Vision Marine Technologies Inc. (NASDAQ: VMAR) is making headway on its strategic goals, announcing double-digit sequential revenue growth for its fiscal third quarter and the completion of a $16.3 million at-the-market (ATM) equity offering program. The milestones highlight the company’s progress in commercializing its E-Motion™ electric propulsion system, 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, up approximately 27% from $14.5 million in the fiscal second quarter. For the first nine months of fiscal 2026, revenue reached $48.6 million, compared with just $0.4 million during the same period in the prior year, primarily reflecting the contribution from the acquisition of Nautical Ventures, its Florida-based retail and service platform, acquired in June 2025.
Gross profits for the first nine months totaled $11.8 million, representing a gross margin of 24.3%, a turnaround from the gross loss in the year-earlier period. The company also improved its working capital metrics: inventory declined about 44% to $20.7 million, and floorplan financing decreased about 69% to $10.2 million. Cash at quarter-end stood at $2.4 million.
“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. The company believes these activities can increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
In a separate announcement, Vision Marine confirmed the successful completion of its ATM equity offering program, which was originally announced on January 23, 2026, raising $16.3 million in aggregate gross proceeds. Following the final settlement, the company has approximately 6.5 million common shares outstanding and about $9.5 million in 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. The real estate sales are part of Vision Marine’s strategy to optimize its Florida footprint, and combined with the ATM proceeds, the company says it is well-positioned to execute its operational priorities while maintaining financial flexibility for future growth.
“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.”
With a stronger third quarter behind it and cash in hand, Vision Marine Technologies is executing on its strategy to advance E-Motion commercialization, expand its electric boat portfolio, and boost shareholder value. For more details on its plans, click here.
