Vicor Corporation (Nasdaq: VICR) designs and manufactures modular electrical-power conversion components and systems and licenses its patented technology. Its Advanced Products address demanding computing and other applications, while Brick Products serve established industrial, aerospace, defense and transportation markets.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-022018 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-030619 | Mar 3, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-085102 | Mar 2, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Vicor’s operating momentum strengthened substantially in 2026, with both product sales and royalties contributing. Third-quarter revenue reached $197.114 million, and cash reached $513.137 million at September 30. However, earnings require careful interpretation: 2025 benefited from a $45 million patent settlement and a substantial deferred-tax valuation-allowance release, while royalties became a much larger contributor in 2026. Public disclosures establish recognized licensing revenue, but not a dependable recurring run rate or the economics of individual agreements. Manufacturing expansion supports management’s ambitions, although site purchases do not establish commissioned capacity and prospective capacity is not assured output. As of October 24, 2026, the central picture is stronger commercial activity and substantial liquidity, balanced against customer concentration, execution demands, patent-enforcement costs and uncertain licensing durability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-20
Vicor supplies components that convert and deliver electrical power, with particular expertise in 48V distribution. Management argues that its architecture improves power density and reduces distribution losses by placing current multiplication near the processor or other load. These are company technology claims, not independently established market-share rankings. Its strategy emphasizes high-volume Advanced Products and licensing while retaining a more diversified Brick business. Advanced Products and Brick Products are revenue categories within one reportable segment, not businesses with separately disclosed operating profits. Royalties are included in Advanced Products revenue; adding them to that category would double-count revenue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, net revenue recovered to $407.701 million from $359.058 million. Management attributed Advanced Products growth to better demand and higher royalties, while Brick demand remained weaker. Product revenue still fell short of 2023’s level, despite consolidated revenue slightly exceeding it, because licensing had become more important. Operating income reached $81.828 million and parent-attributable net income $118.556 million, but these were not clean recurring earnings measures. Results included a separately presented $45 million patent settlement, $5.1 million of related legal fees and a $24.025 million net tax benefit following a larger valuation-allowance release. The absence of 2024’s $19.5 million litigation-contingency charge also improved the comparison. These annual findings come from the March 2, 2026 filing.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
The April 21 release reported first-quarter 2026 revenue of $112.969 million and improving demand across several markets. Second-quarter revenue reached $143.352 million; the July 29 quarterly report linked Advanced Products growth to improved demand and a new license. The latest results, announced October 20 for the quarter ended September 30, showed $197.114 million of revenue, comprising $130.501 million of product revenue and $66.613 million of royalties. Gross margin reached 68.3%, helped by the larger licensing contribution, while product revenue less product costs also improved. Operating income was $72.148 million. Higher taxes and a larger diluted share count tempered the improvement in net income and EPS. These interim results are unaudited. The first VPD license reported in October cannot be assumed to explain all royalty growth or to be the same agreement mentioned in July.
Sources: EX-99.1 · 2026-04-21 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-20
Cash and equivalents rose from $277.273 million at year-end 2024 to $402.805 million at year-end 2025, supported by operating cash flow that included the settlement receipt. In first-half 2026, operating cash flow fell to $30.197 million despite higher profit: Vicor paid the separate SynQor judgment and invested in working capital. Employee stock-plan proceeds supplied another $44.224 million. Third-quarter operating cash flow was $69.7 million, capital expenditure was $16.1 million, and September cash reached $513.137 million. The October release does not provide a complete nine-month cash-flow reconciliation. No borrowing balance or credit facility is disclosed, but leases and other obligations remain. Cash flow, cash balances and accounting profit are distinct measures.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-20
By October 20, management reported purchasing two additional sites and described a prospective “nearly 5X increase” in capacity from three fabs relative to Fab-1. Purchase dates, prices and commissioning schedules were not disclosed; site purchases do not establish commissioned capacity. As of June 30, 2026, Vicor disclosed approximately $22.745 million of cancelable and noncancelable capital expenditure commitments, principally for manufacturing and production equipment, which it intended to fund with existing cash. Separately, as of that date, approximately $2.155 million of capital expenditure items and internal-use software had been received and included in property, plant and equipment, net, but not yet paid for. Separately, the $150 million repurchase authorization announced August 25 and filed August 27 replaced the previous program. It has no expiration or minimum purchase requirement. No shares were repurchased in first-half 2026, and the supplied October release does not quantify subsequent purchases.
Sources: EX-99.1 · 2026-04-21 · EX-99.1 · 2026-07-21 · 10-Q · 2026-06-30 · 8-K · 2026-08-25 · EX-99.1 · 2026-10-20
Advanced Products depend on relatively few customer programs, lengthy design cycles and successful adoption of successive technologies. One customer represented approximately 11.1% of 2025 revenue. Manufacturing concentration in Andover, single-source components, remaining outsourced processes, tariffs and customer rescheduling can constrain fulfillment or margins. September backlog was reported at $406 million, but orders are not recognized revenue or assured cash. Licensing adds dependence on enforceable patents, licensee activity and contractual recognition conditions that are not fully public. Founder Patrizio Vinciarelli controlled 79.6% of voting securities at year-end 2025, limiting outside shareholders’ influence. Strong liquidity provides investment capacity, not assurance that planned manufacturing or licensing outcomes will occur.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-20
USD 407.701 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 407.701 m | 13.5% |
| 2024 | USD 359.058 m | -11.4% |
| 2023 | USD 405.059 m | — |
Product and royalty revenue; excludes separately presented patent litigation settlement.
Sources: 10-K · 2025-12-31
USD 118.556 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 118.556 m | 1834.3% |
| 2024 | USD 6.129 m | -88.6% |
| 2023 | USD 53.595 m | — |
Consolidated net income less income attributable to noncontrolling interest.
Sources: 10-K · 2025-12-31
USD 139.548 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 139.548 m | 174.5% |
| 2024 | USD 50.842 m | -31.8% |
| 2023 | USD 74.528 m | — |
Consolidated cash flow from operating activities under the indirect method.
Sources: 10-K · 2025-12-31
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