Vision Marine Technologies Inc. (NASDAQ: VMAR) is making headway on its growth strategy, as evidenced by its latest financial results and capital-raising activities. The company reported a 27% sequential increase in revenue for its fiscal third quarter ended May 31, 2026, and announced the successful completion of its $16.3 million at-the-market (ATM) equity offering program. These milestones highlight the company's progress in advancing E-Motion™ commercialization, expanding its electric boat portfolio, and optimizing its retail, marina, and service platform.
For the fiscal third quarter, Vision Marine generated revenue of $18.4 million, up 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 prior-year period, primarily driven by the acquisition of Nautical Ventures. 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 same period last year. Inventory declined by approximately 44% to $20.7 million, and floorplan financing decreased by 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.”
The company also noted that it expanded recurring and repeat-revenue activities across marina operations, service, storage, rentals, boat club memberships, and aftersales support. These efforts are intended to increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
In a separate announcement, Vision Marine confirmed the successful completion of its ATM equity offering program, which was originally announced on January 23, 2026. The program 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.
Concurrent with the ATM completion, Vision Marine reached agreements to sell three non-core commercial properties in Florida for a total of $13.1 million in aggregate gross proceeds. The company is selling these properties to optimize its Florida footprint. Combined with the ATM proceeds, Vision Marine believes it is well-positioned 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.”
Vision Marine'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. In addition to manufacturing proprietary electric propulsion systems, the company operates Nautical Ventures, a Florida-based retail and service platform acquired in June 2025. These developments come as the company seeks to capitalize on the growing demand for electric boating and strengthen its market position.
