Vision Marine (NASDAQ: VMAR) grows revenue to $48.6M and raises $16.3M
Rhea-AI Filing Summary
Vision Marine Technologies Inc. reported strong top-line momentum for the nine months ended May 31, 2026, with revenue of $48.6 million versus $0.4 million a year earlier. Third-quarter revenue reached $18.4 million, about 27% above second-quarter revenue of $14.5 million. Gross profit was $11.8 million, a 24.3% gross margin, and cash provided by operating activities totaled $2.4 million. Inventory fell to $20.7 million and floorplan financing to $10.2 million, reflecting sizable reductions from fiscal year-end.
The company still reported a net loss of $11.9 million for the period, driven by depreciation and amortization on acquired assets, higher financing costs, and an impairment of deposits with a former battery supplier in liquidation, partly offset by gross profit and working-capital improvements.
Liquidity improved through completion of an at-the-market equity offering program that issued 6,380,235 shares for gross proceeds of $16,334,922 and net proceeds of $15,552,243. After settlement, Vision Marine had 6,530,460 shares outstanding and about $9.5 million of unrestricted cash. Pending Florida real estate transactions are expected, if completed, to generate roughly $13.1 million in gross sale proceeds and $5.58 million in estimated net equity proceeds, while the company notes it continues to incur losses and expects to require additional capital.
Positive
- Nine-month revenue rose to $48.6 million from $0.4 million a year earlier, with third-quarter revenue of $18.4 million up about 27% sequentially and gross margin at 24.3%.
- Operating cash flow for the first nine months of fiscal 2026 was positive at $2.4 million, supported by inventory and floorplan reductions to $20.7 million and $10.2 million, respectively.
- Completion of the at-the-market program added approximately $16.3 million in gross proceeds, leaving Vision Marine with about $9.5 million of unrestricted cash and potential additional net equity proceeds of $5.58 million from pending real estate sales.
Negative
- Vision Marine recorded a net loss of $11.9 million for the first nine months of fiscal 2026 and states that it continues to report losses and expects to require additional capital to support operations and strategic initiatives.
- Results include an impairment of deposits with a former battery supplier that entered liquidation, and management highlights going-concern, financing, market-demand and stock-exchange listing-compliance risks.
Key Figures
Key Terms
at-the-market equity offering program financial
floorplan financing financial
gross margin financial
unrestricted consolidated cash financial
going concern financial
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File No. 001-39730
VISION MARINE TECHNOLOGIES INC.
(Translation of registrant’s name into English)
730 Boulevard du Curé-Boivin
Boisbriand, Québec, J7G 2A7, Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ¨
General
The information contained in this Report on Form 6-K (this “Form 6-K”) is hereby incorporated by reference into our Registration Statement on Form F-3 (File No. 333-284423), Registration Statement on Form F-3 (File No. 333-291917) and Registration Statement on Form S-8 (File No. 333-264089).
On July 13, 2026, Vision Marine Technologies Inc. (the "Company") issued a press release reporting its unaudited financial results for the three-month and nine-month periods ended May 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K.
On July 14, 2026, the Company issued a press release announcing the completion of its previously announced at-the-market equity offering program pursuant to the Sales Agreement, dated January 23, 2026, with ThinkEquity LLC, as sales agent. Pursuant to the completed program, the Company sold an aggregate of 6,380,235 common shares for aggregate gross proceeds of $16,334,922 and net proceeds of $15,552,243, after deducting sales commissions and other offering expenses of $782,679. The share amount set forth above gives effect to the Company’s most recent share consolidation that became effective on June 17, 2026.
The at-the-market offering program is complete, and no additional common shares will be issued or sold under the prospectus supplement relating to the completed program
Copies of the Company’s press releases dated July 13, 2026, and July 14, 2026, are furnished as Exhibits 99.1 and 99.2, respectively, to this Report on Form 6-K
| Exhibit No. | Index |
| 99.1 | Press Release issued by Vision Marine Technologies Inc. on July 13, 2026, entitled “Vision Marine Technologies Delivers 27% Sequential Q3 Revenue Growth” |
| 99.2 | Press Release issued by Vision Marine Technologies Inc. on July 14, 2026, entitled “Vision Marine Technologies Completes US$16.3 Million At-the-Market Equity Offering Program” |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VISION MARINE TECHNOLOGIES INC. | ||
| Date: July 17, 2026 | By: | /s/ Raffi Sossoyan |
| Name: | Raffi Sossoyan | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Vision Marine Technologies Delivers 27% Sequential Q3 Revenue Growth
First nine months of fiscal 2026 generated $48.6 million in revenue, $11.8 million in gross profit at a 24.3% margin and $2.4 million in cash from operating activities.
Boisbriand, Québec and Fort Lauderdale, Florida, July 13, 2026 – Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) (“Vision Marine” or the “Company”), a marine technology and recreational boating company combining proprietary high-voltage electric propulsion technology with a retail, marina and service platform, today reported its unaudited financial results for the three-month and nine-month periods ended May 31, 2026.
All amounts are expressed in U.S. dollars unless otherwise indicated.
Key Takeaways
Sequential revenue growth. Third-quarter revenue increased approximately 27% to $18.4 million, compared with $14.5 million in the second quarter of fiscal 2026. Because Nautical Ventures Group Inc. (“NVG”) was included in both periods, management believes the quarter-over-quarter comparison provides a more comparable view of the Company’s financial and commercial trajectory.
Gross profit and margin generation. For the first nine months of fiscal 2026, Vision Marine generated gross profit of $11.8 million, representing a gross margin of 24.3%, compared with a gross loss in the prior-year period.
Positive operating cash flow. Cash provided by operating activities totaled $2.4 million for the first nine months of fiscal 2026, supported by disciplined working capital management and inventory reduction.
Improved capital efficiency. Inventory declined approximately 44% from August 31, 2025, to $20.7 million, while floorplan financing declined approximately 69% from fiscal year-end to $10.2 million.
Alexandre Mongeon, Chief Executive Officer 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.
“We are building an integrated marine platform that connects our E-Motion™ technology with direct customer access, marina infrastructure, certified service and aftersales support. We remain committed to disciplined capital allocation, continued operational execution and building long-term shareholder value while advancing toward sustainable profitability.”
Revenue Growth and Gross Profit
Revenue for the first nine months of fiscal 2026 increased to $48.6 million, compared with $0.4 million during the same period of the prior year, primarily reflecting the contribution from the acquisition of NVG.
Third-quarter revenue was $18.4 million, an increase of approximately 27% from $14.5 million in the second quarter of fiscal 2026 in the third quarter of fiscal 2025. The year-over-year increase primarily reflects the inclusion of NVG following its acquisition in June 2025.
Gross profit for the first nine months of fiscal 2026 was $11.8 million, representing a gross margin of 24.3%, compared with a gross loss in the prior-year period. Gross margin is calculated as gross profit divided by revenue.
Gross profit during the period was affected by the strategic sale of two legacy luxury yachts exceeding 65 feet that had been acquired as part of the NVG transaction. The vessels generated aggregate revenue of approximately $4.1 million and an aggregate gross loss of approximately $55,000.
Management completed these sales to reduce floorplan financing and carrying costs while aligning inventory with the Company’s commercial focus on boats under 45 feet.
Operating Cash Flow and Capital Efficiency
Cash provided by operating activities totaled $2.4 million for the first nine months of fiscal 2026. This result was supported by disciplined working capital management, including the reduction and monetization of inventory.
Inventory declined from approximately $36.9 million on August 31, 2025, to $20.7 million on May 31, 2026, a reduction of approximately 44%.
Floorplan financing declined from approximately $32.5 million at fiscal year-end to $10.2 million on May 31, 2026, a reduction of approximately 69%.
Raffi Sossoyan, Chief Financial Officer of Vision Marine, commented:
“The third quarter reflects progress across several of our financial priorities. Sequential revenue growth and positive cash flow from operating activities demonstrate continued progress in commercial execution and working capital management. Our reductions in inventory and floorplan financing also reflect a disciplined approach to working capital and capital allocation. We remain focused on liquidity and the financial flexibility required to support our strategic priorities.”
Financial Performance
Vision Marine reported a net loss of $11.9 million for the first nine months of fiscal 2026. The result included depreciation and amortization associated with acquired assets, financing costs related to the Company’s expanded operations and the impairment of deposits with a former battery supplier that entered liquidation proceedings during the period.
The net loss also reflects the continued integration and development of the Company’s expanded marine platform. These factors were partially offset by gross profit generated during the period and improvements in working capital management that contributed to positive operating cash flow.
Integrated Marine Technology Platform
Vision Marine’s operating model combines its proprietary E-Motion™ high-voltage electric propulsion technology with the customer access, marina infrastructure, service capabilities, parts support and delivery platform provided through NVG.
The Company continued advancing the commercialization of E-Motion™ during the quarter, including the ongoing qualification of a U.S.-based battery supplier.
Vision Marine is also expanding recurring and repeat-revenue activities across marina operations, service, storage, rentals, boat club memberships and aftersales support. Management believes these activities can increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
The acquisition and integration of Liquid Retailers, LLC, operating as Liquid Surf & Sail, further expanded the Company’s watersports capabilities and customer offering.
Liquidity and Continuing Execution
Management remains focused on improving liquidity through operating cash flow generation, inventory monetization, disciplined working capital management, financing initiatives and the optimization and potential monetization of non-core real estate assets.
Vision Marine continues to report losses and expects to require additional capital to support its operations and strategic initiatives. The availability and terms of financing, the timing and proceeds of potential real estate transactions and the Company’s ability to continue improving liquidity remain subject to market conditions, execution risk and other factors described in the Company’s public filings.
Financial Statements and Management’s Discussion and Analysis
Vision Marine’s unaudited interim condensed consolidated financial statements and Management’s Discussion and Analysis for the three-month and nine-month periods ended May 31, 2026, have been filed on SEDAR+ and furnished to the U.S. Securities and Exchange Commission on Form 6-K.
Investors are encouraged to review these documents in their entirety for additional information regarding the Company’s financial results, liquidity, capital requirements and risk factors.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. is a marine technology and recreational boating company focused on delivering an enhanced on-water experience across propulsion types. The Company develops proprietary high-voltage electric propulsion technology through its E-Motion™ platform and supports its commercialization through a retail, marina, service and delivery platform. Vision Marine’s integrated operating model combines technology development, consumer access, service infrastructure and multi-brand boating operations.
Forward-Looking Statements
Certain statements in this news release constitute “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include, but are not limited to, statements concerning the Company’s strategy; future financial and operating performance; revenue momentum and growth; liquidity improvement initiatives; operating cash flow generation; inventory monetization; disciplined working capital management; financing initiatives; real estate optimization and monetization; disciplined capital allocation; the pursuit of sustainable profitability and long-term shareholder value; the integration and optimization of acquired businesses; the expansion of recurring and repeat-revenue activities; the qualification of a U.S.-based battery supplier; and the development and commercialization of the Company’s E-Motion™ electric propulsion platform.
Forward-looking statements are based on management’s current expectations, estimates, assumptions and projections and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks include, among others, the Company’s ability to continue as a going concern; its history of losses and current liquidity position; its ability to obtain additional financing on acceptable terms or at all; its ability to comply with applicable Nasdaq and TSX Venture Exchange continued listing requirements; the timing, completion and proceeds of potential real estate transactions; its ability to successfully integrate and operate acquired businesses; changes in consumer demand; economic conditions affecting the recreational boating industry; inflation and interest rates; supplier performance and availability; the qualification of alternative battery suppliers; supply chain disruptions; tariffs and trade policies; competition; and the successful development and commercialization of the Company’s technology.
Additional risks and uncertainties are described in the Company’s filings with Canadian securities regulators on SEDAR+ and with the U.S. Securities and Exchange Commission on EDGAR. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, Vision Marine undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.
Investor and Company Contacts
Bruce Nurse
Investor Relations
(309) 919-2913
bn@v-mti.com
Alexandre Mongeon
Chief Executive Officer
(450) 951-7009
am@v-mti.com
Raffi Sossoyan
Chief Financial Officer
(450) 951-7009
rs@v-mti.com
Exhibit 99.2
Vision Marine Technologies Completes US$16.3 Million At-the-Market Equity Offering Program
Following ATM completion, Vision Marine reports approximately US$9.5 million in unrestricted consolidated cash; pending real estate transactions, if completed, are expected to generate approximately US$5.58 million in estimated net equity proceeds.
BOISBRIAND, Québec, and FORT LAUDERDALE, Florida, July 14, 2026 – Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) (“Vision Marine” or the “Company”), a marine technology and recreational boating company combining proprietary high-voltage electric propulsion technology with a retail, marina and service platform, today announced the successful completion of its at-the-market (“ATM”) equity offering program, originally announced on January 23, 2026, pursuant to which the Company raised approximately US$16.3 million in aggregate gross proceeds.
The ATM program is complete, and no additional common shares will be issued under the completed program. Following completion of the ATM program and final settlement, the Company has 6,530,460 common shares outstanding and approximately US$9.5 million of unrestricted consolidated cash. This unrestricted cash balance reflects cash available to the Company following completion of the ATM program and excludes restricted cash balances.
In addition, Vision Marine expects to receive further cash from its previously announced pending Florida real estate transactions. If completed as currently contemplated, the transactions are expected to generate approximately US$13.1 million in aggregate gross sale proceeds and approximately US$5.58 million in estimated net equity proceeds to the Company before customary closing adjustments, taxes and transaction costs.
Management believes the enhanced liquidity resulting from the completed ATM positions Vision Marine to continue executing its operational priorities, including inventory optimization, marina operations, electric boat product development, disciplined working capital management and strategic growth initiatives. The expected net equity proceeds from the pending real estate transactions would provide further financial flexibility without the issuance of additional equity.
“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 Alexandre Mongeon, Chief Executive Officer and Co-Founder of Vision Marine. “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 and long-term shareholder value.”
Raffi Sossoyan, Chief Financial Officer of Vision Marine, added: “The completion of the ATM program represents an important milestone in strengthening Vision Marine’s financial position. With approximately US$9.5 million of unrestricted consolidated cash and 6,530,460 common shares outstanding, we believe the Company is well positioned to execute its operational priorities while maintaining the financial flexibility to support future growth initiatives. This stronger liquidity position builds upon the positive operating cash flow generated during the first nine months of fiscal 2026 and supports our continued focus on disciplined capital allocation, working capital management and balance sheet optimization.”
ThinkEquity acted as the sole sales agent for the ATM program. Under the program, the Company issued 6,380,235 common shares for gross proceeds of US$16,334,922 less transactions costs of US$782,679.
The pending real estate transactions remain subject to customary closing conditions. There can be no assurance that the transactions will close on the anticipated terms or timing or that the estimated gross proceeds or net equity proceeds will be realized as currently anticipated.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) is a marine technology and recreational boating company focused on delivering an enhanced on-water experience across propulsion types.
The Company develops proprietary high-voltage electric propulsion technology through its E-Motion™ platform and supports its commercialization through a retail, marina, service and delivery platform. Vision Marine’s integrated operating model combines technology development, consumer access, service infrastructure and multi-brand boating operations.
Forward-Looking Statements
Certain statements contained in this news release constitute “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include, but are not limited to, statements regarding the Company’s strategy; future financial condition and operating performance; liquidity; working capital; the expected benefits of the completed ATM program; the anticipated receipt, timing and amount of proceeds from the pending real estate transactions; inventory optimization; marina operations; electric boat product development and expansion; capital allocation; future growth initiatives; commercialization of the Company’s E-Motion™ electric propulsion technology; and the Company’s pursuit of long-term shareholder value.
Forward-looking statements are based on management’s current expectations, estimates, assumptions and projections and involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. These risks include, among others, the Company’s ability to continue as a going concern; its history of operating losses; its ability to generate positive cash flow; its ability to obtain additional financing if required; compliance with applicable Nasdaq and TSX Venture Exchange continued listing requirements; the timing, completion and proceeds of the pending real estate transactions; successful integration and operation of acquired businesses; changes in consumer demand; macroeconomic conditions affecting the recreational boating industry; inflation; interest rates; supplier performance and availability; supply-chain disruptions; tariffs and international trade policies; competition; and the successful development and commercialization of the Company’s proprietary technology.
Additional information regarding these and other risks and uncertainties is contained in the Company’s filings with the U.S. Securities and Exchange Commission, available on EDGAR, and with Canadian securities regulatory authorities, available on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by applicable law, Vision Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.
Investor and Company Contacts
Alexandre Mongeon
Chief Executive Officer
Vision Marine Technologies Inc.
(450) 951-7009
am@v-mti.com
Raffi Sossoyan
Chief Financial Officer
Vision Marine Technologies Inc.
(450) 951-7009
rs@v-mti.com
Bruce Nurse
Investor Relations
Vision Marine Technologies Inc.
(303) 919-2913
bn@v-mti.com