Vicor (NASDAQ: VICR) posts strong Q1 2026 growth with 20% revenue gain and 75% backlog surge

Rhea-AI Filing Summary

Vicor Corporation reported strong first quarter 2026 results with higher revenue and profits. Net revenues rose to $113.0 million, up 20.2% from $94.0 million a year earlier and 5.3% above the fourth quarter of 2025, driven by product and royalty growth.

Gross margin reached $62.4 million, or 55.2% of revenue, up from 47.2% a year ago. Net income climbed to $20.7 million, or $0.44 per diluted share, versus $2.5 million, or $0.06, a year earlier, though below the prior quarter, which benefited from a $27.3 million tax item.

Operating cash flow was a use of $(3.9) million, reflecting a $28.6 million litigation award payment, while capital expenditures increased to $12.4 million as the company invests in manufacturing capacity. Cash and cash equivalents were $404.2 million and backlog surged to $301 million, 75% above the prior year.

Positive

• Revenue and profit acceleration: Net revenues grew 20.2% year over year to $113.0 million and net income rose to $20.7 million from $2.5 million, showing substantial operating leverage.
• Backlog and demand strength: Backlog reached $301 million, up 75% year over year and 70% sequentially, signaling strong visibility for future revenue across Vicor’s end markets.

Negative

• Operating cash outflow and litigation payment: Operating activities used $(3.9) million of cash in the quarter, reflecting a material $28.6 million payment of a past litigation award, alongside significantly higher capital expenditures.

Insights

Equity analyst

Vicor delivered strong Q1 growth, expanding margins and backlog while investing heavily in capacity.

Vicor grew net revenues to $113.0 million, up 20.2% year over year, with gross margin rising to 55.2%. Net income increased to $20.7 million from $2.5 million, highlighting strong operating leverage even after higher R&D and modestly higher SG&A.

Backlog jumped to $301 million, a 75% year-over-year increase, indicating robust demand across target markets. Management is responding with higher capital expenditures of $12.4 million in the quarter and expanding fabrication capacity, which may support future revenue if demand persists.

Operating cash flow was negative $(3.9) million, driven by a $28.6 million litigation award payment, while cash ended at $404.2 million as of March 31, 2026. This combination of strong earnings, growing backlog, and substantial liquidity, alongside elevated investment, is a notably constructive setup for the business.

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, and exhibit attachments filed with this report.

Key Figures

Net revenues: $113.0 million Net income: $20.7 million Diluted EPS: $0.44 per share +5 more

8 metrics

Net revenues $113.0 million Q1 2026, up 20.2% from $94.0 million in Q1 2025

Net income $20.7 million Q1 2026, vs $2.5 million in Q1 2025

Diluted EPS $0.44 per share Q1 2026, vs $0.06 per share in Q1 2025

Gross margin rate 55.2% Q1 2026, vs 47.2% in Q1 2025

Backlog $301 million As of March 31, 2026, up 75% year over year

Operating cash flow $(3.9) million Q1 2026, after $28.6 million litigation payment

Capital expenditures $12.4 million Q1 2026, vs $4.6 million in Q1 2025

Cash and cash equivalents $404.2 million As of March 31, 2026, slightly above $402.8 million at year-end 2025

Key Terms

gross margin, backlog, capital expenditures, deferred tax assets, +2 more

6 terms

gross margin financial

"Gross margin, as a percentage of revenue, increased to 55.2% for the first quarter of 2026"

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 first quarter ended March 31, 2026 totaled $301 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 first quarter totaled $12.4 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.

deferred tax assets financial

"Net income in the fourth quarter included $27.3 million of tax benefit due to the partial recognition of certain deferred tax assets"

An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.

noncontrolling interest financial

"Less: Net income attributable to noncontrolling interest"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

forward-looking statements regulatory

"This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

VICOR CORP false 0000751978 0000751978 2026-04-21 2026-04-21

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): April 21, 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 April 21, 2026, Vicor Corporation issued a press release announcing its financial results for the first quarter ended March 31, 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 April 21, 2026

Exhibit Index

Exhibit No.		Description
99.1		Press Release of Vicor Corporation dated April 21, 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: April 21, 2026				By:		/s/ James F. Schmidt
						James F. Schmidt
						Chief Financial Officer

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

April 21, 2026

For Immediate Release

Vicor Corporation Reports Results for the First Quarter Ended March 31, 2026

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 $113.0 million, a 20.2% increase from $94.0 million for the corresponding period a year ago, and a 5.3% sequential increase from $107.3 million in the fourth quarter of 2025.

Gross margin increased to $62.4 million for the first quarter of 2026, compared to $44.4 million for the corresponding period a year ago, and increased sequentially from $59.4 million for the fourth quarter of 2025. Gross margin, as a percentage of revenue, increased to 55.2% for the first quarter of 2026, compared to 47.2% for the corresponding period a year ago, and decreased from 55.4% for the fourth quarter of 2025. Operating expenses increased to $45.5 million for the first quarter of 2026, compared to $44.5 million for the corresponding period a year ago, and increased sequentially from $43.7 million for the fourth quarter of 2025.

Net income for the first quarter was $20.7 million, or $0.44 per diluted share, compared to net income of $2.5 million or $0.06 per diluted share, for the corresponding period a year ago and net income of $46.5 million, or $1.01 per diluted share, for the fourth quarter of 2025. Net income in the fourth quarter included $27.3 million of tax benefit due to the partial recognition of certain deferred tax assets in the period.

Cash flow used for operations totaled $(3.9) million for the first quarter, net of a $28.6 million payment of an award for past litigation, compared to cash flow from operations of $20.1 million for the corresponding period a year ago, and cash flow from operations of $15.7 million in the fourth quarter of 2025. Capital expenditures for the first quarter totaled $12.4 million, compared to $4.6 million for the corresponding period a year ago and $5.5 million for the fourth quarter of 2025. Cash and cash equivalents as of March 31, 2026 increased 0.4% sequentially to approximately $404.2 million compared to approximately $402.8 million as of December 31, 2025.

Backlog for the first quarter ended March 31, 2026 totaled $301 million, a 75% increase from $172 million for the corresponding period a year ago, and a 70% sequential increase from $177 million at the end of the fourth quarter of 2025.

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 70% sequential increase in backlog, setting the stage for revenue growth.

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 2^nd 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

FAQ

How did Vicor (VICR) perform financially in the first quarter of 2026?

Vicor reported net revenues of $113.0 million, up 20.2% year over year. Net income rose to $20.7 million, or $0.44 per diluted share, compared with $2.5 million, or $0.06, in the prior-year quarter, reflecting stronger margins and operating leverage.

What happened to Vicor (VICR) gross margin and operating expenses in Q1 2026?

Gross margin increased to $62.4 million, or 55.2% of revenue, up from 47.2% a year earlier. Operating expenses rose slightly to $45.5 million from $44.5 million, as higher research and development spending offset lower selling, general and administrative costs.

How strong is Vicor (VICR) demand and backlog as of March 31, 2026?

Backlog totaled $301 million at March 31, 2026, a 75% increase from $172 million a year earlier and 70% above $177 million at the end of Q4 2025, indicating significantly stronger demand across Vicor’s targeted end markets.

What were Vicor (VICR) cash flow and capital expenditure trends in Q1 2026?

Operating activities used $(3.9) million in cash, primarily due to a $28.6 million litigation award payment. Capital expenditures rose to $12.4 million from $4.6 million a year earlier as Vicor invested in expanding manufacturing capacity, including equipment for its CHiP fabrication facilities.

What is Vicor (VICR) cash position and balance sheet strength after Q1 2026?

Cash and cash equivalents were $404.2 million as of March 31, 2026, slightly above $402.8 million at December 31, 2025. Total assets reached $804.9 million and total liabilities were $50.8 million, resulting in stockholders’ equity of $753.9 million, indicating a strong balance sheet.

How did Vicor (VICR) Q1 2026 results compare to the prior quarter?

Sequentially, net revenues increased 5.3% from $107.3 million in Q4 2025 and gross margin dollars rose from $59.4 million. Net income declined from $46.5 million due to a prior-quarter $27.3 million tax benefit, making Q4 unusually strong compared with Q1.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 61.8 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