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 equity offering program, signaling progress in its strategy to advance electric propulsion in the recreational boating industry.
The company reported revenue of $18.4 million for the quarter ending May 31, a 27% increase from $14.5 million in the previous quarter. For the first nine months of fiscal 2026, revenue reached $48.6 million, a substantial jump from $0.4 million in the same period last year, primarily driven by the acquisition of Nautical Ventures in June 2025.
Gross profits for the first nine months totaled $11.8 million, representing a gross margin of 24.3%, compared with a gross loss in the year-earlier period. The company also reduced inventory by 44% to $20.7 million and floorplan financing by 69% to $10.2 million, ending 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.”
Vision Marine 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 support a more diversified business model beyond individual boat sales.
In a separate announcement, 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 of the ATM program 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 gross proceeds. The company aims to optimize its Florida footprint and maintain financial flexibility for future growth.
“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 designed to replace traditional internal combustion engines on recreational boats. With a stronger third quarter and improved cash position, Vision Marine is positioned to execute its operational priorities and continue its growth trajectory in the electric boating sector.
