MONTREAL - Vision Marine Technologies Inc. (NASDAQ:VMAR), known for its electric recreational boating technology, has announced the appointment of Raffi Sossoyan as its new Chief Financial Officer effective today. The company is entering a critical phase focused on expanding its manufacturing and production capabilities, with Sossoyan's extensive financial and operational leadership experience expected to play a key role.
Sossoyan, with over 25 years of experience, has previously served as Vice President, Corporate Treasury at Velan, Inc., where he managed financial operations for global sales exceeding $370 million. His tenure as CFO at Valtech Fabrication, Inc., where he drove worldwide sales beyond $50 million, underscores his ability to guide financial growth and success.
Alex Mongeon, CEO of Vision Marine, expressed confidence in Sossoyan's appointment, emphasizing his proven track record with publicly listed companies and his alignment with Vision Marine's strategic objectives. Mongeon anticipates that Sossoyan's leadership will strengthen the company's financial strategies during this expansion phase.
Sossoyan himself is excited about the opportunity to contribute to Vision Marine's growth, particularly as the company advances the commercialization of its E-Motion™ outboard powertrain system. He aims to apply his financial strategy and operations experience to support the company's development.
The company also acknowledges the contributions of the outgoing CFO, Kulwant Sandher, whose leadership was pivotal during the IPO process and the development of the E-Motion™ technology. Sandher will continue to serve as a consultant, providing his expertise to the company.
This news is based on a press release statement from Vision Marine Technologies, Inc.
InvestingPro Insights
As Vision Marine Technologies Inc. (NASDAQ:VMAR) welcomes Raffi Sossoyan as its new CFO, the company's financial health and market performance become increasingly relevant to investors and stakeholders. According to InvestingPro data, Vision Marine currently holds a market capitalization of 9.21 million USD, reflecting its position as a niche player in the electric recreational boating industry. The company's stock has experienced high price volatility, as indicated by a one-year price total return of -80.87%, and a significant drop over the last six months with a total return of -79.05%.
Moreover, Vision Marine's financials show a challenging landscape, with a negative P/E ratio of -0.81, suggesting that investors are concerned about the company's profitability. This aligns with an InvestingPro Tip indicating that analysts do not expect the company to be profitable this year. Additionally, the company's revenue has seen a decline over the last twelve months as of Q1 2024, with a decrease of -30.56%, which may be a focal point for the new CFO to address.
InvestingPro Tips also highlight that Vision Marine is quickly burning through cash, which could be a significant challenge for Sossoyan to tackle, given his background in managing financial operations. With the company's strategic objectives focused on expanding manufacturing and production capabilities, these financial metrics will be critical for the new CFO to monitor and improve.
For those interested in a deeper dive into Vision Marine's financials and market performance, InvestingPro offers additional insights. There are 14 more InvestingPro Tips available, which can provide a more comprehensive understanding of the company's position and potential strategies for growth. Readers interested in these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes these valuable tips.
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