Vicor Corporation reported mixed third-quarter results, with a significant revenue decline sequentially primarily due to a prior-period patent settlement, yet maintaining strong year-over-year growth.

• Q3 revenue of $110.4 million decreased 21.7% sequentially but increased 18.5% year-over-year.
• Advanced Products and Brick Products revenues rose 8.2% and 26.6% sequentially, respectively.
• Gross margin contracted to 57.5%, influenced by the prior quarter's settlement, but improved by 840 basis points year-over-year.
• Net income of $28.3 million translated to a GAAP diluted EPS of $0.63, underpinned by a favorable tax benefit.
• Licensing revenue run rate nears $90 million annually, with expectations for significant expansion driven by AI applications.