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, marking significant strides in its strategic initiatives. The company, which specializes in high-voltage electric propulsion systems for recreational boats, also operates Nautical Ventures, a Florida-based retail and service platform acquired in June 2025.
In the fiscal third quarter ending May 31, Vision Marine posted revenue of $18.4 million, a 27% increase from $14.5 million in the prior 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 driven by the Nautical Ventures acquisition. Gross profits for the nine-month period were $11.8 million, representing a gross margin of 24.3%, a notable improvement from a gross loss in the year-earlier period. Inventory declined 44% to $20.7 million, and floorplan financing dropped 69% to $10.2 million, reflecting better working capital management. 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, 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."
During the quarter, Vision Marine expanded its recurring revenue streams across marina operations, service, storage, rentals, boat club memberships, and aftersales support. These activities are designed to increase 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 the completion and final settlement, the company has approximately 6.5 million common shares outstanding and about $9.5 million in unrestricted consolidated cash. This capital infusion comes alongside agreements to sell three non-core commercial properties in Florida for a total of $13.1 million, optimizing its Florida footprint and providing additional non-dilutive capital.
"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. "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 these recent milestones, Vision Marine is positioning itself for sustained growth in the electric boating market.
