Vicor Corporation Reports Results for the First Quarter Ended March 31, 2026

Vicor (NASDAQ: VICR) reported Q1 2026 results: net revenue $113.0M (+20.2% YoY, +5.3% sequential), gross margin $62.4M (55.2% of revenue), and net income $20.7M ($0.44 diluted).

Rhea-AI Summary

Vicor (NASDAQ: VICR) reported Q1 2026 results: net revenue $113.0M (+20.2% YoY, +5.3% sequential), gross margin $62.4M (55.2% of revenue), and net income $20.7M ($0.44 diluted). Backlog rose to $301M (+75% YoY, +70% sequential). Cash was approximately $404.2M at quarter end. Operating expenses increased to $45.5M. Cash used in operations was $(3.9)M, including a $28.6M litigation payment. Capital expenditures were $12.4M; company plans capacity expansion and potential second fab.

Positive

• Revenue +20.2% YoY to $113.0M
• Backlog +75% YoY to $301M (70% sequential increase)
• Gross margin 55.2% ($62.4M), up from 47.2% a year ago

Negative

• Cash used in operations $(3.9)M in Q1, net of $28.6M litigation payment
• Operating expenses rose to $45.5M, up from $44.5M YoY
• CapEx increased to $12.4M, potentially pressuring near-term free cash flow

Argus Apr 21 session

+9.53% close to close Open Argus

Details

News Market Reaction – VICR

On Apr 21, the day this news came out, VICR closed 9.53% above the previous close.

Data tracked by StockTitan Argus for the Apr 21 session.

Market Context

On Apr 21, the day this news came out, the stock closed 9.5% above the previous close. A strong posi...

Analysis

On Apr 21, the day this news came out, the stock closed 9.5% above the previous close. A strong positive reaction aligns with Vicor’s history of sizeable post‑earnings moves, where prior reports averaged 11.55% swings. Q1 2026 combined solid revenue and margin expansion with a sharp backlog increase to $301M. However, investors have also faced volatility around litigation impacts and heavy capacity investments, which could temper sustainability if growth, licensing momentum, or demand from high‑performance compute customers slows.

Key Figures

Q1 2026 revenue: $113.0M Q1 2026 gross margin: $62.4M (55.2%) Q1 2026 net income: $20.7M ($0.44 diluted) +5 more

Q1 2026 revenue

$113.0M

Product and royalty revenues, up 20.2% YoY and 5.3% sequentially

Q1 2026 gross margin

$62.4M (55.2%)

Up from $44.4M and 47.2% in Q1 2025

Q1 2026 net income

$20.7M ($0.44 diluted)

Versus $2.5M ($0.06) in Q1 2025

Q1 2026 cash from operations

-$3.9M

Includes $28.6M payment of award for past litigation

Q1 2026 capital expenditures

$12.4M

Versus $4.6M in Q1 2025 and $5.5M in Q4 2025

Cash & equivalents

$404.2M

As of March 31, 2026; up from $402.8M at Dec 31, 2025

Backlog

$301M

Q1 2026 backlog, up 75% YoY and 70% sequentially

Operating expenses

$45.5M

Q1 2026, up from $44.5M in Q1 2025 and $43.7M in Q4 2025

Previous Earnings Reports

5 past events · Latest: Feb 19

Same Type 5 events

1. Feb 19

   Quarterly earnings

   24h Move

   +11.2%

   Q4 2025 revenue growth, high net income and rising backlog with expansion plans.

2. Oct 21

   Quarterly earnings

   24h Move

   +30.3%

   Q3 2025 revenue and margin expansion with strong net income and backlog.

3. Jul 22

   Quarterly earnings

   24h Move

   +16.6%

   Q2 2025 revenue up 64.3% YoY with significant net income and cash flow.

4. Apr 29

   Quarterly earnings

   24h Move

   -23.1%

   Q1 2025 mixed results with margin compression but improved net income and cash.

5. Feb 20

   Quarterly earnings

   24h Move

   +22.8%

   Q4 2024 margin improvement and net income despite lower full‑year revenue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

forward-looking statements, form 10-k, form 10-q, form 8-k

4 terms

forward-looking statements regulatory

"This press release contains certain forward-looking statements within the meaning of Section 27A..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

form 10-k regulatory

"set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2025..."

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

form 10-q regulatory

"including Forms 10-Q, 8-K and 10-K, which may supplement, modify..."

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

form 8-k regulatory

"including Forms 10-Q, 8-K and 10-K, which may supplement, modify..."

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ANDOVER, Mass., April 21, 2026 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2026. These results will be discussed at 8:00 a.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

Product and royalty revenues for the first quarter ended March 31, 2026 totaled $113.0 million, a 20.2% increase from $94.0 million for the corresponding period a year ago, and a 5.3% sequential increase from $107.3 million in the fourth quarter of 2025.

Gross margin increased to $62.4 million for the first quarter of 2026, compared to $44.4 million for the corresponding period a year ago, and increased sequentially from $59.4 million for the fourth quarter of 2025. Gross margin, as a percentage of revenue, increased to 55.2% for the first quarter of 2026, compared to 47.2% for the corresponding period a year ago, and decreased from 55.4% for the fourth quarter of 2025. Operating expenses increased to $45.5 million for the first quarter of 2026, compared to $44.5 million for the corresponding period a year ago, and increased sequentially from $43.7 million for the fourth quarter of 2025.

Net income for the first quarter was $20.7 million, or $0.44 per diluted share, compared to net income of $2.5 million or $0.06 per diluted share, for the corresponding period a year ago and net income of $46.5 million, or $1.01 per diluted share, for the fourth quarter of 2025. Net income in the fourth quarter included $27.3 million of tax benefit due to the partial recognition of certain deferred tax assets in the period.  

Cash flow used for operations totaled $(3.9) million for the first quarter, net of a $28.6 million payment of an award for past litigation, compared to cash flow from operations of $20.1 million for the corresponding period a year ago, and cash flow from operations of $15.7 million in the fourth quarter of 2025. Capital expenditures for the first quarter totaled $12.4 million, compared to $4.6 million for the corresponding period a year ago and $5.5 million for the fourth quarter of 2025. Cash and cash equivalents as of March 31, 2026 increased 0.4% sequentially to approximately $404.2 million compared to approximately $402.8 million as of December 31, 2025.

Backlog for the first quarter ended March 31, 2026 totaled $301 million, a 75% increase from $172 million for the corresponding period a year ago, and a 70% sequential increase from $177 million at the end of the fourth quarter of 2025.

Commenting on first quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Rising demand across high-performance compute, automatic test equipment, and industrial, aerospace and defense applications is reflected in a 70% sequential increase in backlog, setting the stage for revenue growth.  

We are expanding capacity with additional equipment in our first CHiP fab while planning a second fab. Expanding total capacity with a second fab and an alternate source of high current density 2^nd Gen VPD modules will give OEMs and Hyper-scalers redundant access to enabling VPD power system technology.

Precluding unlawful importation of computing systems infringing Vicor IP is having an effect. The industry is learning to pay attention to the multiplicity of innovations pioneered by Vicor and the need for a license to avoid disruption of supply from copycat power system manufacturers.”

For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Tuesday, April 21, 2026 at 8:00 a.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 8:00 a.m. on April 21, 2026. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor's website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2025, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
  
For further information contact:
        
James F. Schmidt, Chief Financial Officer
Office: (978) 470-2900
Email: invrel@vicorpower.com

VICOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
	QUARTER ENDED
	(Unaudited)
	MAR 31,				MAR 31,
	2026				2025
Product revenue	$	98,004			$	83,206
Royalty revenue		14,965				10,762
Net revenues		112,969				93,968
Cost of product revenues		50,603				49,603
Gross margin		62,366				44,365
Operating expenses:
Selling, general and administrative		23,192				25,137
Research and development		22,290				19,377
Total operating expenses		45,482				44,514
Income (loss) from operations		16,884				(149	)
Other income (expense), net		3,519				3,134
Income before income taxes		20,403				2,985
Less: (Benefit) provision for income taxes		(273	)			424
Consolidated net income		20,676				2,561
Less: Net income attributable to noncontrolling interest		12				22
Net income attributable to Vicor Corporation	$	20,664			$	2,539
Net income per share attributable to Vicor Corporation:
Basic	$	0.45			$	0.06
Diluted	$	0.44			$	0.06
Shares outstanding:
Basic		45,470				45,217
Diluted		47,254				45,495

VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
	MAR 31,				DEC 31,
	2026				2025
	(Unaudited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	404,245			$	402,805
Accounts receivable, net		67,402				60,716
Inventories		94,830				91,340
Other current assets		32,992				32,502
Total current assets		599,469				587,363
Long-term deferred tax assets		27,798				27,463
Long-term investment, net		2,508				2,462
Property, plant and equipment, net		154,637				147,690
Other assets		20,469				20,853
Total assets	$	804,881			$	785,831
Liabilities and Equity
Current liabilities:
Accounts payable	$	16,733			$	12,290
Accrued compensation and benefits		13,456				12,031
Accrued expenses		4,425				3,691
Accrued litigation		-				28,275
Sales allowances		3,661				3,136
Short-term lease liabilities		1,433				1,568
Income taxes payable		71				904
Short-term deferred revenue and customer prepayments		2,155				3,426
Total current liabilities		41,934				65,321
Long-term income taxes payable		3,109				3,086
Long-term lease liabilities		5,713				5,608
Total liabilities		50,756				74,015
Equity:
Vicor Corporation stockholders' equity:
Capital stock		468,216				462,805
Retained earnings		442,023				421,359
Accumulated other comprehensive loss		(1,697	)			(1,672	)
Treasury stock		(154,682	)			(170,935	)
Total Vicor Corporation stockholders' equity		753,860				711,557
Noncontrolling interest		265				259
Total equity		754,125				711,816
Total liabilities and equity	$	804,881			$	785,831

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Vicor (VICR) Q1 2026 revenue and growth rates?

Vicor reported $113.0M in Q1 2026 revenue, up 20.2% year-over-year. According to the company, this included product and royalty revenues and a 5.3% sequential increase from Q4 2025.

How much backlog did Vicor (VICR) report at March 31, 2026 and why it matters?

Vicor reported a $301M backlog as of March 31, 2026, up 75% YoY. According to the company, higher backlog signals stronger bookings across HPC, ATE, industrial, and aerospace end markets and supports future revenue visibility.

What was Vicor (VICR) net income and EPS for Q1 2026?

Net income for Q1 2026 was $20.7M, or $0.44 diluted EPS. According to the company, this compares with $2.5M net income and $0.06 diluted EPS in Q1 2025.

Why did Vicor (VICR) report negative operating cash flow in Q1 2026?

Vicor reported operating cash flow of $(3.9)M in Q1 2026, driven in part by a $28.6M payment for a past litigation award. According to the company, the payment materially affected cash from operations.

What capital spending and capacity plans did Vicor (VICR) announce for 2026?

Vicor recorded $12.4M of capital expenditures in Q1 2026 and is expanding capacity in its first CHiP fab while planning a second fab. According to the company, this supports higher-volume production for OEMs and hyperscalers.