Vision Marine Technologies Inc. (NASDAQ: VMAR) is making headway on its strategic initiatives, reporting double-digit sequential revenue growth for its fiscal third quarter and completing a $16.3 million at-the-market equity offering program. These milestones underscore the company's efforts to advance E-Motion™ commercialization, expand its electric boat portfolio, and optimize its retail and marina platform.
For the quarter ending May 31, Vision Marine posted revenue of $18.4 million, up approximately 27% from $14.5 million in the previous quarter. For the first nine months of fiscal 2026, revenue reached $48.6 million, compared to just $0.4 million in the same period last year, primarily due to the acquisition of Nautical Ventures. Gross profits for the nine months were $11.8 million, a 24.3% gross margin, versus a gross loss in the year-ago period. The company also reduced inventory by 44% to $20.7 million and floorplan financing by 69% to $10.2 million, ending 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, CEO and Co-Founder. “Our expanded operating platform is beginning to demonstrate how stronger commercial execution and disciplined capital management can reinforce one another.”
Vision Marine also expanded its recurring revenue streams, including marina operations, service, storage, rentals, boat club memberships, and aftersales support. These activities are intended to increase customer engagement throughout the boating lifecycle and support a more diversified business model.
In a separate announcement, the company completed its at-the-market equity offering program, initially announced on January 23, 2026, raising $16.3 million in gross proceeds. Following settlement, Vision Marine has approximately 6.5 million common shares outstanding and about $9.5 million in unrestricted cash. Additionally, the company reached agreements to sell three non-core commercial properties in Florida for $13.1 million, aiming to optimize its footprint and strengthen its financial position.
“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.”
These developments come as Vision Marine continues to focus on its E-Motion 180e electric propulsion system, a fully integrated high-voltage powertrain designed to replace traditional internal combustion engines in recreational boats. The company also operates Nautical Ventures, a Florida-based retail and service platform acquired in June 2025.
With a stronger quarter and improved cash position, Vision Marine appears well-positioned to execute its operational priorities and pursue future growth initiatives. For more information, visit the company's website.
