Vision Marine Technologies Inc. (NASDAQ: VMAR) reported double-digit sequential revenue growth for its fiscal third quarter and completed a $16.3 million at-the-market equity offering program, underscoring the company's progress in advancing its E-Motion™ electric propulsion system and optimizing its retail and marina platform.
For the quarter ending May 31, Vision Marine generated revenue of $18.4 million, a 27% increase from the $14.5 million reported in the fiscal second quarter. For the first nine months of fiscal 2026, revenue totaled $48.6 million, compared with $0.4 million in the year-ago period, primarily due to the acquisition of Nautical Ventures in June 2025. Gross profits for the nine-month period reached $11.8 million, representing a gross margin of 24.3%, a significant improvement from the gross loss recorded in the prior year.
The company also reported a 44% reduction in inventory to $20.7 million and a 69% decline in floorplan financing to $10.2 million. Cash at the end of the quarter stood at $2.4 million. These metrics reflect stronger working capital management and capital efficiency, according to CEO Alexandre Mongeon. “The third quarter reflects the progress we have been working toward across revenue generation, working capital management and capital efficiency,” he said.
In addition to financial improvements, 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 initiatives will enhance customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
Separately, Vision Marine announced the successful completion of its at-the-market equity offering program, originally announced on January 23, 2026, which raised $16.3 million in aggregate gross proceeds. Following final settlement, the company has approximately 6.5 million common shares outstanding and about $9.5 million in unrestricted consolidated cash.
The ATM completion coincides with agreements to sell three non-core commercial properties in Florida for a total of $13.1 million. The company intends to use the proceeds to optimize its Florida footprint and maintain financial flexibility for future growth initiatives. “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,” Mongeon added.
Vision Marine's E-Motion™ 180e electric propulsion system is a fully integrated, high-voltage powertrain designed to replace traditional internal combustion engines on recreational boats. The company also operates Nautical Ventures, a Florida-based retail and service platform, which it acquired in June 2025. The strategic moves are part of a broader plan to advance E-Motion commercialization, expand the electric boat portfolio, and build long-term shareholder value.
The company's progress is notable given the growing demand for electric propulsion in the marine industry. By combining proprietary technology with a retail and service network, Vision Marine is positioning itself to capture a larger share of the market. The recent capital raises and asset sales provide the company with a stronger balance sheet to execute its operational priorities.
As Vision Marine continues to integrate its acquisitions and streamline operations, investors will be watching for sustained revenue growth and margin expansion. The company's focus on recurring revenue streams and working capital discipline suggests a more resilient business model in the evolving recreational boating sector.
