Vision Marine Technologies Inc. (NASDAQ: VMAR) reported double-digit sequential revenue growth for its fiscal third quarter and the completion of a $16.3 million at-the-market equity offering program, signaling progress in its strategy to advance E-Motion™ commercialization and expand its electric boat portfolio.
For the quarter ending May 31, the company posted 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 $0.4 million in the same period last year, primarily reflecting the acquisition of Nautical Ventures in June 2025. Gross profits for the first nine months were $11.8 million, representing a gross margin of 24.3%, a significant improvement from a gross loss in the prior-year period. Inventory declined 44% to $20.7 million, and floorplan financing fell 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 will increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
In addition to the revenue growth, 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 the completion and final settlement, the company has approximately 6.5 million common shares outstanding and about $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. The real estate sales are part of an effort to optimize its Florida footprint. Combined, these moves position the company 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 powertrain designed to replace traditional internal combustion engines on recreational boats. Vision Marine also operates Nautical Ventures, its Florida-based retail and service platform.
These developments underscore Vision Marine's commitment to building long-term shareholder value. For more details on its plans, visit [Vision Marine Technologies](https://www.visionmarinetechnologies.com) (rel="nofollow" target="_blank").
