Vision Marine (VMAR): 166 boats sold in 120 days — how big is that really?

I’ve been digging into Vision Marine Technologies (VMAR) after their announcement that 166 boats were sold within 120 days following the Nautical Ventures acquisition, and I wanted to sanity-check what that actually means in revenue terms vs their historical performance. The company didn’t disclose dollar revenue for those 166 boats, so this is necessarily an estimate, but we do know the mix: ~40 Axopar boats ~14 Beneteau boats ~44 tenders ~68 other mixed boats (used + smaller new models) Using very reasonable dealer pricing averages (based on Nautical Ventures inventory and market listings): Axopar: ~$300k avg Beneteau: ~$300k avg Tenders: ~$50k avg Mixed boats: ~$120k avg That puts the 120-day sales value around ~$25–27M. If you simply annualize that pace: 120 days → 365 days = ~3.04× Annualized sales pace ≈ $60–90M, with ~$80M as a midpoint estimate Why this matters For context: VMAR’s reported revenue in prior fiscal years was mostly under $15M Even FY2025 (with partial Nautical Ventures contribution) was still far below an $80M run-rate So if this sales pace is even partially sustainable, it represents a step-change in scale compared to Vision Marine’s historical business, which was previously focused mainly on low-volume electric boats and propulsion systems. NFA