Vision Marine Technologies Inc. (NASDAQ: VMAR) has reported double-digit sequential revenue growth for its fiscal third quarter and completed a $16.3 million at-the-market equity offering, signaling strategic advancement in its electric marine propulsion business. The company, which combines high-voltage electric propulsion technology with a retail, marina, and service platform, highlighted these milestones as evidence of its progress in commercializing its E-Motion™ system, expanding its electric boat portfolio, and building shareholder value.
For the quarter ended May 31, Vision Marine generated revenue of $18.4 million, a 27% increase from the $14.5 million reported in the fiscal second quarter. Over 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, largely due to the acquisition of Nautical Ventures in June 2025. 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 prior year. The company also reduced inventory by approximately 44% to $20.7 million and cut floorplan financing by about 69% to $10.2 million, ending the quarter with $2.4 million in cash.
CEO Alexandre Mongeon attributed the results to stronger commercial execution and disciplined capital management. “The third quarter reflects the progress we have been working toward across revenue generation, working capital management and capital efficiency,” he said. “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 recurring revenue streams from marina operations, service, storage, rentals, boat club memberships, and aftersales support. These initiatives are designed to increase customer engagement throughout the boating lifecycle and diversify the business model beyond individual boat sales.
In a separate announcement, Vision Marine successfully completed its at-the-market equity offering program, first announced on January 23, 2026, raising $16.3 million in gross proceeds. Following the offering and final settlement, the company has approximately 6.5 million common shares outstanding and about $9.5 million in 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, further optimizing its footprint and providing additional non-dilutive capital.
Mongeon expressed confidence in the company’s position: “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.” He reiterated the company’s focus on advancing E-Motion commercialization, expanding its electric boat portfolio, and optimizing its retail, marina, and service platform.
The financial results and capital-raising efforts underscore Vision Marine’s commitment to scaling its operations and solidifying its place in the electric boating market. For more details on the company’s plans, visit Benzinga for the full report.
