Vicor ve 3. čtvrtletí zvýšil tržby meziročně o 78,5 % na 197,1 mil. USD a hrubou marži na 68,3 %; do 2. čtvrtletí 2027 chce kapacitu zvýšit zhruba na pětinásobek.
SummaryI reiterate my Strong Buy on Vicor after a record Q3, despite a 38% drawdown since my last article driven by sector-wide AI hardware selling.Q3 revenue rose 78.5% YoY to $197.1M, with product revenue up 47%, royalties up 207%, and gross margin reaching 68.3%.Vicor is supply-constrained rather than demand-constrained, with Fab 1 nearly full and two new fab sites targeting about 5x capacity from Q2 2027.Management expects to fund the expansion entirely from cash, in contrast with peers financing AI buildouts through debt or large equity raises.My FY27 scenarios range from -36% to +103%, with a base case of +44%. Thomas Barwick/DigitalVision via Getty Images
Investment Thesis Despite the volatility in the share price and negative returns over the last few months, I reiterate my Strong Buy rating on Vicor (VICR) based on fundamental improvements across many
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Vicor ve třetím čtvrtletí zvýšil tržby o 78,5 % na 197,11 mil. USD a zisk na akcii (EPS) o 111,1 % na 1,33 USD, a to díky poptávce po AI a příjmům z licencí.
Key Takeaways Vicor shares gained 4.5% as Q3 earnings jumped 111.1% and revenues surged 78.5%.
VICR's royalty revenues soared 206.6% to $66.6 million, boosting margins.
Vicor expects Q4 product revenues to grow 10% sequentially, driven by Advanced Products.
Vicor Corporation (VICR - Free Report) shares have gained 4.5% since it reported third-quarter 2026 results on Oct. 20. The uptick can be attributed to strong AI-driven demand and rising recurring royalty revenues, which lifted sales, margins and profitability.
The company reported third-quarter 2026 earnings of $1.33 per share, missing the Zacks Consensus Estimate by 4.32%. The figure increased 111.1% year over year.
Revenues surged 78.5% year over year to $197.11 million and surpassed the consensus estimate by 5.4%. Strong Advanced Products sales and higher royalty income supported growth. The company’s order backlog increased 166% year over year to $406 million, reflecting robust demand.
VICR's Advanced Products Revenues AccelerateAdvanced Products revenues, including royalties, increased 47.5% sequentially to $138.9 million. The business accounted for 70.4% of total revenues, up from 65.7% in the preceding quarter.
Brick Products revenues increased 18.4% sequentially to $58.3 million and represented 29.6% of total revenues.
Shipments to stocking distributors increased 24.8% sequentially and 16.2% year over year. Exports accounted for approximately 36.1% of revenues, down from 46% in the second quarter of 2026.
Vicor Benefits From Expanding Royalty IncomeProduct revenues totaled $130.5 million, up 47.1% year over year. Royalty revenues surged 206.6% year over year to $66.6 million from $21.7 million. Sequentially, royalty revenues increased 119.1%, supported by licensing agreements.
The company granted its first vertical power delivery (VPD) license to a leading artificial intelligence (AI) original equipment manufacturer at Stage 2-unit royalty rates. Management noted that part of the quarterly royalty contribution reflected initial payments, while the underlying licensing arrangements provide recurring income.
Vicor also received inquiries from hyperscalers regarding broader licensing agreements. Management expects royalty income to grow as additional customers adopt its intellectual property, although the timing of payments and new agreements could create quarterly fluctuations.
VICR's Backlog Reflects Strong Market DemandThe book-to-bill ratio remained above 1, while backlog increased 7% sequentially to $380 million. Management highlighted approximately $100 million in bookings during the first two weeks of the fourth quarter, including a substantial order for second-generation VPD modules.
Demand remained strong across AI computing, automatic test equipment (ATE), industrial, aerospace and defense markets. The company's ATE business, which serves semiconductor and memory testing applications, now generates more than $100 million in annual revenues.
Management highlighted growing customer interest in second-generation VPD technology following demonstrations at Open Compute. The technology aims to address increasing power density and efficiency requirements for advanced AI processors.
Vicor’s Margins Expand Despite Rising ExpensesGross profit increased sequentially to $134.7 million from $83.1 million. Gross margin expanded 1,030 basis points to 68.3%, benefiting from higher royalty revenues, improved product mix, manufacturing efficiencies and increased volumes.
Operating expenses increased 29.6% sequentially to $62.5 million. Legal expenses, a substantial portion of which are linked to royalty revenues, increased approximately $11.1 million to $16.1 million. Management expects legal expenses to average approximately 20% of royalty revenues in the near term.
Operating income surged 245.1% year over year to $72.1 million from $20.9 million in the year-ago quarter.
VICR Strengthens Cash Position and Expands CapacityAs of Sept. 30, 2026, cash and cash equivalents totaled $513.1 million compared with $453.6 million in the previous quarter.
Operating activities generated $69.7 million in cash compared with $34 million in the second quarter.
Vicor acquired two additional manufacturing sites within 30 miles of its existing Andover facility. The planned Fab-2 and Fab-3 facilities could increase manufacturing capacity nearly fivefold relative to Fab-1.
Management expects initial equipment deployment at Fab-2 in the second quarter of 2027. The expansion will initially target capacity-constrained manufacturing processes. The company expects to fund its expansion plans without raising additional capital.
Vicor Expects Further Product Revenue GrowthVicor expects fourth-quarter 2026 product revenues to increase approximately 10% sequentially. The outlook assumes another double-digit sequential increase in Advanced Products hardware revenues.
Management also expects at least $43 million in fourth-quarter royalty revenues, assuming no additional licensing agreements. Existing arrangements could generate incremental royalties beyond this baseline.
The company anticipates further margin expansion as revenues increase and manufacturing utilization improves. However, near-term capacity constraints at Fab-1 remain a consideration as Vicor works to expand production capabilities and meet growing customer demand.
Zacks Rank & Upcoming Earnings to WatchVicor currently sports a Zacks Rank #1 (Strong Buy).
Alkami Technology (ALKT - Free Report) , ASE Technology (ASX - Free Report) , and Entegris (ENTG - Free Report) are some other top-ranked stocks in the broader Zacks Computer and Technology sector. While ASE Technology sports a Zacks Rank #1, Alkami Technology and Entegris carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkami Technology, ASE Technology and Entegris are expected to report their quarterly results on Oct. 28, Oct. 29 and Oct. 29, respectively. While Shares of ASE Technology and Entegris have surged 163.5% and 75.3%, respectively, Alkami Technology shares have plunged 34.5% in the year-to-date period.
Assenagon Asset Management S.A. bought a new position in Vicor Corporation (NASDAQ:VICR – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,662 shares of the electronics maker’s stock, valued at approximately $2,792,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Andar Capital Management HK Ltd purchased a new stake in Vicor in the second quarter worth about $101,100,000. BlackRock Inc. purchased a new position in Vicor during the 2nd quarter valued at about $934,612,000. The Manufacturers Life Insurance Company boosted its position in Vicor by 39.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 603,364 shares of the electronics maker’s stock valued at $97,142,000 after acquiring an additional 171,175 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Vicor by 43.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 536,274 shares of the electronics maker’s stock valued at $86,340,000 after acquiring an additional 162,186 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Vicor in the 2nd quarter valued at $53,161,000. 47.45% of the stock is currently owned by institutional investors.
Analyst Ratings Changes VICR has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $350.00 price target on shares of Vicor in a research report on Tuesday. Wall Street Zen upgraded Vicor from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings downgraded Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Zacks Research raised Vicor from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Finally, Roth Capital set a $360.00 target price on Vicor in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $386.67.
Get Our Latest Stock Report on VICR Vicor Price Performance Shares of Vicor stock opened at $213.42 on Thursday. The stock has a market cap of $9.84 billion, a PE ratio of 55.87 and a beta of 2.37. Vicor Corporation has a 1 year low of $79.00 and a 1 year high of $382.65. The firm has a fifty day moving average price of $228.51 and a 200 day moving average price of $250.98.
Vicor (NASDAQ:VICR – Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The electronics maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.01. Vicor had a return on equity of 22.49% and a net margin of 32.15%. The company had revenue of $197.11 million during the quarter, compared to analysts’ expectations of $187.03 million. During the same period last year, the business earned $0.63 earnings per share. Vicor’s quarterly revenue was up 78.5% on a year-over-year basis. As a group, equities analysts expect that Vicor Corporation will post 4.07 EPS for the current year.
Key Headlines Impacting Vicor Here are the key news stories impacting Vicor this week:
Positive Sentiment: Third-quarter revenue rose 78.5% year over year to $197.1 million, while diluted EPS increased to $1.33 from $0.63. Revenue exceeded several analyst estimates, although the EPS result was slightly below some higher consensus figures. Vicor third-quarter results Positive Sentiment: AI demand is driving growth: royalty revenue reached $66.6 million, more than triple the year-earlier level, and Vicor granted its first VPD license to an AI OEM. Management expects at least $43 million of royalty revenue in the fourth quarter. Vicor fourth-quarter outlook Positive Sentiment: Management projects approximately 10% fourth-quarter product-revenue growth and highlighted strong demand for its VPD power technology from AI customers and hyperscalers. Backlog climbed 166% year over year to $406 million. Vicor earnings call highlights Positive Sentiment: Vicor is expanding manufacturing capacity by acquiring two nearby sites, targeting nearly five times the capacity of its existing Fab-1 footprint. Needham reaffirmed its Buy rating and assigned a $350 price target. Needham rating Neutral Sentiment: Gross margin expanded to 68.3%, and operating cash flow reached $69.7 million; however, operating expenses rose substantially, partly because of intellectual-property enforcement costs. Vicor financial results summary Negative Sentiment: Investors continue to face patent-litigation and ITC-investigation risks, while reported insider activity showed substantial selling and no purchases over the past six months. These factors could temper enthusiasm after the stock’s strong advance. Insiders Place Their Bets In other news, CEO Patrizio Vinciarelli sold 20,000 shares of Vicor stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $316.13, for a total transaction of $6,322,600.00. Following the completion of the transaction, the chief executive officer directly owned 8,307,390 shares of the company’s stock, valued at $2,626,215,200.70. The trade was a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Philip D. Davies sold 3,073 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $177.70, for a total transaction of $546,072.10. Following the completion of the transaction, the vice president owned 1,920 shares of the company’s stock, valued at approximately $341,184. This represents a 61.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 27,053 shares of company stock worth $7,745,984. Corporate insiders own 28.30% of the company’s stock.
Vicor Profile (Free Report)
Vicor Corporation (NASDAQ: VICR) designs, develops, manufactures and markets modular power components and systems. The company’s products convert, regulate and distribute electrical power for electronic equipment, with an emphasis on high-performance, compact and efficient power solutions.
Its portfolio includes AC-to-DC and DC-to-DC converters, regulators, power modules, power distribution components and complete power systems. Vicor’s technologies include its Factorized Power Architecture and high-density ChiP packaging, which are designed to help engineers manage power more efficiently while reducing the size and complexity of electronic systems.
Vicor serves customers in industries such as data centers and computing, telecommunications, automotive, aerospace and defense, industrial equipment, and consumer electronics.
Further Reading Five stocks we like better than Vicor GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding VICR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vicor Corporation (NASDAQ:VICR – Free Report).
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ANDOVER, Mass., Oct. 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 1st 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 2nd 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 2nd 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: [email protected]
VICOR CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Thousands except for per share amounts) QUARTER ENDED NINE MONTHS ENDED (Unaudited) (Unaudited) SEPT 30, SEPT 30, SEPT 30, SEPT 30, 2026
2025
2026
2025
Product revenue$ 130,501 $ 88,698 $ 341,431 $ 257,597Royalty revenue 66,613 21,725 112,004 42,840 Total net revenues 197,114 110,423 453,435 300,437Patent litigation settlement - - - 45,000 Total net revenues and patent litigation settlement 197,114 110,423 453,435 345,437Cost 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 $1.59 Shares outstanding: Basic 46,129 44,734 45,845 44,986 Diluted 47,609 44,930 47,524 45,167 VICOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (Thousands) SEPT 30, DEC 31, 2026
2025
(Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents$ 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
Vicor (VICR - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on October 20, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis modular power components company is expected to post quarterly earnings of $1.39 per share in its upcoming report, which represents a year-over-year change of +120.6%.
Revenues are expected to be $187.2 million, up 69.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.64% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Vicor?For Vicor, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #1.
So, this combination makes it difficult to conclusively predict that Vicor will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Vicor would post earnings of $0.62 per share when it actually produced earnings of $1.04, delivering a surprise of +67.74%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Vicor doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
ANDOVER, Mass., Oct. 06, 2026 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) announced today it will hold its third quarter 2026 earnings conference call and webcast on Tuesday, October 20, 2026 at 8:00 a.m. (Eastern). Prepared remarks regarding the company's financial and operational results for the three and nine months ended September 30, 2026 will be followed by a question and answer period with Patrizio Vinciarelli, Chief Executive Officer, Jim Schmidt, Chief Financial Officer, and Phil Davies, Corporate Vice President, Global Sales and Marketing.
Results for the third quarter will be released over GlobeNewswire at 7:00 a.m. on October 20, 2026 and the press release and a summary of the company's financial statements will be available shortly thereafter on the Investor Relations page of Vicor's website.
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.
About Vicor
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.
www.vicorpower.com
For further information contact:
Vicor Corporation
James F. Schmidt
Chief Financial Officer
Office: (978) 470-2900
Email: [email protected]
Vicor Corporation (NASDAQ:VICR – Get Free Report) CEO Patrizio Vinciarelli sold 20,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $316.13, for a total transaction of $6,322,600.00. Following the transaction, the chief executive officer owned 8,327,390 shares in the company, valued at approximately $2,632,537,800.70. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Vicor Stock Performance Shares of NASDAQ:VICR traded down $10.72 during midday trading on Monday, hitting $298.18. 284,113 shares of the stock were exchanged, compared to its average volume of 851,140. Vicor Corporation has a 52-week low of $48.53 and a 52-week high of $382.65. The business’s fifty day simple moving average is $219.16 and its two-hundred day simple moving average is $243.95. The company has a market capitalization of $13.75 billion, a PE ratio of 95.58 and a beta of 2.37.
Vicor (NASDAQ:VICR – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The electronics maker reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. Vicor had a return on equity of 19.83% and a net margin of 30.65%.The firm had revenue of $143.35 million during the quarter, compared to analysts’ expectations of $138.37 million. During the same quarter last year, the firm earned $0.91 earnings per share. The business’s revenue for the quarter was up 49.3% on a year-over-year basis. As a group, equities analysts anticipate that Vicor Corporation will post 4.07 EPS for the current year.
Analyst Ratings Changes Several brokerages recently commented on VICR. Needham & Company LLC boosted their price target on Vicor from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday. Roth Capital reaffirmed a “buy” rating and set a $375.00 price objective on shares of Vicor in a research report on Tuesday, September 22nd. Weiss Ratings cut shares of Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. Zacks Research raised shares of Vicor from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Finally, Craig Hallum increased their price target on shares of Vicor to $450.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $391.67. Read Our Latest Research Report on Vicor
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently made changes to their positions in VICR. BlackRock Inc. acquired a new position in Vicor in the 2nd quarter valued at approximately $934,612,000. Jupiter Topco LLC bought a new stake in shares of Vicor in the 2nd quarter worth approximately $3,934,000. Maxi Investments CY Ltd acquired a new stake in shares of Vicor during the 2nd quarter worth approximately $2,089,000. Tidal Investments LLC grew its holdings in shares of Vicor by 87.8% during the 2nd quarter. Tidal Investments LLC now owns 82,874 shares of the electronics maker’s stock worth $31,474,000 after purchasing an additional 38,756 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Vicor by 39.6% during the first quarter. The Manufacturers Life Insurance Company now owns 603,364 shares of the electronics maker’s stock valued at $97,142,000 after purchasing an additional 171,175 shares during the period. Institutional investors own 47.45% of the company’s stock.
About Vicor (Get Free Report)
Vicor Corporation (NASDAQ:VICR) designs, develops, manufactures and markets modular power-conversion products and systems. Its technologies are used to convert, regulate and distribute electrical power in electronic equipment, with an emphasis on compact, efficient and scalable power-delivery architectures.
The company’s product portfolio includes AC-to-DC and DC-to-DC converters, power modules, power systems and related components. Vicor’s Factorized Power Architecture and associated products are designed to support power delivery from the source to processors, memory, communications equipment and other demanding loads.
Founded in 1981 and headquartered in Andover, Massachusetts, Vicor serves customers and markets worldwide.
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Vicor zvedl výhled růstu za 3. čtvrtletí na více než 20 %, což poslalo akcie během úterního obchodování o 12,8 % výše. Firma zároveň oznámila licenci patentů Vertical Power Delivery dalšímu výrobci AI systémů.
Vicor Corporation (NASDAQ:VICR – Get Free Report) shares were up 12.8% during mid-day trading on Tuesday . The stock traded as high as $251.00 and last traded at $252.5650. 338,780 shares were traded during trading, a decline of 60% from the average session volume of 840,348 shares. The stock had previously closed at $223.90.
Key Vicor News Here are the key news stories impacting Vicor this week:
Positive Sentiment: Higher third-quarter guidance was the primary catalyst. Vicor raised its Q3 growth outlook to more than 20%, prompting a sharp premarket and after-hours reaction. The improved outlook suggests stronger demand for the company’s power-conversion products and was subsequently described as an upgrade to its growth and royalty-income forecast. Why Vicor Shares Are Trading Higher Positive Sentiment: AI customer and licensing activity is strengthening the long-term growth narrative. Vicor licensed its Vertical Power Delivery patents to another AI-system manufacturer. The arrangement could generate royalties and may also lead the customer to purchase Vicor modules, supporting potentially higher-margin recurring income as AI infrastructure demand expands. Vicor Licenses Power Patents to AI System Maker Positive Sentiment: Analyst sentiment remains supportive. Roth MKM and Needham reiterated Buy ratings, with reported price targets of $375 and $320, respectively. Analysts have also been raising earnings estimates, reinforcing expectations that the guidance increase could translate into stronger financial results. Analysts Are Bullish on Vicor Neutral Sentiment: Broader market conditions are favorable but add limited company-specific information. The Nasdaq 100 was testing records as the AI trade continued to lead technology stocks, providing a supportive backdrop for VICR. Negative Sentiment: Momentum and valuation risks are notable. Benzinga flagged Vicor’s overbought relative-strength reading, while the stock’s high earnings multiple leaves less room for disappointment if AI demand, licensing revenue or execution falls short of expectations. Industrials Stocks With Overbought RSI Readings Analyst Upgrades and Downgrades Several brokerages recently weighed in on VICR. Roth Capital restated a “buy” rating and issued a $375.00 price target on shares of Vicor in a research report on Tuesday. Zacks Research lowered shares of Vicor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 2nd. Weiss Ratings lowered Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Craig Hallum lifted their price objective on shares of Vicor to $450.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Vicor in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Vicor has an average rating of “Moderate Buy” and an average target price of $381.67.
Read Our Latest Stock Report on Vicor Vicor Stock Performance The business’s 50 day moving average is $209.82 and its 200 day moving average is $238.13. The company has a market capitalization of $13.06 billion, a price-to-earnings ratio of 90.76 and a beta of 2.35.
Vicor (NASDAQ:VICR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The electronics maker reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The business had revenue of $143.35 million for the quarter, compared to the consensus estimate of $138.37 million. Vicor had a return on equity of 19.83% and a net margin of 30.65%.The company’s quarterly revenue was up 49.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. Sell-side analysts predict that Vicor Corporation will post 3.64 EPS for the current year.
Insider Buying and Selling at Vicor In related news, VP Philip Davies sold 3,073 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $177.70, for a total transaction of $546,072.10. Following the completion of the sale, the vice president owned 1,920 shares of the company’s stock, valued at approximately $341,184. This represents a 61.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Zmira Lavie sold 908 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $250.00, for a total transaction of $227,000.00. Following the transaction, the director directly owned 908 shares in the company, valued at approximately $227,000. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 91,157 shares of company stock worth $30,270,191. Company insiders own 28.30% of the company’s stock.
Institutional Trading of Vicor A number of large investors have recently modified their holdings of the stock. GoalVest Advisory LLC grew its position in Vicor by 23.5% in the 2nd quarter. GoalVest Advisory LLC now owns 321 shares of the electronics maker’s stock valued at $122,000 after buying an additional 61 shares during the last quarter. Carolina Wealth Advisors LLC raised its position in Vicor by 70.9% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 147 shares of the electronics maker’s stock worth $56,000 after buying an additional 61 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Vicor by 1.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,692 shares of the electronics maker’s stock worth $916,000 after acquiring an additional 68 shares during the period. ProShare Advisors LLC lifted its stake in shares of Vicor by 1.7% in the 4th quarter. ProShare Advisors LLC now owns 4,469 shares of the electronics maker’s stock worth $490,000 after acquiring an additional 74 shares during the period. Finally, First PREMIER Bank boosted its holdings in shares of Vicor by 20.0% in the second quarter. First PREMIER Bank now owns 600 shares of the electronics maker’s stock valued at $228,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 47.45% of the company’s stock.
Vicor Company Profile (Get Free Report)
Vicor Corporation (NASDAQ: VICR) designs, manufactures and markets modular power components and power systems. The company’s products are used to convert, regulate and distribute electrical power in electronic systems, with an emphasis on high-density, efficient and scalable power-conversion technology.
Its portfolio includes AC-to-DC and DC-to-DC power modules, bus converters, point-of-load regulators, power accessories and complete power systems. Vicor’s Factorized Power Architecture separates power conversion, transformation and regulation functions to help customers address power-density, thermal-management and system-design requirements.
Vicor serves customers in markets including data centers and communications infrastructure, automotive and transportation, aerospace and defense, industrial equipment, and other high-performance electronics applications.
Further Reading Five stocks we like better than Vicor Chips to Bots: Qualcomm’s Agentic AI Breakout Ciena Fell 40%—Now One Analyst Sees 50% Upside Energy Transfer Taps the AI Power Boom Viking’s Obesity Edge May Be Staying Power, Not Weight Loss Receive News & Ratings for Vicor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vicor and related companies with MarketBeat.com's FREE daily email newsletter.
State Street Corp decreased its holdings in shares of Vicor Corporation (NASDAQ:VICR – Free Report) by 10.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 726,021 shares of the electronics maker’s stock after selling 85,596 shares during the quarter. State Street Corp owned 1.57% of Vicor worth $275,728,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of VICR. BlackRock Inc. bought a new position in shares of Vicor in the 2nd quarter worth $934,612,000. Andar Capital Management HK Ltd purchased a new position in Vicor in the second quarter worth $101,100,000. The Manufacturers Life Insurance Company grew its position in Vicor by 39.6% in the first quarter. The Manufacturers Life Insurance Company now owns 603,364 shares of the electronics maker’s stock worth $97,142,000 after acquiring an additional 171,175 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Vicor by 43.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 536,274 shares of the electronics maker’s stock valued at $86,340,000 after acquiring an additional 162,186 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Vicor during the second quarter valued at about $53,161,000. 47.45% of the stock is currently owned by institutional investors.
Vicor Trading Up 5.5% NASDAQ VICR opened at $283.16 on Thursday. The firm has a market cap of $13.06 billion, a PE ratio of 90.76 and a beta of 2.35. Vicor Corporation has a 1-year low of $47.56 and a 1-year high of $382.65. The stock has a 50-day moving average of $209.82 and a 200-day moving average of $238.13.
Vicor (NASDAQ:VICR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The electronics maker reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. Vicor had a return on equity of 19.83% and a net margin of 30.65%.The business had revenue of $143.35 million for the quarter, compared to analyst estimates of $138.37 million. During the same period last year, the company earned $0.91 EPS. Vicor’s revenue for the quarter was up 49.3% compared to the same quarter last year. As a group, equities research analysts forecast that Vicor Corporation will post 3.64 earnings per share for the current fiscal year. Insider Activity In other Vicor news, VP Philip D. Davies sold 3,073 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $177.70, for a total value of $546,072.10. Following the transaction, the vice president owned 1,920 shares in the company, valued at approximately $341,184. The trade was a 61.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Patrizio Vinciarelli sold 700 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $302.40, for a total value of $211,680.00. Following the completion of the sale, the chief executive officer directly owned 8,347,390 shares in the company, valued at $2,524,250,736. The trade was a 0.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 91,157 shares of company stock valued at $30,270,191. 28.30% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In VICR has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Vicor in a research note on Tuesday. Weiss Ratings downgraded Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Roth Capital reaffirmed a “buy” rating and issued a $375.00 target price on shares of Vicor in a research note on Tuesday. Craig Hallum increased their price target on shares of Vicor to $450.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Finally, Zacks Research downgraded shares of Vicor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Vicor currently has an average rating of “Moderate Buy” and an average price target of $381.67.
View Our Latest Research Report on VICR
More Vicor News Here are the key news stories impacting Vicor this week:
Positive Sentiment: Higher third-quarter guidance was the primary catalyst. Vicor raised its Q3 growth outlook to more than 20%, prompting a sharp premarket and after-hours reaction. The improved outlook suggests stronger demand for the company’s power-conversion products and was subsequently described as an upgrade to its growth and royalty-income forecast. Why Vicor Shares Are Trading Higher Positive Sentiment: AI customer and licensing activity is strengthening the long-term growth narrative. Vicor licensed its Vertical Power Delivery patents to another AI-system manufacturer. The arrangement could generate royalties and may also lead the customer to purchase Vicor modules, supporting potentially higher-margin recurring income as AI infrastructure demand expands. Vicor Licenses Power Patents to AI System Maker Positive Sentiment: Analyst sentiment remains supportive. Roth MKM and Needham reiterated Buy ratings, with reported price targets of $375 and $320, respectively. Analysts have also been raising earnings estimates, reinforcing expectations that the guidance increase could translate into stronger financial results. Analysts Are Bullish on Vicor Neutral Sentiment: Broader market conditions are favorable but add limited company-specific information. The Nasdaq 100 was testing records as the AI trade continued to lead technology stocks, providing a supportive backdrop for VICR. Negative Sentiment: Momentum and valuation risks are notable. Benzinga flagged Vicor’s overbought relative-strength reading, while the stock’s high earnings multiple leaves less room for disappointment if AI demand, licensing revenue or execution falls short of expectations. Industrials Stocks With Overbought RSI Readings About Vicor (Free Report)
Vicor Corporation (NASDAQ: VICR) designs, manufactures and markets modular power components and power systems. The company’s products are used to convert, regulate and distribute electrical power in electronic systems, with an emphasis on high-density, efficient and scalable power-conversion technology.
Its portfolio includes AC-to-DC and DC-to-DC power modules, bus converters, point-of-load regulators, power accessories and complete power systems. Vicor’s Factorized Power Architecture separates power conversion, transformation and regulation functions to help customers address power-density, thermal-management and system-design requirements.
Vicor serves customers in markets including data centers and communications infrastructure, automotive and transportation, aerospace and defense, industrial equipment, and other high-performance electronics applications.
Featured Articles Five stocks we like better than Vicor Chips to Bots: Qualcomm’s Agentic AI Breakout Ciena Fell 40%—Now One Analyst Sees 50% Upside Energy Transfer Taps the AI Power Boom Viking’s Obesity Edge May Be Staying Power, Not Weight Loss Want to see what other hedge funds are holding VICR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vicor Corporation (NASDAQ:VICR – Free Report).
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Vicor zvýšil výhled čtvrtletního růstu tržeb za 3. čtvrtletí z téměř 10 % na více než 20 % díky licenčním poplatkům z nové smlouvy s Vertical Power Delivery.
ANDOVER, Mass., Sept. 21, 2026 (GLOBE NEWSWIRE) -- On September 21, 2026, Vicor raised its Q3 sequential growth guidance from nearly 10% to more than 20% in view of royalties from a recently announced non-exclusive license to Vertical Power Delivery (VPD).
Commenting on industry trends, CEO Patrizio Vinciarelli stated: "Among OEMs and hyperscalers, four leading companies have secured licenses to power system technology pioneered and patented by Vicor. Unlicensed hyperscalers first reached out after their computing systems were banned from importation because of infringing NBMs; and, upon recognition that computing systems using VPD could also be banned. Since the first patent to VPD was only recently asserted, it is still possible to secure a license at an early stage of escalation with a low royalty rate."
“Suppliers selling otherwise infringing power modules to licensed OEMs and hyperscalers contribute to scalability in an ecosystem requiring multi-source supply chains. Responsible companies, respecting the patent rights of innovators, will benefit from expanded market opportunities enabled by Vicor’s power system technology.”
“Suppliers that copy innovators and disregard their patent rights will continue to cause supply disruption to their customers and be liable for monetary damages to Vicor. They may also be excluded from the market opportunity to supply power systems covered by Vicor patents.”
About Vicor
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.
www.vicorpower.com
For further information contact:
Vicor Corporation
James F. Schmidt
Chief Financial Officer
Office: (978) 470-2900
Email: [email protected]
Vicor udělil novému partnerovi OEM v oblasti AI neexkluzivní licenci na moduly VPD pro AI čipy. Dohoda má zajistit vícezdrojové zásobování a odolnější dodavatelský řetězec.
ANDOVER, Mass., Sept. 16, 2026 (GLOBE NEWSWIRE) -- Vicor has granted a non-exclusive license to a new OEM licensee with the right to procure Vertical Power Delivery (VPD) modules covered by Vicor patents from unlicensed suppliers. VPD enables high-performance AI compute and network processors fueled at a high current density from a low voltage source. VPD systems, consisting of a “multi-cell converter” and a VPD network, enable breakthrough performance by avoiding the “the last inch problem” of Lateral Power Delivery (LPD). VPD systems are protected by foundational patents to innovations conceived during a decade of pioneering research conducted by Vicor in the U.S.
VPD licensees can source VPD solutions from unlicensed global suppliers, whose multi-cell Voltage Regulators (VR) or Integrated Voltage Regulators (IVRs) are stacked in a multi-layer system. VPD solutions using high current density and high gain MCM™ current multipliers manufactured as ChiPs™ (Converters housed in Package™) in a Vicor fab are also available to licensees. MCMs enable substantially higher total system efficiency, are much thinner and mechanically and thermally adept. By procuring VPD modules for high-performance AI accelerators from Vicor, licensees may earn substantial discounts on licensing royalties for commodity VPD modules from unlicensed suppliers. The Vicor licensing practice provides OEMs and hyperscalers with multi-source flexibility, supply chain redundancy, and scalability, including from U.S. based Vicor fabs.
As high-performance compute and network processors migrate to VPD, unlicensed OEMs and hyperscalers may need a license to secure their supply chain. Potential licensees may expect a structured licensing practice providing much lower royalty rates for early adopters. Supply agreements with infringing suppliers may contain indemnification provisions for recovery of royalties and monetary damages, but cannot overcome importation bans.
About Vicor
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 more information contact:
Stephen Germino
Director of Media Relations & PR
Vicor Corporation
978-749-8243 [email protected]
Vicor kupuje budovu o rozloze 334 000 čtverečních stop na 66 akrech průmyslové půdy v Merrimacku v New Hampshire a samostatně 54 akrů v Hooksettu. Tyto dva areály podpoří rozšíření Vicor ChiP Fab-2 a Fab-3 s celkovou plochou téměř 1 milion čtverečních stop. Kapacita má podpořit rostoucí poptávku od OEM a hyperscalerů pro AI aplikace.
ANDOVER, Mass., Sept. 11, 2026 (GLOBE NEWSWIRE) -- Vicor (NASDAQ: VICR) is purchasing a 334,000 square foot building on 66 acres of industrial land in Merrimack, New Hampshire and, separately, 54 acres in Hooksett, New Hampshire. The two sites will support the build-out of Vicor ChiP™ Fab-2 and Fab-3 with a combined footprint of nearly one million square feet. Fab-2 and Fab-3 will expand total capacity beyond that of ChiP Fab-1 which was built-out to 320,000 square feet on 16 acres of land in Andover, Massachusetts. Fab-1 utilization is approaching capacity.
With intellectual property to Vertical Power Delivery (VPD), Vicor has achieved the performance needed by advanced AI applications handicapped by the limitations of multi-phase Voltage Regulators (VRs) and Integrated Voltage Regulators (IVRs). Expanding total capacity, with a one-year lead time to initial deployment for ChiP Fab-2, will provide the scalability needed to support OEMs and hyperscalers. This expansion will fill voids in supply chains increasingly challenged by technical limitations and recurring disruptions caused by suppliers of infringing power systems. Leading OEMs and hyperscalers, whose computing systems were banned from importation because of infringing power suppliers, need Freedom to Operate (FTO) and U.S. sourcing. Vicor’s licensing practice and future capacity from a multiplicity of ChiP fabs provide predictability and performance to the AI hardware ecosystem.
About Vicor
Vicor designs, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Vicor licenses its patents, covering high density power components and power distribution architectures, to OEMs and hyper-scalers needing supply chain assurance, flexibility and scalability. Headquartered in Andover, Massachusetts, Vicor sells its products, and licenses its patents to power systems, used in high performance computing, industrial, transportation, aerospace and defense.
For more information contact:
Stephen Germino
Director of Media Relations & PR
Vicor Corporation
978-749-8243 [email protected]
Vicor posiluje vyhlídky v AI infrastruktuře díky druhé generaci Vertical Power Delivery (VPD), která cílí na vyšší hustotu proudu a lepší chlazení datových center. Objednávková kniha ve 2. čtvrtletí 2026 stoupla na zhruba 380 milionů USD.
Key Takeaways Vicor's 1.5-mm package and thermal capabilities address demanding AI power-delivery needs.Vicor sees 2026 hyperscaler and OEM programs potentially reaching production in late 2027.Vicor's Q2 2026 backlog hit about $380 million as it planned a second ChiP fab. Vicor (VICR - Free Report) is strengthening its AI infrastructure prospects through its second-generation Vertical Power Delivery (VPD) technology, which addresses the rising compute-density and power-delivery requirements of artificial intelligence (AI) data centers. AI hyperscalers and original equipment manufacturers (OEMs) increasingly need VPD to meet compute-density and AI-performance requirements. Vicor’s Gen 2 VPD targets current gains above 40 and current density of up to 5 amps per square millimeter (mm²), potentially strengthening its competitive position against broader power-management players such as Analog Devices (ADI - Free Report) and Texas Instruments (TXN - Free Report) .
The technology could become increasingly relevant as hyperscalers and OEMs seek denser and more efficient processor-power architectures. Vicor has completed an initial chipset delivering about 3 amps per square millimeter for a lead customer and is developing demonstration systems for additional customers. Strong signal integrity and thermal-management capabilities further support Vicor’s differentiation as AI power architectures migrate toward lower operating voltages.
Vicor’s opportunity extends beyond customers adopting a complete Gen 2 VPD architecture. Vicor has been approached by a couple of companies seeking to use its technology alongside integrated voltage regulators (IVRs). Vicor can provide current-multiplication technology alongside IVRs, allowing it to capture content even when customers select alternative architectures. Its Factorized Power System offers significantly higher current density and efficiency, while IVR-based approaches can involve roughly 10-15% insertion losses.
Customer engagement and licensing could provide additional growth avenues. Vicor expects to engage with a hyperscaler and a couple of OEMs during the remainder of 2026, with these programs potentially moving into production in the third or fourth quarter of 2027. Its 1.5-millimeter package and thermal-management capabilities could help meet increasingly demanding AI packaging requirements. Vicor expects future relationships to combine intellectual property (IP) licensing with product sourcing related to second-generation VPD, creating opportunities to generate both royalty and product revenues.
Strong demand is supporting manufacturing expansion. Backlog reached roughly $380 million in the second quarter of 2026, rising 26% sequentially, with management noting that the latest licensing agreement contributed relatively little to the increase. Vicor’s first ChiP fab is approaching full capacity utilization, prompting plans for a second facility that could initially roughly double capacity and provide further expansion flexibility. The company expects revenues to increase nearly 10% sequentially in the third quarter of 2026 and exceed $600 million for the full year, supported by planned double-digit sequential growth in Advanced Products product revenues. The additional capacity should help support future VPD ramps while advancing Vicor’s longer-term objective of $2.5 billion in revenues and a 70% gross margin.
VICR Faces Tough CompetitionADI represents a notable challenge through its expanding high-density processor-power portfolio. Its intermediate-to-core solutions target next-generation processors operating at up to 6,000 amps and below 1 volt. The Empower Semiconductor acquisition allows ADI to take power directly into the processor package, while ADI believes its architecture can reduce compute power consumption and temperature by roughly 10-15%. Data-center power revenues grew more than 100% year over year in the third quarter of fiscal 2026.
TXN challenges VICR through its broad AI data-center power-tree portfolio and manufacturing scale. The company says many of its chips are used in the data-center power tree, while its ability to supply from dependable capacity is becoming an advantage as the market expands. Data-center revenues doubled year over year in the second quarter of 2026, and TXN says its investments in inventory and capacity, along with available clean-room space, position it to support continued growth.
Shares of Vicor have appreciated 73.3% year to date compared with the broader Zacks Computer and Technology sector’s 14.4% growth.
VICR Stock’s Price Performance
Image Source: Zacks Investment Research
The VICR stock is trading at a premium, with a forward 12-month price-to-earnings ratio of 36.44X compared with the broader sector’s 20.66X. Vicor has a Value Score of F.
VICR’s ValuationThe Zacks Consensus Estimate for Vicor’s 2026 earnings is currently pegged at 71 cents per share, unchanged over the past 30 days, suggesting 12.70% year-over-year growth.
Vicor currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vicor zvýšil výhled na více než 600 milionů USD tržeb v roce 2026 po růstu tržeb v 1. pololetí o 35 % na 256,3 milionu USD. Backlog vzrostl na zhruba 380 milionů USD, meziročně o 145 %.
Key Takeaways Vicor shares have surged 114.2% YTD as stronger demand, backlog growth and AI prospects lift sentiment.VICR's backlog hit about $380M, up 145% y/y, while 1H revenues rose 35%.Vicor targets more than $600M in 2026 revenues as royalties rise and Gen2 VPD development advances. Vicor (VICR - Free Report) shares are trading at a premium, as suggested by a Value Score of F. In terms of the trailing 12-month EV/Sales, VICR is trading at 21.88X, higher than the broader Zacks Computer and Technology sector’s 8.44X. VICR is trading at a higher multiple compared with peers, including Monolithic Power Systems’ (MPWR - Free Report) 20.62X, Analog Devices’ (ADI - Free Report) 15.19X and Texas Instruments’ (TXN - Free Report) 13.43X.
Vicor’s Shares Trade at a Premium
Image Source: Zacks Investment Research
Is Vicor worth buying at current prices? Let us dig deep to find out.
VICR Shares Ride on AI ProspectsYear to date (YTD), Vicor shares have outperformed the broader Zacks Computer and Technology sector, as well as Monolithic Power Systems, Analog Devices and Texas Instruments. Vicor returned a whopping 114.2% YTD while the broader sector, Monolithic Power Systems, Analog Devices and Texas Instruments have returned 18.9%, 54.7%, 43.6% and 61.1%, respectively.
Vicor Stock’s Price Performance
Image Source: Zacks Investment Research
VICR’s sharp YTD appreciation has been supported by a combination of stronger operating momentum, rapidly improving demand visibility and increased confidence in its AI-related power-delivery opportunity. On a year-over-year basis, first-half 2026 revenues increased 35% to $256.3 million.
More importantly for investor sentiment, backlog reached roughly $380 million, up 26% sequentially and 145% year over year, while book-to-bill remained above 1. Vicor attributed the backlog strength largely to rising product demand rather than the new license agreement, highlighting strength across high-performance computing, automatic test equipment, industrial, and aerospace and defense markets.
The new licensing agreement materially strengthened the recurring royalty narrative. In the second quarter of 2026, royalty revenues reached $30.4 million compared with $10.4 million in the year-ago quarter, with the latest agreement expected to contribute $5 million in third-quarter 2026 and $10 million per quarter for the subsequent four quarters.
Vicor consequently raised its outlook to more than $600 million of 2026 revenues and expects nearly 10% sequential revenue growth in third-quarter 2026, reinforcing expectations that the current demand upcycle has further room to run.
VICR’s Prospects Ride on AI-Related DemandVicor benefits from its exposure to the increasing power-density requirements of AI accelerators and high-performance computing systems. The company believes that first-generation vertical power delivery solutions are increasingly constrained by insufficient current density and current gain, while Vicor’s second-generation VPD architecture is targeting current densities of up to 5 amps/mm² with current gain above 40.
The company has completed an initial 3 amps/mm² chipset for its lead customer, and is developing demonstration systems for additional customers and expects to push beyond 4 amps/mm² around late 2026 or early 2027. VICR expects engagement with additional hyperscalers and OEMs through 2026, with some programs potentially evolving into production ramps around late third-quarter 2027 or fourth-quarter 2027.
A second structural driver is the combination of product sales and IP licensing, which could increase revenue scale and margin potential. Vicor has set long-term objectives of $2.5 billion in revenues, a 70% gross margin and a 40% operating margin compared with its previous targets of $1 billion and 65%, with management describing licensing and power-module sales as mutually reinforcing businesses. Vicor already has multiple OEM licensees and one hyperscaler licensee, while management expects licensing income to expand materially over time as OEMs and hyperscalers increasingly address Vicor’s IP portfolio.
Capacity expansion is another important enabler. Demand is already absorbing additional capacity at Vicor’s first vertically integrated ChiP fab, and management said that the facility is approaching full utilization. Vicor is therefore pursuing a second fab; management indicated that the initial phase would roughly double capacity, while potential sites could ultimately accommodate two to three times the capacity of the first fab. This expansion is critical to achieving the $2.5-billion revenue objective and should provide room to support AI customers as Gen2 VPD adoption develops.
Vicor’s 2026 Earnings Estimate Revision Shows Rising TrendThe Zacks Consensus Estimate for 2026 earnings is pegged at $3.12 per share, up 6.1% over the past 30 days, suggesting 19.54% growth from the 2025 reported figure.
The consensus mark for third-quarter 2026 earnings is pegged at 71 cents per share, down by four cents over the past 30 days and indicating 12.7% growth from the figure reported in the year-ago quarter.
ConclusionVicor’s premium valuation leaves limited room for execution missteps, but the company’s improving fundamentals and expanding AI opportunity provide meaningful support for the stock. Robust backlog growth, rising royalty revenues, strengthening demand across high-performance computing markets and continued progress with its next-generation VPD technology position Vicor well for sustained growth.
Although the stock’s strong YTD rally and elevated valuation may warrant some near-term caution, Vicor’s growing exposure to AI infrastructure, expanding licensing opportunity and planned capacity additions strengthen its long-term growth prospects. Investors willing to tolerate valuation-related volatility may consider VICR an attractive stock to hold for continued participation in the AI-driven power-delivery opportunity.
Vicor currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vicor Corporation NASDAQ: VICR sits at one of the least glamorous and most critical points in the artificial intelligence supply chain, and almost nobody talks about it. While the market has fixated on the chipmakers, Vicor has been quietly supplying the power modules that keep large AI clusters running.
Vicor Today
$211.01 0.00 (0.00%)
As of 07/24/2026 04:00 PM Eastern
52-Week Range$41.76▼
$382.65P/E Ratio67.63
Price Target$381.67
Almost every conversation about the constraints facing AI eventually lands on power. Grid capacity and the scramble to get electricity to data centers have become a sub-theme of their own, and investors have piled into the obvious beneficiaries.
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Far less attention has been given to a harder engineering problem sitting at the very end of the chain. Getting electricity to the building is one thing, but getting more than 1,000 watts into a single AI accelerator, cleanly and without cooking it, is another entirely, and it's a problem only a handful of companies can solve.
Earlier this week, Vicor Corp. delivered a solid earnings report that beat expectations on both lines. Needham kept its Buy rating and, while cutting its target from $400 to $320, still sees roughly 50% upside from here. For investors looking to build a position in a company that has quietly become essential to the AI buildout, that gap between the results and the share price may not stay open for long.
Solving the Last Inch of the AI Power ProblemThe problem Vicor addresses is deceptively simple to describe. In essence, modern AI accelerators draw enormous amounts of current, and delivering that power across the final few millimeters onto the chip itself creates constraints that conventional approaches struggle with.
Vicor's answer is a proprietary architecture that converts power much closer to the point of use, alongside a vertical delivery approach that feeds current up through the package rather than across the board. On this week's earnings call, CEO Patrizio Vinciarelli said the company had completed development on a baseline current density target for its lead customer and would begin engaging selected customers with development systems for its second-generation technology this quarter.
The scale of the opportunity shouldn't be underestimated. As racks get denser and accelerators hungrier, the value of the power content inside each one climbs sharply, which bodes well for niche players like Vicor.
The Numbers Behind This Week's BeatThe second quarter delivered on almost every line. Earnings and core revenue both beat expectations comfortably, with the latter growing more than 49% year-over-year, while Advanced Products revenue, the part of the business tied most directly to AI infrastructure, jumped 45% sequentially to account for close to two-thirds of the total.
But the number that should hold investors' attention is the backlog, which rose 145% year-over-year to $380 million. That backlog isn't just demand being forecast; it's demand already committed.
Management also raised full-year revenue guidance, one of the most bullish signals they can make. Better still, that guidance assumes no new licensing agreements at all, meaning any fresh deals would land as pure upside on numbers the company has already committed to.
Why the Market Hasn't Caught on YetHowever, given the stock has barely moved in the days since the report, the most obvious question is why this profile is getting overlooked. The good news for investors is that the answer has very little to do with Vicor itself, and Needham actually called it out in its note to clients as the reason for trimming its target to $320.
Importantly, Needham didn't downgrade Vicor's business or cut its estimates. Still, it did lower the multiple it was willing to apply to those estimates, citing the broad compression that has swept across AI semiconductor valuations in recent weeks.
That's a critical distinction. Vicor hasn't been marked down because anything went wrong. It's been caught in a sector-wide derating that has hit every name with AI exposure, regardless of how their quarter actually went.
This Is Still a Bullish SetupThere's another point worth acknowledging. Vicor’s headline beat was flattered by one-off items. Hence, the underlying result was closer to expectations than the surface numbers suggest, and there’s a recognition that the company still has to fund significant levels of additional manufacturing capacity to meet the demand it's signing up.
But still, Needham kept its Buy rating on the stock, and that fresh target of $320, though trimmed, is still about 50% higher than where the stock is currently trading, which is a bullish setup no matter how you look at it.
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Vicor ve 2Q vykázal tržby 143,4 mil. USD a EPS 1,04 USD; Advanced Products vzrostly mezikvartálně o 45 % na 94,2 mil. USD. Firma čeká ve 3Q téměř 10% růst tržeb a v roce 2026 více než 600 mil. USD.
Key Takeaways Vicor posted $143.4M in Q2 revenues and $1.04 EPS as Advanced Products sales jumped 45% sequentially.VICR expects nearly 10% Q3 revenue growth and more than $600M in 2026 revenues from Advanced Products gains.Vicor targets $2.5B in revenues and says a second fab is needed to support long-term capacity expansion. Vicor Corporation (VICR - Free Report) used its second-quarter 2026 earnings call to press a bigger message than the quarter’s headline beat. Management framed 2026 as the year its advanced power products and IP licensing model are gaining broader industry traction, particularly in AI infrastructure.
That framing mattered because executives paired stronger near-term revenue expectations with a more ambitious long-term capacity and margin story. The call also gave investors a clearer look at how licensing, second-generation vertical power delivery and a second chip fab fit together.
Vicor Leans on Licensing and Advanced ProductsThe company posted second-quarter revenues of $143.4 million, representing a 26.9% sequential gain and beating the Zacks Consensus Estimate of $138.7 million. Earnings per share (EPS) came in at $1.04, comfortably surpassing the Zacks Consensus Estimate of $0.62.
Advanced Products’ revenues climbed 45% from the first quarter to $94.2 million, lifting that business to 65.7% of total revenues. Brick Products’ revenues increased 2.4% sequentially to $49.2 million.
Chief financial officer James Schmidt highlighted a key licensing contribution. Royalty income from the most recent agreement added $15 million in second-quarter revenues, though he said accounting treatment will make that contribution uneven, with $5 million expected in the third quarter and $10 million per quarter for the following four quarters.
VICR Raises the Stakes in AI Power DeliveryGlobal sales and marketing head Philip Davies said Vicor’s updated long-term targets now call for $2.5 billion in revenues, 70% gross margin and 40% operating income, replacing the company’s earlier $1 billion revenues and 65% gross margin goals. He tied that shift to a two-pronged strategy built on power modules and IP licensing.
Davies put the heaviest emphasis on second-generation vertical power delivery, or VPD, for AI data centers. He said hyperscalers and OEMs need higher current gain and current density, and argued Vicor’s second-generation offering is ahead of current first-generation alternatives.
Chief executive officer Patrizio Vinciarelli reinforced that point in the Q&A. He said the company has completed development around a 3 amps-per-square-millimeter baseline for its lead customer and is working toward more than 4 amps per square millimeter late this year or early next year.
Vicor Points to a Stronger 2026 SetupSchmidt said book-to-bill was above 1 in the second quarter, while one-year backlog rose 26% sequentially to $379.7 million. The press release put the year-over-year backlog increase at 145%, showing how quickly demand has built.
Management used that demand picture to raise the near-term bar. Schmidt said Vicor expects nearly 10% sequential revenue growth in the third quarter and more than $600 million in 2026 revenues, supported by double-digit sequential increases in Advanced Products revenues.
Vinciarelli told analysts the 2026 uplift reflects both product revenue growth and new licensing deals. He added that the initial license signed in the second quarter does not include a sourcing relationship for the first couple of years, though that is expected to become part of the relationship alongside second-generation VPD capabilities.
VICR Ties Capacity Expansion to StrategyManagement also made clear that capacity is becoming a strategic constraint. Vinciarelli said the first chip fab is moving closer to full utilization, which is why the company is now working to secure a second facility. He told analysts VICR has several site options and expects to make decisions in the coming weeks.
Later in the call, Vinciarelli said the second fab will be necessary to support the path to $2.5 billion in revenues. He added that the selected site could support a facility two to three times the size of the first fab, though build-out would happen in stages. That response gave investors a more practical framework for how Vicor plans to scale without overbuilding too early.
Vicor Faces Margin and Timing QuestionsA Craig-Hallum analyst pressed management on product gross margin, noting that royalty revenues flattered the consolidated result. Schmidt responded that product margin should improve as utilization and cost absorption rise. He also said second-quarter product gross margin was weighed down by factory reconfiguration costs tied to moving equipment and preparing space for new tools. Those costs ran through cost of sales rather than being capitalized.
Q&A also sharpened the timetable around second-generation VPD. Davies said management expects engagement with a hyperscaler and a couple of OEMs through the rest of 2026, with those programs moving toward production systems in the late third quarter or the fourth quarter of 2027.
VICR Leaves the Call With a Bigger AgendaThe clearest takeaway from management’s tone was that Vicor no longer wants investors to view the story as a niche power-module supplier with episodic upside. Executives repeatedly linked licensing, AI power architecture and fab expansion into one broader growth framework.
At the same time, management stayed measured on customer-specific disclosures and exact design-win timing. That kept the call grounded in what the company says it can control now: adding capacity, expanding Advanced Products revenues and widening industry adoption of its IP.
Vicor’s Zacks SignalsVicor currently carries a Zacks Rank #2 (Buy), which points to favorable earnings estimate revision trends and generally signals stronger near-term performance potential than lower-ranked stocks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores are more mixed. The stock has a Value Score of F, Growth Score of D and VGM Score of F, but a Momentum Score of A. That combination points to stronger momentum characteristics than value or growth appeal, while also underscoring that the Zacks Rank can change as estimate revisions adjust after the quarter’s results.
Vicor ve 2. čtvrtletí zvýšil tržby na 143,4 mil. USD a čistý zisk na 49,8 mil. USD, tedy 1,04 USD na akcii. Backlog vzrostl mezikvartálně o 26 % na 380 mil. USD.
July 21, 2026 07:00 ET | Source: Vicor Corporation
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: [email protected]
VICOR CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Thousands except for per share amounts) QUARTER ENDED SIX MONTHS ENDED (Unaudited) (Unaudited) JUN 30, JUN 30, JUN 30, JUN 30, 2026
2025
2026
2025
Product revenue$112,926 $85,693 $210,930 $168,899Royalty revenue 30,426 10,353 45,391 21,115Total net revenues 143,352 96,046 256,321 190,014Patent litigation settlement - 45,000 - 45,000Total net revenues and patent litigation settlement 143,352 141,046 256,321 235,014Cost of product revenues 60,232 48,918 110,835 98,521Gross margin 83,120 92,128 145,486 136,493 Operating expenses: Selling, general and administrative 27,601 27,952 50,793 53,089Research and development 20,641 18,791 42,931 38,168Total 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 $0.97Diluted$1.04 $0.91 $1.48 $0.97 Shares outstanding: Basic 45,936 45,007 45,703 45,112Diluted 47,708 45,077 47,481 45,286 VICOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (Thousands) JUN 30, DEC 31, 2026 2025 (Unaudited) (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
Key Takeaways Vicor shares have surged 137.8% YTD as AI demand, backlog and earnings trends improved.VICR trades at 14.64X forward sales, while the $273 target offers modest upside from $260.20.Vicor raised Q2 revenue guidance to $142M, but sold-out capacity and execution risks remain. Vicor (VICR - Free Report) has become one of the more dramatic AI infrastructure stories in the power-components space. The stock’s surge reflects better demand, stronger backlog and improving earnings trends.
The question is no longer whether the business has momentum. It is whether the stock still offers enough room for new buyers after a major rerating.
VICR’s Rally Has Raised the BarVICR shares have jumped a whopping 137.8% year to date (YTD), outperforming the Zacks Computer & Technology sector’s return of 15.8%. The company has outperformed competitors, including Monolithic Power (MPWR - Free Report) , Analog Devices (ADI - Free Report) and Texas Instruments (TXN - Free Report) over the same timeframe. Shares of Monolithic Power, Analog Devices and Texas Instruments have appreciated 49.2%, 44.1% and 73.6%, respectively, YTD.
VICR Stock’s Price Performance
Image Source: Zacks Investment Research
A move that large can be justified when fundamentals improve, but it also raises expectations. For VICR, the market is already pricing in stronger AI demand, higher capacity utilization and smoother conversion of backlog into revenues.
Vicor’s Value Score of F suggests a premium valuation at this moment.
In terms of the forward 12-month price/sales (P/S), VICR is trading at 14.64X, higher than the broader sector’s 6.85X and Analog Devices’ 11.99X. However, Vicor is trading at a discount compared with Monolithic Power’s 16.17X and Texas Instruments’ 12.54X.
VICR Shares Trade at a Premium
Image Source: Zacks Investment Research
The $273 price target is above the cited stock price of $260.20, but the implied upside is modest. That makes the setup more selective, even though end-market demand remains favorable.
VICR’s Earnings Story Has Real StrengthVicor reported first-quarter 2026 earnings of 44 cents per share, beating the Zacks Consensus Estimate by 10%. Earnings rose sharply from 6 cents in the year-ago quarter.
Revenues increased 20.2% year over year to $112.97 million. Gross margin expanded 800 basis points to 55.2%, while royalty revenues grew 39.1% to $14.97 million.
On May 26, Vicor updated its second-quarter revenue guidance from $126 million to $142 million. VICR cited rising product revenues and royalties from an additional licensee to its patented power system technology behind the revised upward guidance.
The Zacks Consensus Estimate for second-quarter 2026 revenues is currently pegged at $138.7 million, indicating 1.67% decline from the figure reported in the year-ago quarter.
The consensus mark for earnings is pegged at 62 cents per share, up 34.8% over the past 30 days but indicates a decline of 31.87% from the figure reported in the year-ago quarter.
Where the Bull Case Gets Less Comfortable for VICRDemand is not the main problem, execution is. Management has described near-term capacity as essentially sold out, while a second three-dimensional interconnect line is expected to matter more in late 2026 and beyond.
Growth now depends on debottlenecking, cycle-time gains and relocating selected process steps before larger capacity additions arrive. Customer concentration is another risk because large original equipment manufacturer, original design manufacturer and contract manufacturing forecasts can change quickly.
Margin quality also needs context. Royalties and litigation-related items have helped profitability, while legal spending tied to intellectual-property enforcement has risen. That can make margins uneven even when product demand is healthy.
How to Read Vicor’s Risk-Reward NowVicor offers direct exposure to a critical AI constraint, namely dense and efficient power delivery. Analog Devices is a broader analog and power-management peer with data-center exposure, while Monolithic Power provides another comparison point for investors watching advanced power solutions.
VICR also has a cash-rich balance sheet, ending the first quarter with $404.25 million in cash and cash equivalents. That gives the company flexibility to fund manufacturing expansion, research and development, and intellectual-property efforts.
Still, the stock-selection case is less obvious than the operating story. Investors are paying a premium for backlog support, AI optionality and licensing leverage before the timing and scale of throughput improvements are fully proven.
ConclusionThe bottom line is that Vicor looks operationally attractive but no longer obviously cheap. The company has strong demand signals, improving estimates and a balance sheet that supports expansion, but valuation and execution risk limit the margin for error.
VICR currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vicor rozšiřuje výrobní kapacity, aby zvládl silnou poptávku po AI infrastruktuře a lépe proměnil backlog ve výši 300,6 milionu USD v tržby. V 1. čtvrtletí investoval do kapitálových výdajů 12,4 milionu USD a zvýšil výhled tržeb za 2. čtvrtletí 2026 na 142 milionů USD.
Key Takeaways Vicor is expanding manufacturing capacity to meet AI-driven demand and support future design wins.Vicor invested $12.4 million in capital expenditures during Q1 to expand manufacturing capacity.Vicor expects expanded production capacity to better convert its $300.6 million backlog into revenues. Vicor Corporation (VICR - Free Report) is strengthening its long-term growth outlook by expanding manufacturing capacity to support increasing demand for its advanced power solutions. As AI infrastructure investments accelerate, VICR’s production expansion is expected to remove a key supply constraint, enabling it to serve existing customers more effectively while supporting future design wins. With demand already outpacing available supply, capacity expansion appears to be the primary catalyst for Vicor's next growth phase.
Demand visibility remains strong heading into the second half of 2026, making additional manufacturing investments increasingly important. First-quarter 2026 revenues increased 20.2% year over year to $113 million, while its book-to-bill ratio remained above 2. One-year backlog climbed 70% sequentially to $300.6 million, reflecting demand well above current production levels. Capital expenditures totaled $12.4 million during the quarter, with additional investments planned to expand manufacturing capacity.
Vicor is enhancing output at its existing Federal Street manufacturing facility through equipment additions and process optimization while advancing plans for a second fabrication facility. The company believes these initiatives can significantly increase the revenue-generating capacity of its existing operations, providing greater flexibility to support customer ramps before the second fab becomes operational. This phased expansion strategy should help meet growing demand without disrupting execution.
The strategy is already showing encouraging signs as Vicor raised its second-quarter 2026 revenue guidance to $142 million from $126 million, reflecting stronger product revenue expectations. With demand exceeding current production capacity, the company's manufacturing expansion should improve its ability to convert backlog into revenues, potentially unlocking its next phase of sustainable growth.
How Do VICR’s Rivals Stack Up?Vicor operates alongside Monolithic Power Systems (MPWR - Free Report) and Analog Devices (ADI - Free Report) in the power management market. Monolithic Power Systems continues to expand its manufacturing capabilities and product portfolio to support AI and cloud infrastructure demand, while Analog Devices is investing to strengthen production capabilities and supply chain resilience for high-performance power solutions. Unlike Monolithic Power Systems and Analog Devices, Vicor's current investment focus is on expanding manufacturing capacity to address supply constraints and support its next phase of revenue growth.
VICR’s Price Performance, Valuation & EstimatesVicor stock has surged 137.8% year to date, outperforming the Zacks Electronic Miscellaneous Components industry's decline of 14.1% and the broader Computer and Technology sector's appreciation of 15.8%.
VICR’s YTD Price Return Performance
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VICR shares are trading at a forward 12-month price/sales of 14.64X compared with the broader sector’s 6.85X.
The Zacks Consensus Estimate for VICR’s 2026 EPS is pegged at $2.94 per share, up 23 cents over the past 30 days, indicating year-over-year growth of 12.64%.
Vicor carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Vicor rozšiřuje licencování patentů, aby vedle prodeje hardwaru získával opakované licenční příjmy. Firma tak chce vytvořit dvojí model tržeb pro AI napájecí řešení.
Key Takeaways Vicor is expanding IP licensing to generate recurring royalties beyond direct product sales.VICR expects licensing and hardware sales to create a dual revenue model for AI power solutions.Vicor is investing in patent protection and licensing to broaden technology adoption and diversify revenues. Vicor Corporation (VICR - Free Report) is strengthening its long-term growth strategy by expanding its intellectual property licensing business, creating an additional avenue to monetize its proprietary power conversion technologies beyond direct product sales. As AI infrastructure providers, hyperscalers and semiconductor companies adopt increasingly complex power architectures, demand for advanced power delivery solutions continues to build. This positions Vicor to generate recurring royalty income by licensing its patented technologies to a broader customer base while reinforcing its competitive standing in power electronics.
Licensing has the potential to become an increasingly meaningful contributor to Vicor's financial profile. Royalty income requires limited incremental manufacturing investment, allowing the company to leverage decades of research and development across a wider ecosystem. VICR continues to invest in expanding its licensing practice and protecting its intellectual property through patent enforcement, a discipline that should support broader adoption of its technologies over time. The approach also gives customers a path to access Vicor's innovations through licensing agreements, creating a scalable, high-margin revenue stream that complements the company's core hardware business.
The opportunity is reinforced by next-generation AI processors requiring increasingly sophisticated power delivery architectures. Vicor expects licensing to work alongside its product portfolio, benefiting whether customers purchase its power modules directly or license its proprietary technologies, a dual revenue model that could diversify revenue sources and improve long-term earnings quality as adoption expands across AI, hyperscale computing and other high-performance applications.
The Zacks Consensus Estimate for Vicor's 2026 revenues is pegged at $594.05 million, indicating 31.22% year-over-year growth, pointing to expectations that this licensing-driven expansion will increasingly factor into the company's broader growth trajectory ahead, supporting a more durable and diversified earnings base over the long term.
VICR Faces Stiff CompetitionVicor faces stiff competition from Monolithic Power Systems (MPWR - Free Report) and Analog Devices (ADI - Free Report) . Monolithic Power Systems continues to expand its power management portfolio for AI, cloud computing and industrial applications through highly integrated semiconductor solutions. Analog Devices leverages its broad analog and power management portfolio to address data center, communications and automotive demand.
Monolithic Power Systems continues investing in innovation to strengthen its competitive position, while Analog Devices is expanding advanced power solutions for next-generation computing platforms. Although Monolithic Power Systems and Analog Devices compete across similar end markets, Vicor's expanding intellectual property licensing strategy provides an additional avenue for long-term value creation.
VICR’s Price Performance, Valuation & EstimatesVicor Corporation shares have surged 140.1% year to date, outperforming the Zacks Electronic Miscellaneous Components industry's decline of 15.1% and the broader Computer and Technology sector's appreciation of 14.7%.
VICR’s YTD Price Return Performance
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VICR shares are trading at a forward 12-month price/sales of 14.95X compared with the broader sector’s 6.86X.
The Zacks Consensus Estimate for VICR’s 2026 EPS is pegged at $2.94 per share, up by 23 cents over the past 30 days, indicating year-over-year growth of 12.64%.
Vicor carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Vicor zvýšil výhled tržeb za 2. čtvrtletí na 142 mil. USD z 126 mil. USD díky růstu produktů a novému licenčnímu partnerovi. Zájem táhne AI, průmysl i obrana a backlog dosahuje 300,6 mil. USD.
Key Takeaways Vicor raised its Q2 revenue outlook to $142M from $126M on product growth and an added licensee.VICR sees demand from AI, industrial, aerospace and defense, with backlog boosted by strong bookings.VICR is expanding capacity and licensing, while higher margins and backlog support its growth outlook. Vicor Corporation (VICR - Free Report) shares have surged 160.3% year to date, outperforming the Zacks Electronic Miscellaneous Components industry's return of 74.9% and the broader Computer and Technology sector's appreciation of 14.7%. The rally has outpaced peers, such as Monolithic Power Systems (MPWR - Free Report) , Analog Devices (ADI - Free Report) and Texas Instruments (TXN - Free Report) , shares of which have returned 48.5%, 43.4% and 74.9%, respectively, over the same period.
VICR shares are benefiting from a positive outlook as the company expects second-quarter revenues of $142 million, raised from a prior estimate of $126 million, on the back of rising product revenues and an additional licensee to its patented power system technology. Strong bookings across high-performance computing, industrial and aerospace and defense markets have driven backlog sharply higher, reinforcing confidence in the growth trajectory. Let us find out whether investors should buy VICR stock right now.
VICR Price Performance
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VICR Benefits From the AI Power Delivery RampVICR designs and manufactures modular power components and complete power systems, with vertical power delivery increasingly central to its growth. Vicor's lead high-performance computing customer is in the midst of a steep production ramp for its wafer-scale engine, and a generational transition is expected in the second half of 2026. The company's second-generation Vertical Power Delivery (VPD) solution combines a thin package format with high current density and current multiplication, attributes that competing approaches have struggled to match.
Chipmakers and hyperscalers are pushing toward wafer-scale and multi-die chiplet packaging, increasing the need for pure vertical power delivery at the point of load. VICR's positioning at the center of this shift, combined with capacity earmarked for existing strategic customers, supports continued above-industry growth as engagement with additional high-performance computing customers follows the lead customer's generational transition.
VICR Ramps Up Capacity and Licensing to Expand ShareVICR is strengthening its position through capacity expansion and a significant licensing program. The company has identified opportunities to raise capacity at its Andover facility toward a $1.5 billion annual revenue run rate, up from a prior $1 billion target, aided by reduced cycle times and the ability to redeploy certain process steps to a nearby facility as a bridge to a second fab. This contrasts with the more measured capacity additions typical of Texas Instruments, whose scale is already largely built out.
VICR's licensing business is also emerging as a durable growth driver. The company has signed an all-inclusive licensing agreement with an additional original equipment manufacturer covering its full patent portfolio, including Factorized Power and Vertical Power Delivery architectures. Licensing carries near-full-margin economics, and management continues to expect licensing income could eventually reach as much as 50% of product revenues, a structural advantage that Analog Devices does not share to the same degree.
VICR's broad industrial base is also a source of strength, particularly among semiconductor test equipment customers, while aerospace and defense spending are rising amid geopolitical developments and higher defense budgets. These end markets diversify VICR's revenue base beyond any single compute customer, distinguishing it from Monolithic Power Systems, whose exposure remains concentrated primarily in AI server and data center applications.
The Zacks Consensus Estimate for 2026 EPS is pegged at $2.94 per share, up by 23 cents over the past 30 days, indicating year-over-year growth of 12.64%.
VICR's Valuation is Backed by FundamentalsVICR currently trades at a forward 12-month price-to-sales multiple of 16.26X, well above the industry average of 4.08X and the broader sector average of 6.88X. The premium also exceeds peers Texas Instruments and Analog Devices, which trade at 12.66X and 11.96X, respectively, though it is roughly in line with Monolithic Power Systems at 16.16X.
The premium looks justified given VICR's differentiated position in VPD, its expanding high-margin licensing business and a current backlog of $300.6 million that provides revenue visibility well beyond the current quarter. Gross margin reached 55.2% in the first quarter of fiscal 2026, up 800 basis points year over year, underscoring the strength of VICR's growth trajectory relative to more diversified analog peers.
VICR's P/S F12M Ratio
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ConclusionDespite VICR's remarkable rally year to date, its long-term growth story remains intact. Rising demand for vertical power delivery across AI compute, along with steady strength in industrial and aerospace and defense markets, continues to support favorable demand conditions. Capacity expansion and an expanding licensing program position it for continued above-industry growth as second-generation VPD adoption broadens beyond its lead customer. With backlog building and margins expanding, VICR's premium valuation appears reasonably supported, making the stock a compelling buy for investors seeking exposure to the AI power delivery supply chain.
Vicor carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
