Vision Marine Technologies Inc. (NASDAQ: VMAR) is demonstrating progress in its strategic initiatives with the recent announcement of double-digit sequential revenue growth for its fiscal third quarter and the completion of a $16.3 million at-the-market equity offering program. These milestones underscore the company's efforts to advance the commercialization of its E-Motion™ electric propulsion system, expand its electric boat portfolio, and optimize its retail, marina, and service platform.
The company reported revenue of $18.4 million for the quarter ending May 31, a 27% increase from the $14.5 million generated in the fiscal second quarter. For the first nine months of fiscal 2026, revenue reached $48.6 million, compared to $0.4 million in the same period last year, primarily driven by the acquisition of Nautical Ventures, which was completed 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 the gross loss reported in the prior year. Additionally, inventory decreased by approximately 44% to $20.7 million, and floorplan financing declined by 69% to $10.2 million, reflecting better working capital management. The company ended the quarter with $2.4 million in cash.
Alexandre Mongeon, CEO and Co-Founder of Vision Marine, commented, "The third quarter reflects the progress we have been working toward across revenue generation, working capital management and capital efficiency. Our expanded operating platform is beginning to demonstrate how stronger commercial execution and disciplined capital management can reinforce one another." The company also expanded its recurring and repeat-revenue activities, including marina operations, service, storage, rentals, boat club memberships, and aftersales support, which are expected to enhance customer engagement and diversify the business model beyond individual boat sales.
In addition to the operational improvements, Vision Marine successfully completed its at-the-market equity offering program, which was initially 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 in unrestricted consolidated cash. The company also reached agreements to sell three non-core commercial properties in Florida for a total of $13.1 million, further strengthening its financial position.
Mongeon added, "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."
These developments indicate that Vision Marine is executing its strategy to drive growth and create shareholder value. The company's focus on electric propulsion technology and its integrated retail platform positions it well in the evolving marine industry.
