Vision Marine Technologies Inc. (NASDAQ: VMAR), a marine technology company specializing in high-voltage electric propulsion systems, has reported double-digit sequential revenue growth for its fiscal third quarter and completed a $16.3 million at-the-market equity offering program. The announcements, made in early August, underscore the company's strategic focus on advancing E-Motion™ commercialization, expanding its electric boat portfolio, and optimizing its retail, marina, and service platform.
For the fiscal third quarter ending May 31, Vision Marine reported revenue of $18.4 million, a 27% increase from the $14.5 million recorded in the fiscal second quarter. This growth is part of a broader upward trend: for the first nine months of fiscal 2026, revenue reached $48.6 million, compared to just $0.4 million during the same period in the prior year. The significant year-over-year increase primarily reflects the contribution from the acquisition of Nautical Ventures, a Florida-based retail and service platform, which Vision Marine acquired in June 2025.
Gross profits for the nine-month period were $11.8 million, representing a gross margin of 24.3%, a notable improvement from a gross loss in the year-earlier period. The company also demonstrated improved working capital management, with inventory declining 44% to $20.7 million and floorplan financing decreasing 69% to $10.2 million. Vision Marine ended the quarter with $2.4 million in cash.
“The third quarter reflects the progress we have been working toward across revenue generation, working capital management and capital efficiency,” said Alexandre Mongeon, Chief Executive Officer and Co-Founder of Vision Marine. “Our expanded operating platform is beginning to demonstrate how stronger commercial execution and disciplined capital management can reinforce one another.”
During the quarter, Vision Marine expanded its recurring and repeat-revenue activities across marina operations, service, storage, rentals, boat club memberships, and aftersales support. These initiatives are designed to increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
In addition to operational gains, Vision Marine successfully completed its at-the-market equity offering program, originally announced on January 23, 2026, raising $16.3 million in aggregate gross proceeds. Following the completion and final settlement, the company has approximately 6.5 million common shares outstanding and about $9.5 million of unrestricted consolidated cash. The completion of the ATM program coincides with agreements to sell three non-core commercial properties in Florida for a total of $13.1 million in aggregate gross proceeds, a move aimed at optimizing the company's Florida footprint.
“Completing the ATM program, together with the expected non-dilutive capital from our pending real estate transactions, strengthens the foundation from which we can continue executing our strategy,” said Mongeon. “Building on the operational progress achieved over the past year, we remain firmly focused on advancing E-Motion commercialization, expanding our electric boat portfolio, optimizing our retail, marina and service platform and building a more scalable foundation for the future of boating.”
The company's E-Motion 180e electric propulsion system is a fully integrated, high-voltage electric powertrain designed to replace traditional internal combustion engines on recreational boats. With the recent financial milestones, Vision Marine is positioning itself to capitalize on the growing demand for electric boating solutions. The company's strategic moves are expected to impact the marine industry by accelerating the adoption of electric propulsion and setting a precedent for sustainable boating practices.
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