You will have to build a completely new virtual machine.  The M1 machines use a different CPU (ARM) than the old ones (Intel).  It's a bit like gas cars vs diesel - similar but different.

Windows 10 and earlier won't work at all.  Windows 11 for ARM has an intel emulation system in it that, in theory, will allow your software to install and run.

There's a tech preview out FusionPreview this week, or next week, Fusion 13 will come out that supports M1 machines.  The tech preview guide and unofficial guide (both at that link) have instructions on how to get a Windows 11 ARM installer.