹佛斯Editron）采购逆变器，从UQm（丹佛斯Editron）采购电动机。

在2022年1月，我们宣布与Octillion合作开发定制的高电压35 KW高密度电池。Octillion将制造一种新型先进电池系统“Polar 35”，为我们的E-Motion™外部动力系统提供动力。该特斯拉-电池组的配置比典型的燃油箱小，这使得它更容易在几乎任何船只中进行定制安装。

在同一时期，我们与Nextfour Solutions Ltd.合作，进一步开发定制的多功能苹果-显示屏，以集成到我们的E-Motion™ 180全电动动力系统中。

在2022年2月，我们与Weismann Marine, LLC合作设计和开发一个下部单元（或齿轮箱）组件。我们与Hellcat Powerboats合作，在那艘实现了2022年全电动船舶速度世界纪录109英里每小时的船只中，包含了我们的外部动力系统。

我们的电动动力系统将由内部开发的控制软件来控制。我们使用了开源软件代码来开发我们自己的电池管理系统软件，以调节特斯拉-电池组向电动机及其相关系统输出的电力。

我们在电动动力系统开发方面得到了政府的支持。在我们的2024年、2023年和2022财年，我们分别确认了金额为66,761美元、232,882美元和1,458,632美元的补助金和投资税收抵免，其中为零、144,032美元和1,408,840美元，分别计入研发费用中。

在2022年7月，我们与Beneteau集团建立了合作关系，将我们的外部电机纳入Beneteau集团品牌组合的几款型号中。

在2023年8月，我们的外部动力系统被包含在打破我们之前保持的全电动船舶速度世界纪录的船只中，该船的速度达到了116英里每小时。在2023年10月，我们宣布将E-Motion™电动动力系统技术交付给Groupe Beneteau，Four Winns成为Four Winns H2e Bowrider上首批集成的电动马达。Beneteau集团已宣布，他们打算在北美和欧洲的其他品牌中也使用该技术。在2023年11月，我们收到了Wired Pontoon公司对25台E-Motion™ 180E外部和动力系统的初始订单。

在2024年9月，我们推出了E-Motion™ 180e内置电动机系统。该新系统在螺旋桨处提供持续的180马力，为我们打开了一个重要的市场细分，显著扩展了能够受益于其爱文思控股电 propulsion科技的船只范围。经过开发和测试，这个内置系统包含了95%的元件来自E-Motion™外置动力系统，以便外置电动机系统可以继电器内置系统的性能。我们相信，这种整合使我们能够在电动海洋板块中扩展我们的产品，定位于满足外置和内置应用中对电动推进解决方案日益增长的需求。

在2024财年，我们完成了关于我们电动外置动力系统的5项专利申请，并计划在下一年内完成与该创新相关的剩余19项专利申请。

我们首个外置电动动力系统的规格

我们开发了首个全电动外置动力系统，它结合了爱文思控股电池组、逆变器、高效电动机以及在变速器与电动机设计之间的专有联接组件和广泛的控制软件。下面列出了该外置电动动力系统的当前规格。

​

在我们开发电力驱动系统时，我们设想将推出一个335马力的电动舷外发动机版本。

我们的动力艇

我们生产四种型号的电动动力艇，并准备推出第五种型号。每种型号都有不同的标准变体，或可以根据购买者的规格进行定制。

​

对于我们的每一艘船，消费者可以自定义某些方面，包括颜色（船体、条纹、内部和甲板）、无线电、罩子和其他存储选项。此外，还有一些定制选项仅可用于某些船型，包括推进系统和电池。

Bruce 22

​

Volt 180

​

Fantail 217

​

​

宁静 156

​

幻影

​

销售

我们设想，如果能够将我们的电力股商业化并大规模生产，绝大部分的营业收入将来自电力股的销售。尽管我们尚未实现电力股的商业化，但我们已收到OEM的非约束性意向书，意向购买此类电力股。在意向书中，OEM表示有意在截至2025年8月31日的年度内购买超过1,000台电力股。这些意向书是非约束性的，可能永远不会导致任何实际销售。我们首个电动舷外电力股系统的预计售价为100,000美元。

目前我们超过48%的营业收入来自电动动力船的销售。在2024财年，我们销售了45艘电动动力船，营业收入为1,847,918美元；在2023财年，我们销售了46艘电动动力船，营业收入为1,612,699美元；在2022财年，我们销售了58艘电动动力船，营业收入为2,557,086美元。我们的销售对象是零售客户和动力船租赁公司的运营商。

向零售客户销售新动力船

我们将动力船出售给零售客户。在2024年、2023年和2022财年，我们分别向零售客户销售了11艘、14艘和21艘动力船，分别约占所有销售的24%、30%和36%。

新电动游艇销售

我们将电动游艇销售给运营租船队的个人和实体。在我们的2024年、2023年和2022财年，我们分别向租船队运营商出售了26艘、7艘和17艘电动游艇，这在上述期间大约占我们所有销售的58%、15%和29%。我们打算通过与码头运营商合作，提供电动游艇的租赁船队来继续提升品牌知名度。

在2022年10月，我们宣布与Nautical Ventures Group（“Nautical”）达成合作关系，Nautical将成为美国市场上Phantom的唯一和独家经销商。与Nautical签订的非约束性谅解备忘录包含Nautical同意至少购买50艘Phantom游艇的协议。

租赁

在我们的2021财政年度，我们通过收购7858078 Canada Inc.扩大了我们的业务，增加了电动快艇的租赁，该公司通过其全资子公司Eb Rental, Ltd.在加利福尼亚州纽波特的利多码头村租赁电动快艇。我们以大约9,020,000美元收购了该业务，其中5,546,000美元以现金支付，3,474,000美元以2,108股普通股支付。收购时，我们的首席执行官是7858078 Canada Inc.的关联方。

2023年4月1日，我们在加利福尼亚州文图拉港开设了第二个电动快艇租赁业务，位于1196 Portside Drive，通过7858078 Canada Inc.的全资子公司Eb Rental Ventura Corp.进行。新的租赁业务有多种目的，包括测试、验证和为西海岸船舶制造商提供培训。我们计划利用该设施评估并提供对我们的全电动E-Motion™ 180E推进系统和舷外技术的培训。

2023年12月6日，我们在佛罗里达州棕榈滩开设了第三个电动快艇租赁业务，位于200 E. 13th Street, Riviera Beach，通过7858078 Canada Inc.的全资子公司EBR Palm Beach Inc.进行。

2024年4月25日，我们将Eb Rental, Ltd.的100%股份出售给Stratégies Eb Inc.，该公司之前推动我们位于加利福尼亚州纽波特海滩的电动快艇租赁业务，交易金额为1,089,302美元。出售时，Stratégies Eb Inc.是关联方，因为其控股股东是Eb Rental, Ltd.在出售前的管理层成员。截至本年度报告的日期，我们继续拥有和运营位于加利福尼亚州文图拉和佛罗里达州棕榈滩的电动快艇租赁业务。此外，我们目前正在佛罗里达州达尼亚海滩开设新的电动快艇租赁设施。

电动快艇租赁业务目前拥有大约12艘动力艇。租赁费区间为每小时75美元至215美元，加上预订费，最低预订时间为两小时。一旦我们船队中的动力艇累计航行时间超过200小时，我们就会将该动力艇公开出售。在2024财政年度，我们的租赁业务产生的营业收入大约为1,946,427美元，其中大部分来自于我们动力艇的租赁，相比之下，2023年的营业收入为4,038,803美元，其中大部分也是来自于我们动力艇的租赁。

对电动船制造商的投资

在2021年5月14日，我们购买了来自 Limestone 的$3,400,000债券。Limestone 是一家北美的休闲和商业动力船设计与制造商。债券的利率为每年10%，自发行之日起三年到期。我们签订了一项协议，根据该协议，Limestone 同意向我们购买25个动力系统，前提是完成Limestone的满意测试，目前为止，它尚未购买任何。我们的一个董事同时也是Limestone的董事。2023年1月20日，Limestone宣布其全资子公司已向美国田纳西州中区破产法院提交了第七章自愿申请。因此，我们对根据债券条款收回对Limestone的投资产生了重大疑虑，并于2023年7月18日与Limestone达成协议，以交换债券的退休，获取Limestone的普通股，代表其当时流通股的约7%。在转换之前，公司已在截至2023年8月31日的财年内记录了债券全部价值的减值金额为$2,637,000。

供应商

尽管我们制造所有的动力船，但我们是通过组装从第三方供应商处获得的元件来实现，而不是自己生产这些元件。这些部分和元件中，有一些是根据我们的规格制造的（如船体和发动机），而其他一些则是“现货购买的”（如电池和顶篷）。我们没有与优先供应商维持长期合同，而是依赖非正式安排和现货购买。我们在一定程度上依赖一些第三方供应商来提供从有限数量的供应商处获得的某些元件。

我们在任何产品零件或元件上没有经历任何重大短缺，但由于COVID-19疫情，一些第三方供应商在及时交付我们的产品零件及元件方面遇到了延迟，如果原材料价格上涨，这些供应的价格波动是有可能的。当临时短缺发生时，通常涉及这些产品的制造商调整型号组合、推出新产品线，或因船只需求减少在行业内限制生产，或者寻找能够及时交付零件和元件的人员。

电动动力系统

我们计划在制造电动动力系统中使用的最重要的部件和元件有:

动力船

用于制造我们船只的最重要的零部件和元件有：

由于我们不生产电动动力系统或电动快艇的任何部分或元件，因此我们在它们的生产中并没有实质性使用或打算使用任何原材料。然而，我们所使用的部件和元件的制造商确实使用原材料，包括树脂、玻璃纤维、碳氢喂料、钢铁以及各种矿物，特别是在我们使用的引擎和电池的生产中。我们无法控制这些第三方如何获取它们所使用的原材料，如果这些第三方无法获得所需的所有原材料或违反适用法规采购冲突矿物，可能会导致生产延迟。

专利和许可证

在我们的2024财政年度，我们在美国申请了5项与我们的E-Motion™动力系统相关的专利申请。还有19项专利将与该系统有关，我们打算在2025财政年度内申请剩余的专利。

我们的成功在一定程度上依赖于我们保护核心科技和知识产权的能力。为此，我们打算依靠专利和设计申请、商业秘密，包括专有技术、员工和第三方保密协议、著作权法、商标和其他合同权利来确立和保护我们的技术专有权。我们打算就我们正在开发的动力系统的元件提交专利申请。我们不知道我们的任何专利申请是否会导致专利的颁发，或者审查过程是否会要求我们缩小我们的主张。即使获得批准，这些待审的专利申请也可能无法为我们提供足够的保护。

商标

我们已向加拿大知识产权局和美国专利商标局提交了我们logo和品牌名称“E-Motion”的商标申请。我们以“VISION MARINE TECHNOLOGIES”这一商贸名称运营，但该名称及我们船只型号的名称目前均未注册商标。

本年度报告中包含了属于其他实体的商标和服务标记的引用。为方便起见，本年度报告中提及的商标和商号可能未显示®或Tm符号，但这些引用并不意味着我们不会在适用法律允许的最大范围内主张对这些商标和商号的权利。我们不打算使用或展示其他公司的商号、商标或服务标记，以暗示与任何其他公司之间存在关系、认可或赞助。

行业概述

根据美国海岸警卫队的数据，在北美，每年有7500万人乘船，2020年注册的休闲船舶约为1180万艘。根据全球市场洞察公司的研究报告，全球休闲船舶市场规模在2020年约为350亿美元，预计到2027年将超过600亿美元。在航海市场中，有一个舷外发动机市场和电动船市场。我们的产品涵盖这两个领域，如果生产，我们的电动动力系统将用于这两个市场的船只。

舷外发动机市场

舷外发动机是一种用于船只的推进系统，由一个自给自足的单元组成，该单元包括发动机、齿轮箱和螺旋桨或喷气驱动，设计上是固定在船的外部。除了提供推进外，舷外发动机还提供了操控方向的功能，因为它们设计为能够在其安装位置上旋转，从而控制推进方向。舷外发动机通常用于较小的水上交通工具，因为对于较大的船只，使用舱内系统更为高效。虽然传统上以化石燃料驱动的舷外发动机主导着该市场，并继续保持这种地位，但电动舷外发动机是一种相对较新的现象，随着电动船市场的发展而不断增长。

根据NMMA的数据，在2022年达到历史高点后，美国（包括舷外发动机）的舷外发动机销售额超过了105亿美元，并预计到2032年将以5%的年复合增长率增长。2020年，对高性能发动机的消费需求持续上升，200马力及以上的发动机销售呈现两位数增长。200到300马力的发动机占所有舷外发动机销售的27%。

虽然许多休闲船可以由舷外或舱内发动机提供动力，但许多消费者更喜欢舷外发动机。消费者偏好的原因包括：与舱内发动机不同，舷外发动机可以方便地拆卸以进行存储或维修，它们提供了更多的船舱空间，因为它们安装在船的尾部外部，它们通常具有更浅的吃水深度，在发动机故障或希望升级到更高马力时更容易更换。

市场上有许多外置电机制造商。这些制造商中有一些是大型全球企业集团的子公司，如雅马哈、庞巴迪和铃木，他们在市场上拥有比我们更多的资源和经验。另一些则是相对较新的初创企业，比如我们，可能在对外置电机市场变化的适应性和灵活性方面超过我们。我们认为在电动外置电机市场上，我们最大的竞争对手是Torqeedo。

电动船市场

尽管电动船已经问世超过100年，但直到1990年代，随着美国进行首次研究，因怀疑发动机船会通过汽油和润滑油的流失而显著污染水域，公众对此的兴趣才逐渐增加。根据安德烈·梅勒的说法，休闲船在美国的污染程度与汽车和卡车一样。在2000年代初，美国有800万艘快艇每年向环境释放的污染物是1989年油轮埃克森·瓦尔迪兹油污事件的15倍。该油轮在阿拉斯加沉没时释放了1100万美加仑的烃类物质。经过换算，这意味着每艘船每年平均释放78升烃类物质到水域中。如果这个平均值仍然成立，我们估计到2019年，通过发动机船排放到环境中的油损失在加拿大达到了15万吨（基于200万艘船），在美国达到了75万吨（基于1000万艘船），在欧洲达到了45万吨（基于600万艘船）。

这解释了为什么一些湖泊和水域最近禁止使用发动机船。彻底消除汽油立刻就消除了一个大型海洋污染源，立竿见影的结果是，可以重现海滩、游泳及环境水体的BOD（生化需氧量）和DCO（直接化学氧化）的减少。具体来说，烃类物质类似于粘附在浴缸墙壁上的污垢，污染了湖泊、河流和水域的岸边和河岸，在这里许多生物的发育正在进行。生态系统因此因某些物种的稀缺或消失而受到了改变。

为了应对空气污染，世界各地的城市开始禁止所有汽油和柴油动力的船只进入市中心。首个实施这一变革的城市之一是荷兰的阿姆斯特丹。这个向电动船的转变在威尼斯也得到了实施，那里限制了汽油和柴油动力船只的活动，同时对电动船则给予了豁免。

对电动船的兴趣也受到其成本降低的推动，这主要是由于用于驱动电动船的电池价格下降。锂离子电池的平均每千瓦时价格从2010年的约1200美元下降到2020年的138美元以下。

电动船市场本质上竞争激烈，最近的竞争集中在推出具有更长区间和更高速度的新型电动船上，超过当前可用的船只。全球电动引擎市场预计到2032年将达到155亿美元。Research and Markets预测，电动船市场的增长将由以下因素引起：

电动船市场分为两个类别，混合动力电动船和纯电动船。在2018年，混合动力电动船占电动船市场的约70%。NMMA预计，纯电动船细分市场的市场份额将在2019到2027年期间因电池科技的进步而显著增加。根据客容量，2018年载客量少于10人的电动船在全球电动船市场中占据最高份额。此外，尽管这个细分市场是美国、加拿大和西欧高收入人群对休闲用小船需求旺盛的快速增长市场。

政府支持

尽管休闲动力船舶行业通常没有获得多少直接的政府支持，我们已从魁北克省政府和加拿大联邦政府获得了税收抵免和资助，主要与我们开发和推广绿色科技相关。在2024年、2023年和2022财政年度，我们分别确认了总额为66,761美元、232,882美元和1,458,632美元的资助和投资税收抵免，其中没有、144,032美元和1,408,840美元，分别计入研发费用。尽管我们不认为获得这些抵免和资助对我们的运营至关重要，但如果这些不再可用，我们的业务、前景、财务状况和运营结果可能会受到负面影响。

竞争优势与运营优势

我们面临来自以下制造商的竞争：

我们打算将我们的电动动力系统销售给原始设备制造商（OEM）用于他们的船只。我们目前知晓有一家（Torqeedo）生产用于OEM的电动动力系统，因此我们相信在这个市场上对我们来说存在一个可行且重要的市场机会。虽然我们相信我们的电动动力系统比市场上当前的产品更高效、更强大，但我们的竞争对手，包括Torqeedo，可能拥有比我们更大的资源，OEM可能发现他们的设计或价格比我们的更具吸引力。即使我们生产电动动力系统并将其销售给OEM，其他竞争对手也可能进入这个领域，或者OEM可能决定自行生产动力系统而停止购买我们的产品。

休闲动力船行业在消费者和经销商之间竞争非常激烈。竞争影响了我们在当前服务市场和未来可能进入的新市场中取得成功的能力。一些潜在的动力船购买者可能对他们是否购买电动动力船或化石燃料动力船没有偏好。为此，我们与几家大型制造商竞争，如BRUNSWICK CORPORATION、MasterCraft Boat Holdings，Inc.和Correct Craft，它们生产化石燃料动力船，并拥有比我们更大的财务、市场和其他资源。在OEM将我们的电动动力系统纳入其船只的程度上，那些船也将与传统化石燃料动力船竞争。我们与在我们现在运营的市场和计划扩展的市场中由经销商代表的大型制造商竞争。我们还与各种小型独立制造商竞争。我们行业中的竞争主要基于品牌名称、价格和产品性能。

电动休闲动力船市场正在发展，市场内的公司必须能够适应，而不危害产品的时效、质量或数量。我们认为在此市场中我们的主要竞争对手是Duffy Electric Boat Company、Elctracraft、Pender Harbour、Elco Motor Yachts Company（前身是Launch Electric Company）、Budsin Wood Craft、Ruban Bleu Electric Boats、Frauscher Boats和Boote Marian GmbH。除了上述事项外，我们还与其他休闲电动船制造商在科技发展（如动力系统效率、电池寿命和充电时电池使用情况）以及与电池和电机供应商的合作上竞争。随着电动船科技的进步，我们预期会有更多制造商推销竞争产品。随着这些竞争产品的发展，我们预计将面临显著的竞争。

我们认为在我们的市场中，主要的竞争因素包括但不限于：

我们当前和潜在的竞争对手在财务、技术、制造、市场营销和其他资源方面都有显著的优势，他们可能能投入更多资源于产品的设计、开发、制造、分销、推广、销售和支持。我们的竞争对手通常拥有更广泛的客户基础和更广泛的客户及行业关系。此外，许多这些公司在运营历史和品牌知名度上也优于我们。我们的竞争对手可能在快速响应新技术方面处于更强的位置，能够更有效地设计、开发、营销和销售他们的产品。

此外，一些大型制造商为他们的动力艇提供融资选择，并能够以显著的折扣推广动力艇，前提是这些船只通过其附属融资公司进行融资。我们目前并未为我们的船只提供任何形式的直接融资。缺乏直接融资选项以及没有通常的船只折扣可能使我们处于竞争劣势。

我们可能无法在市场中成功竞争。如果我们的竞争对手推出的新动力系统、动力艇或服务在质量、价格或性能上与我们的动力系统、动力艇或服务相抗衡或超越，我们可能无法满足现有客户或吸引新客户，并达到能够为我们的投资带来吸引人回报的价格和水平。竞争加剧可能导致价格下调和营业收入短缺、客户流失及市场份额减少，这可能会损害我们的业务前景、财务状况和运营结果。

我们相信，我们的经验、生产能力、产品提供和管理使我们能够在休闲电动动力艇市场中以竞争对手无法做到的方式成功运营。特别是，我们相信我们拥有许多竞争优势，包括：

策略

作为一家具备设计、制造和营销高级电动船及电动动力系统的公司，我们努力设计出新的创新产品，以吸引广泛的客户群体。自2014财年以来，我们成功推出了一系列新产品和功能，并凭借行业领先的质量实现了销售增长和显著的利润扩大。此外，我们独特的产品开发流程使我们能够提供创新产品， 我们相信在没有大量额外资本投入的情况下，竞争对手难以匹敌，特别是我们的电动外置动力系统。

我们正在开发创新的电动外置动力系统，旨在帮助我们在外置动力行业向电动动力外置电机转型的过程中占领市场份额，以符合当地的绿色倡议。美国国家船舶制造商协会(NMMA)估计，经过2020年的创纪录高峰后，2021年美国外置发动机销售下降了个位数，下跌6.6%至307,800台。尽管与2020年相比有所下降，但2021年的销售额仍是过去14年的第二高记录，并且比2008年至2021年的平均零售销量高出29%。2018年外置发动机的总零售订单为29亿美元，Blueweave Research估计到2026年全球电动船市场将达到180亿美元。

我们将电动船销售给零售客户、船舶俱乐部和船舶租赁公司。我们打算通过与码头运营商合作，提供电动船的租赁舰队，继续提升品牌知名度。我们计划通过第三方经销商销售我们的产品并参加更多的交易展来进一步扩大销售。随着我们推出创新的电动外置动力系统，我们将直接向船舶OEM进行市场营销，从而利用他们的支持和分销体系。我们将通过参加交易展、邀请OEM在原型船上测试电动外置动力系统、利用社交媒体渠道介绍电动动力系统以及在行业期刊上宣传电动动力系统等方式，将电动动力系统推向OEM市场。

我们将继续实施一系列举措，以减少我们的成本基础并提高制造过程的效率。此外，我们在员工中培养了持续改进的文化，这将带来进一步的运营效率。最后，我们打算投资更多的研发，以确保开发出创新的电动动力系统，从而扩大将使用我们产品的OEM数量。

我们打算增加国际销售，并扩大我们的国际经销商和经销商网络。

制造业-半导体

我们在魁北克的15,000平方英尺的组装仓库生产电动休闲快艇及相关元件，并与Linamar合作，作为我们的E-Motion动力系统的生产伙伴。在过去三年的财政年度中，我们分别制造了45、46和58艘快艇。我们运行一条组装生产线，并且我们的生产能力允许我们根据每艘船的类型和订单的规格，每周生产最多七艘船。

市场营销

由于我们打算将电动动力系统卖给少数OEM，因此我们将以直接和专注的方式向他们推广动力系统。这将包括访问OEM及OEM造访我们的生产设施，以及在交易会和行业期刊上展示我们的动力系统。

我们主要通过网站和社交媒体销售快艇。我们通过参加展示我们产品的交易展（船展）来支持这一努力，向买家和行业专家展示我们的产品。我们打算继续扩大我们的社交媒体影响力，并在北美和国际上参加更多的交易展。我们还依赖经销商和经销商的网络及其市场推广工作来销售我们的快艇，并寻求扩大该网络。目前，我们与经销商和经销商网络之间没有协调的市场推广工作。

销售和服务模式

由于我们与购买配备我们电动动力系统的船只的买家没有直接关系，因此我们不打算直接为这些买家提供服务，如果动力系统出现问题。相反，配备动力系统的船只的原始设备制造商（OEM）将为这些买家提供服务，我们将定期为OEM提供维修指导并对其人员在我们的设施进行培训，以便OEM能够向他们的客户提供维护、维修和客户支持。随着我们推出新的电动动力系统，我们将继续为OEM人员提供培训。

销售模式

我们通过在线、社交媒体营销和参加船展直接向客户销售。我们还通过有限数量的经销商和分销商销售我们的船只。我们将进一步扩大对第三方经销商的产品供应，并通过直接销售给OEM进行销售。

服务模式

我们不提供对我们的船只的直接服务，也不为我们的船只提供保修。我们的船只的购买者可以依赖于所使用零件制造商提供的保修，包括电机、电池和其他几个元件。

政府监管

我们的运营受到广泛且经常变化的联邦、州、省、市及外国法律法规的监管，包括涉及产品安全、环保和职业健康与安全的法规。我们相信我们的运营和产品遵守这些监管要求。从历史上看，实现和维持遵守适用法律法规的成本并不重大。然而，未来遵守这些法律法规所需的成本和费用，包括任何新或修改的监管要求，或无法应对新发现的环境条件，可能会对我们的业务、财务状况、经营结果或现金流产生重大不利影响。

影响我们业务的监管项目包括以下内容：

危险材料的法规

我们制造过程中使用的某些材料，包括用于生产我们船只的树脂，具有毒性、易燃、腐蚀性或反应性，并被联邦、州和省政府分类为“危险材料”。这些物质的控制受到环保局（EPA）和州污染控制机构根据《联邦资源保护和恢复法》以及美国相关州计划的监管，并受到加拿大环境与气候变化部、卫生加拿大及省级污染控制机构根据《加拿大环境保护法，1999》（“CEPA”）及相关省级立法的监管。这些材料的储存必须保持在适当标记和监控的容器中，废物处置需要完成详细的废物清单和记录保存要求。我们在适当储存或处置危险材料时的任何失误都可能导致责任，包括罚款、惩罚或调查和修复任何源自我们运营的污染的义务。

《美国清洁空气法》和《加拿大环境保护法》

美国清洁空气法案（“CAA”）和CEPA以及相应的州和省规则对空气污染物的排放进行监管。由于我们的制造业务涉及玻璃纤维材料的成型和涂层，并涉及某些挥发性有机化合物、有害空气污染物和颗粒物的排放，因此我们需要遵守加拿大联邦和省级的环保法规。我们产品中使用的船体均由第三方制造。遵守这些法规的额外成本增加了我们购买船体的成本，因此也提高了我们制造产品的成本。

除了对我们制造业务的监管外，环保署（EPA）还颁布了规定，要求许多船用推进发动机符合某些空气排放标准。我们产品中使用的发动机均由第三方制造，制造商保证这些发动机符合EPA的排放标准。此外，我们产品中使用的发动机必须遵循CEPA及相应省级立法下的适用排放标准。遵守这些法规的额外成本增加了我们购买发动机的成本，因此也提高了我们制造产品的成本。

如果我们无法将这些额外成本转嫁给客户，这可能会对我们的业务和财务控件产生负面影响。

船只制造业标准

作为一家在加拿大成立的小船制造商，我们需要确保：

船舶安全标准

我们的动力船必须按照使用或进口的司法管辖区的认证标准进行制造。这意味着我们的动力船必须符合美国海岸警卫队和加拿大海岸警卫队在加拿大要求的认证标准，并且必须获得认证以符合欧盟进口制造产品的标准。这些认证规定了动力船设计和施工的标准。我们相信我们所有的船只都符合这些标准。除了这些标准外，我们相信我们的动力船符合ABYC设定的安全标准，ABYC是一个非营利性的会员组织，制定自愿性的安全标准，适用于休闲动力船的设计、施工、维护和修理。

在美国，休闲船的安全受到1971年《船舶安全法》的联邦监管，该法要求船舶制造商召回存在影响安全缺陷的零件或元件。我们的船只或船只上的元件的任何召回都可能导致大量支出并损害我们的品牌。

劳动法规

《职业健康与安全法》（魁北克）及其下制定的法规对行为标准进行了规定并规范了工作场所安全，包括限制员工在无需呼吸保护或升级厂房通风的情况下可以暴露于的排放量。我们的设施接受加拿大、魁北克和地方机构及部门的检查。我们相信我们的设施在所有重要方面都符合这些法规。我们在安全意识项目上进行了相当大的投资，并为所有员工提供持续的安全培训。

研发

在其他因素中，我们的船只因设计和技术特点而与竞争对手区别开来。我们投资于研究和开发，以开发和完善这些特点，以便能够创新未来的船只和电动动力系统产品。举例来说，我们的Volt 180是与加拿大政府补助金共同开发的。

季节性

我们当前的经营成果受多种因素的影响而出现年度和季节波动，包括：

我们不认为我们向OEM销售的电动动力系统会是季节性的。由于建造一艘船是一个耗时的过程，我们预计OEM将会在销售普遍较低的季节前建造他们的船只并增加库存，以备销售较高的季节。

法律诉讼

我们没有参与或知晓任何政府机构或其他方考虑或威胁的法律或行政程序。根据本年度报告的日期，没有任何董事、管理人员或关联方在任何法律程序中对我们表示对立，也没有在任何法律程序中对我们有对立的利益。

C. 组织结构

公司的企业结构及其重要子公司如以下图表所示：

D. 资产、工厂和设备

我们的主要制造和办公场所位于魁北克省的Boisbriand，靠近蒙特利尔。该场所由三个相邻的单元组成，每个单元都有一个与相关方的单独租赁。第一份租约面积为4,143平方英尺，月租金约为$3,700，租期至2025年7月31日。第二份租约面积为4,145平方英尺，月租金约为$3,700，租期至2025年7月31日。第三份租约面积为16,768平方英尺，月租金约为$15,000，租期至2025年7月31日。我们认为我们的办公和制造空间足以满足我们当前的需求，并在至少接下来的12个月内满足我们的需求。

我们在加利福尼亚州文图拉的文图拉港口码头租赁一个售货亭和两个船位用于我们的租赁业务。为了使用该设施的空间和公共区域，我们每月支付约美元指数2200的租金。租约于2027年3月31日到期。

我们在佛罗里达州庞帕诺海滩租赁一座带码头的房屋。该设施用于营销目的，潜在投资者和客户可以试驾我们的电动船。该码头可容纳多达5艘船。我们每月支付约美元指数12500的租金，租约于2025年6月2日到期。

我们在佛罗里达州米拉马尔租赁一个带办公室的仓库。该设施主要用于船只库存存储和偶尔的船只组装。租约面积约为5000平方英尺，月租约为6500美元，并将于2025年5月31日到期。

2021年10月1日，我们与丹尼亚海滩Waves的开发商签订了租赁协议，租用办公空间以及25艘电动船的停泊空间，月租约为10000美元，该租约将于2027年10月1日到期。月租在丹尼亚海滩设施完成后支付，该设施预计将在2025年5月投入使用。

我们不拥有任何房地产，也不租赁任何其他物业。

项目 4A. 未解决的员工意见

不适用。

项目 5. 运营及财务回顾与展望

我们对财务状况和经营成果的讨论和分析已包含在 附件99.2 关于我们在2024年12月2日提交的6-k表格的报告，并在此通过引用纳入。

本年度报告应与附带的合并基本报表及相关附注一起阅读。财务状况和运营结果的讨论与分析是基于根据国际财务报告准则（IFRS）编制的合并基本报表，这些准则已被国际会计准则理事会（IASB）采用。

按照这些会计原则编制基本报表要求我们作出影响资产和负债报告金额、财务报表日期的或有负债披露以及报告期间的营业收入和费用的估计与假设。我们在持续的基础上审查我们的估计和假设。这些估计是基于历史经验和我们认为在情况允许下合理的其他假设。实际结果可能因不同的假设或控件而与这些估计或其他前瞻性声明存在差异，但我们认为这些差异不会对我们的财务状况或运营结果产生重大影响。我们的实际结果可能因许多因素的影响而显著不同，包括在标题“下列出的一些因素。关于前瞻性声明的警示说明” 和 “Risk Factors”.

项目 6. 董事，高级管理人员和员工

下表列出了我们所有董事和高管的姓名及年龄。

​

​

业务经验

以下总结了截至本年度报告日期，我们的高管和董事在过去五年或更长时间的职业和商业经验：

亚历山德雷·芒戈昂，首席执行官

亚历山德雷·芒戈昂自2014年起加入我们，担任首席执行官，同时也是我们公司的董事。从1999年到2015年，他从美国进口高性能船只到加拿大。在1999年至2016年间的很大一部分时间里，他还在9134-0489魁北克公司担任设计师和承包商，并管理了蒙特利尔周边的多个新建项目。芒戈昂先生毕业于魁北克拉瓦尔施工学校，专攻电力。

泽维尔·芒坦，首席科技官兼首席运营官

在加入我们之前，泽维尔·芒坦曾于2015年至2021年担任Mac Engineering的首席执行官。在过去六年中，他帮助开发了12个海洋原型和概念汽车。在此期间，芒坦先生是雷诺Trezor概念车的电力线架构师（2016年获得世界最佳概念车奖），是2016年至2019年在Fomula-E比赛中由阿兰·普罗斯特驾驶的Zoe E-sport赛车的技术设计师，国防部的实时系统专家（Agenium模拟器，Thalès相机，北约空中预警机Cobham干扰器），Forsee Power、SAFt、雷诺和标致在欧洲低压和高压电池的高级设计师，基于丹佛斯和达纳项目的电力架构师，以及拉力赛和达喀尔比赛团队（法国和荷兰）的技术主管，同时也是第一辆具有两速齿轮箱的18吨全电动卡车的电气架构师（Fábrica Nacional de Motores）。芒坦先生毕业于巴黎电子技术工程师培训学院。

拉菲·索索扬，首席财务官

拉菲·索索扬是一名注册专业会计师，拥有超过25年的跨国和多学科经验，涉及会计、财务、财政、风险管理和税务等各个方面。在加入我们之前，索索扬先生曾在加拿大跨国公司Velan, Inc.担任职务，该公司于2010年1月至2018年8月和2021年8月至2023年10月在多伦多证券交易所（“TSX”）上市。在Velan Inc.，索索扬先生最近担任公司财政副总裁，负责管理财务操作。此外，索索扬先生还曾在2018年至2021年担任Valtech Fabrication, Inc.的首席财务官。自2013年以来，索索扬先生一直担任加拿大亚美尼亚商业协会的董事会成员，该协会是一家非营利组织，服务于并促进亚美尼亚商业社区及其在加拿大和北美市场的所有专业人士。索索扬先生于1992年获得比肖普大学的工商管理学士学位，专业为会计，并于1997年获得康考迪亚大学的会计研究生文凭。

史蒂夫·P·巴雷尼切亚，董事

史蒂夫·巴雷尼切亚是一位成功的企业家和顾问，拥有超过30年的实践经验，涵盖酒店和可再生及替代能源行业，重点关注新能源汽车和电池技术。在职业生涯中，巴雷尼切亚先生在许多公共和私人公司担任过高级管理职务和主要咨询职位，特别强调公司治理、董事职务、企业发展、投资者关系和早期阶段的运营。他曾在创造性联盟的董事会（讨论教育政策、媒体角色、竞选改革等问题的赞助机构）、康涅狄格州儿童指导中心和美国红十字会任职。巴雷尼切亚先生持有纽约大学斯特恩商学院的经济学学士学位。

菲利普·库亚尔博士，董事

从2014年到2018年，库亚尔博士担任魁北克省第31任首席部长（首席部长）。在此之前，库亚尔博士于2003年至2008年担任魁北克省卫生部长。库亚尔博士还于2003年至2008年和2013年至2018年担任全国议会成员。库亚尔博士目前是多个董事会的成员，包括大西洋鲑鱼联盟董事会（2020年至今）和Carebook Technologies Inc.（2020年至今）（TSX-V: CRBk.V）。库亚尔博士此前曾是加拿大全国癌症协会董事会的成员（2019-2023）。库亚尔博士于1985年至2003年间在国际上开展神经外科职业生涯。库亚尔博士于1989年至1992年担任蒙特利尔圣卢克医院神经外科首席外科医生，并于1996年至2003年担任舍布鲁克大学外科主任。库亚尔博士还共同创办了沙特阿拉伯的达赫兰神经外科，1992年至1996年间在那进行执业。库亚尔博士于1979年获得医学学位，并于1985年在蒙特利尔大学完成神经外科专业培训。

卢伊萨·英加吉奥拉，董事

自2017年以来，卢伊萨·英加吉奥拉担任Avalon GloboCare的首席财务官。从2007年到2016年，英加吉奥拉女士担任MagneGas Corporation的首席财务官（并于2016年至2018年6月担任董事）。英加吉奥拉女士目前担任FTE Networks和ElectraMeccanica Vehicles Corp.的董事会成员和审计委员会主席。她还担任Globe Photos, Inc.、事件过渡援助公司和JBF全球基金会的董事会成员。英加吉奥拉女士获得了波士顿大学的理学学士学位和佛罗里达大学的工商管理硕士学位。

安东尼·E·卡塞拉 Jr.，董事

安东尼·卡塞拉于2023年2月被任命为MarineMax, Inc.（NYSE: HZO）财务执行副总裁兼首席会计官。在他与MarineMax, Inc.的26年职业生涯中，卡塞拉先生曾担任多个职务，包括自2016年2月以来担任MarineMax的副总裁，以及自2014年10月以来担任首席会计官，当时他被MarineMax任命为高管。在MarineMax，卡塞拉先生负责包括财务、并购、会计、库存和财政事务等关键职能。

家庭关系

我们的董事和高级管理人员之间没有任何家庭关系。

b. 补偿

在公司最近完成的财政年度，公司有五名指定高管，即首席执行官Alexandre Mongeon，自2024年3月1日起担任首席财务官的Raffi Sossoyan，2024年3月1日前的首席财务官Kulwant Sandher，首席运营官兼首席科技官Xavier Montagne，以及2024年4月16日前的绩效与特别项目主管Patrick Bobby。

高管的补偿

高管薪酬协议

亚历山大·蒙吉翁，首席执行官

2021年3月1日，我们与亚历山大·蒙吉翁签署了一份高管雇佣协议，期限自2021年3月1日起，至2024年2月28日截止（“蒙吉翁协议”）。蒙吉翁协议取代了我们与亚历山大·蒙吉翁之前的高管服务协议。

根据蒙让协议的条款和规定：(a) 蒙让先生被任命为我们的首席执行官，并将承担和履行与该职位通常和合理相关的职责和责任；(b) 我们将支付蒙让先生年薪美元指数400,000元（以下称“年基本工资”）；(c) 提供给蒙让先生员工福利，如果我们采纳了该福利，包括团体健康保险、意外死亡和肢体残缺保险、旅行意外保险、团体人寿保险、开空保险、开多保险、药物覆盖和牙科覆盖（以下称“团体福利”）；(d) 蒙让先生有资格获得年基本工资50%到100%之间的酌情奖金；(e) 蒙让先生将享有每年四周的带薪年假。

我们可以根据Mongeon协议以严重理由终止Mongeon先生的雇佣，而不需要提前通知或支付任何代通知金。Mongeon先生可以基于任何原因通过书面形式提前不少于60天通知我们终止其在Mongeon协议下的雇佣，然而，我们可以完全自信地放弃或缩短该通知中规定的任何通知期限。

Mongeon先生的雇佣将于其死亡时终止。在Mongeon协议有效期间，如果Mongeon先生去世，我们将向Mongeon先生的遗产支付(a)截至其去世之日的所有未支付的年度基本工资，(b)根据任何奖金或其他激励支付计划或其他员工福利计划或项目的条款所需支付的任何完全归属但未支付的权利，(c)按比例分配的任何裁量性年度奖金，如果其去世发生在财务年度内，那么这笔奖金的支付不得低于目标奖金百分比，并在我们的在职高管领取裁量性年度奖金的时间支付，及(d)每月500加元，持续十二个月，以帮助补偿获得医疗、牙科或药物保险的费用。

如果我们选择在没有严重理由的情况下终止Mongeon协议，并且前提是Mongeon先生遵守Mongeon协议的相关条款和条件，我们将有义务向Mongeon先生提供以下遣散费待遇：(a) 等同于年度基本工资的现金支付，分十二个月支付，扣除任何法定扣款，如有；(b) 根据诚意确定，Mongeon先生本应获得的任何裁量性奖金的按比例部分；(c) 截至终止生效日期的所有未支付的年度基本工资；(d) 根据Mongeon协议，报销他在履行此项职责时所产生的任何未偿还的合理业务费用；(e) 在法律要求的范围内继续提供保险福利；(f) 根据任何奖金或其他激励支付计划或其他员工福利计划或项目的条款所需支付的任何完全归属但未支付的权利；及(g) 每月500加元，持续十二个月，以帮助补偿获得医疗、牙科或药物保险的费用。

在2024年2月27日，我们与Mongeon先生签订了《执行薪酬协议》的修订协议（“修订协议”）。除了保持原《执行薪酬协议》的条款和规定外，修订协议还向Mongeon先生提供高达40,000股公司的限制普通股的股权补偿，以此作为公司在21天内达到某些市值水平的条件，起始值为$100,000,000。修订协议还为Mongeon先生提供高达$500,000的现金奖金，条件是公司在一个财政年度内达到某些息税折旧摊销前收益的水平，起始值为$10,000,000。

Raffi Sossoyan，首席财务官

在2024年3月1日，我们与Raffi Sossoyan签订了《执行薪酬协议》，他是我们的首席财务官（“Sossoyan协议”），该协议取代了我们与他于2023年9月签署的先前雇佣协议。根据Sossoyan协议的条款和规定：（a）任命Sossoyan先生为我们的首席财务官，并将承担和执行通常和合理与该职位相关的职责和责任；（b）我们将向Sossoyan先生支付260,000美元的年薪（“年基本工资”）；（c）向Sossoyan先生支付50,000美元的签约奖金，奖金以我们的普通股支付，前提是他在我们公司服务至少12个月；（d）如果我们已经采用员工福利，则向Sossoyan先生提供员工福利，包括团体健康保险、意外死亡和残疾保险、旅行意外保险、团体人寿保险、开空期伤残保险、长期伤残保险、药品覆盖和牙科覆盖（“团体福利”）；（e）Sossoyan先生有资格获得高达25%的年基本工资的酌情奖金；（f）Sossoyan先生每年将享有五周的带薪年假。

我们可以在没有任何通知或代替通知支付的情况下，因严重原因终止Sossoyan协议下Sossoyan先生的雇佣关系。Sossoyan先生可以出于任何原因通过书面形式提前不少于60个日历天通知我们终止他在Sossoyan协议下的雇佣关系，但我们可以自行完全自由地放弃或缩短此通知中的任何通知时间。

Sossoyan先生的雇佣关系将在其去世时终止。在Sossoyan协议持续期间，若Sossoyan先生去世，我们将向Sossoyan先生的遗产提供（a）在其去世前支付的任何未支付部分的年度基本工资，以及（b）根据任何奖金或其他激励支付计划或任何其他员工福利计划或项目条款要求的任何已完全归属但未支付的权利的支付。

泽维尔·孟塘，首席科技官和首席运营官

2021年2月23日，我们与泽维尔·孟塘签订了一份雇佣协议，协议期限自2021年4月1日开始（“孟塘协议”）。

根据孟塘协议的条款和规定：(a) 孟塘先生被任命为我们的首席科技官，并将承担和履行与此职务通常和合理相关的职责；(b) 我们将支付孟塘先生每年CAD$215,000的总基本工资；(c) 我们将向孟塘先生提供员工福利，前提是我们已采用该福利，包括团体健康保险、团体人寿保险、残疾保险和牙科保险；(d) 孟塘先生每个参考期限（5月1日至4月30日）有权享受四周带薪年假。此外，我们还给予孟塘先生在股票期权计划下的100,000个期权的股权奖励。

我们可以因严重原因书面通知终止孟塘先生在孟塘协议项下的雇佣关系。孟塘先生可以因任何原因通过提前不少于两（2）周书面通知我们终止其在孟塘协议下的雇佣关系。

孟塘先生的雇佣关系将在其去世时终止。如果孟塘先生在孟塘协议继续期间去世，我们将不负有向孟塘先生的遗产支付任何款项的义务。

如果我们选择在没有严重理由的情况下终止孟塘协议，我们将有义务根据适用法律向孟塘先生提供通知期限或以支付相应金额替代通知。

2021年12月14日，孟塘先生还成为我们的首席运营官，因此他的年薪增加到$250,000。

2023年6月11日，蒙塔涅协议被修订，年基本工资提高至302,000加元。蒙塔涅协议的其他条款保持不变。

2024年2月6日，激励计划被加入到蒙塔涅协议中。对于每份与E-Motion™ 180e外部电动动力系统相关的专利申请，蒙塔涅先生将获得价值20,000美元的限制性普通股。

董事酬金

下表列出了在截至2024年8月31日的财年中，支付给所有董事的补偿总值，亚历山大·蒙戈和帕特里克·博比作为高管而非董事获得的薪酬不包括在内：

杰出的基于期权的奖励授予给指定高级管理人员和董事

下表反映截至2024年8月31日每位现任指定高级管理人员和董事的所有未兑现的基于期权的奖励。除了我们的股权期权计划之外，我们没有其他的股权激励计划。

激励计划奖励

下表提供了关于我们的激励奖励计划的信息，涉及截至2024年8月31日的财政年度内的每位现任指定高管和董事。

​

养老金福利

我们没有任何确定收益养老金计划或其他提供养老付款或福利的计划。

终止雇用和控制变更福利

关于我们董事和高管的终止雇佣及控制变更利益的详细信息已在标题为“的部分中报告。高管薪酬协议.”

分享期权计划和分享期权

下表列出了截至2024年8月31日，根据其可能发行我们的权益证券的权益补偿计划：

​

2020 分享 期权计划

2020年1月20日，我们的董事会通过了2020 分享 期权计划（经修订和重述的“期权计划”），根据该计划可发行股份总数为13,074股，具体调整如期权计划中所述。

期权计划的目的是留住我们重要的关键员工、董事和顾问的服务，以及其他根据期权计划资格要求由期权计划管理者（目前为董事会）选择的人员，并鼓励这些人获得对我公司更大的产权利益，从而增强他们实现我们股东目标的激励，并作为招聘新员工的帮助和诱因，向顾问和其他由期权计划管理者选择的人员提供股权激励。期权计划最初将由我们的董事会管理，董事会可以自行决定成立一个由两个或更多董事会成员组成的委员会来管理期权计划，该委员会可以是执行委员会、薪酬委员会或其他委员会，包括为此特别创建的单独委员会。

除非根据期权计划提前终止，否则如果期权持有人的持续服务终止（除了期权持有人的死亡或残疾），期权持有人可以在持续服务终止之日有权行使的范围内行使其期权，但仅限于在（a）期权持有人持续服务终止后三十（30）天内或（b）在奖励协议中规定的期权期限到期之前的时间段内行使；前提是，如果我们因原因终止持续服务，所有未到期的期权（无论是否归属）将立即终止并停止可行使。如果在终止后，期权持有人未在奖励协议中指定的时间内行使其期权，则该期权将终止。如果期权持有人的持续服务因其死亡或残疾而终止，则期权可以在期权持人去世时有权行使的范围内，由期权持人的遗产、通过遗嘱或继承获得行使期权权利的人或在期权持人去世时被指定行使期权的人行使，但仅限于在下述较早期间内行使：（a）去世后12个月内的日期或（b）在奖励协议中规定的该期权的期限到期。如果在期权持人去世后，根据本协议或奖励协议中的规定未在规定的时间内行使期权，则该期权将终止。

根据股权期权计划的目的，除非我们与期权持有人之间的股权期权协议另有定义，“残疾”应指除非相关奖励协议另有规定，否则参与者因任何医疗上可确定的身体或精神障碍而无法从事任何实质性的有偿活动。赔偿委员会应根据对计划管理员可接受的医学证据判断期权持有人是否发生了残疾。在确认残疾后，赔偿委员会应就股权期权计划的目的，判断期权持有人终止雇佣或合同关系的日期。

截至2024年8月31日，我们在期权计划下尚有7,858个股票期权未行使：

C. 董事会实践

董事会

我们的公司章程随附在注册声明中，该年度报告就是其组成部分。我们的公司章程规定，公司至少有一名（1）董事，最多有十名（10）董事。

我们的董事会由五名董事组成。我们五名董事中的四名符合纳斯达克证券市场上市规则5605(a)(2)的“独立性”要求，并符合《交易法》10A-3条款下的独立性标准。我们的董事在公司股东的年度会议上每年选举一次。尽管有上述规定，每位董事将继续任职，直到其继任者被选举并达到资格，或直到其去世、辞职或被解除职务。董事会任命我们的高级管理人员，每位高级管理人员将继续任职，直到其继任者被任命并达到资格，或直到其去世、辞职或被解除职务。董事会评估潜在的董事候选人，以填补董事会在所需技能、专业知识、独立性和其他因素上的需求。

我们的董事会负责任命公司高级管理人员。

董事会委员会

2020年11月27日，我们在董事会下设立了三个委员会：审计委员会、薪酬委员会和提名与公司治理委员会。每个委员会由我们董事会批准的章程管理。

Audit Committee

Our Audit Committee consists of Steve P. Barrenechea, Luisa Ingargiola and Dr. Philippe Couillard and is chaired by Ms. Ingargiola. Each member of the Audit Committee satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and meets the independence standards under Rule 10A-3 under the Exchange Act. Our Audit Committee Financial Expert is Luisa Ingargiola who qualifies as an “audit committee financial expert” within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Listing Rules of the Nasdaq Stock Market. The Audit Committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The Audit Committee is responsible for, among other things:

Compensation Committee

Our Compensation Committee consists of Anthony E. Cassella Jr., Steve P. Barrenechea and Luisa Ingargiola and is chaired by Mr. Barrenechea. Each of the Compensation Committee members satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. Our Compensation Committee assists the board in reviewing and approving the compensation structure, including all forms of compensation relating to our directors and executive officers. No officer may be present at any committee meeting during which such officer’s compensation is deliberated upon. The Compensation Committee is responsible for, among other things:

Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee consists of Dr. Philippe Couillard, Luisa Ingargiola and Steve P. Barrenechea and is chaired by Dr. Couillard. Each member of the Nominating and Corporate Governance Committee satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The Nominating and Corporate Governance Committee is responsible for overseeing the selection of persons to be nominated to serve on our Board of Directors. The Nominating and Corporate Governance Committee considers persons identified by its members, management, shareholders, investment bankers and others.

Code of Business Conduct and Ethics

We have adopted a Code of Business Conduct and Ethics (the “Code”) that applies to our directors, officers and other employees. The Code was filed as an exhibit to amendment number 2 to our registration statement on Form F-1 on September 22, 2020. During the year ended August 31, 2024, no waivers or requests for exemptions from the Code were either requested or granted. The Code may be viewed on our website at https://investors.visionmarinetechnologies.com.

D. Employees

As of August 31, 2024, we employed a total of 20 people full-time. All of our employees were employed at our principal executive offices in Boisbriand, Québec, Ventura, California and Miramar, Florida. None of our employees are covered by a collective bargaining agreement.

The breakdown of full-time employees by main category of activity is as follows:

​

E. Share Ownership

For information regarding the share ownership of our directors and executive officers, see “Item 6.B, Compensation” and “Item 7.A, Major Shareholders.”

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A.Major Shareholders

​

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding the beneficial ownership of our common shares as of December 17, 2024 by (a) each shareholder who is known to us to own beneficially 5% or more of our outstanding common shares; (b) all directors; (c) our executive officers, and (d) all executive officers and directors as a group. Except as otherwise indicated, all persons listed below have (i) sole voting power and investment power with respect to their common shares, except to the extent that authority is shared by spouses under applicable law, and (ii) record and beneficial ownership with respect to their common shares.

​

The information as to shares beneficially owned, not being within our knowledge, has been furnished by the officers and directors.

As at December 17, 2024, there were 12 holders of record of our common shares in the United States.

Transfer Agent

Our common shares are recorded in registered form on the books of our transfer agent, VStock Transfer, LLC, located at 18 Lafayette Place, Woodmere, New York 11598.

B. Related Party Transactions

In addition to employment and consulting agreements described elsewhere in this Annual Report, we have entered into the following transactions with our directors, officers, promoters and shareholders who beneficially own more than 10% of our common shares:

​

As at the year ended August 31, 2024, the amounts due to and from related parties are as follows:

​

The following table summarizes our related party transactions for the year ended August 31, 2024:

​

The Company leases its Boisbriand premises from California Electric Boat Company Inc. Prior to August 1, 2024, this lease was accounted for as a right-of-use asset and lease liability. However, on August 1, 2024, the lease was renegotiated for a one year term only and ceased to be accounted for as a right-of-use asset and lease liability.  As such, as at August 31, 2024, the right-of-use asset for this lease was nil [August 31, 2023 – $1,270,955] and the lease liability was nil [August 31, 2023 – 1,395,732]. For the fiscal year ended August 31, 2024, rent expense of $22,446 [August 31, 2023 – nil] was recorded under the renegotiated lease.

C. Interests of Experts and Counsel

Not Applicable.

ITEM 8. FINANCIAL INFORMATION

Financial Statements

The consolidated financial statements of the Company for the years ended August 31, 2024, 2023 and 2023 have been prepared in accordance with IFRS, as issued by the International Accounting Standards Board, or IASB. Our audited financial statements as of August 31, 2024, 2023 and 2022 contained in Exhibit 99.1 to our report on Form 6-K filed on December 2, 2024 between pages F-1 and F-44 are incorporated herein by reference. The consolidated financial statements for the years ended August 31, 2024, 2023, and 2022, including related notes, are accompanied by the report of the Company’s independent registered public accounting firm, M&K CPAS, PLLC, for the year ended August 31, 2024, and Ernst & Young LLP for the years ended August 31, 2023 and 2022.

Legal Proceedings

As of the date of this Annual Report, in the opinion of our management, we are not currently a party to any litigation or legal proceedings which are material, either individually or in the aggregate, and, to our knowledge, no legal proceedings of a material nature involving us currently are contemplated by any individuals, entities or governmental authorities.

Dividends

We have not paid any dividends on our common shares since incorporation. Our management anticipates that we will retain all future earnings and other cash resources for the future operation and development of our business. We do not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends will be at the Board’s discretion, subject to applicable law, after taking into account many factors including our operating results, financial condition and current and anticipated cash needs.

We have not experienced any significant changes since the date of the consolidated financial statements included with this Annual Report except as disclosed in this Annual Report.

ITEM 9. THE OFFER AND LISTING

Our common shares are traded on the Nasdaq Capital Market under the symbol “VMAR”.

Not Applicable.

Please see Section 9.A above.

Not Applicable.

Not Applicable.

Not Applicable.

ITEM 10. ADDITIONAL INFORMATION

Not Applicable.

Our company was incorporated under the laws of the Province of Quebec, Canada on August 27, 2012 under the name Riopel Marine, Inc. We amended our Articles of Incorporation on April 22, 2020 to change our name to Vision Marine Technologies Inc. We amended our Articles of Incorporation on September 30, 2022 to create a new class of preferred shares. The following is a description of certain sections of our Articles of Incorporation as amended.

Remuneration of Directors

Our directors are entitled to the remuneration for acting as directors as the directors may from time to time determine. Unless otherwise provided for in a unanimous shareholder’s agreement, the Board fixes, from time to time, by resolution, the remuneration of the directors. In addition, the Board, may, by resolution, grant special compensation to a director who performs a specific or additional mandate on behalf of the Corporation. Directors also have the right to be reimbursed for travel expenses and all reasonable costs and expenses incurred in the exercise of their duties.

Number of Directors

Our Articles of Incorporation provide for a minimum of one and a maximum of ten directors. The Board is composed of the fixed number of directors, between these minimum and maximum numbers, determined by resolution of the Board, or failing that by shareholder resolution. An amendment to the Articles of Incorporation which reduces the number of directors does not end the mandate of the directors in office.

Directors

Our directors are elected each year at the annual shareholder’s meeting. The election of a director is made by plurality of votes; the candidates who collect the greatest number of votes are elected in descending order, up to the number of positions to be filled. Our Articles of Incorporation provide that the Board may, between annual meetings, appoint one or more additional directors to serve until the next annual meeting, but the number of additional directors must not at any time exceed the fixed or maximum number of directors provided for by the Articles of Incorporation.

Our directors may from time to time on behalf of our company, without shareholder approval:

Authorized Capital

Our Articles of Incorporation provides that our authorized capital consists of two (2) classes of shares, being an unlimited number of common shares without par value, issuable in four series, of which an unlimited number are designated as Voting Common Shares - Series Founder, an unlimited number are designated as Voting Common Shares - Series Investor 1, an unlimited number are designated as Voting Common Shares - Series Investor 2 and an unlimited number are designated as Non-Voting Common Shares, and we are also authorized to issue an unlimited number of preferred shares without par value, in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors.

Rights, Preferences and Restrictions Attaching to Our Shares

Our Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Voting Common Shares:

Our Non-Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Non-Voting Common Shares:

The directors of the Corporation may at any time and from time to time issue the Preferred Shares in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors, with such designation, rights, restrictions, conditions and limitations to attach to the Preferred Shares as the directors of the Corporation may determine.

To date, the Corporation has created:

Series A Preferred Shares

By certificate of amendment dated December 13, 2023, the Corporation created the Series A Convertible Preferred (the “Series A Preferred Shares”). Pursuant to a private placement which closed on December 21, 2023, the Series A Preferred Shares were limited to 6,000 shares in total and each Series A preferred share had a stated Value equal to $1,000. Holders of the Series A Preferred Shares are not entitled to receive any dividends, however as long as any Series A Preferred Shares remain outstanding, the Corporation is prohibited from declaring any dividends or making any distributions on any securities junior to the Series A Preferred Shares.

The Series A Preferred Shares have no voting rights except if the Corporation proposes to (i) alter or adversely change the prior preferences given to the Series A Preferred Shares, (ii) authorize or create any class of shares ranking as to dividends, redemption or distribution any rights senior to or pari-passu with the Series A Preferred Shares, (iv) increase the number of authorized preferred shares, or (v) enter into any agreement with respect to any of the foregoing.

Upon liquidation, dissolution or winding-up of the Corporation, holders of Series A Preferred Shares would be entitled to receive, an amount equal to the stated value plus accrued and unpaid dividends thereon and such payments would be made before any distribution or payment is made to the holders of any junior securities.

Each Series A Preferred Share is convertible, at any time and from time to time, after they are issued, at the option of the holder into that number of Common Shares determined by dividing the stated value of such Series A Preferred Shares by the conversion price. The conversion price shall be equal to $1.05 subject to any adjustments otherwise provided in the articles of amendment. However, the conversion price in connection with a forced conversion would be the lesser of the then price and 80% of the average VWAP during the five trading days ending on and including the forced conversion date. In no event, shall the conversion price be less than $0.30, subject to adjustment.

The Series A Preferred Shares are subject to a forced conversion on the one-year anniversary date of original issue pursuant to which the Corporation shall deliver a written notice to all holders of Series A Preferred Shares to cause each holder to convert all or part of such holder’s Series A Preferred Shares plus all liquidated damage and other amounts due in respect of the Series A Preferred Shares.

The Series A Preferred Shares also contain a number of negative covenants that prevent the Corporation for taking various actions which would adversely affect any rights of the holders of Series A Preferred Shares including, without limitation, (i) amending its charter documents,(ii) repurchasing or offering to dividends or distributions on junior securities of the Corporation, or (iv) enter into any agreements with respect to any of the foregoing.

The Corporation also has the right to redeem all but not less than all of the stated value of the Series A Preferred Shares then outstanding in cash at a price equal to 120% of the stated value being redeemed as of the redemption date. The Series A Preferred Shares also have adjustment mechanisms in order to insure that upon any splits or reverse splits any appropriate adjustment shall be made to the conversion price and to the number of common shares and contain specific adjustments for any equity sales which are issued below the then set price.

Series B Preferred Shares

By certificate of amendment dated January 15, 2024, the Corporation created the Series B Convertible Preferred (the “Series B Preferred Shares”). Pursuant to a private placement which closed on January 19, 2024, the Series B Preferred Shares were limited to 3,000 shares in total and each Series B preferred share had a stated Value equal to $1,000. Holders of the Series B Preferred Shares are not entitled to receive any dividends, however as long as any Series B Preferred Shares remain outstanding, the Corporation is prohibited from declaring any dividends or making any distributions on any securities junior to the Series B Preferred Shares.

The Series B Preferred Shares have no voting rights except if the Corporation proposes to (i) alter or adversely change the prior preferences given to the Series B Preferred Shares, (ii) authorize or create any class of shares ranking as to dividends, redemption or distribution any rights senior to or pari-passu with the Series B Preferred Shares, (iv) increase the number of authorized preferred shares, or (v) enter into any agreement with respect to any of the foregoing.

Upon liquidation, dissolution or winding-up of the Corporation, holders of Series B Preferred Shares would be entitled to receive, an amount equal to the stated value plus accrued and unpaid dividends thereon and such payments would be made before any distribution or payment is made to the holders of any junior securities.

Each Series B Preferred Share is convertible, at any time and from time to time, after they are issued, at the option of the holder into that number of Common Shares determined by dividing the stated value of such Series B Preferred Shares by the conversion price. The conversion price shall be equal to $1.05 subject to any adjustments otherwise provided in the articles of amendment. However, the conversion price in connection with a forced conversion would be the lesser of the then price and 80% of the average VWAP during the five trading days ending on and including the forced conversion date. In no event, shall the conversion price be less than $0.30, subject to adjustment.

The Series B Preferred Shares are subject to a forced conversion on the one-year anniversary date of original issue pursuant to which the Corporation shall deliver a written notice to all holders of Series B Preferred Shares to cause each holder to convert all or part of such holder’s Series B Preferred Shares plus all liquidated damage and other amounts due in respect of the Series B Preferred Shares.

The Series B Preferred Shares also contain a number of negative covenants that prevent the Corporation for taking various actions which would adversely affect any rights of the holders of Series B Preferred Shares including, without limitation, (i) amending its charter documents,(ii) repurchasing or offering to repurchase or otherwise require more than a de minimus number of common shares, (iii) pay cash dividends or distributions on junior securities of the Corporation, or (iv) enter into any agreements with respect to any of the foregoing.

The Corporation also has the right to redeem all but not less than all of the stated value of the Series B Preferred Shares then outstanding in cash at a price equal to 120% of the stated value being redeemed as of the redemption date. The Series B Preferred Shares also have adjustment mechanisms in order to insure that upon any splits or reverse splits any appropriate adjustment shall be made to the conversion price and to the number of common shares and contain specific adjustments for any equity sales which are issued below the then set price.

Shareholder Meetings

The Business Corporations Act provides that: (i) the corporation must hold an annual meeting of shareholders; if necessary, it can hold one or more special shareholder’s meetings; (ii) shareholders meeting may be held in Quebec, in any place chosen by the Board, or may be held at a location outside Quebec if the articles allow it, or if all the shareholders entitled to vote agree; (iii) an annual meeting must be held within 18 months of the incorporation of the Corporation and, thereafter, within 15 months of the previous annual meeting; (iv) the Board may at any time call a special meeting; (v) shareholders holding at least 10% of the shares giving the right to vote at the special meeting requested to be convened may, by means of a notice, request the Board to convene a special meeting for the purposes set out in their request.

In addition to the contracts described elsewhere in this Annual Report, the following are summaries of each material contract to which we are a party for the two years preceding the date of this Annual Report.

January 2023 Securities Purchase Agreement

On January 20, 2023, the Company entered into a securities purchase agreement with institutional investors for the purchase and sale of 11,439  common shares and 1,465 pre-funded warrants to purchase common shares, in lieu of purchasing common shares, in a registered direct offering (the “January Registered Direct Offering”). The common shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement on Form F-3. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. In addition, in a concurrent private placement (the “January Private Placement” and together with the January Registered Direct Offering, the “January Offering”), the Company agreed to issue to the investors warrants to purchase up to 12,903 common shares. On January 24, 2023, the Company closed on a portion of the January Offering for the issuance and sale of 4,108 of its common shares and warrants to purchase up to 4,108 common shares, for gross proceeds of approximately US$2.3 million. One of the investors in the January Offering defaulted on its obligation to purchase an aggregate of 8,798 common shares and pre-funded warrants, and warrants to purchase up to 8,798 common shares. Such investor has not yet paid the purchase price for such securities and the Company is pursuing legal action against the investor.

In connection with the January Offering, and pursuant to a placement agency agreement between the Company and Roth Capital Partners, LLC (“Roth”), the Company paid Roth an aggregate cash fee equal to 6% of the gross proceeds in the January Offering, except that Roth received a cash fee equal to 3% with respect to the gross proceeds from one of the purchasers in the January Offering.

February 2023 Securities Purchase Agreement

On February 17, 2023, the Company entered into a securities purchase agreement with one institutional investor for the purchase and sale of 3,520 of the Company’s common shares at a purchase price of US$568.35 per common share, in a registered direct offering (the “February Registered Direct Offering”). The common shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement on Form F-3. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. In addition, in a concurrent private placement, the Company issued to the investor warrants to purchase up to 3,520 common shares (the “February Private Placement” and together with the February Registered Direct Offering, the “February Offering”). The warrants have an exercise price of US$568.35 per common share, are exercisable six months following issuance and have a term of three years from the date of issuance.

In connection with the February Offering, and pursuant to a placement agency agreement between the Company and Roth, the Company paid Roth an aggregate cash fee equal to 3% of the gross proceeds in February Offering.

April 2023 Securities Purchase Agreement

On April 19, 2023, the Company entered into a securities purchase agreement with institutional investors for the purchase and sale of 2,826 of the Company’s common shares at a purchase price of US$568.35 per common share, in a registered direct offering (the “April Registered Direct Offering”). The common shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement on Form F-3. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. In addition, in a concurrent private placement (the “April Private Placement” and together with the April Registered Direct Offering, the “April Offering”), the Company issued to the investors warrants to purchase up to 2,826 common shares. The warrants have an exercise price of US$568.35 per common share, are exercisable six months following issuance and have a term of three years from the date of issuance.

June 2023 Securities Purchase Agreement

On June 14, 2023, the Company entered into a securities purchase agreement with institutional investors for the purchase and sale of 3,659 of the Company’s common shares at a purchase price of US$546.75 per common share, in a registered direct offering (the “June Registered Direct Offering”). The common shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement on Form F-3. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. In addition, in a concurrent private placement (the “June Private Placement” and together with the June Registered Direct Offering, the “June Offering”), the Company issued to the investors warrants to purchase up to 3,659 common shares. The warrants have an exercise price of US$546.75 per common share, are exercisable six months following issuance and have a term of three years from the date of issuance.

In connection with the June Offering, the Company paid Bancroft Capital LLC (“Bancroft”), as placement agent in the June Offering, an aggregate cash fee equal to 6.5% of the gross proceeds in the June Offering, except that Bancroft received a cash fee equal to 3% with respect to the gross proceeds from purchasers introduced by the Company to Bancroft. Additionally, the Company issued to Bancroft or its designees, warrants to purchase 147 common shares. The warrants are exercisable six months following the date of issuance, at an exercise price of US$601.425 per common share, and will expire three years from the date of issuance.

July 2023 Securities Purchase Agreement

On July 31, 2023, the Company entered into a securities purchase agreement with institutional investors for the purchase and sale of 3,662 of the Company’s common shares at a purchase price of US$546.75 per common share, in a registered direct offering (the “July Registered Direct Offering”). The common shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement on Form F-3. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. In addition, in a concurrent private placement (the “July Private Placement” and together with the July Registered Direct Offering, the “July Offering”), the Company issued to the investors warrants to purchase up to 3,662 common shares. The warrants have an exercise price of US$546.75 per common share, are exercisable six months following issuance and have a term of three years from the date of issuance.

In connection with the July Offering, the Company paid Bancroft, as placement agent in the July Offering, an aggregate cash fee equal to 6.5% of the gross proceeds in the July Offering, except that Bancroft received a cash fee equal to 3% with respect to the gross proceeds from purchasers introduced by the Company to Bancroft. Additionally, the Company issued to Bancroft or its designees, warrants to purchase 147 common shares. The warrants are exercisable six months following the date of issuance, at an exercise price of US$601.425 per common share, and will expire three years from the date of issuance.

September 2023 Private Placement

Subscription Agreement

On September 18, 2023, the Company entered into a subscription agreement with investors for the purchase and sale of 2,763 of the Company’s common shares at a purchase price of US$546.75 per share, in a private placement offering (the “September Private Placement”) exempt from registration under the Securities Act pursuant to Regulation S promulgated thereunder. Each common share issued in the September Private Placement was accompanied by a warrant to purchase one common share. The warrants have an exercise price of US$546.75 per common share, are exercisable six months from the date of issuance, and will expire three years from the date of issuance.

In connection with the September Private Placement, and pursuant to an agency agreement between the Company and iA Capital Markets, a division of iA Private Wealth Inc. (“iA Capital”), the Company paid iA Capital a cash fee equal to 6.0% of the gross proceeds in the September Private Placement.

Registration Rights Agreement

In connection with the September Private Placement, the Company entered into a registration rights agreement with each of the investors, pursuant to which the Company agreed to register under the Securities Act, the common shares sold in the September Private Placement, as well as the commons shares issuable upon exercise of the warrants issued in the September Private Placement. On October 4, 2023, the Company filed a registration statement on Form F-3 (File No. 333-274882) to register such shares under the Securities Act, which registration statement was declared effective by the SEC on October 17, 2023.

December 2023 Private Placement

On December 14, 2023, the Company announced that it entered into definitive securities purchase agreements with several institutional and accredited investors (the “Investors”) for the sale of its preferred shares and warrants. The Corporation sold an aggregate of 3,000 shares of its non-dividend bearing Series A Convertible Preferred Shares, with a stated value of US$1,000 per share, and Warrants to purchase up to 21,169 of its common shares for aggregate gross proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses. Investors were also granted an option to purchase up to an additional 3,000 shares of Series A Convertible Preferred Shares and up to an additional 21,169 Warrants for a period of six (6) months from the execution of the definitive securities purchase agreements. The shares of Series A Convertible Preferred Shares are initially convertible into an aggregate of 21,169 common shares of the Company at a conversion price of US$141.75 per share, as may be adjusted, for a period of twelve (12) months, at which time the Series A Convertible Preferred Shares becomes mandatorily convertible, subject to a potential price adjustment at maturity. The Warrants have an exercise price of US$141.75 per share and will expire five (5) years from the date of issuance. Simultaneously with the execution of the definitive securities purchase agreement, the Company has agreed to reduce the exercise price of 20,358 of its previously issued warrants from US$546.75 and US$568.35 to US$141.75, which includes certain participating investors, who have entered into warrant amendment agreements with the Company. Joseph Gunnar & Co., LLC acted as the exclusive placement agent for the offering. The offering closed on December 21, 2023.

In connection with this offering, the Company paid Joseph Gunnar & Co., LLC, as placement agent, an aggregate cash fee equal to 6% of the gross proceeds. Additionally, the Company issued to Joseph Gunnar & Co., LLC or its designees, warrants to purchase 1,023 common shares. The warrants are exercisable six months following the date of issuance, at an exercise price of US$141.75 per common share, and will expire five years from the date of issuance.

January 2024 Private Placement

On January 18, 2024, the Company announced that it had entered into definitive securities purchase agreement with the Government of Quebec, through Investissement Québec (the “Investor”) for the sale of its preferred shares and warrants. Vision Marine sold an aggregate of 3,000 shares of its non-dividend bearing Series B Convertible Preferred Shares, with a stated value of US$1,000 per share, and Warrants to purchase up to 21,165 of its common shares for aggregate gross proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses. The shares of Series B Convertible Preferred Shares are initially convertible into an aggregate of 21,165 common shares of the Company at a conversion price of US$141.75 per share, as may be adjusted, for a period of twelve (12) months, at which time the Series B Convertible Preferred Shares become mandatorily convertible, subject to a potential price adjustment at maturity. The Warrants have an exercise price of US$141.75 per share and will expire five (5) years from the date of issuance.

August 2024 Warrant Exchange

21,169 warrants to purchase Voting Common Shares issued to Series A Convertible Preferred shareholders were exchanged for 41,858 Voting Common Shares and 475 Pre-Funded Warrants.

September 2024 Private Placement

On September 16, 2024, the Company entered into a subscription agreement with investors for the purchase and sale of 377,778 of the Company’s common shares at a purchase price of US$9.00 per share, in a private placement offering exempt from registration under the Securities Act pursuant to Regulation S promulgated thereunder.

In connection with this offering, the Company paid ThinkEquity LLC, as placement agent, an aggregate cash fee equal to 7.5% of the gross proceeds. Additionally, the Company issued to ThinkEquity LLC or its designees, warrants to purchase 18,896 common shares. The warrants are exercisable six months following the date of issuance, at an exercise price of US$11.25 per common share, and will expire five years from the date of issuance.

October 2024 “At the Market” Placement

The Corporation established an “at-the-market” facility with ThinkEquity LLC for the sale of up to US$11.75 million of Voting Common Shares. As of December 17, 2024, the Corporation issued 1,854,957 Voting Common Shares as part of the “at the market” public offering for a total cash consideration of US$5,484,874, less transaction costs of US$333,130.

We are incorporated pursuant to the laws of the Province of Quebec, Canada. There is no law or governmental decree or regulation in Canada that restricts the export or import of capital, or affects the remittance of dividends, interest or other payments to a non-resident holder of common shares, other than withholding tax requirements. Any such remittances to United States residents are generally subject to withholding tax, however no such remittances are likely in the foreseeable future. See “Certain Canadian Federal Income Tax Considerations For Non-Canadian Holders,” below.

There is no limitation imposed by Canadian law or by the charter or other constituent documents of our company on the right of a non-resident to hold or vote common shares of our company. However, the Investment Canada Act (Canada) (the “Investment Act”) has rules regarding certain acquisitions of shares by non-residents, along with other requirements under that legislation.

The following discussion summarizes the principal features of the Investment Act for a non-resident who proposes to acquire common shares of our company. The discussion is general only; it is not a substitute for independent legal advice from an investor’s own advisor; and it does not anticipate statutory or regulatory amendments.

The Investment Act is a federal statute of broad application regulating the establishment and acquisition of Canadian businesses by non-Canadians, including individuals, governments or agencies thereof, corporations, partnerships, trusts or joint ventures (each an “entity”). Investments by non-Canadians to acquire control over existing Canadian businesses or to establish new ones are either reviewable or notifiable under the Investment Act. If an investment by a non-Canadian to acquire control over an existing Canadian business is reviewable under the Investment Act, the Investment Act generally prohibits implementation of the investment unless, after review, the Minister of Innovation, Science and Economic Development, is satisfied that the investment is likely to be of net benefit to Canada.

A non-Canadian would acquire control of our company for the purposes of the Investment Act through the acquisition of common shares if the non-Canadian acquired a majority of the common shares of our company.

Further, the acquisition of less than a majority but one-third or more of the common shares of our company would be presumed to be an acquisition of control of our company unless it could be established that, on the acquisition, our company was not controlled in fact by the acquirer through the ownership of common shares.

For a direct acquisition that would result in an acquisition of control of our company, subject to the exception for “WTO-investors” that are controlled by persons who are resident in World Trade Organization (“WTO”) member nations, a proposed investment would be reviewable where the value of the acquired assets is $5 million or more, or if an order for review was made by the federal cabinet on the grounds that the investment related to Canada’s cultural heritage or national identity, where the value of the acquired assets is less than $5 million.

For a proposed indirect acquisition that by an investor other than a so-called WTO investor that would result in an acquisition of control of our company through the acquisition of a non-Canadian parent entity, the investment would be reviewable where the value of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly is $50 million or more. The threshold is reduced to $5 million or more for a direct acquisition of control of the company by a non-WTO investor.

In the case of a direct acquisition by or from a “WTO investor”, the threshold is significantly higher. An investment in common shares of our company by a WTO investor would be reviewable only if it was an investment to acquire control of the company and the enterprise value of the assets of the company was equal to or greater than a specified amount, which is published by the Minister after its determination for any particular year. This amount is currently $1.075 billion (unless the WTO member is party to one of a list of certain free trade agreements, in which case the amount is currently $1.613 billion); beginning January 1, 2019, both thresholds will be adjusted annually by a GDP (Gross Domestic Product) based index.

The higher WTO threshold for direct investments and the exemption for indirect investments do not apply where the relevant Canadian business is carrying on a “cultural business”. The acquisition of a Canadian business that is a “cultural business” is subject to lower review thresholds under the Investment Act because of the perceived sensitivity of the cultural sector.

In 2009, amendments were enacted to the Investment Act concerning investments that may be considered injurious to national security. If the Minister of Innovation, Science and Economic Development has reasonable grounds to believe that an investment by a non-Canadian “could be injurious to national security,” the Minister of Innovation, Science and Economic Development may send the non-Canadian a notice indicating that an order for review of the investment may be made. The review of an investment on the grounds of national security may occur whether or not an investment is otherwise subject to review on the basis of net benefit to Canada or otherwise subject to notification under the Investment Act. To date, there is neither legislation nor guidelines published, or anticipated to be published, on the meaning of “injurious to national security.” Discussions with government officials suggest that very few investment proposals will cause a review under these new sections. In 2016, the government of Canada released a set of guidelines for the national security review process. The guidelines state that, in assessing a proposed investment under the national security provisions of the Investment Act, the nature of the asset or business activities and the parties, including the potential for third party influence, involved in the transaction will be considered. The guidelines also provide a list of factors that may be taken into account to determine whether a review of an investment on national security grounds will be conducted.

Certain transactions, except those to which the national security provisions of the Investment Act may apply, relating to common shares of our company are exempt from the Investment Act, including:

Certain U.S. Federal Income Tax Considerations

The following is a summary of certain U.S. federal income tax considerations generally applicable to a “U.S. Holder” of the ownership and disposition of the Common Shares. This summary addresses only holders who hold the Common Shares as capital assets (generally, property held for investment purposes). This summary does not address all potentially relevant U.S. federal income tax matters, and unless otherwise specifically provided, it does not address any state, local, non-U.S. alternative minimum, unearned income “Medicare” contribution, estate or gift tax consequences of holding or disposing of common shares.

As used herein, the term “U.S. Holder” means any beneficial owner of Common Shares, who, for U.S. federal income tax purposes, is: (i) a citizen or individual resident of the United States; (ii) a corporation (or other entity classified as a corporation for U.S. federal tax purposes) organized in or under the laws of the United States or of any state thereof or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (A) if a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) that has elected to be treated as a U.S. person under applicable U.S. Treasury Regulations.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal tax purposes) holds common shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Partnerships (or other entities or arrangements classified as a partnership for U.S. federal tax purposes) holding common shares, and their partners and other owners, should consult their own tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.

This summary is based on the U.S. Internal Revenue Code of 1986, as amended (the “Code”), administrative pronouncements and rulings of the Internal Revenue Service (“IRS”), judicial decisions and existing and proposed U.S. Treasury Regulations, changes to any of which subsequent to the date of this Annual Report may affect the tax consequences described herein, possibly on a retroactive basis. This summary is for general guidance only and does not address the consequences applicable to certain categories of shareholders subject to special treatment under the Code, including tax-exempt organizations, pass through entities, certain financial institutions, insurance companies, qualified retirement plans, individual retirement accounts or other tax deferred accounts, persons that hold common shares as part of a straddle, hedging transaction, conversion transaction, constructive sale or other arrangement involving more than one position, persons that acquired common shares in connection with the exercise of employee stock options or otherwise as compensation for services, dealers in securities or foreign currencies, traders in securities that elect to use a mark to market method of accounting, U.S. persons whose functional currency (as defined in the Code) is not the U.S. dollar, former citizens or permanent residents of the United States, or persons that own directly, indirectly or constructively 10% or more of our shares by voting power or by value.

Prospective investors should consult their own tax advisors with respect to the tax considerations relevant to them, having regard to their own particular circumstances.

The Common Shares

Distributions with respect to the Common Shares

Subject to the passive foreign investment company (“PFIC”) rules discussed below, a U.S. Holder will generally recognize, to the extent out of our current and accumulated earnings and profits (determined in accordance with U.S. federal income tax principles), dividend income on the receipt (or constructive receipt) of distributions on the Common Shares (including amounts withheld to pay any Canadian withholding taxes). The Company does not intend to calculate its earnings and profits in accordance with U.S. federal income tax principles. Accordingly, U.S. Holders should expect that a distribution will generally be treated as a dividend for U.S. federal income tax purposes.

The amount of any dividend paid to a U.S. Holder in Canadian dollars (including amounts withheld to pay Canadian withholding taxes) will be includible in income in a U.S. dollar value amount by reference to the exchange rate between the U.S. dollar and the Canadian dollar in effect on the date of receipt of such dividend by the U.S. Holder, regardless of whether the Canadian dollars so received are in fact converted into U.S. dollars. A U.S. Holder will have a tax basis in the Canadian dollars equal to their U.S. dollar value on the date of receipt. If the Canadian dollars received are converted into U.S. dollars on the date of receipt, the U.S. Holder should generally not be required to recognize foreign currency gain or loss in respect of the dividend. If the Canadian dollars received are not converted into U.S. dollars on the date of receipt, a U.S. Holder may recognize foreign currency gain or loss on a subsequent conversion or other disposition of the Canadian dollars. Such gain or loss will generally be treated as U.S. source ordinary income or loss.

The Company believes that it is a “qualified foreign corporation” and, therefore, distributions treated as dividends and received by certain non-corporate U.S. Holders will be taxed at preferential rates, provided applicable holding period and certain other requirements are satisfied, including that it is not treated as a PFIC for the year of the distribution or for the prior taxable year. Any amount of such distributions treated as dividends will generally not be eligible for the “dividends received” deduction ordinarily available to certain U.S. corporate shareholders under section 243 of the Code.

Distributions on Common Shares that are treated as dividends will generally constitute income from sources outside the United States and will generally be categorized for U.S. foreign tax credit purposes as “passive category income.” A U.S. Holder may be eligible to elect to claim a U.S. foreign tax credit against its U.S. federal income tax liability, subject to applicable limitations and holding period requirements, for Canadian tax withheld, if any, from distributions received in respect of common shares. A U.S. Holder that does not elect to claim a U.S. foreign tax credit may instead claim a deduction for Canadian tax withheld, but only for a taxable year in which the U.S. Holder elects to do so with respect to all non-U.S. income taxes paid or accrued in such taxable year. The rules relating to U.S. foreign tax credits are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

Sale, Exchange or Other Taxable Disposition of the Common Shares

Subject to the PFIC rules discussed below, upon a sale, exchange or other taxable disposition of a Common Share, a U.S. Holder will generally recognize a capital gain or loss equal to the difference between the amount realized on such sale, exchange or other taxable disposition (or, if the amount realized is denominated in Canadian dollars, its U.S. dollar equivalent, generally, for U.S. Holders that use the cash method and for electing U.S. Holders that use accrual method, determined by reference to the spot rate of exchange on the date of settlement) and the holder’s tax basis of such Common Share. Such gain or loss will be a long-term capital gain or loss if the Common Share has been held for more than one year and will be short-term capital gain or loss if the holding period is equal to or less than one year. Such gain or loss will generally be considered U.S. source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

PFIC Rules

A foreign corporation will be considered a PFIC for any taxable year in which (i) 75% or more of its gross income is “passive income” or (ii) 50% or more of the average quarterly value of its assets produce (or are held for the production of) “passive income.” For this purpose, “passive income” generally includes interest, dividends, rents, royalties and certain gains. The Company will be treated as owning its proportionate share of the assets and earning its proportionate share of the income of any other corporation, the equity of which it owns, directly or indirectly, 25% or more (by value). We currently do not believe that we were a PFIC in the preceding taxable year nor do we anticipate that we will be a PFIC in the current taxable year or in future taxable years. However, the determination as to whether we are a PFIC for any taxable year is based on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and is not determinable until after the end of such taxable year. Further, the determination is based in part on the mix, use and value of our assets, which values may be treated as changing for U.S. federal income tax purposes as our market capitalization changes. Because of the above described uncertainties, there can be no assurance that the IRS will not challenge the determination made by us concerning our PFIC status or that we will not be a PFIC for any taxable year. If we were classified as a PFIC in any taxable year during which a U.S. Holder owns our Common Shares, certain adverse tax consequences could apply to such U.S. Holder. If we are characterized as a PFIC, a U.S. Holder may be able to make a “mark-to-market” election with respect to our common shares that would alleviate some of the adverse consequences of PFIC status. Although U.S. tax rules also permit a U.S. Holder to make a “qualified electing fund” election with respect to the shares of a non-U.S. corporation that is a PFIC if the non-U.S. corporation provides certain information to its investors, we do not currently intend to provide the information that would be necessary for a U.S. Holder to make a valid “qualified electing fund” election with respect to our common shares. U.S. Holders should consult their own tax advisors regarding the application of the PFIC rules to their investments in Common Shares and whether to make an election or protective election.

Required Disclosure with Respect to Foreign Financial Assets

Certain U.S. Holders are required to report information relating to an interest in Common Shares, subject to exceptions (including an exception for Common Shares held in accounts maintained by certain financial institutions), by attaching a completed IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold an interest in Common Shares. U.S. Holders should consult their own tax advisors regarding information reporting requirements relating to their ownership of Common Shares.

Information Reporting and Backup Withholding

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding on a duly executed IRS Form W-9 or otherwise establishes an exemption. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.

Not Applicable.

Not Applicable.

The documents concerning us which are referred to in this Annual Report may be inspected at our offices located at 730 Boulevard du Curé-Boivin, Boisbriand, Quebec, J7G 2A7, Canada. The documents referred to in this Annual Report that have been filed as exhibits to other filings with the SEC may be inspected and copied at the public reference facility maintained by the SEC at 100F. Street NW, Washington, D.C. 20549. In addition, the SEC maintains a website at www.sec.gov that contains copies of documents that we have filed with the SEC using its EDGAR system.

Not Applicable.

Not Applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed in varying degrees to a variety of financial instrument related risks. Our Board approves and monitors the risk management processes, inclusive of controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to us. We have a strict code of credit, including obtaining instalment payments, obtaining agency credit information and setting appropriate credit limits. The maximum exposure to credit risk at the reporting date, is the carrying amount of financial assets. We do not hold any collateral. Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure for a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments. Credit risk related with the debentures is reflected in the fair value of the instrument. Trade and other receivables are generally written off when there is no reasonable expectation of recovery. Indicators of this include the failure for a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments.

Liquidity risk

Liquidity risk is the risk that we will encounter difficulty in meeting our financial obligations as they fall due. We are exposed to liquidity risk primarily from our trade and other payables, other financial liabilities and long-term debt. We believe that our recurring financial resources are adequate to cover all our expenditures.

​

Interest rate risk

We are exposed to interest rate risk on our variable rate bank indebtedness and variable and fixed rate long-term debt. Fixed-rate borrowings exposes us to fair value risk while variable rate borrowings exposes us to cash flow risk.

Foreign exchange risk

Foreign exchange risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. We have certain financial assets and liabilities denominated in United States dollars. The Canadian dollar equivalent carrying amounts of these assets and liabilities are as follows:

​

Sensitivity

A reasonably possible 1% strengthening (weakening) of the U.S. dollar against the Canadian Dollar at the reporting date would have increased (decreased) net income (loss) and other comprehensive income by the amounts shown below. This analysis assumes that all other variables remain constant.