Vision Marine Technologies Reports $1.9 Million of Cash Provided by Operating Activities in First Quarter of Fiscal 2026

Rhea-AI Summary

Vision Marine Technologies (NASDAQ: VMAR) reported Q1 fiscal 2026 results for the three months ended Nov 30, 2025. The company generated $1.9 million of cash provided by operating activities—the first positive operating cash flow quarter following prior cash-consuming operations. Total revenues were $15.7 million (prior-year $0.1M) and gross profit was $4.2 million (27% gross margin), driven by the integration of Nautical Ventures. The company posted a net loss before taxes of $4.3 million and an EBITDA loss of $2.3 million. As of Nov 30, 2025, cash was $2.3 million with a working capital surplus of approximately $4.7 million, excluding $9.6 million gross equity proceeds completed Dec 19, 2025.

Positive

• Operating cash flow of $1.9M in Q1 FY2026
• Total revenues $15.7M for the quarter (vs $0.1M prior-year)
• Gross profit $4.2M representing a 27% gross margin
• $9.6M gross equity financing closed Dec 19, 2025

Negative

• Net loss before taxes of $4.3M in Q1 FY2026
• EBITDA loss widened to $2.3M from $2.0M prior-year

News Market Reaction

-8.97%

10 alerts

-8.97% News Effect

+4598.7% Peak Tracked

-4.7% Trough Tracked

-$368K Valuation Impact

$4M Market Cap

0.1x Rel. Volume

On the day this news was published, VMAR declined 8.97%, reflecting a notable negative market reaction. Argus tracked a peak move of +4598.7% during that session. Argus tracked a trough of -4.7% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $368K from the company's valuation, bringing the market cap to $4M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Operating cash flow: $1.9M Cash balance: $2.3M Working capital surplus: $4.7M +5 more

8 metrics

Operating cash flow $1.9M Cash provided by operating activities, Q1 fiscal 2026

Cash balance $2.3M Cash as at November 30, 2025 (pre-December equity financing)

Working capital surplus $4.7M Working capital surplus as at November 30, 2025

Equity financing proceeds $9.6M Gross proceeds from equity financing completed December 19, 2025

Quarterly revenue $15.7M Total revenues for Q1 fiscal 2026 vs $0.1M prior-year period

Gross profit $4.2M (27%) Gross profit and margin for Q1 fiscal 2026

Net loss before taxes $4.3M Net loss before taxes for Q1 fiscal 2026 vs $1.1M prior-year

EBITDA loss $2.3M EBITDA loss for Q1 fiscal 2026 vs $2.0M prior-year

Market Reality Check

Price: $3.66 Vol: Volume 7,891,847 vs 20-da...

low vol

$3.66 Last Close

Volume Volume 7,891,847 vs 20-day avg 31,399,861 (relative volume 0.25x), indicating lighter-than-normal trading activity. low

Technical Current price 0.1483 trades well below the 200-day MA at 3.73 and sits just above the 52-week low of 0.145 (vs 52-week high 39.00).

Peers on Argus

VMAR was down 24.03% while close peers showed mixed, mostly modest moves: VEEE -...

VMAR was down 24.03% while close peers showed mixed, mostly modest moves: VEEE -3.47%, EZGO -0.73%, KNDI +3.18%, MAMO +0.82%, MCFT +2.03%. No peers appeared in the momentum scanner, supporting a stock-specific move.

Common Catalyst Same-day peer headlines centered on AI-enabled products (MAMO) and channel expansion at AIMExpo (KNDI), suggesting company-specific narratives rather than a shared earnings or liquidity theme.

Historical Context

5 past events · Latest: Jan 12 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Reverse stock split	Negative	-24.0%	Announced 1-for-40 reverse split to address Nasdaq minimum bid.
Dec 19	Equity offering close	Negative	+4.4%	Closed best-efforts public offering raising $9.6M gross proceeds.
Dec 17	Equity offering pricing	Negative	-48.8%	Priced 32M units at $0.30 with 5-year warrants attached.
Dec 09	Marina expansion lease	Positive	-20.4%	Secured flagship marina lease with purchase option and expansion plans.
Nov 28	FY 2025 results	Positive	+0.0%	Reported FY results highlighting Nautical Ventures revenue and cost savings.

Pattern Detected

Recent history shows frequent negative or muted reactions to structurally important events: offerings and a reverse split drew sharp declines, while strategic and operational updates often saw selling or flat trading despite growth or expansion messaging.

Recent Company History

Over the last six months, VMAR has undergone significant capital and strategic restructuring. A June 20, 2025 Nautical Ventures acquisition reshaped the business, contributing US$12.8M revenue and reducing floor-plan debt. Subsequent offerings in December 2025 raised $9.6M gross proceeds, followed by a 1-for-40 reverse split announced on January 12, 2026. The current quarterly release emphasizes revenue scale-up and the first positive operating cash flow, contrasting with prior market reactions that often punished balance-sheet actions and ignored strategic expansion.

Market Pulse Summary

The stock moved -9.0% in the session following this news. A negative reaction despite the report of ...

Analysis

The stock moved -9.0% in the session following this news. A negative reaction despite the report of $1.9M in positive operating cash flow and revenue of $15.7M would fit a pattern where markets focus on dilution history and losses. Prior offerings and the recent reverse split coincided with sharp selloffs, and the stock trades far below its $39.00 52-week high. Persistent net and EBITDA losses, plus integration risk around Nautical Ventures, could keep sentiment fragile even as liquidity improves through the $9.6M equity financing.

Key Terms

ebitda, non-gaap, ifrs, mark-to-market, +2 more

6 terms

ebitda financial

"Management remains focused on achieving EBITDA-positive and cash-flow-positive operations..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

non-gaap financial

"EBITDA is a non-GAAP financial measure and is reconciled to net loss..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

ifrs regulatory

"EBITDA is a non-GAAP financial measure and does not have a standardized meaning under IFRS."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

mark-to-market financial

"a $1.1 million reduction in non-cash gains related to mark-to-market movements..."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

derivative liabilities financial

"non-cash gains related to mark-to-market movements on derivative liabilities."

Derivative liabilities are obligations a company records when it owes money under financial contracts whose value depends on something else, like interest rates, stock prices, or currencies. Think of them as bets or insurance policies that can create future cash payments; they matter to investors because they can cause sudden changes in a company’s reported debt, profits and cash flow and reveal exposure to market risks that could affect valuation.

form 6-k regulatory

"filed with the U.S. Securities and Exchange Commission on a report on Form 6-K..."

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

AI-generated analysis. Not financial advice.

MONTREAL, Jan. 13, 2026 /PRNewswire/ -- Vision Marine Technologies Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), an electric marine propulsion company designing and manufacturing high-voltage powertrain systems, and operating a premium recreational boat retail network, today reported financial results for the three-month period ended November 30, 2025.

The first quarter of fiscal 2026 represents a meaningful operational inflection point for Vision Marine, as the Company generated $1.9 million of cash provided by operating activities, marking its first positive operating cash flow quarter following a period in which operations had historically consumed cash. This quarter reflects the early stages of integrating Nautical Ventures Group Inc. ("NVG" or "Nautical Ventures") and the initial implementation of operating efficiencies and organizational alignment, which are only beginning. We are striving to continue optimization of operations throughout fiscal 2026, as management remains focused on achieving EBITDA-positive and cash-flow-positive operations as swiftly as practicable to create long-term shareholder value.

As at November 30, 2025, Vision Marine reported cash of $2.3 million and a working capital surplus of approximately $4.7 million. These figures do not include the Company's $9.6 million of gross proceeds of equity financing completed on December 19, 2025. Combined with $1.9 million of cash provided by operating activities during the quarter, driven primarily by the early execution of operating efficiencies, these items reflect a strengthening liquidity profile as the Company executes its 2026 operational optimization initiatives.

Total revenues for the quarter were $15.7 million, compared to $0.1 million in the prior-year period, driven primarily by the scale of the Company's expanded U.S. retail platform following the inclusion of NVG's dealership operations. Gross profit for the quarter totalled $4.2 million or 27%, reflecting the operating leverage of the expanded retail network.

The Company reported a net loss before taxes of $4.3 million for the quarter, compared to $1.1 million in the prior-year period. The increase reflects the strategic acquisition of NVG, which significantly expanded the Company's operating footprint, as well as a $1.1 million reduction in non-cash gains related to mark-to-market movements on derivative liabilities.

For the three-month period ended November 30, 2025, the Company recorded an EBITDA loss of $2.3 million compared to $2.0 million in the prior-year period. EBITDA is a non-GAAP financial measure and is reconciled to net loss in the Company's Management's Discussion and Analysis for the period. Management believes EBITDA provides a useful supplemental measure for evaluating operating performance, particularly during transitional acquisition integration phases, as the Company prioritizes cash-flow generation and operational optimization during fiscal 2026. The increase in EBITDA loss was driven primarily by the inclusion of NVG's results.

"Generating positive operating cash flow in the first quarter following the Nautical Ventures acquisition represents an important step in stabilizing our financial foundation," said Alexandre Mongeon, Chief Executive Officer of Vision Marine. "Our focus remains on disciplined inventory management, integration execution, and strengthening liquidity as we execute on planned divestitures of non-core real-estate assets in the coming quarters, further strengthening the balance sheet without dilution. The Company's focus is on fundamentals, including cash flow generation, margin expansion, strengthening the balance sheet, and generate new revenue growth opportunities from our marina and with our E-Motion™ 180E electric propulsion system."

Raffi Sossoyan, Chief Financial Officer of Vision Marine, added, "this quarter represents a clear inflection point for the business. Following a period where operations historically consumed cash, we have now generated positive operating cash flow. Combined with the $9.6 million in gross proceeds of equity financing completed subsequent to quarter-end, we believe the Company has the liquidity required to continue executing its near-term operational plans. These include cost-reduction initiatives, further right-sizing of Nautical Ventures operations, disciplined inventory management, and balance-sheet strengthening, all undertaken in a challenging macroeconomic and recreational boating environment."

Outlook

Management's outlook for fiscal 2026 is centered on strengthening the core operating fundamentals of the combined platform as integration progresses, with particular emphasis on cash-flow generation, margin improvement, and balance-sheet resilience. Key priorities include:

• Completing the integration of Nautical Ventures over the next year, during which further operational alignment and optimization initiatives are anticipated;
  
  
• Monetizing select non-core real-estate assets, with the objective of completing such initiatives within approximately two to three quarters, to generate additional non-dilutive liquidity in support of operations and balance-sheet strengthening;
  
  
• Further optimizing inventory levels and working-capital efficiency;
  
  
• Strengthening lender and financing relationships;
  
  
• Advancing initiatives to support long-term liquidity and operational performance; and
  
  
• Expanding aftersales and maintenance programs across its boat portfolio, including E-Motion™ 180E installation and servicing, and offering financing and insurance at the point of sale to enhance the customer purchase experience and support the development of recurring revenue streams

Non-GAAP Financial Measure

EBITDA is a non-GAAP financial measure and does not have a standardized meaning under IFRS. As a result, EBITDA may not be comparable to similarly titled measures presented by other companies. Management uses EBITDA as a supplemental measure to assess operating performance by excluding non-cash and financing-related items. A reconciliation of EBITDA to net loss, the most directly comparable IFRS measure, is included in the Company's Management's Discussion and Analysis for the three-month period ended November 30, 2025, filed with the U.S. Securities and Exchange Commission on a report on Form 6-K on the date hereof.

About Vision Marine Technologies, Inc.

Vision Marine Technologies (NASDAQ: VMAR) is a marine technology and retail group delivering premium boating experiences across internal combustion and electric segments. Through its E-Motion™ high-voltage propulsion platform and its Nautical Ventures retail network, Vision Marine delivers integrated solutions spanning propulsion, retail, service, and on-water consumer engagement.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Canadian securities laws and within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered future events or trends, not relating to historical matters. Forward-looking statements can often be identified by such words as "expects", "plans", "believes", "intends", "continue", "potential", "remains", and similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", or "will" be taken. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine's Annual Report on Form 20-F, as amended, for the year ended August 31, 2025, and its periodic filings with the SEC and on SEDAR+ provide a detailed discussion of these risks and uncertainties. The Company assumes no obligation to update the information in this communication, except as required by law. Additional information identifying risks and uncertainties is contained in filings by the Company with the various securities commissions which are available online at www.sec.gov and www.sedarplus.ca. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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SOURCE Vision Marine Technologies, Inc

FAQ

What drove Vision Marine (VMAR) to $15.7M revenue in Q1 FY2026?

Revenue rose to $15.7M primarily from the expanded U.S. retail platform after integrating Nautical Ventures dealership operations.

How much operating cash flow did VMAR generate in Q1 FY2026?

Vision Marine generated $1.9M of cash provided by operating activities in the quarter ended Nov 30, 2025.

What was Vision Marine's EBITDA and net loss for Q1 FY2026 (VMAR)?

The company reported an EBITDA loss of $2.3M and a net loss before taxes of $4.3M for the quarter.

How did the Dec 19, 2025 equity financing affect VMAR's liquidity?

Management notes $9.6M of gross proceeds raised Dec 19, 2025, which the company says strengthens liquidity alongside Q1 operating cash flow.

What cash and working capital did Vision Marine report on Nov 30, 2025?

As of Nov 30, 2025 Vision Marine reported cash of $2.3M and a working capital surplus of about $4.7M (excluding subsequent financing).

What are VMAR's near-term priorities after the Nautical Ventures acquisition?

Management prioritizes completing Nautical Ventures integration, cash-flow generation, margin improvement, inventory optimization, and monetizing select non-core real-estate within ~two to three quarters.