Here are the 10-K annual reports from Vicor Corp (VICR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VICR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VICR filings page.
Vicor Corporation files its annual report describing its power-conversion business, strategy, risks, and 2025 operating trends. The company designs modular power components and systems, with Advanced Products focused on high‑performance computing, AI processors, and automotive electrification, and Brick Products serving mature industrial, aerospace, and transportation markets.
Advanced Products, including licensing, generated about 61.0% of 2025 consolidated net revenues, while Brick Products contributed 39.0%. Licensing revenues were approximately $57,384,000, including a $45 million patent litigation settlement, highlighting the importance of Vicor’s intellectual property. The order backlog was about $176,938,000 as of December 31, 2025, up from $155,505,000 a year earlier.
International sales accounted for 50.8% of 2025 net revenues, with China and Hong Kong at 11.9%. Tariff costs under Section 301 were approximately $7,375,000 in 2025, and Vicor implemented a 10% tariff surcharge in the second half of the year. The company spent about $78,570,000 on research and development, or 19.3% of net revenues, and $51,334,000 on marketing and sales. Vicor ended 2025 with 1,092 full‑time employees, emphasizes proprietary technology and patents, and warns of risks including customer concentration, supply chain constraints, tariffs, cybersecurity, and stock price volatility.