Update to Shareholders for the six-month period ended February 28, 2026
FORT LAUDERDALE, Fla., May 19, 2026 /PRNewswire/ -- Vision Marine Technologies Inc. ("Vision Marine") (NASDAQ: VMAR; TSXV: VMAR), a company specializing in high-voltage electric marine propulsion and multi-brand recreational boating operations, is pleased to publish the following address to shareholders from Alexandre Mongeon, its Chief Executive Officer.
Vision Marine was built to bring high-voltage electric marine into real-world adoption. Over the first six months of fiscal 2026, we have made important progress toward that objective by connecting our technology with direct market access, service infrastructure, and on-water customer deployment, creating a clearer path from innovation to commercial execution. Together, these elements reflect Vision Marine's evolution from advanced electric marine innovation into a scalable commercial platform designed to position the Company at the forefront of the future electric boating market.
Our technology was built for real-world adoption, and we are now executing on the next phase of growth: expanding our path to market and supporting broader customer adoption. Customers need to experience it, dealers need to support it, and products need to be delivered through a reliable retail and service network. The acquisition of Nautical Ventures Group Inc. ("Nautical Ventures") supports that transition by adding direct retail access, service support, and on-water deployment capabilities. For shareholders, this is where execution becomes tangible: Vision Marine is building the retail, service, and customer access infrastructure needed to move electric propulsion from innovation into commercial deployment.
This model is now producing measurable commercial and operational results. Electric boat sales under contract increased by more than 400% year-over-year, reflecting increased commercial engagement and customer interest in the Company's electric propulsion platform. Importantly, this growth shows that market interest is beginning to convert into contracted commercial activity. Supported by direct customer access and on-water exposure across the Nautical Ventures network, this growth reflects the practical value of combining Vision Marine's propulsion technology with real customer access, creating a stronger commercial foundation for broader customer adoption of electric boating.
To support this next phase of commercial execution, we materially improved the operating profile of the retail platform and strengthened the foundation needed to scale electric boating adoption. From the acquisition date up to February 28, 2026, total boats and tenders in inventory at the Nautical Ventures segment have been reduced by approximately 37%, while floor plan financing has decreased by approximately 57%. These reductions reflect disciplined integration, improved capital efficiency, and a stronger operating base for our growth. These actions contributed to a significant improvement in the operating profile of the Nautical Ventures segment, which approached EBITDA breakeven for the most recently reported quarter within less than one year of integration. EBITDA is a non-IFRS measure.
To support the next phase of commercial growth, we have also continued strengthening our financial flexibility. Nautical Ventures recently secured a new US$4.0 million floor plan credit facility with Shore Premier Finance, providing additional flexibility to support inventory deployment and align product availability with customer demand. In addition, we have continued executing on real estate monetization initiatives associated with the Nautical Ventures acquisition. Most recently, the Company announced a transaction involving the proposed sale of the Fort Lauderdale property located at 1400 South Federal Highway for total consideration of up to US$10.0 million, which is expected to generate approximately US$5.0 million in non-dilutive liquidity to Vision Marine pursuant to its existing contractual rights and operating arrangements associated with the Nautical Ventures acquisition. This transaction is in addition to the sale of two properties completed during the first quarter of fiscal 2026, which generated approximately US$3.9 million in net proceeds to the Company in October 2025.
As part of the same execution discipline, we continued improving the cost structure of the Nautical Ventures platform, supporting a more disciplined and scalable operating model. Through ongoing operational optimization and integration initiatives implemented during the period, Nautical Ventures implemented operating expenditure reductions expected to lower the platform's cost structure by approximately 10% -15% on a go-forward basis. As of February 28, 2026, the Company reported approximately US$4.1 million in cash and cash equivalents and working capital of approximately US$10.0 million.
From a technology and product perspective, we continue to advance our electric propulsion strategy through products and partnerships that bring electric boating closer to real customer adoption. The SPECTR 26 pontoon reflects our approach to bringing a fully integrated electric product to market within the pontoon category, one of the fastest growing and most relevant segments in recreational boating. Our collaboration with Sterk supports the integration of Vision Marine's propulsion systems into premium performance platforms and demonstrates the flexibility of our technology across multiple boating categories, customer segments, and on-water use cases.
From a commercial execution standpoint, the expansion of the Nautical Ventures brand portfolio, including AIATA and Twin Vee, strengthens our market reach through expanded distribution, premium brand representation, and exclusive market coverage across key recreational boating segments giving Vision Marine additional channels to place its technology in front of customers, support deployment, and expand adoption across boating markets.
Vision Marine has also recently commenced trading on the TSX Venture Exchange ("TSXV") under the symbol VMAR, complementing its Nasdaq listing and expanding access to North American capital markets while increasing visibility among Canadian and U.S. investors as we continue to execute our electric marine growth strategy.
We believe recreational boating is entering a long-term transition toward electric propulsion and more technology-driven on-water experiences. We believe that the progress achieved over the past six months reflects more than operational execution. It reflects the successful integration of technology, retail access, service infrastructure, and customer deployment into one operating platform designed to support scalable electric propulsion adoption and to help define how electric boating can move from an emerging category into a practical, customer-ready market.
That is the foundation we are building on as we continue to expand Vision Marine's position within the through continued execution of the recreational boating market.
Sincerely,
Alexandre Mongeon
Chief Executive Officer
Vision Marine Technologies Inc.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) is a company specializing in high-voltage marine propulsion and a vertically integrated multi-brand boat retail and service platform. Through its proprietary E-Motion electric propulsion technology and its ownership of Nautical Ventures, an award-winning marine dealership network with eight locations across Florida, Vision Marine combines advanced marine engineering with direct-to-consumer market access.
The Company's integrated platform spans propulsion technology, boat manufacturing partnerships, retail distribution, and aftersales service, enabling scalable deployment across both electric and internal combustion engine ("ICE") segments. Vision Marine continues to focus on enhancing the overall boating experience through innovation, operational execution, and customer engagement.
Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's expected growth, commercialization strategy, electric propulsion adoption, operational optimization initiatives, inventory and floor plan reduction efforts, anticipated financial flexibility and liquidity improvements, expected benefits from recently secured financing arrangements, anticipated proceeds from real estate monetization initiatives, expected closing and timing of proposed transactions, future market opportunities, product development initiatives, strategic partnerships, expansion of distribution channels, future operational performance, EBITDA improvement initiatives, and the Company's ability to continue scaling its electric boating platform and broader recreational marine operations.
Forward-looking statements are typically identified by words such as "expects," "anticipates," "believes," "plans," "intends," "may," "will," "should," "continue," "potential," "future," "growth," "strategy," and similar expressions, although not all forward-looking statements contain such terminology.
These statements are based on management's current expectations, assumptions and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the Company's ability to continue as a going concern; risks related to liquidity and capital resources; risks associated with the integration and operation of Nautical Ventures; the Company's ability to realize anticipated benefits from financing arrangements and real estate monetization initiatives; risks relating to capital markets conditions and the Company's ability to access additional financing on acceptable terms or at all; the risk that proposed transactions may not close on the anticipated terms or timing, or at all; market acceptance of electric marine propulsion technology; general economic, business, regulatory, competitive, market and industry conditions; dependence on key suppliers, manufacturers and strategic relationships; inventory management and floor plan financing risks; fluctuations in demand for recreational boating products; execution risks associated with operational optimization initiatives; and other risks disclosed in the Company's public filings with the SEC and Canadian securities regulatory authorities.
Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Vision Marine Technologies, Inc
