VICR
Vicor Corporation93.45
-2.14-2.24%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Fab hits $800M run-rate path
Q&A quantified Vicor's first fab capacity at over $1B product revenue potential, with 80% utilization—implying an $800M run rate—expected within a year from AI hand-computing and test equipment ramps, filling Andover across fronts. Licensing poised to triple major AI licensees to half a dozen, chasing a $300M near-term goal blending royalties (off $57.4M 2025 base) and licensee products, plus more settlements. Expansion eyes land offers or existing buildings at $250-300M CapEx, alongside alt-source partner talks. No high-volume rivals match Gen5 VPD yet. Capacity tightens fast. Bulls eye licensing wins and fab execution.
Key Stats
Market Cap
4.20BP/E (TTM)
51.35Basic EPS (TTM)
1.82Dividend Yield
0%Recent Filings
10-K
FY2025 results
Vicor drove FY2025 net revenues up 13.5% y/y to $407.7M, with Advanced Products surging 26.0% to $248.6M on stronger demand and royalties tripling to $57.4M, while Brick Products dipped 1.6%. A $45M Q2 patent settlement supercharged gross margins to 57.3%, fueling net income of $118.6M or $2.61 diluted EPS. Backlog swelled 13.8% to $176.9M with Q4 book-to-bill improving; inventories shed 13.9%. Q4 accelerated Advanced momentum amid AI tailwinds, yet Brick softened. Cash pile hit $402.8M after $139.5M operating cash. Repurchased $35.2M stock. Tariff costs bit 1.8% of revenue.
8-K
Vicor Q4 revenue beats
Vicor reported Q4 product revenue up 15.3% to $92.7M year-over-year, but royalty revenue fell 7.8% to $14.5M; net income hit $46.5M or $1.01/share thanks to $27.3M tax benefit. Full-year revenue including $45M patent settlement soared 26.1% to $452.7M, with net income at $118.6M. Backlog grew 15.8% sequentially to $176.9M. CEO eyes record 2026 product sales amid IP probes.
10-Q
Q3 FY2025 results
Vicor posted Q3 revenue of $110.4M, up 18.5% y/y from $93.2M and 15.0% q/q (derived), driven by 32.6% y/y growth in Advanced Products to $65.5M (including $21.7M royalties, +62.5% y/y) while Brick Products edged 2.6% higher; gross margin hit 57.5% from 49.1% y/y amid higher volumes and mix. Operating income soared to $20.9M (+288% y/y), diluted EPS $0.63 (reconciles to 44.9M shares), with YTD net income $72.0M or $1.59/share versus prior loss. Cash swelled to $362.4M on $123.8M operating cash flow, minus $14.8M capex (FCF $109.1M, derived), despite $33.0M buybacks; no debt. Q2's $45M patent settlement boosted YTD. Ongoing SynQor litigation risks further costs.
8-K
Q3 revenue up 18.5% YoY
Vicor reported Q3 revenue of $110.4 million, up 18.5% year-over-year on record licensing from the prior patent settlement, yet down 21.7% sequentially sans that $45 million boost. Gross margin hit 57.5% with net income at $28.3 million ($0.63/share); cash swelled to $362.4 million after $38.5 million ops flow. Backlog ticked to $152.8 million. Licensing grows amid IP pursuits.
10-Q
Q2 FY2025 results
Vicor posted Q2 revenues of $96.1M, up 11.9% y/y and 2.2% q/q (derived), driven by 30.6% y/y Advanced Products growth while Brick Products fell 10.1% y/y; a $45M patent litigation settlement propelled operating income to $45.4M from $0.2M y/y and gross margin to 65.3%. Diluted EPS hit $0.91 on 45.1M shares, consistent with net income. Cash swelled to $338.5M after $74.6M FCF (derived), funding $17.6M stock repurchases amid zero debt. Inventories dropped to $95.5M. Ongoing SynQor appeal risks further costs.
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