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Vicor Corporation (NASDAQ: VICR) Q2 2026 revenue jumps with backlog surge

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Vicor Corporation reported strong results for the quarter ended June 30, 2026. Product and royalty revenues were $143.4 million, a 26.9% sequential increase from $113.0 million and above the $141.0 million from a year earlier that included a $45.0 million patent litigation settlement, which was absent this quarter. Gross margin was $83.1 million, or 58.0% of revenue, up from 55.2% in the prior quarter but below the year-ago period that benefited from the settlement.

Operating expenses were $48.2 million, up modestly both sequentially and year over year. Net income was $49.8 million, or $1.04 per diluted share, compared with $20.7 million ($0.44) in the first quarter of 2026 and $41.2 million ($0.91) a year ago. Cash flow from operations was $34.0 million, and cash and cash equivalents rose 12.2% sequentially to $453.6 million. Backlog reached $380 million, a 26% sequential and 145% year-over-year increase. Management highlighted rising demand in high-performance computing, test equipment, industrial, aerospace and defense markets and described plans toward a second fab for high current density 2nd Gen VPD ChiPs to address power delivery challenges in AI hardware.

Positive

  • Product and royalty revenues grew 26.9% sequentially to $143.4 million, exceeding the prior-year total that included a one-time $45.0 million patent settlement.
  • Net income rose to $49.8 million ($1.04 diluted EPS), up from $20.7 million ($0.44) in the prior quarter and $41.2 million ($0.91) a year earlier.
  • Backlog increased to $380 million, a 26% sequential and 145% year-over-year rise, supporting future revenue visibility.

Negative

  • None.
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.
Product and royalty revenues Q2 2026 $143.4 million Second quarter 2026 total; 26.9% sequential increase from $113.0 million
Gross margin Q2 2026 $83.1 million Second quarter 2026 gross margin; 58.0% of revenue
Net income Q2 2026 $49.8 million Net income for the second quarter of 2026
Diluted EPS Q2 2026 $1.04 per share Diluted earnings per share for the quarter ended June 30, 2026
Cash and cash equivalents $453.6 million Balance as of June 30, 2026; 12.2% sequential increase
Backlog $380 million Backlog at June 30, 2026; 26% sequential and 145% year-over-year increase
Operating expenses Q2 2026 $48.2 million Total operating expenses for the second quarter of 2026
Cash flow from operations Q2 2026 $34.0 million Cash generated from operations during the second quarter of 2026
patent litigation settlement regulatory
"a patent litigation settlement of $45.0 million for the corresponding period a year ago"
gross margin financial
"Gross margin increased sequentially to $83.1 million for the second 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 second quarter ended June 30, 2026 totaled $380 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.
deferred tax assets financial
"Long-term deferred tax assets | | | 38,746 | | | | 27,463"
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.
accrued litigation financial
"Accrued litigation | | | — | | | | 28,275"
2nd Gen VPD ChiPs technical
"toward a second fab for high current density 2nd Gen VPD ChiPs"
Product and royalty revenues $143.4 million 26.9% sequential increase from $113.0 million in the first quarter of 2026
Net income $49.8 million Compared to $20.7 million in the first quarter of 2026 and $41.2 million a year ago
Cash and cash equivalents $453.6 million 12.2% sequential increase from approximately $404.2 million as of March 31, 2026
Backlog $380 million 26% sequential increase from $301 million and 145% above $155 million a year earlier

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

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FAQ

What were Vicor (VICR)'s Q2 2026 revenues?
Vicor reported $143.4 million in product and royalty revenues for Q2 2026, a 26.9% sequential increase from $113.0 million and above the $141.0 million recorded a year earlier, which had included a $45.0 million patent litigation settlement.

How did Vicor (VICR)'s Q2 2026 net income compare to prior periods?
Q2 2026 net income was $49.8 million, or $1.04 per diluted share, compared with $20.7 million ($0.44) in Q1 2026 and $41.2 million ($0.91) in Q2 2025, indicating substantially higher profitability versus both comparison periods.

What was Vicor (VICR)'s backlog as of June 30, 2026?
Backlog totaled $380 million at June 30, 2026, a 26% sequential increase from $301 million at March 31, 2026 and a 145% increase from $155 million a year earlier, reflecting significantly higher future order demand.

What is Vicor (VICR)'s cash position at June 30, 2026?
Cash and cash equivalents were approximately $453.6 million at June 30, 2026, a 12.2% sequential increase from about $404.2 million at March 31, 2026, supported by $34.0 million of cash flow from operations in the quarter.

How did Vicor (VICR)'s margins and expenses trend in Q2 2026?
Vicor’s Q2 2026 gross margin was $83.1 million, or 58.0% of revenue, up from 55.2% in Q1 2026 but below the prior year that benefited from a $45.0 million settlement. Operating expenses rose slightly to $48.2 million from $45.5 million in Q1 2026.
VICOR CORP false 0000751978 0000751978 2026-07-21 2026-07-21
 
 

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): July 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 July 21, 2026, Vicor Corporation issued a press release announcing its financial results for the three and six months ended June 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 July 21, 2026

Exhibit Index

 

Exhibit No.

   

Description

99.1    Press Release of Vicor Corporation dated July 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: July 21, 2026     By:  

/s/ James F. Schmidt

      James F. Schmidt
      Chief Financial Officer

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

July 21, 2026

For Immediate Release

Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2026

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 $143.4 million, a 26.9% sequential increase from $113.0 million in the first quarter of 2026, compared to $141.0 million from product revenues, royalty revenues and a patent litigation settlement of $45.0 million for the corresponding period a year ago.

Gross margin increased sequentially to $83.1 million for the second quarter of 2026, compared to $62.4 million for the first quarter of 2026, and decreased from $92.1 million for the corresponding period a year ago. Gross margin, as a percentage of revenue, increased to 58.0% for the second quarter of 2026, compared to 55.2% for the first quarter of 2026. Gross margin decreased from 65.3% for the corresponding period a year ago which included the aforementioned $45.0 million patent litigation settlement. Operating expenses increased sequentially to $48.2 million for the second quarter of 2026, compared to $45.5 million for the first quarter of 2026, and increased from $46.7 million for the corresponding period a year ago.

Net income for the second quarter was $49.8 million, or $1.04 per diluted share, compared to net income of $20.7 million, or $0.44 per diluted share, for the first quarter of 2026 and net income of $41.2 million or $0.91 per diluted share, for the corresponding period a year ago.

Cash flow from operations totaled $34.0 million for the second quarter, compared to cash flow used for operations of $(3.9) million in the first quarter of 2026, which included the impact of a $28.6 million payment of an award for past litigation, and cash flow from operations of $65.2 million for the corresponding period a year ago. Capital expenditures for the second quarter totaled $11.2 million, compared to $12.4 million for the first quarter of 2026 and $6.2 million for the corresponding period a year ago. Cash and cash equivalents as of June 30, 2026 increased 12.2% sequentially to approximately $453.6 million compared to approximately $404.2 million as of March 31, 2026.

Backlog for the second quarter ended June 30, 2026 totaled $380 million, a 26% sequential increase from $301 million at the end of the first quarter of 2026, and increased 145% from $155 million for the corresponding period a year ago.

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
(Unaudited)		      SIX MONTHS ENDED
(Unaudited)		  
     JUN 30,
2026		     JUN 30,
2025		      JUN 30,
2026		     JUN 30,
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,
2026
(Unaudited)		     DEC 31,
2025
(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  
  

 

 

    

 

 

  

Source: View Original Filing on SEC EDGAR

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