Vision Marine Technologies generates positive operating cash flow

Vision Marine Technologies Inc. (NASDAQ: VMAR) reported $1.9 million of cash provided by operating activities for the first quarter of fiscal 2026, marking its first positive operating cash flow quarter after a period when operations consumed cash.

The electric marine propulsion company reported total revenues of $15.7 million for the three-month period ended November 30, 2025, compared to $0.1 million in the prior-year period. The increase was driven by the inclusion of Nautical Ventures Group Inc., which expanded the company's U.S. retail platform through dealership operations.

Gross profit for the quarter totaled $4.2 million, representing 27% of revenues. The company reported a net loss before taxes of $4.3 million, compared to $1.1 million in the prior-year period. The increase reflects the acquisition of Nautical Ventures and a $1.1 million reduction in non-cash gains related to derivative liabilities.

Vision Marine recorded an EBITDA loss of $2.3 million for the quarter, compared to $2.0 million in the prior-year period. As of November 30, 2025, the company reported cash of $2.3 million and working capital surplus of approximately $4.7 million. These figures exclude $9.6 million in gross proceeds from equity financing completed on December 19, 2025.

"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.

The company's outlook for fiscal 2026 focuses on completing the integration of Nautical Ventures, monetizing select non-core real estate assets within two to three quarters, and optimizing inventory levels and working capital efficiency.

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