VMAR · Vision Marine Technologies Inc.

Vision Marine Technologies reported significant operational improvements in its second quarter fiscal 2026 results, driven primarily by the rapid integration of the Nautical Ventures Group (NVG) segment acquired in June 2025. The company achieved a 99% reduction in NVG's EBITDA loss to just $2,760, bringing the segment near breakeven within less than a year. This transformation was accomplished through aggressive working capital management, including a $10.6 million inventory reduction and a $23.8 million reduction in floor plan financing. The company's overall financial performance showed marked improvement, with revenue of $14.5 million and gross margin expanding to 30% from 27% in the prior quarter, reflecting better inventory management and a shift toward higher-margin products. Net loss improved by 56.8% to $1.9 million, while EBITDA loss improved by 9.0% to $2.1 million. Management highlighted strategic partnerships with OEMs including Yamaha and Twin Vee as contributing to operational momentum. The balance sheet strengthened with $4.1 million in cash, a $10.0 million working capital surplus, and total assets of $58.6 million as of February 28, 2026. During the six-month period, the company raised $9.3 million in equity financing and generated $3.8 million from real estate monetization initiatives. Looking forward, Vision Marine remains focused on transitioning NVG to sustained EBITDA-positive operations, continuing inventory and leverage reduction, executing additional real estate monetization, and expanding higher-margin sales and service offerings.