Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2026
Rhea-AI Summary
Vicor (NASDAQ: VICR) reported Q2 2026 total product and royalty revenue of $143.4 million, up 26.9% sequentially from $113.0 million and compared with $96.0 million in net revenues plus a $45.0 million patent litigation settlement a year earlier. Gross margin was $83.1 million, or 58.0% of revenue, versus $62.4 million (55.2%) in Q1 2026 and $92.1 million (65.3%) including the prior-year settlement.
Operating expenses were $48.2 million, up from $45.5 million in Q1 and $46.7 million a year ago. Net income was $49.8 million, or $1.04 diluted EPS, versus $20.7 million ($0.44) in Q1 and $41.2 million ($0.91) a year earlier. Operating cash flow was $34.0 million, compared with $(3.9) million in Q1 and $65.2 million a year ago. Cash and equivalents rose to $453.6 million, and backlog increased to $380 million, up 26% sequentially and 145% year over year.
Positive
- Revenue $143.4M in Q2 2026, up 26.9% sequentially from $113.0M
- Diluted EPS $1.04 in Q2 2026 vs $0.44 in Q1 2026
- Gross margin rate 58.0% in Q2 2026 vs 55.2% in Q1 2026
- Backlog $380M, up 26% QoQ and 145% YoY
- Operating cash flow $34.0M vs $(3.9)M in Q1 2026
- Cash and equivalents $453.6M at June 30, 2026, up 12.2% QoQ
Negative
- Gross margin dollars $83.1M vs $92.1M in prior-year quarter including settlement
- Gross margin rate 58.0% vs 65.3% in prior-year quarter including settlement
- Operating expenses $48.2M vs $46.7M in prior-year quarter
- Operating cash flow $34.0M vs $65.2M in prior-year quarter
- Capital expenditures $11.2M vs $6.2M in prior-year quarter
News Explained
The new disclosure is that Vicor is taking steps toward a second fab for high-current-density second-generation VPD products, so the current state is an expansion effort rather than a completed facility.
Market reaction after 2Q26 earnings report: VICR -7.05% in the Jul 21 session
In the Jul 21 session, VICR declined 7.05%, reflecting a notable negative market reaction. Argus tracked a trough of -19.1% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 21 | First-quarter earnings | Positive | +9.5% | Revenue, earnings, backlog, and cash flow improved alongside capacity-expansion plans. |
| Feb 19 | Fourth-quarter earnings | Positive | +11.2% | Quarterly earnings and backlog increased, supported partly by patent litigation settlement proceeds. |
| Oct 21 | Third-quarter earnings | Positive | +30.3% | Revenue, gross margin, earnings, and cash flow improved despite sequential revenue decline. |
| Jul 22 | Second-quarter earnings | Positive | +16.6% | Revenue, earnings, gross margin, and operating cash flow showed substantial year-over-year improvement. |
| Apr 29 | First-quarter earnings | Neutral | -23.1% | Revenue and earnings improved, but gross margin declined amid licensee product transition. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced four aligned positive reactions and one divergent negative reaction; the average earnings-event move was 8.9%.
Key Terms
forward-looking statements regulatory
form 10-k regulatory
form 10-q regulatory
8-k regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ANDOVER, Mass., July 21, 2026 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 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 second quarter ended June 30, 2026 totaled
Gross margin increased sequentially to
Net income for the second quarter was
Cash flow from operations totaled
Backlog for the second quarter ended June 30, 2026 totaled
Commenting on second 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 absorbing increased capacity within our first ChiP fab. As we get closer to full capacity utilization, we are taking steps toward a second fab for high current density 2nd Gen VPD ChiPs.
AI OEMs and Hyper-scalers are at a loss dealing with the current density and PDN limitations of 1st Gen. VPD systems. The industry’s fixation with PoL regulators (replacing VRs, operating from 12V or 6V, with IVRs, operating from 1.8V) merely trades off one handicap (low current density) for another (low current gain). Feeding IVRs with a current multiplier is an incremental opportunity for Vicor.
With its 2nd Gen VPD IP, Vicor is uniquely equipped to overcome the power system challenges standing in the way of future advances in TPUs, GPUs and Wafer Scale Engines.”
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, July 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 July 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 | SIX MONTHS ENDED | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| JUN 30, | JUN 30, | JUN 30, | JUN 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Product revenue | $ | 112,926 | $ | 85,693 | $ | 210,930 | $ | 168,899 | |||||
| Royalty revenue | 30,426 | 10,353 | 45,391 | 21,115 | |||||||||
| Total net revenues | 143,352 | 96,046 | 256,321 | 190,014 | |||||||||
| Patent litigation settlement | - | 45,000 | - | 45,000 | |||||||||
| Total net revenues and patent litigation settlement | 143,352 | 141,046 | 256,321 | 235,014 | |||||||||
| Cost of product revenues | 60,232 | 48,918 | 110,835 | 98,521 | |||||||||
| Gross margin | 83,120 | 92,128 | 145,486 | 136,493 | |||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative | 27,601 | 27,952 | 50,793 | 53,089 | |||||||||
| Research and development | 20,641 | 18,791 | 42,931 | 38,168 | |||||||||
| Total operating expenses | 48,242 | 46,743 | 93,724 | 91,257 | |||||||||
| Income from operations | 34,878 | 45,385 | 51,762 | 45,236 | |||||||||
| Other income (expense), net | 4,045 | 3,657 | 7,564 | 6,791 | |||||||||
| Income before income taxes | 38,923 | 49,042 | 59,326 | 52,027 | |||||||||
| Less: (Benefit) provision for income taxes | (10,863 | ) | 7,842 | (11,136 | ) | 8,266 | |||||||
| Consolidated net income | 49,786 | 41,200 | 70,462 | 43,761 | |||||||||
| Less: Net income attributable to | |||||||||||||
| noncontrolling interest | 14 | 8 | 26 | 30 | |||||||||
| Net income attributable to | |||||||||||||
| Vicor Corporation | $ | 49,772 | $ | 41,192 | $ | 70,436 | $ | 43,731 | |||||
| Net income per share attributable | |||||||||||||
| to Vicor Corporation: | |||||||||||||
| Basic | $ | 1.08 | $ | 0.92 | $ | 1.54 | $ | 0.97 | |||||
| Diluted | $ | 1.04 | $ | 0.91 | $ | 1.48 | $ | 0.97 | |||||
| Shares outstanding: | |||||||||||||
| Basic | 45,936 | 45,007 | 45,703 | 45,112 | |||||||||
| Diluted | 47,708 | 45,077 | 47,481 | 45,286 | |||||||||
| VICOR CORPORATION | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
| (Thousands) | |||||||
| JUN 30, | DEC 31, | ||||||
| 2026 | 2025 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 453,582 | $ | 402,805 | |||
| Accounts receivable, net | 78,929 | 60,716 | |||||
| Inventories | 104,489 | 91,340 | |||||
| Other current assets | 33,346 | 32,502 | |||||
| Total current assets | 670,346 | 587,363 | |||||
| Long-term deferred tax assets | 38,746 | 27,463 | |||||
| Long-term investment, net | 2,525 | 2,462 | |||||
| Property, plant and equipment, net | 162,536 | 147,690 | |||||
| Other assets | 20,009 | 20,853 | |||||
| Total assets | $ | 894,162 | $ | 785,831 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 20,415 | $ | 12,290 | |||
| Accrued compensation and benefits | 15,321 | 12,031 | |||||
| Accrued expenses | 7,662 | 3,691 | |||||
| Accrued litigation | - | 28,275 | |||||
| Sales allowances | 4,414 | 3,136 | |||||
| Short-term lease liabilities | 1,767 | 1,568 | |||||
| Income taxes payable | 141 | 904 | |||||
| Short-term deferred revenue and customer prepayments | 875 | 3,426 | |||||
| Total current liabilities | 50,595 | 65,321 | |||||
| Long-term income taxes payable | 3,132 | 3,086 | |||||
| Long-term lease liabilities | 5,841 | 5,608 | |||||
| Total liabilities | 59,568 | 74,015 | |||||
| Equity: | |||||||
| Vicor Corporation stockholders' equity: | |||||||
| Capital stock | 472,396 | 462,805 | |||||
| Retained earnings | 491,795 | 421,359 | |||||
| Accumulated other comprehensive loss | (1,733 | ) | (1,672 | ) | |||
| Treasury stock | (128,139 | ) | (170,935 | ) | |||
| Total Vicor Corporation stockholders' equity | 834,319 | 711,557 | |||||
| Noncontrolling interest | 275 | 259 | |||||
| Total equity | 834,594 | 711,816 | |||||
| Total liabilities and equity | $ | 894,162 | $ | 785,831 | |||
