Vision Marine Technologies Reports 27% Revenue Growth and Completes $16.3M Equity Offering

Vision Marine Technologies Inc. (NASDAQ: VMAR), a marine technology company specializing in high-voltage electric propulsion systems, reported a 27% sequential revenue increase for its fiscal third quarter and completed a $16.3 million at-the-market equity offering program. These milestones highlight the company's progress in advancing its E-Motion™ electric propulsion commercialization, expanding its electric boat portfolio, and optimizing its retail, marina, and service platform, which includes operations in Texas.

For the fiscal third quarter ending May 31, Vision Marine posted revenue of $18.4 million, up from $14.5 million in the previous 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 due to the acquisition of Nautical Ventures, a Florida-based retail and service platform that also has a presence in Texas. Gross profits for the nine-month period were $11.8 million, representing a 24.3% gross margin, a significant improvement from a gross loss in the prior year.

The company also reduced inventory by 44% to $20.7 million and floorplan financing by 69% to $10.2 million during the quarter, demonstrating improved working capital management. Vision Marine ended the quarter with $2.4 million in cash, but after completing the ATM program and final settlement, the company now holds approximately $9.5 million in unrestricted consolidated cash with about 6.5 million common shares outstanding.

“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 of Vision Marine. “Our expanded operating platform is beginning to demonstrate how stronger commercial execution and disciplined capital management can reinforce one another.”

In addition to the equity offering, Vision Marine reached agreements to sell three non-core commercial properties in Florida for $13.1 million, further boosting its financial flexibility. The company plans to use these funds to execute operational priorities and support future growth initiatives, including the expansion of its electric boat offerings and the optimization of its retail and marina network, which may impact Texas customers seeking eco-friendly boating options.

The company also expanded its recurring revenue streams, including marina operations, service, storage, rentals, boat club memberships, and aftersales support. These activities are expected to increase customer engagement throughout the boating lifecycle and diversify the business model beyond individual boat sales, potentially benefiting Texas boaters and the marine industry as a whole.

With the completion of the ATM program and the expected proceeds from real estate sales, Vision Marine is positioned to continue its growth trajectory. The company remains focused on advancing E-Motion commercialization and building a scalable foundation for the future of boating, which could have significant implications for the recreational boating market in Texas and beyond.