Vicor Corp

Latest Results (12.10.2025):

Vicor Corporation reported its financial results for the fourth quarter of 2024, demonstrating modest revenue growth and improved gross margins compared to the same period last year. While net income increased year-over-year, it saw a slight decline from the previous quarter. The company also highlighted ongoing developments in its high-density power systems and licensing efforts during the quarter.

Revenue Growth

In the fourth quarter of 2024, Vicor Corp achieved revenues of $96.2 million, marking a 3.8% increase from $92.7 million in Q4 2023 and a 3.2% sequential rise from $93.2 million in Q3 2024.

Improved Gross Margins

Gross margin for Q4 2024 increased to $50.4 million, up from $47.3 million in the same quarter last year and from $45.7 million in the previous quarter. The gross margin percentage rose to 52.4%, compared to 51.1% in Q4 2023 and 49.1% in Q3 2024.

Net Income Performance

Net income for the fourth quarter was $10.2 million, or $0.23 per diluted share, compared to $8.7 million or $0.19 per diluted share in Q4 2023. However, this represents a decrease from $11.6 million or $0.26 per diluted share reported in Q3 2024.

Cash Flow and Capital Expenditures

Cash flow from operations for Q4 2024 totaled $10.1 million, a decline from $21.5 million in Q4 2023 and $22.6 million in Q3 2024. Capital expenditures were $1.7 million, significantly lower than $7.2 million in the same quarter last year and $8.5 million in the previous quarter. Cash and cash equivalents increased to approximately $277.3 million as of December 31, 2024.

Backlog and Annual Performance

The backlog for Q4 2024 was $155.5 million, a 3.3% decrease from $160.8 million in Q4 2023 but a 3.3% increase from $150.6 million in Q3 2024. For the full year 2024, revenues decreased by 11.4% to $359.1 million, while gross margin as a percentage of revenue slightly increased to 51.2%. Net income for the year stood at $6.1 million, a significant decline from $53.6 million in 2023.

CEO Commentary

Chief Executive Officer Dr. Patrizio Vinciarelli commented on the improved revenues and gross margins, emphasizing the importance of higher utilization of their ChiP fab and increased licensing income. He also discussed the ongoing development of their second-generation high-density VPD systems for AI applications, aiming to enhance performance and power efficiency for leading AI processors.