Exhibit 99.3

AMENDED UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma combined financial data are presented to illustrate the effect of the following equity purchase agreement (the “Acquisition”): On June 20, 2025, NVG Holdings Inc., a wholly-owned subsidiary of Vision Marine Technologies Inc. (the “Company”) entered into an equity purchase agreement (the “Purchase Agreement”) to acquire 100% of the common stock of Nautical Ventures Group Inc. ("NVG") . The Company, NVG Holdings Inc. and NVG may be referred to herein collectively as the “Parties” and separately as a “Party.” The Acquisition closed on June 20, 2025.

The following unaudited pro forma combined balance sheet data as of February 28, 2025, is presented as if the Acquisition had occurred on September 1, 2024. The following unaudited pro forma combined statements of operations data for the six months ended February 28, 2025, and the year ended August 31, 2024, is presented as if the Acquisition occurred on September 1, 2024 and 2023, respectively.

The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable under the circumstances; however, the actual results could differ. The pro forma adjustments are directly attributable to the Acquisition and are expected to have a continuing impact on the results of operations of the Company. Management believes that all adjustments necessary to present fairly the unaudited pro forma combined financial statements have been made. The unaudited pro forma combined financial statements are presented for informational purposes only and are not necessarily indicative of the results of operations that would have resulted had the Acquisition been consummated on the dates indicated and should not be construed as being representative of the Company’s future results of operations or financial position.

The acquired assets, liabilities and results of operations presented herein were derived from the audited financial statements of NVG for the year ended December 31, 2024 and the unaudited interim financial statements for the six months ended March 31, 2025 (collectively, the “Financial Statements”).  

The unaudited pro forma combined financial statements included herein constitute forward-looking information and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. See the sections titled “Cautionary Note Regarding Forward-Looking Information” in the Company’s Current Report on Form 6-K which these unaudited pro forma combined financial statements are a part of and the Company’s Annual Report on Form 20-F for the year ended August 31, 2024, as filed with the Commission.

Vision Marine Technologies Inc.

Unaudited Pro Forma Combined Statement of Financial Position

As of February 28, 2025

In Canadian Dollars

	Vision Marine			Nautical
	Technologies			Ventures
	Inc.			Group Inc.			Pro Forma Adjustments									Combined
	February 28, 2025			March 31, 2025			Note 3a			Note 3b			Note 3c			Pro Forma
Assets
Current
Cash		15,324,176			2,871,055			-			-			(5,775,200	)		12,420,031
Trade and other receivables		276,479			1,472,618			4,214,328			-			-			5,963,425
Income tax receivable		241			-			-			-			-			241
Inventories		7,167,850			95,923,430			-			-			-			103,091,280
Prepaid expenses and deposits		2,838,578			1,570,073			-			-			-			4,408,651
Other current assets		56,466			-			-			-			-			56,466
Total current assets		25,663,790			101,837,176			4,214,328			-			(5,775,200	)		125,940,094
Right-of-use assets		214,777			1,201,073			10,067,265			-			-			11,483,115
Property and equipment		1,460,890			26,716,365			(23,999,473	)		-			-			4,177,782
Goodwill and intangible assets		845,550			948,437			-			-			-			1,793,987
Deferred income taxes		85,950			-			-			-			-			85,950
Other financial assets		-			116,022			-			-			-			116,022
Total assets		28,270,957			130,819,073			(9,717,880	)		-			(5,775,200	)		143,596,950
Liabilities and shareholders’ equity
Current
Trade payables and accrued liabilities		1,191,463			11,000,379			-			-			(2,887,600	)		9,304,242
Contract liabilities		937,713			5,466,331			-			-			-			6,404,044
Notes payable - floor plan		-			73,696,689			-			-			(2,887,600	)		70,809,089
Current portion of lease liabilities		128,557			801,710			1,742,089			-			-			2,672,356
Current portion of long-term debt		105,958			1,073,985			(433,492	)		-			-			746,451
Total current liabilities		2,363,691			92,039,094			1,308,597			-			(5,775,200	)		89,936,182
Lease liabilities		86,534			502,850			8,325,176			-			-			8,914,560
Shareholder notes		-			8,024,518			-			(8,024,518	)		8,662,800			8,662,800
Long-term debt		290,044			20,241,099			(19,351,653	)		-			-			1,179,490
Derivative liabilities		1,803,367			-			-			-			-			1,803,367
Deferred income taxes		-			-			-			-			-			-
Total liabilities		4,543,636			120,807,561			(9,717,880	)		(8,024,518	)		2,887,600			110,496,399
Shareholders’ equity
Preferred stock, $0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025		-			-			-			-			-			-
Common stock, $0.00001 par value, 100,000,000 shares authorized, 40,000,000 shares issued and 21,505,000 shares outstanding as of March 31, 2025		-			302			-			-			(302	)		-
Treasury stock		-			(3,439,310	)		-			-			3,439,310			-
Voting Common stock, no-par value; unlimited shares authorized of which1,033,764 shares are issued and outstanding as of February 28, 2025		80,783,662			-			-			-			-			80,783,662
Pre-Funded Warrants exercisable into Voting Common Shares on a one-for-one basis of which 48 warrants were issued and outstanding at February 28, 2025		38,725			-			-			-			-			38,725
Contributed surplus		12,599,996			3,067,236			-			8,024,518			(11,091,754	)		12,599,996
Accumulated other comprehensive income		1,114,938			277,363			-			-			(277,363	)		1,114,938
Retained earnings (Deficit)		(70,810,000	)		10,105,921			-			-			(732,691	)		(61,436,770	)
Total shareholders’ equity		23,727,321			10,011,512			-			8,024,518			(8,662,800	)		33,100,551
Total liabilities and shareholders’ equity		28,270,957			130,819,073			(9,717,880	)		-			(5,775,200	)		143,596,950

Vision Marine Technologies Inc.

Unaudited Pro Forma Combined Statement of Income (Loss)

For the six-months ended February 28, 2025

In Canadian Dollars

	Vision Marine			Nautical
	Technologies			Ventures
	Inc.			Group Inc.			Pro Forma Adjustments							Combined
	February 28, 2025			March 31, 2025			Note 3a		Note 3b		Note 3c			Pro Forma
Revenues		247,693			55,110,609			-		-		-			55,358,302
Cost of revenues		303,835			46,484,262			-		-		-			46,788,097
Gross profit (loss)		(56,142	)		8,626,347			-		-		-			8,570,205
Expenses
General and administrative expenses		6,973,695			13,897,373			-		-		-			20,871,068
Depreciation and amortization		238,409			1,616,290			-		-		-			1,854,699
Net finance expense (income)		(2,079,136	)		4,159,076			-		-		-			2,079,940
Other income (expense)		(1,703	)		(658,354	)		-		-		-			(660,057	)
Gain on bargain purchase		-			-			-		-		(9,373,230	)		(9,373,230	)
		5,131,265			19,014,385			-		-		(9,373,230	)		14,772,420
Income (loss) income before taxes		(5,187,407	)		(10,388,038	)		-		-		9,373,230			(6,202,215	)
Income taxes		13,236			(1,286,899	)		-		-		-			(1,273,663	)
Net loss for the period		(5,200,643	)		(9,101,139	)		-		-		9,373,230			(4,928,552	)
Items of comprehensive income that will be subsequently reclassified to earnings:
Foreign currency translation differences for foreign operations, net of tax		(12,110	)		(259,329	)		-		-		-			(271,439	)
Other comprehensive income (loss), net of tax		(12,110	)		(259,329	)		-		-		-			(271,439	)
Total comprehensive loss for the period, net of tax		(5,212,753	)		(9,360,468	)		-		-		9,373,230			(5,199,991	)
Weighted average Voting Common Shares outstanding		362,689													362,689
Basic and diluted loss per share		(14.34	)												(13.59	)

Vision Marine Technologies Inc.

Unaudited Pro Forma Combined Statement of Income (Loss)

For the year ended August 31, 2024

In Canadian Dollars

	Vision Marine			Nautical
	Technologies			Ventures
	Inc.			Group Inc.			Pro Forma Adjustments							Combined
	August 31, 2024			September 30, 2024			Note 3a		Note 3b		Note 3c			Pro Forma
Revenues		3,794,345			149,666,179			-		-		-			153,460,524
Cost of revenues		2,296,907			115,700,231			-		-		-			117,997,138
Gross profit (loss)		1,497,438			33,965,948			-		-		-			35,463,386
Expenses
General and administrative expenses		13,901,112			29,449,440			-		-		-			43,350,552
Depreciation and amortization		830,876			1,828,617			-		-		-			2,659,493
Goodwill impairment loss		8,704,182			-			-		-		-			8,704,182
Net finance expense (income)		(7,480,761	)		8,053,234			-		-		-			572,473
Other income (expense)		(141,888	)		(173,507	)		-		-		-			(315,395	)
Gain on bargain purchase		-			-			-		-		(9,373,230	)		(9,373,230	)
		15,813,521			39,157,784			-		-		(9,373,230	)		45,598,075
Income (loss) income before taxes		(14,316,083	)		(5,191,836	)		-		-		9,373,230			(10,134,689	)
Income taxes		(255,463	)		(161,402	)		-		-		-			(416,865	)
Net loss for the period		(14,060,620	)		(5,030,434	)		-		-		9,373,230			(9,717,824	)
Items of comprehensive income that will be subsequently reclassified to earnings:
Foreign currency translation differences for foreign operations, net of tax		94,420			40,684			-		-		-			135,104
Other comprehensive income (loss), net of tax		94,420			40,684			-		-		-			135,104
Total comprehensive loss for the period, net of tax		(13,966,200	)		(4,989,750	)		-		-		9,373,230			(9,582,720	)
Weighted average Voting Common Shares outstanding		9,161													9,161
Basic and diluted loss per share		(1,534.83	)												(1,060.78	)

Vision Marine Technologies Inc.

Notes to Unaudited Pro Forma Combined Financial Statements

In Canadian Dollars

1.     BASIS OF PRESENTATION

The accompanying unaudited pro forma combined financial statements are based on the Company’s and NVG's historical financials as adjusted to give effect to the pro forma adjustments necessary to reflect the Acquisition. The unaudited pro forma combined statement of operations for the six months ended February 28, 2025, and the year ended August 31, 2024, gives effect to the Acquisition of NVG as if it had occurred on September 1, 2024 and 2023, respectively and the pro forma combined balance sheet as of February 28, 2025, gives effect to the Acquisition as if it had occurred on September 1, 2024.

2.     PRELIMINARY PURCHASE PRICE ALLOCATIONS

The preliminary purchase price for NVG has been allocated to the assets acquired and liabilities assumed for purposes of this pro forma financial information based on their estimated relative fair values. The purchase price allocations herein are preliminary. The final purchase price allocations for NVG will be determined after completion of a thorough analysis to determine the fair value of all assets acquired and liabilities assumed but in no event later than one year following completion of the Acquisition. Accordingly, the final Acquisition accounting adjustments could differ materially from the accounting adjustments included in the pro forma financial statements presented herein. Any increase or decrease in the fair value of the assets acquired and liabilities assumed, as compared to the information shown herein, could also change the portion of purchase price allocable to goodwill and could impact the operating results of the Company following the Acquisition due to differences in purchase price allocation, depreciation and amortization related to some of these assets and liabilities.

Preliminary Purchase Price:
Converible note payable issued to the former shareholders of NVG	5,775,200
Converible note payable to be issued to the former shareholders of NVG, contingent on the outcome of certain claims against NVG	2,887,600
Total preliminary purchase consideration	8,662,800
Preliminary Purchase Price Allocation:
Cash	2,871,055
Trade and other receivables	5,686,946
Inventories	95,923,430
Prepaid expenses and deposits	1,570,073
Right-of-use assets	11,268,338
Property and equipment	2,716,892
Goodwill and intangible assets	948,437
Other financial assets	116,022
Liabilities assumed	(103,065,163	)
Gain on bargain purchase	(9,373,230	)
Net assets acquired	8,662,800

3.     PRO FORMA ADJUSTMENTS

The unaudited pro forma combined statements of operations and balance sheets reflect the effect of the following pro forma adjustments:

a)   This adjustment reflects the removal of NVG's real estate assets at net book value along with the associated liabilities which were not part of the Acquisition.  Since four of the real estate properties were subsequently leased by NVG after the removal, this adjustment also includes the right of use assets and related lease liabilities resulting from such leases.  

b)   This adjustment reflects the conversion of all pre-closing shareholder notes payable into contributed surplus which was a pre-closing condition per the Purchase Agreement.  

c)   This adjustment reflects the preliminary purchase price consideration and preliminary purchase price allocation from Note 2, as well as the cash payment of various NVG liabilities that were assumed at closing and were required to be made per the Purchase Agreement.