Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2025
Vicor Corporation (NASDAQ: VICR) reported strong Q2 2025 financial results with total revenue of $141.0 million, up 64.3% year-over-year. The company achieved a significant net income of $41.2 million ($0.91 per diluted share), compared to a net loss of $1.2 million in Q2 2024.
Key highlights include gross margin improvement to 65.3% from 49.8% year-over-year, strong cash flow from operations of $65.2 million, and cash and equivalents increasing to $338.5 million. The company's backlog stood at $155.2 million, showing a slight 0.9% year-over-year increase.
Management highlighted their success in ITC actions and development of high-performance ChiPs and 2nd gen VPD for AI applications, which are expected to drive future product revenues and fab utilization.
Vicor Corporation (NASDAQ: VICR) ha comunicato risultati finanziari solidi per il secondo trimestre 2025, con un fatturato totale di 141,0 milioni di dollari, in crescita del 64,3% rispetto all'anno precedente. L'azienda ha registrato un significativo utile netto di 41,2 milioni di dollari (0,91 dollari per azione diluita), rispetto a una perdita netta di 1,2 milioni di dollari nel secondo trimestre 2024.
I punti salienti includono un miglioramento del margine lordo al 65,3% rispetto al 49,8% dell'anno precedente, un solido flusso di cassa operativo di 65,2 milioni di dollari e un aumento della liquidità e equivalenti a 338,5 milioni di dollari. Il portafoglio ordini dell’azienda ammontava a 155,2 milioni di dollari, con un leggero aumento dello 0,9% su base annua.
La direzione ha sottolineato il successo nelle azioni ITC e nello sviluppo di chip ad alte prestazioni e della seconda generazione di VPD per applicazioni AI, che si prevede stimoleranno i ricavi futuri dei prodotti e l’utilizzo degli impianti produttivi.
Vicor Corporation (NASDAQ: VICR) informó resultados financieros sólidos para el segundo trimestre de 2025, con ingresos totales de 141,0 millones de dólares, un aumento del 64,3% interanual. La compañía logró un importante ingreso neto de 41,2 millones de dólares (0,91 dólares por acción diluida), en comparación con una pérdida neta de 1,2 millones de dólares en el segundo trimestre de 2024.
Los aspectos destacados incluyen una mejora del margen bruto al 65,3% desde el 49,8% interanual, un sólido flujo de caja operativo de 65,2 millones de dólares y un aumento en efectivo y equivalentes a 338,5 millones de dólares. La cartera de pedidos de la empresa se situó en 155,2 millones de dólares, mostrando un leve aumento del 0,9% interanual.
La dirección destacó su éxito en acciones ITC y en el desarrollo de chips de alto rendimiento y la segunda generación de VPD para aplicaciones de IA, que se espera impulsen los ingresos futuros de productos y la utilización de las fábricas.
Vicor Corporation (NASDAQ: VICR)는 2025년 2분기 강력한 재무 실적을 발표했으며, 총 매출액은 1억 4,100만 달러로 전년 동기 대비 64.3% 증가했습니다. 회사는 4,120만 달러의 순이익(희석 주당 0.91달러)을 기록했으며, 이는 2024년 2분기의 120만 달러 순손실과 비교됩니다.
주요 성과로는 전년 대비 총 마진이 49.8%에서 65.3%로 개선, 운영 현금 흐름 6,520만 달러의 강한 현금 흐름, 그리고 현금 및 현금성 자산이 3억 3,850만 달러로 증가한 점이 포함됩니다. 회사의 수주 잔고는 1억 5,520만 달러로 전년 대비 0.9% 소폭 증가했습니다.
경영진은 ITC 조치의 성공과 AI 애플리케이션을 위한 고성능 칩 및 2세대 VPD 개발을 강조했으며, 이는 미래 제품 매출과 제조 공장 활용도를 견인할 것으로 기대됩니다.
Vicor Corporation (NASDAQ : VICR) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires total de 141,0 millions de dollars, en hausse de 64,3 % en glissement annuel. La société a réalisé un important bénéfice net de 41,2 millions de dollars (0,91 dollar par action diluée), contre une perte nette de 1,2 million de dollars au deuxième trimestre 2024.
Les points clés comprennent une amélioration de la marge brute à 65,3 % contre 49,8 % l'année précédente, un solide flux de trésorerie opérationnel de 65,2 millions de dollars et une augmentation des liquidités et équivalents à 338,5 millions de dollars. Le carnet de commandes de l'entreprise s'élevait à 155,2 millions de dollars, affichant une légère hausse de 0,9 % en glissement annuel.
La direction a souligné son succès dans les actions ITC et le développement de puces haute performance ainsi que de la deuxième génération de VPD pour les applications d'IA, qui devraient stimuler les revenus futurs des produits et l'utilisation des usines.
Vicor Corporation (NASDAQ: VICR) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatz von 141,0 Millionen US-Dollar, was einem Anstieg von 64,3 % im Jahresvergleich entspricht. Das Unternehmen erzielte einen signifikanten Nettoertrag von 41,2 Millionen US-Dollar (0,91 US-Dollar pro verwässerter Aktie), verglichen mit einem Nettoverlust von 1,2 Millionen US-Dollar im zweiten Quartal 2024.
Zu den wichtigsten Highlights zählen die Verbesserung der Bruttomarge auf 65,3 % gegenüber 49,8 % im Vorjahr, ein starker operativer Cashflow von 65,2 Millionen US-Dollar und ein Anstieg der liquiden Mittel auf 338,5 Millionen US-Dollar. Der Auftragsbestand des Unternehmens belief sich auf 155,2 Millionen US-Dollar, was einem leichten Anstieg von 0,9 % gegenüber dem Vorjahr entspricht.
Das Management hob den Erfolg bei ITC-Maßnahmen sowie die Entwicklung von Hochleistungs-Chips und der zweiten Generation von VPD für KI-Anwendungen hervor, die voraussichtlich zukünftige Produktumsätze und die Auslastung der Fertigungsanlagen antreiben werden.
- Revenue increased 64.3% year-over-year to $141.0 million
- Net income improved to $41.2 million from a loss of $1.2 million year-over-year
- Gross margin significantly improved to 65.3% from 49.8% year-over-year
- Cash flow from operations grew to $65.2 million from $15.6 million year-over-year
- Cash and equivalents increased 14.3% sequentially to $338.5 million
- Operating expenses increased to $46.7 million from $42.6 million year-over-year
- Backlog decreased 9.6% sequentially from $171.7 million to $155.2 million
Insights
Vicor's Q2 shows remarkable turnaround with 64.3% revenue growth, patent litigation success, and substantial profit improvement.
Vicor Corporation has delivered an exceptional quarter with total revenue reaching
The gross margin improvement is particularly striking, jumping to
Cash generation has accelerated substantially, with operating cash flow of
The backlog situation presents a mixed picture - while up slightly year-over-year (
Of particular importance is CEO Vinciarelli's commentary about the company's successful ITC action resulting in cease-and-desist and exclusion orders against competitors, which suggests Vicor is effectively protecting its intellectual property. The mention of pursuing additional actions against unlicensed OEMs and hyperscalers indicates Vicor is aggressively defending its patent portfolio, which could yield further settlements similar to the
The reference to bringing "high performance ChiPs and 2nd gen VPD for AI applications" to market signals Vicor's strategic positioning in the rapidly growing AI power infrastructure sector, potentially opening significant new revenue streams as AI computing demands increasingly specialized power delivery solutions.
ANDOVER, Mass., July 22, 2025 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.
Product revenues, licensing income and a patent litigation settlement for the second quarter ended June 30, 2025 totaled
Gross margin increased to
Net income for the second quarter was
Cash flow from operations totaled
Backlog for the second quarter ended June 30, 2025 totaled
Commenting on second quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Having brought to fruition our first ITC action with cease-and-desist and exclusion orders, we are pursuing additional actions to curtail importation into the US of infringing power and computing systems sourced from contract manufacturers by unlicensed OEMs and Hyper-scalers.”
“As importantly, we are bringing to fruition high performance ChiPs and 2nd gen VPD for AI applications, which should increase product revenues and utilization of our first ChiP fab. Total revenues and margins will thus reflect many patented innovations in the state of the art of high density power systems.”
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 22, 2025 at 5:00 p.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 5:00 p.m. on July 22, 2025. 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, 2024, 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 | YEAR ENDED | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| JUN 30, | JUN 30, | JUN 30, | JUN 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Product revenue | $ | 85,693 | $ | 76,583 | $ | 168,899 | $ | 152,275 | |||||
| Royalty revenue | 10,353 | 9,271 | 21,115 | 17,451 | |||||||||
| Patent litigation settlement | 45,000 | - | 45,000 | - | |||||||||
| Total product revenue, royalty revenue and patent litigation settlement | 141,046 | 85,854 | 235,014 | 169,726 | |||||||||
| Cost of product revenues | 48,918 | 43,083 | 98,521 | 81,832 | |||||||||
| Gross margin | 92,128 | 42,771 | 136,493 | 87,894 | |||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative | 27,952 | 23,318 | 53,089 | 49,317 | |||||||||
| Research and development | 18,791 | 16,939 | 38,168 | 34,978 | |||||||||
| Litigation-contingency expense | - | 2,300 | - | 19,500 | |||||||||
| Total operating expenses | 46,743 | 42,557 | 91,257 | 103,795 | |||||||||
| Income (loss) from operations | 45,385 | 214 | 45,236 | (15,901 | ) | ||||||||
| Other income (expense), net | 3,657 | 2,807 | 6,791 | 5,531 | |||||||||
| Income (loss) before income taxes | 49,042 | 3,021 | 52,027 | (10,370 | ) | ||||||||
| Less: Provision for income taxes | 7,842 | 4,216 | 8,266 | 5,287 | |||||||||
| Consolidated net income (loss) | 41,200 | (1,195 | ) | 43,761 | (15,657 | ) | |||||||
| Less: Net income attributable to | |||||||||||||
| noncontrolling interest | 8 | 1 | 30 | 12 | |||||||||
| Net income (loss) attributable to | |||||||||||||
| Vicor Corporation | $ | 41,192 | ($ | 1,196 | ) | $ | 43,731 | ($ | 15,669 | ) | |||
| Net income (loss) per share attributable | |||||||||||||
| to Vicor Corporation: | |||||||||||||
| Basic | $ | 0.92 | $ | (0.03 | ) | $ | 0.97 | $ | (0.35 | ) | |||
| Diluted | $ | 0.91 | $ | (0.03 | ) | $ | 0.97 | $ | (0.35 | ) | |||
| Shares outstanding: | |||||||||||||
| Basic | 45,007 | 44,855 | 45,112 | 44,686 | |||||||||
| Diluted | 45,077 | 44,855 | 45,286 | 44,686 | |||||||||
| VICOR CORPORATION | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
| (Thousands) | |||||||
| JUN 30, | DEC 31, | ||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 338,541 | $ | 277,273 | |||
| Accounts receivable, net | 55,085 | 52,948 | |||||
| Inventories | 95,493 | 106,032 | |||||
| Other current assets | 25,662 | 26,781 | |||||
| Total current assets | 514,781 | 463,034 | |||||
| Long-term deferred tax assets | 281 | 261 | |||||
| Long-term investment, net | 2,584 | 2,641 | |||||
| Property, plant and equipment, net | 154,285 | 152,705 | |||||
| Other assets | 21,578 | 22,477 | |||||
| Total assets | $ | 693,509 | $ | 641,118 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 16,805 | $ | 8,737 | |||
| Accrued compensation and benefits | 13,351 | 10,852 | |||||
| Accrued expenses | 3,351 | 6,589 | |||||
| Accrued litigation | 27,563 | 26,888 | |||||
| Sales allowances | 2,639 | 1,667 | |||||
| Short-term lease liabilities | 1,699 | 1,716 | |||||
| Income taxes payable | 2,926 | 59 | |||||
| Short-term deferred revenue and customer prepayments | 5,506 | 5,312 | |||||
| Total current liabilities | 73,840 | 61,820 | |||||
| Long-term income taxes payable | 4,809 | 3,387 | |||||
| Long-term lease liabilities | 5,994 | 5,620 | |||||
| Total liabilities | 84,643 | 70,827 | |||||
| Equity: | |||||||
| Vicor Corporation stockholders' equity: | |||||||
| Capital stock | 420,385 | 408,187 | |||||
| Retained earnings | 346,534 | 302,803 | |||||
| Accumulated other comprehensive loss | (1,291 | ) | (1,495 | ) | |||
| Treasury stock | (157,033 | ) | (139,424 | ) | |||
| Total Vicor Corporation stockholders' equity | 608,595 | 570,071 | |||||
| Noncontrolling interest | 271 | 220 | |||||
| Total equity | 608,866 | 570,291 | |||||
| Total liabilities and equity | $ | 693,509 | $ | 641,118 | |||
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