Vicor Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue grew 20% year-over-year with strong gross margin and record backlog, driven by robust demand in AI, industrial, and defense markets. Capacity expansion is underway, but constraints will persist, supporting selective customer engagement and margin growth.
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Major licensing wins and new legal actions are driving growth, with 2nd-gen VPD and 800V solutions targeting AI and high-voltage markets. Fab expansion is underway, margins are rising, and strong demand is seen across automotive, industrial, and aerospace segments.
Fiscal Year 2025
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Q4 and full-year 2025 saw strong revenue and profit growth, driven by product and licensing gains, a major patent settlement, and robust demand from AI and industrial markets. 2026 is expected to deliver record bookings and revenue, with fab utilization nearing 80%.
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Q3 2025 revenue rose 18.5% year-over-year to $110.4M, with licensing income at a $90M run rate and expectations to double in two years. Gross margin was 57.5%, and net income reached $28.3M. Record results are projected for 2025, driven by strong IP licensing and advanced product launches.
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Q2 2025 saw a 50% sequential and 64% year-over-year revenue jump to $141M, driven by product sales and a major patent litigation settlement. Gross margin surged to 65.3%, and net income reached $41.2M. Management expects 2025 to be a record revenue year despite ongoing uncertainty.
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Q1 revenue rose 12% YoY to $94M, with advanced products up and gross margin down due to ERP transition and lower royalties. Book-to-bill exceeded 1x, backlog grew, and management expects both licensing and product revenue growth in 2025 despite tariff and legal uncertainties.
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The event highlighted strong legal progress in patent litigation, growing licensing interest, and the upcoming ramp of Gen 5 technology, which offers significant efficiency and thermal advantages. Automotive, aerospace, and industrial markets are set for growth, with a focus on top global customers and robust U.S.-based operations.
Fiscal Year 2024
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Q4 revenue grew sequentially and year-over-year, but full-year revenue and net income declined. Gross margin improved, and advanced products led Q4 growth, especially in HPC. 2025 is expected to bring both uncertainty and opportunity, with a focus on scaling new products and enforcing IP.
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Q3 revenue rose 8.5% sequentially to $93.2M, with net income of $11.6M and gross margin at 49.1%. Gen 5 product rollout and IP wins drive optimism, while royalty revenue and vertical integration support future growth amid market and legal uncertainties.
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Q2 revenue rose 2.4% sequentially but fell 19.6% year-over-year, with a net loss of $1.2M and gross margin down to 49.8% due to product mix. Book-to-bill exceeded 1, backlog increased, and Gen 5 product sampling is on track for late August.
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The meeting covered board elections, governance, and a strategic review focused on technology leadership in HPC, automotive, industrial, and aerospace/defense markets. All directors were reelected, and management addressed challenges in regaining HPC share, IP litigation, and market diversification.