Vision Marine Technologies Inc. (NASDAQ: VMAR) has reported double-digit sequential revenue growth for its fiscal third quarter and completed a $16.3 million at-the-market equity offering program, signaling progress in its strategy to advance electric propulsion commercialization and optimize its retail and service platform.
The company, which combines proprietary high-voltage electric propulsion technology with a retail, marina, and service platform, reported revenue of $18.4 million for the quarter ending May 31, up approximately 27% from $14.5 million in the prior quarter. For the first nine months of fiscal 2026, revenue reached $48.6 million, compared to $0.4 million in the same period last 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 were $11.8 million, representing a gross margin of 24.3%, compared to a gross loss in the year-earlier period. The company also reported significant improvements in working capital management: inventory declined about 44% to $20.7 million, and floorplan financing declined about 69% to $10.2 million. The company 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. 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 completed its at-the-market equity offering program, originally announced on January 23, 2026, raising $16.3 million in aggregate gross proceeds. Following completion and final settlement, the company has approximately 6.5 million common shares outstanding and approximately $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. These real estate transactions are intended to optimize the company's Florida footprint and, combined with the equity offering, position Vision Marine to execute its operational priorities while maintaining 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,” 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 stronger revenue and a bolstered balance sheet, Vision Marine is poised to continue its growth trajectory in the electric boating market.
