Vicor Corporation Earnings Recaps
Q3 2026
Oct 22, 2026
Shares rose 7.1% after Vicor reported a sharp revenue increase and forecast further Q4 growth. The outlook calls for 10% sequential product-revenue growth and at least $43 million in royalty revenue, though management noted some Q3 royalty growth was nonrecurring.
Key takeaways
- Q3 product and royalty revenue was $197 million, up 37.5% sequentially and 78.5% year over year.
- Royalty revenue rose 119.1% sequentially to $66.6 million; a fraction of the increase came from initial payments by a new licensee and was nonrecurring.
- Gross margin was 68.3%, up 40 basis points sequentially. Operating expenses increased 29.6% to $62.5 million, including $16.1 million in legal expense.
- Q4 outlook is for 10% sequential product-revenue growth and at least $43 million in royalty revenue, assuming no new license agreements close. Management expects another double-digit sequential increase in Advanced Products revenue.
- Book-to-bill exceeded 1.1, backlog rose 7% sequentially to $46 million, and the company cited $100 million in bookings in the first two weeks of Q4.
Q2 2026
Jul 23, 2026
Vicor shares dropped 5.9% after the earnings release, reflecting investor disappointment with the cautious outlook and conservative guidance amid expected licensing timing uncertainty and decelerating export proportion.
Key takeaways
- Q2 product and royalty revenue reached $143.4 million, up 26.9% sequentially but only 1.6% year-over-year excluding a prior-year $45 million litigation settlement.
- Advanced products strongly outperformed, rising 45% sequentially and increasing their revenue share to 65.7%, while brick product revenue grew modestly by 2.4%.
- Gross margin improved to 58%, a 280 basis point sequential rebound, helped by licensing royalty income that contributed $15 million this quarter.
- Operating expenses increased 6.1% sequentially due to higher contingent legal costs associated with licensing agreements.
- Management’s outlook was tempered by cautious assumptions on licensing timing, specifically contingent on a second ITC case final determination in 2027, dampening enthusiasm despite bookings growth and backlog expansion.
Q3 2025
Oct 22, 2025
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.
Key takeaways
- 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.