Canadian electric propulsion company Vision Marine Technologies has reported its financial results for the three-month period ended 30 November 2025.
During the first quarter of fiscal 2026, the company recorded $1.9m of cash provided by operating activities. This was the first quarter in which operating activities generated positive cash flow after a period in which operations had used cash. The result coincided with the initial stages of integrating Nautical Ventures Group (NVG), which it acquired in June 2025, alongside early changes to operating processes and organisational structure.
As of 30 November 2025, Vision Marine reported cash of $2.3m and a working capital surplus of approximately $4.7m. These figures exclude $9.6m in gross proceeds from an equity financing completed on 19 December 2025. Together with the $1.9m generated from operating activities during the quarter, the company reports an increase in available liquidity as it advances its operational initiatives for 2026.
Total revenue for the quarter was $15.7m, compared with $0.1m in the same period a year earlier. The firm says this increase primarily reflects the expanded US retail platform following the inclusion of NVG dealership operations. Gross profit for the quarter was $4.2m, representing 27 per cent, which the company attributes to the scale of the enlarged retail network.
The company reported a net loss before taxes of $4.3m for the quarter, compared with $1.1m in the prior-year period. The change reflects the acquisition of NVG, which expanded the operating footprint, and a $1.1m reduction in non-cash gains linked to mark-to-market movements on derivative liabilities.
For the three-month period ended 30 November 2025, EBITDA loss was $2.3m, compared with $2m in the prior-year period. The higher EBITDA loss during the quarter primarily reflects 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 stabilising our financial foundation,” says Alexandre Mongeon, chief executive 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 generating new revenue growth opportunities from our marina and with our E-Motion 180E electric propulsion system.”
Raffi Sossoyan, chief financial officer of Vision Marine, adds: “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 $9.6m 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.”
For fiscal 2026, the company says it plans to monetise selected non-core real-estate assets within an estimated two to three quarters, with proceeds intended to support operations and the balance sheet. Other areas of focus include inventory and working capital efficiency, lender and financing relationships, and initiatives aimed at supporting longer-term liquidity and operating performance.
Vision Marine also plans to expand after-sales and maintenance programmes across its boat portfolio, including installation and servicing of the E-Motion 180E electric propulsion system, alongside the provision of financing and insurance at the point of sale.
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