Vision Marine Technologies Inc. (NASDAQ: VMAR), a marine technology company specializing in high-voltage electric propulsion systems, announced double-digit sequential revenue growth for its fiscal third quarter and the completion of a $16.3 million at-the-market (ATM) equity offering program. These milestones reflect the company's ongoing strategy to advance its E-Motion™ electric propulsion commercialization, expand its electric boat portfolio, and optimize its retail, marina, and service platform.
For the fiscal third quarter ending May 31, Vision Marine reported revenue of $18.4 million, a 27% increase from $14.5 million in the second quarter. This growth is attributed to the acquisition of Nautical Ventures, a Florida-based retail and service platform acquired in June 2025. For the first nine months of fiscal 2026, revenue reached $48.6 million, compared to $0.4 million in the prior-year period, reflecting the significant contribution from Nautical Ventures. Gross profits for the first nine months were $11.8 million, representing a gross margin of 24.3%, a notable improvement from a gross loss in the same period last year.
The company also reported a 44% decline in inventory to $20.7 million and a 69% decline in floorplan financing to $10.2 million, indicating improved working capital management. Vision Marine ended the quarter with $2.4 million in cash. According to CEO Alexandre Mongeon, "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."
Vision Marine has 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 addition to the revenue growth, Vision Marine completed its ATM equity offering program, raising $16.3 million in gross proceeds. Following 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, which will further enhance its financial flexibility.
"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."
These developments are significant for the recreational boating industry as they demonstrate the growing commercial viability of electric propulsion systems. Vision Marine's E-Motion 180e is a fully integrated, high-voltage electric powertrain designed to replace traditional internal combustion engines, offering a cleaner and more efficient alternative. The company's progress in expanding its retail and service platform through Nautical Ventures positions it to capture a larger share of the market, and its focus on recurring revenue streams could provide a more stable financial foundation.
For more information on Vision Marine Technologies' plans, visit their [website](https://visionmarine.com).
