NEW YORK, July 14, 2026, 12:10 p.m. EDT
Vision Marine Technologies Inc. NASDAQ:VMAR stock was up 7.8% at $1.52 as of 12:06 p.m. EDT Tuesday. Trading volume hit 84.9 million shares, which is 37.4 times the 2.27 million shares outstanding as of yesterday, and 77.4 times its 65-day average. Share turnover, or volume divided by shares outstanding, gave the stronger read.
The SEC signed off on Vision Marine’s quarterly filing at 4:15 p.m. Monday, just after the market shut. The company put out its results at 4:58 p.m. That meant Tuesday was the first full trading day for investors to react. Shares opened at $1.81 and jumped to $2.25, almost 60% over Monday’s close, then gave back about one-third from the high. The timing’s key here.
The filing showed Vision Marine put out 1.87 million shares via an at-the-market program during June and July, bringing in $4.79 million in gross proceeds. That’s 82.4% of the company’s July 13 share count, putting the average gross price per share around $2.56. Shares traded midday Tuesday about 41% below that level. The ownership shifted right before the results came out.
The table below compares Tuesday’s market data against reported share counts from the companies. The volume stands out from normal trading.
| Measure | Latest reading | Comparison | Change or multiple |
|---|---|---|---|
| Share price | $1.52 | Closed at $1.41 before | Up 7.8% |
| Intraday high | $2.25 | Closed at $1.41 before | Up 59.6% |
| Trading volume | 84.86 million | 2.27 million shares exist | 37.4x |
| Trading volume | 84.86 million | 65-day average is 1.10 million | 77.4x |
| June-July share issuance | 1.87 million | 2.27 million shares exist | 82.4% |
| Implied gross issuance price | Roughly $2.56 | Market now at $1.52 | Market is 40.6% lower |
The operations numbers went the other way. Revenue in the third quarter was up 26.4% from the prior quarter, but gross profit dropped 27.5%. Gross margin slid 12.9 percentage points, and the net loss got wider by $3.85 million. So the numbers look different.
| Fiscal measure | Q2 2026 | Q3 2026 | Sequential change |
|---|---|---|---|
| Revenue | $14.53 million | $18.37 million | up 26.4% |
| Gross profit | $4.40 million | $3.19 million | down 27.5% |
| Gross margin | 30.3% | 17.4% | off 12.9 points |
| Net loss | $1.86 million | $5.71 million | loss deepened by $3.85 million |
Two older luxury yachts made up $4.09 million in quarterly sales but led to about $55,000 in gross losses combined. Without those boats, Nautical Ventures’ retail would have posted a 23% gross margin. Management said they sold the yachts to reduce floorplan financing and carrying costs for unsold boats. The move was for balance-sheet cleanup, not margin expansion.
Vision Marine reported a third-quarter EBITDA loss of $4.48 million. That number includes a $1.09 million impairment tied to liquidation proceedings at a French battery supplier. Net loss climbed to $5.71 million, up from $1.86 million in the second quarter. Losses stayed high despite stronger sales.
Nine-month operating cash flow came in at a positive $2.39 million, reversing last year’s $10.64 million outflow. The cash-flow statement showed a $10.76 million shortfall before working-capital changes, with $16.30 million released from inventory lifting the final total. Cash dropped to $814,205 from $7.42 million, as Vision Marine raised $11.68 million from equity and warrants and paid back $24.68 million in floorplan debt. Cash generation still isn’t regular.
CEO Alexandre Mongeon said the quarter showed “progress we have been working toward across revenue generation, working capital management and capital efficiency.” CFO Raffi Sossoyan said the company is still “focused on liquidity.” Management kept hitting on that theme. PR Newswire
The filing included a going-concern warning, showing there’s still big doubt about Vision Marine’s ability to stay afloat for at least the next 12 months. As of May 31, the company had $6.86 million in working capital and an accumulated deficit of $83.47 million. Vision Marine said more financing will be needed. Raising fresh equity might keep the business running, but that could mean more dilution for existing holders. Funding is still the big risk.
Vision Marine’s market cap sat around $3.5 million at $1.52 a share and the July 13 share count. That’s loose change next to $48.6 million in nine-month revenue. Still, the numbers won’t mean much if margins don’t settle and cash flow keeps drawing on inventory sales or new share sales. The company’s next real test is showing it can deliver quality rather than just bump up volumes.
