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Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2025

VICR
  • Vicor Corporation reported fourth quarter 2025 product revenue of $92.7 million, a 15.3% year-over-year increase & a 4.5% sequential increase.
  • Royalty revenue for the quarter totaled $14.5 million, down 7.8% year-over-year & 33.1% sequentially due to a Q3 catch-up amount.
  • Gross margin for the quarter was $59.4 million, representing 55.4% of revenue, up from 52.4% in the prior year period but down sequentially from 57.5%.
  • Operating expenses rose to $43.7 million for the quarter, compared to $41.2 million a year ago & $42.6 million in the third quarter.
  • Net income for the fourth quarter was $46.5 million, or $1.01 per diluted share, including a $27.3 million tax benefit from deferred tax asset recognition.
  • Cash flow from operations totaled $15.7 million for the quarter, while capital expenditures were $5.5 million & stock repurchases were $2.2 million.
  • Cash & cash equivalents increased 11.2% sequentially to approximately $402.8 million as of December 31, 2025.
  • Order backlog reached $176.9 million at quarter end, a 13.8% increase year-over-year & a 15.8% sequential increase.
  • Full year 2025 product revenue totaled $350.3 million & royalty revenue was $57.4 million, with total revenues including a $45 million patent settlement reaching $452.7 million.
  • Full year 2025 net income was $118.6 million, or $2.61 per diluted share, compared to $6.1 million in the prior year.
  • CEO Dr. Patrizio Vinciarelli forecasts record product revenues in 2026 driven by demand in high-performance compute, test equipment, & aerospace/defense sectors.
  • The U.S. International Trade Commission has initiated a second investigation into illegal imports of infringing power modules, with expected exclusion orders affecting unlicensed OEMs.
  • Vicor plans to construct a second ChiP fab as the first approaches high utilization & is exploring alternate sources for high current density 2nd Gen VPD modules.
  • The company will host an investor conference call on February 19, 2026, at 5:00 p.m. Eastern Time to discuss these results.