Vision Marine Technologies : Q2 2026 – Quarterly Report for the period ended February 28, 2026

Published: 2026-04-15 10:12:10 ET VMAR

Published on 04/15/2026 at 10:12 am EDT

Consolidated statements of financial position

[Going concern uncertainty - see note 2]

(Unaudited)

As at

February 28,

2026

August 31,

2025

Assets

Current

Cash and cash equivalents [note 5]

4,061,703

7,418,779

Restricted cash [note 5]

150,000

Trade and other receivables [note 6]

564,397

483,184

Income tax receivable

12,761

9,058

Inventories [note 7]

30,237,222

36,871,647

Prepaid expenses and deposits to suppliers [note 7]

3,586,000

3,771,918

Share subscription receivable [note 17]

326,048

28,526

Proceeds receivable from related parties [note 17]

6,556,314

10,389,917

Total current assets

45,494,445

58,973,029

Right-of-use assets [note 8]

9,305,501

7,070,321

Property and equipment [note 9]

2,980,399

3,307,055

Intangibles [note 10]

508,601

481,197

Goodwill [note 4]

190,935

Deferred income taxes

10,370

Other financial assets

141,587

81,655

Total assets

58,631,838

69,913,257

Liabilities and shareholders' equity

Current

Trade and other payables [notes 11 & 17]

7,502,634

8,607,790

Provision on onerous contracts

67,195

66,706

Contract liabilities [note 12]

6,372,743

5,674,870

Floor plan financing [note 14]

18,152,523

32,511,664

Amounts due to related parties [note 17]

62,867

Current portion of lease liabilities [note 13]

2,498,210

1,666,853

Current portion of long-term debt [note 15]

432,864

657,110

Current portion of derivative liabilities [note 16]

438,672

510,238

Total current liabilities

35,527,708

49,695,231

Lease liabilities [note 13]

7,035,097

5,338,738

Long-term debt [note 15]

1,225,340

1,373,885

Purchase consideration payable to related party [notes 16 and 17]

5,354,308

5,048,506

Deferred income taxes

5,895

Total liabilities

49,142,453

61,462,255

Shareholders' equity

Capital stock [note 18]

73,727,463

67,144,672

Contributed surplus [note 19]

12,337,548

11,785,399

Accumulated other comprehensive income

1,183,405

1,102,489

Deficit

(77,759,031)

(71,581,558)

Total shareholders' equity

9,489,385

8,451,002

58,631,838

69,913,257

Consolidated statements of changes in equity (deficit)

[Going concern uncertainty - see note 2]

(Unaudited)

For the six-month periods ended February 28,

Accumulated other

Contributed comprehensive

Common shares Pre-funded warrants surplus Deficit income Total

Units $ Units $ $ $ $ $

Shareholders' equity as at August 31, 2024

455

42,001,705

28,252

9,411,247

(49,929,565)

717,753

2,229,392

Total comprehensive loss

(3,720,035)

(416,534)

(4,136,569)

Securities issuance - preferred shares converted

[notes 16 and 24]

335

308,692

Securities issuance, net of transaction costs of

$1,891,037 [note 18]

23,495

17,085,437

1,126

562,500

17,647,937

Securities issuance - pre-funded warrants converted

1,126

562,500

(1,126)

(562,500)

Fractional securities issued due to reverse stock split

488

Share-based compensation - warrants [note 19]

348,552

Share-based compensation - stock options [note 19]

23,220

Shareholders' equity as at February 28, 2025

25,899

59,958,334

28,252

9,783,019

(53,649,600)

301,219

16,421,224

Shareholders' equity as at August 31, 2025

122,737

67,116,420

28,252

11,785,399

(71,581,558)

1,102,489

8,451,002

Total comprehensive loss

(6,177,473)

80,916

(6,096,557)

Management fees charged to Marine Ventures LLC

[note 17]

159,269

Change in derivative liabilities due to partial

settlements of convertible note due to related

party [notes 16 and 24]

17,578

Securities issuance, net of transaction costs of

$896,174 [note 18]

708,728

2,770,541

318,750

3,812,250

6,582,791

Securities issuance - pre-funded warrants converted

[note 18]

318,750

3,812,250

(318,750)

(3,812,250)

Fractional securities issued due to reverse stock split

[note 18]

71,416

Share-based compensation - RSUs [note 19]

30,980

Share-based compensation - stock options [note 19]

13,131

Share-based compensation - warrants [note 19]

331,191

Shareholders' equity as at February 28, 2026

1,221,631

73,699,211

28,252

12,337,548

(77,759,031)

1,183,405

9,489,385

Consolidated statements of comprehensive income (loss)

[Going concern uncertainty - see note 2]

(Unaudited)

Restated

[note 2]

Restated

[note 2]

Three-

Six-

month

period

ended

February

28, 2026

28, 2025

28, 2026

28, 2025

Revenues [note 20]

14,531,484

75,009

30,224,328

177,219

Cost of sales [note 7]

10,134,016

78,899

21,628,521

217,333

Gross profit (loss)

4,397,468

(3,890)

8,595,807

(40,114)

Expenses

Research and development

142,315

565,648

219,013

747,549

Selling and marketing expenses

1,802,018

759,290

3,446,227

1,151,128

Office salaries and benefits

2,577,101

674,017

5,131,448

1,026,390

Office and general

1,479,676

335,253

3,024,439

604,460

Professional fees

536,380

638,398

1,265,420

1,438,218

Share-based compensation [note 19]

22,832

10,089

44,111

23,220

Depreciation and amortization

866,173

83,883

1,642,689

167,905

Net finance expense (income) [note 21]

(1,155,106)

(480,335)

17,988

(1,487,453)

6,271,389

2,586,243

14,791,335

3,671,417

Loss before tax

(1,873,921)

(2,590,133)

(6,195,528)

(3,711,531)

Income taxes

Current tax expense (recovery)

4,039

(8,638)

(1,862)

4,449

Deferred tax expense (recovery)

(13,036)

1,780

(16,193)

4,055

(8,997)

(6,858)

(18,055)

8,504

Net loss for the period (1,864,924)

(2,583,275)

(6,177,473)

(3,720,035)

Items of comprehensive loss that will be subsequently reclassified to earnings:

Foreign currency translation differences for foreign

operations, net of tax

305,363

(224,398)

80,916

(416,534)

Other comprehensive loss, net of tax

305,363

(224,398)

80,916

(416,534)

Total comprehensive loss for the period, net of tax

(1,559,561)

(2,807,673)

(6,096,557)

(4,136,569)

Weighted average shares outstanding

802,698

16,246

461,892

9,116

Basic and diluted income (loss) per share

(2.32)

(159.01)

(13.37)

(408.08)

Consolidated statements of cash flows

[Going concern uncertainty - see note 2]

(Unaudited)

Six-month periods ended February 28,

2026

2025

Restated

[note 2]

Operating activities

Net loss for the period

(6,177,473)

(3,720,035)

Depreciation and amortization

1,967,428

244,442

Accretion on long-term debt and lease liability

360,983

24,735

Share-based compensation - options and warrants

375,302

371,772

Shares issued for services

190,788

721,922

Income tax expense (recovery)

(18,055)

8,504

Gain on derivative liabilities [note 16]

(2,911,891)

(2,241,059)

Loss on revaluation of contingent consideration [notes 16 and 17]

466,795

Loss on lease termination

44,023

Effect of exchange rate fluctuation

60,218

(416,683)

(5,641,882)

(5,006,402)

Net change in non-cash working capital items

Trade and other receivables

(81,213)

(88,718)

Inventories

6,798,032

(327,266)

Prepaid expenses and deposits to suppliers

185,918

(367,319)

Share subscription receivable

(297,522)

Other financial assets

(59,932)

4,395

Trade and other payables

(1,234,551)

(2,571,975)

Contract liabilities

697,873

35,999

Cash provided by (used in) operating activities

366,723

(8,321,286)

Investing activities

Business acquisition - net of cash acquired

27,616

Additions to property and equipment

(319,656)

(23,939)

Additions to intangibles

(83,670)

(37,738)

Proceeds received from related parties on sale of real estate [note 17]

3,833,603

Cash provided by (used in) investing activities

3,457,893

(61,677)

Financing activities

Increase in floor plan financing

132,102

Repayment of floor plan financing

(14,491,243)

Decrease (increase) in restricted cash [note 5]

(150,000)

Increase in long-term debt

251,620

207,161

Repayment of long-term debt

(798,505)

(272,693)

Repayment of purchase consideration

(1,723)

Change in amounts due to related parties

(12,133)

(75,146)

Issuance of Voting Common Shares and warrants [note 18]

9,259,809

19,141,579

Repayment of lease liabilities

(1,371,619)

(50,949)

Cash provided by (used in) financing activities

(7,181,692)

18,949,952

Net increase (decrease) in cash during the period

(3,357,076)

10,566,989

Cash and cash equivalents, beginning of period

7,418,779

46,791

Cash and cash equivalents, end of period

4,061,703

10,613,780

Disclaimer

Vision Marine Technologies Inc. published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 14:11 UTC.