Vicor Corp

Latest Results (15.04.2026):

Vicor Corp — fourth quarter of 2025 (quarter and year ended December 31, 2025): Vicor reported stronger product sales and materially higher profitability in Q4 2025, with full-year results boosted by a $45.0 million patent litigation settlement and tax benefits that materially increased reported net income. Product revenue grew year-over-year and sequentially, royalties were down sequentially due to a prior-quarter catch-up, gross margins expanded year-over-year, and cash and backlog both increased.

Q4 revenue

Product revenue for Q4 2025 was $92.7 million, up 15.3% year-over-year and up 4.5% sequentially. Total product + royalty revenue for the quarter was $107.3 million versus $96.2 million a year ago.

Royalty revenue

Royalty revenue in Q4 was $14.5 million, down 7.8% year-over-year and down 33.1% sequentially (the sequential decline reflects a Q3 “catch up” amount included in Q3).

Gross margin

Gross margin for Q4 was $59.4 million (55.4% of revenue), up from 52.4% a year ago but down from 57.5% sequentially — the sequential margin decline was attributed to the reduction in royalty revenue after the Q3 catch-up.

Net income and tax effects

Q4 net income was $46.5 million, or $1.01 per diluted share, versus $10.2 million ($0.23 diluted) a year earlier and $28.3 million ($0.63 diluted) in Q3 2025. Q4 included a $27.3 million tax benefit from partial recognition of deferred tax assets; FY 2025 net income was $118.6 million ($2.61 diluted) and included a $24.0 million similar tax benefit.

Cash, liquidity and balance sheet

Cash and cash equivalents totaled approximately $402.8 million at December 31, 2025, an 11.2% sequential increase from $362.4 million at September 30, 2025. Total assets were $785.8 million and stockholders’ equity was $711.6 million.

Cash flow, capex and buybacks

Operating cash flow in Q4 was $15.7 million (Q4 FY2025), with full-year operating cash flow of $139.5 million (a 174.5% increase YoY). Q4 capital expenditures were $5.5 million and stock repurchases were $2.2 million (vs. $15.4 million in Q3).

Backlog

Backlog at quarter end was $176.9 million, up 13.8% year-over-year and up 15.8% sequentially from $152.8 million at the end of Q3 2025.

Full-year highlights (2025)

For the year ended Dec 31, 2025: product revenue $350.3M (+12.1% YoY), royalty revenue $57.4M (+23.2% YoY), plus a $45.0M patent litigation settlement bringing total product+royalty+settlement to $452.7M (+26.1% YoY). Gross margin (as % of net revenues + settlement) rose to 57.3% from 51.2% the prior year.

Outlook & IP developments

Management expects rising demand across high-performance compute, ATE, and industrial/aerospace/defense to drive record product revenues in 2026. The company disclosed a new U.S. ITC investigation into alleged importation of infringing NBMs, signaled expected record IP licensing revenue in 2026, and said it is planning a second ChiP fab as the first approaches high utilization.