Vision Marine Technologies Inc. (NASDAQ: VMAR) has announced 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, according to a press release. The company, which specializes in high-voltage electric propulsion systems for recreational boats, said these milestones reflect its ongoing strategy to advance E-Motion™ commercialization, expand its electric boat portfolio, and strengthen 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 in the same period last year, primarily due to the acquisition of Nautical Ventures, its Florida-based retail and service platform, which was acquired in June 2025. Gross profits for the nine-month period were $11.8 million, representing a gross margin of 24.3%, a significant improvement from a gross loss in the prior-year period.
The company also reported a 44% decline in inventory to $20.7 million and a 69% decline in floorplan financing to $10.2 million during the quarter. 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, 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.”
Vision Marine highlighted that it has expanded its recurring and repeat-revenue activities across marina operations, service, storage, rentals, boat club memberships, and aftersales support. These activities are expected to increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
In addition to the revenue growth, the company successfully completed its ATM equity offering program, initially announced on January 23, 2026, raising $16.3 million in aggregate gross proceeds. Following the completion, Vision Marine has approximately 6.5 million common shares outstanding and about $9.5 million in unrestricted consolidated cash. The ATM program completion coincides with agreements to sell three non-core commercial properties in Florida for a total of $13.1 million in gross proceeds, a move aimed at optimizing its Florida footprint.
Mongeon stated, “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. 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 powertrain designed to replace traditional internal combustion engines on recreational boats. With a stronger third quarter and improved capital position, Vision Marine is executing on its strategy to drive growth and shareholder value. For more information, visit the company’s website.
