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Financial Statements — VMAR
Balance Sheet
(in millions CAD)| Metric | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q4 2023 | Q4 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.42 | 10.89 | 15.32 | 0.96 | 0.06 | 0.34 | 1.19 | 3.36 | 5.82 | 18.15 |
| Inventory | 36.87 | 7.11 | 7.17 | 6.31 | 6.21 | 5.49 | 4.78 | 2.45 | 2.09 | 1.98 |
| Total Current Assets | 58.97 | 21.71 | 25.66 | 10.56 | 8.61 | 8.96 | 10.29 | 8.49 | 11.60 | 21.32 |
| Goodwill | 7.15 | -- | -- | -- | -- | 4.43 | 5.43 | 9.68 | 9.35 | 9.03 |
| Total Non-current Assets* | 10.94 | 2.79 | 2.61 | 2.70 | 2.81 | 8.18 | 11.04 | 15.56 | 17.50 | 17.48 |
| Total Assets | 69.91 | 24.50 | 28.27 | 13.26 | 11.42 | 17.14 | 21.33 | 24.05 | 29.10 | 38.80 |
| Total Current Liabilities | 49.70 | 5.53 | 2.36 | 3.66 | 5.72 | 4.00 | 5.02 | 4.85 | 2.87 | 2.69 |
| Total Non-current Liabilities* | 11.77 | 2.08 | 2.18 | 0.46 | 2.68 | 9.42 | 9.91 | 7.63 | 2.20 | 2.58 |
| Total Liabilities | 61.46 | 7.61 | 4.54 | 4.13 | 8.40 | 13.42 | 14.94 | 12.48 | 5.07 | 5.28 |
| Retained Earnings | (71.58) | (77.95) | (70.81) | (67.20) | (65.61) | (61.96) | (58.93) | (51.55) | (30.67) | (17.56) |
| Total Stockholder Equity | 8.45 | 16.89 | 23.73 | 9.13 | 3.02 | 3.72 | 6.40 | 11.56 | 24.03 | 33.53 |
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* Derived from reported values
Income Statement
(in millions CAD) (except per-share rows)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|
| Total Revenue | 0.29 | 0.11 | 0.14 | 1.06 | 0.73 |
| Cost of Revenue* | 0.25 | 0.11 | 0.19 | 0.61 | 0.51 |
| Gross Profit | 0.03 | (0.01) | (0.05) | 0.45 | 0.22 |
| Research & Development | 0.74 | 0.79 | 0.25 | 0.63 | 0.33 |
| Selling, General & Admin | 0.45 | 0.47 | 0.38 | 0.59 | 0.71 |
| Total Operating Expenses | -- | -- | -- | 3.66 | 8.67 |
| Pretax Income | (7.15) | (3.62) | (1.57) | (3.21) | (8.45) |
| Tax Provision | -0.00 | (0.01) | 0.02 | (0.18) | (0.04) |
| Net Income | (7.14) | (3.61) | (1.59) | (3.03) | (8.41) |
| Basic EPS | (6.53) | (5.57) | (1.97) | (2.50) | (7.20) |
| Diluted EPS | (6.53) | (5.57) | (1.97) | (0.25) | (7.20) |
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* Derived from reported values
Cash Flow Statement
(in millions CAD)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | (15.44) | (11.53) | (5.71) | (11.14) | (9.96) |
| Investing Cash Flow | (0.45) | (0.09) | (0.01) | 0.60 | (0.25) |
| Financing Cash Flow | 26.72 | 26.88 | 6.62 | 7.51 | 8.03 |
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