Vision Marine Technologies Highlights One Year of Nautical Ventures Integration, Operational Discipline and Platform Expansion

• Vision Marine provided a one-year operational update following the June 20, 2025 acquisition of Nautical Ventures, highlighting balance sheet strengthening and inventory discipline.
• Floor-plan financing reduced 57% from $42.0M at acquisition to $18.2M as of February 28, 2026.
• Nautical Ventures inventory decreased 30% from $35.1M to $24.5M; consolidated inventory and supplier deposits stand at $32.9M.
• Real estate monetization generated $3.8M net proceeds from North Palm Beach property sales; estimated annualized footprint savings ~$2.8M.
• Commercial performance (June 20, 2025 – February 28, 2026) generated $42.5M in gross retail sales across 469 units.
• Electric product division recorded 15 sales (~$0.5M); water toys division generated ~$1.5M.
• Six months ended February 28, 2026: Consolidated revenue $30.2M; gross profit $8.6M; net loss before taxes $6.2M; EBITDA loss $4.5M.
• Completed a $1.48M ATM equity offering (June 1–15, 2026) for working capital and strategic initiatives.
• Transitioned Nautical Ventures financial reporting from U.S. GAAP to IFRS and aligned management systems.

• The news contains incremental operational progress (inventory reduction, financing optimization, IFRS alignment) but lacks any genuinely new market-relevant catalyst.
• The stock had already declined 70% into this print, implying the market had fully priced in dilution, compliance risks, and execution skepticism.
• The update is routine and expected. It does not change the fundamental trajectory of cash burn, low commercial adoption, or Nasdaq listing pressure. The material impact is neutral, as the underlying business dynamics remain unchanged.

Vision Marine Technologies operates a dual-platform strategy combining proprietary high-voltage electric marine propulsion technology (E-Motion™) with a direct-to-consumer retail and service network (Nautical Ventures). The company aims to bridge the gap between advanced electric propulsion engineering and practical marina infrastructure, targeting recreational and commercial boating markets. Recent efforts focus on integrating Nautical Ventures, optimizing real estate footprints, and advancing battery and software capabilities for OEM partnerships.