Vicor Q3 2026 revenue rises 78.5% to $197M

Backlog was $406 million, and Vicor said two additional sites will allow a nearly 5X increase in capacity from three fabs relative to Fab-1.

Rhea-AI Filing Summary

Vicor Corporation reported third-quarter results for the period ended September 30, 2026, with product and royalty revenues of $197.1 million, up 78.5% year over year and 37.5% sequentially from the second quarter. Gross margin was $134.7 million, or 68.3% of revenue, versus $63.5 million and 57.5% a year earlier.

Net income was $63.3 million, or $1.33 per diluted share, compared with $28.3 million and $0.63 per diluted share a year earlier. Operating expenses were $62.5 million, versus $42.6 million. Cash flow from operations totaled $69.7 million, compared with $38.5 million a year earlier. Capital expenditures were $16.1 million, versus $11.2 million in the second quarter and $4.0 million a year earlier.

Cash and cash equivalents were approximately $513.1 million as of September 30, 2026. Backlog was $406 million, up 166% year over year and 7% sequentially. Vicor said its purchase of two additional sites within 30 miles of ChiP Fab-1 will allow it to provide a nearly 5X increase in capacity from three fabs, relative to Fab-1.

3 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointProduct and royalty revenues rose 78.5% year over year.
• Moderate pointNet income was $63.3 million, versus $28.3 million a year earlier.
• Moderate pointOperating cash flow was $69.7 million, versus $38.5 million a year earlier.

Negative

• None.

Filing Explained

Third-quarter product revenue and royalty revenue were reported separately.

The 8-K reports that Vicor granted its first VPD license to an AI OEM at Stage-2 unit royalty rates, establishing a licensed royalty arrangement.

In the comparable year-earlier quarter, product revenue was $88,698 thousand and royalty revenue was $21,725 thousand.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Product and royalty revenues: $197.1 million Gross margin: $134.7 million Net income: $63.3 million +5 more

8 metrics

Product and royalty revenues $197.1 million Third quarter 2026; up 78.5% year over year

Gross margin $134.7 million Third quarter 2026; 68.3% of revenue

Net income $63.3 million Third quarter 2026; compared with $28.3 million a year earlier

Diluted EPS $1.33 per diluted share Third quarter 2026; compared with $0.63 a year earlier

Cash flow from operations $69.7 million Third quarter 2026; compared with $38.5 million a year earlier

Operating expenses $62.5 million Third quarter 2026; compared with $42.6 million a year earlier

Backlog $406 million Third quarter ended September 30, 2026; up 166% year over year

Cash and cash equivalents Approximately $513.1 million As of September 30, 2026

Key Terms

Gross margin, Backlog, Capital expenditures

3 terms

Gross margin financial

"Gross margin, as a percentage of revenue"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

Backlog financial

"Backlog for the third quarter ended September 30, 2026 totaled $406 million"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

Capital expenditures financial

"Capital expenditures for the third quarter totaled $16.1 million"

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

Earnings Snapshot

Product and royalty revenues: $197.1 million

Third quarter ended September 30, 2026

Product and royalty revenues $197.1 million Up 78.5% year over year and 37.5% sequentially

Gross margin $134.7 million Increased from $63.5 million in the corresponding period a year earlier

Net income $63.3 million Compared with $28.3 million in the corresponding period a year earlier

Diluted EPS $1.33 per diluted share Compared with $0.63 in the corresponding period a year earlier

Cash flow from operations $69.7 million Compared with $38.5 million in the corresponding period a year earlier

FAQ

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

What was VICR's third-quarter 2026 revenue?

Vicor reported product and royalty revenues of $197.1 million for the quarter ended September 30, 2026, up 78.5% from the corresponding period a year earlier and 37.5% sequentially from the second quarter of 2026.

How much net income and diluted EPS did VICR report for Q3 2026?

Net income was $63.3 million, or $1.33 per diluted share, compared with $28.3 million and $0.63 per diluted share in the third quarter of 2025.

How much did VICR spend on capital expenditures in Q3 2026?

Capital expenditures totaled $16.1 million in the third quarter, compared with $11.2 million in the second quarter and $4.0 million in the corresponding quarter a year earlier.

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

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/20/2026 - 07:20 AM EDT Accepted by SEC EDGAR 10/20/2026 - 07:20 AM EDT Learn about SEC filing dates

VICOR CORP false 0000751978 0000751978 2026-10-20 2026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2026

VICOR CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware		0-18277		04-2742817
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

25 Frontage Road, Andover, Massachusetts 01810

(Address of Principal Executive Offices) (Zip Code)

(978) 470-2900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		VICR		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On October 20, 2026, Vicor Corporation issued a press release announcing its financial results for the three and nine months ended September 30, 2026. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(a) Financial statements:

None

(b) Pro forma financial information:

None

(c) Shell company transactions:

None

(d) Exhibits

99.1 Press Release of Vicor Corporation dated October 20, 2026

Exhibit Index

Exhibit No.		Description
99.1		Press Release of Vicor Corporation dated October 20, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				VICOR CORPORATION
Date: October 20, 2026				By:		/s/ James F. Schmidt
						James F. Schmidt
						Chief Financial Officer

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

October 20, 2026

For Immediate Release

Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2026

Andover, Mass., October 20, 2026 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 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 third quarter ended September 30, 2026 totaled $197.1 million, a 37.5% sequential increase from $143.4 million in the second quarter of 2026, and increased 78.5% from $110.4 million for the corresponding period a year ago.

Gross margin increased sequentially to $134.7 million for the third quarter of 2026, compared to $83.1 million for the second quarter of 2026, and increased from $63.5 million for the corresponding period a year ago. Gross margin, as a percentage of revenue, increased to 68.3% for the third quarter of 2026, compared to 58.0% for the second quarter of 2026, and increased from 57.5% for the corresponding period a year ago. Operating expenses, including contingency fees to law firms enforcing Vicor IP, increased sequentially to $62.5 million for the third quarter of 2026, compared to $48.2 million for the second quarter of 2026, and increased from $42.6 million for the corresponding period a year ago.

Net income for the third quarter was $63.3 million, or $1.33 per diluted share, compared to net income of $49.8 million, or $1.04 per diluted share, for the second quarter of 2026 and net income of $28.3 million or $0.63 per diluted share, for the corresponding period a year ago.

Cash flow from operations totaled $69.7 million for the third quarter, compared to cash flow from operations of $34.0 million in the second quarter of 2026, and cash flow from operations of $38.5 million for the corresponding period a year ago. Capital expenditures for the third quarter totaled $16.1 million, compared to $11.2 million for the second quarter of 2026 and $4.0 million for the corresponding period a year ago. Cash and cash equivalents as of September 30, 2026 increased 13.1% sequentially to approximately $513.1 million compared to approximately $453.6 million as of June 30, 2026.

Backlog for the third quarter ended September 30, 2026 totaled $406 million, a 7% sequential increase from $380 million at the end of the second quarter of 2026, and increased 166% from $153 million for the corresponding period a year ago.

Commenting on recent developments, CEO Dr. Patrizio Vinciarelli stated: “With the purchase of two additional sites within 30 miles of ChiP Fab-1 in Andover, we will be able to provide a nearly 5X increase in capacity from 3 Fabs, relative to Fab-1. Capacity expansion is necessary in view of demand and industry trends.

Open Compute confirmed the challenges of VRs and IVRs. In addition to infringing patents to 1^st GEN VPD, VRs and IVRs face electrical, mechanical and thermal barriers to escalating AI processor requirements. In private presentations and lab sessions with OEMs and Hyperscalers, we demonstrated the distinct advantages of Vicor’s 2^nd GEN VPD. Participants paid attention, providing positive feedback and interest in engaging. The stage is set for broader adoption of high performance ALL-FPA current multiplier modules which enable 2^nd GEN VPD.

On the licensing front, we granted our first VPD license to an AI OEM at Stage-2 unit royalty rates. Unlicensed OEMs and Hyperscalers may not have realized the implications of importing, or planning to import, computing systems infringing Vicor patents to VPD. The ITC decision to institute an investigation into VPD infringement is catching their attention, prompting inquiries about licenses at royalty rates that strongly favor early adopters.”

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, October 20, 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 October 20, 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 designs, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Vicor licenses its patents to OEMs and hyper-scalers needing supply chain assurance, flexibility and scalability. Headquartered in Andover, Massachusetts, Vicor modules and power system technology are used in high performance computing, industrial, transportation, aerospace and defense.

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)								NINE MONTHS ENDED (Unaudited)
		SEPT 30, 2026				SEPT 30, 2025				SEPT 30, 2026				SEPT 30, 2025
Product revenue		$	130,501			$	88,698			$	341,431			$	257,597
Royalty revenue			66,613				21,725				112,004				42,840
Total net revenues			197,114				110,423				453,435				300,437
Patent litigation settlement			—				—				—				45,000
Total net revenues and patent litigation settlement			197,114				110,423				453,435				345,437
Cost of product revenues			62,434				46,910				173,269				145,431
Gross margin			134,680				63,513				280,166				200,006
Operating expenses:
Selling, general and administrative			38,563				22,747				89,356				75,836
Research and development			23,969				19,859				66,900				58,027
Total operating expenses			62,532				42,606				156,256				133,863
Income from operations			72,148				20,907				123,910				66,143
Other income (expense), net			6,585				2,407				14,149				9,198
Income before income taxes			78,733				23,314				138,059				75,341
Less: Provision (benefit) for income taxes			15,401				(4,988	)			4,265				3,278
Consolidated net income			63,332				28,302				133,794				72,063
Less: Net income attributable to noncontrolling interest			11				10				37				40
Net income attributable to Vicor Corporation		$	63,321			$	28,292			$	133,757			$	72,023
Net income per share attributable to Vicor Corporation:
Basic		$	1.37			$	0.63			$	2.92			$	1.60
Diluted		$	1.33			$	0.63			$	2.81			$	1.59
Shares outstanding:
Basic			46,129				44,734				45,845				44,986
Diluted			47,609				44,930				47,524				45,167

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

		SEPT 30, 2026 (Unaudited)				DEC 31, 2025 (Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	513,137			$	402,805
Accounts receivable, net			122,488				60,716
Inventories			110,922				91,340
Other current assets			13,594				32,502
Total current assets			760,141				587,363
Long-term deferred tax assets			23,439				27,463
Long-term investment, net			—				2,462
Property, plant and equipment, net			177,987				147,690
Other assets			20,053				20,853
Total assets		$	981,620			$	785,831
Liabilities and Equity
Current liabilities:
Accounts payable		$	24,334			$	12,290
Accrued compensation and benefits			14,047				12,031
Accrued expenses			22,223				3,691
Accrued litigation			—				28,275
Sales allowances			3,512				3,136
Short-term lease liabilities			1,733				1,568
Income taxes payable			208				904
Short-term deferred revenue and customer prepayments			418				3,426
Total current liabilities			66,475				65,321
Long-term income taxes payable			3,143				3,086
Long-term lease liabilities			5,427				5,608
Total liabilities			75,045				74,015
Equity:
Vicor Corporation stockholders’ equity:
Capital stock			518,247				462,805
Retained earnings			555,116				421,359
Accumulated other comprehensive loss			(1,174	)			(1,672	)
Treasury stock			(165,909	)			(170,935	)
Total Vicor Corporation stockholders’ equity			906,280				711,557
Noncontrolling interest			295				259
Total equity			906,575				711,816
Total liabilities and equity		$	981,620			$	785,831

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 77.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB