Vicor Corporation Reports Results for the First Quarter Ended March 31, 2026
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
News Market Reaction – VICR
In the Apr 21 session, VICR gained 9.53%, reflecting a notable positive market reaction. Argus tracked a peak move of +23.8% during that session. Argus tracked a trough of -13.5% from its starting point during tracking. Our momentum scanner triggered 34 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 19 | Quarterly earnings | Positive | +11.2% | Q4 2025 revenue growth, high net income and rising backlog with expansion plans. |
| Oct 21 | Quarterly earnings | Positive | +30.3% | Q3 2025 revenue and margin expansion with strong net income and backlog. |
| Jul 22 | Quarterly earnings | Positive | +16.6% | Q2 2025 revenue up 64.3% YoY with significant net income and cash flow. |
| Apr 29 | Quarterly earnings | Neutral | -23.1% | Q1 2025 mixed results with margin compression but improved net income and cash. |
| Feb 20 | Quarterly earnings | Positive | +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.
Earnings releases have often been followed by double‑digit moves, mostly positive, indicating that results and guidance historically acted as strong catalysts.
Over the past year, Vicor’s earnings reports have highlighted growing revenues, improving margins, and rising cash balances. Prior quarters, such as Q2 and Q3 2025, showed strong net income and expanding backlog, while Q4 2025 included a significant patent settlement and plans for capacity expansion including a second fab. This Q1 2026 report continues the theme of revenue and backlog growth, reinforcing the trajectory outlined in earlier earnings updates.
Key Terms
forward-looking statements regulatory
form 10-k regulatory
form 10-q regulatory
form 8-k regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Gross margin increased to
Net income for the first quarter was
Cash flow used for operations totaled
Backlog for the first quarter ended March 31, 2026 totaled
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
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 2nd 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 | |||
