Microvast Holdings announces departure of chief financial officer
MONTRÉAL - Vision Marine Technologies Inc. (NASDAQ:VMAR), a pioneer in electric marine propulsion systems with a market capitalization of $5.41 million, has submitted a new patent application to the United States Patent and Trademark Office (USPTO). According to InvestingPro analysis, the company currently trades below its Fair Value, maintaining a strong liquidity position with a current ratio of 10.86. This application aims to enhance the digital security of their E-Motion™ Electric High-Voltage (HV) Marine Powertrain technology by introducing a secure communication framework featuring token-based authentication.
The proposed system is designed to prevent unauthorized access to vital vessel systems by integrating a secure gateway that serves as a barrier between external devices and the vessel's internal CAN bus system. This measure is intended to maintain the integrity of critical components such as batteries, throttles, and motor controllers while allowing legitimate control. With a healthy gross profit margin of 33.76% and more cash than debt on its balance sheet, the company appears well-positioned to continue its technological advancement.
Chief Technology Officer of Vision Marine, Xavier Montagne, emphasized the importance of this innovation, stating it fortifies the E-Motion™ platform's foundation with unparalleled digital security and reliability. The technology is not only a step forward for the company but also represents their commitment to leading the marine industry in electric propulsion solutions.
The patent application details a dynamic content server within the gateway that facilitates real-time updates of control interfaces and diagnostic tools on vessel dashboards, eliminating the need for physical interaction with sensitive hardware. This advancement simplifies the integration process for Original Equipment Manufacturers (OEMs) and enriches the boating experience for consumers without sacrificing security.
For manufacturers, Vision Marine's technology promises to streamline the electrification process, offering secure and seamless integration. Boaters are assured robust protection and a reliable, intuitive operating experience. This patent is a key component of Vision Marine's strategy to commercialize the E-Motion™ powertrain for third-party vessels and bolster strategic partnerships with leading boat manufacturers.
Vision Marine Technologies, listed on NASDAQ:VMAR, is renowned for its innovative electric propulsion systems and electric boat solutions, including the market-proven E-Motion™ 180E powertrain. The company, which generated revenues of $1.61 million in the last twelve months, continues to drive the electrification of the marine industry by supporting OEMs and providing consumer-ready electric boats through select manufacturing partners. InvestingPro subscribers can access 13 additional key insights about VMAR's financial health and growth prospects.
The information in this article is based on a press release statement from Vision Marine Technologies.
In other recent news, Vision Marine Technologies Inc. has enacted a reverse stock split to comply with Nasdaq's minimum bid price rule. This 10-for-1 split will consolidate every ten shares into one, reducing the number of shares outstanding from approximately 10.4 million to around 1.04 million. In addition to this financial maneuver, Vision Marine has filed a patent for an Outboard Power Control Unit designed to enhance electric marine vessel operations, promising improved efficiency and reliability. The company also announced a stock repurchase program, authorizing the buyback of up to 5% of its issued and outstanding common shares. This initiative is intended to reinforce shareholder value amidst current market challenges for microcap stocks.
Further developments include the appointment of finance expert Pierre-Yves Terrisse to the Board of Directors, which is expected to strengthen Vision Marine's financial strategy. The company has also filed a patent application for a Battery Authentication Encryption Technology aimed at enhancing security and data analysis capabilities within its E-Motion™ Electric Powertrain system. These strategic moves reflect Vision Marine's ongoing commitment to advancing electric propulsion technology and maintaining its leadership in the marine industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.