Vicor Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 revenue rose 26.9% sequentially to $143.4M, driven by advanced products and new licensing income. Backlog increased 26%, and guidance points to nearly 10% sequential revenue growth in Q3 and over $600M for 2026. Capacity expansion and a second fab are key to long-term targets.
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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 advanced products and IP licensing, with a $45M patent settlement boosting results. 2026 is expected to bring record bookings and revenues as fab utilization nears capacity and new expansion plans progress.
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Q3 2025 saw 18.5% year-over-year revenue growth, strong licensing momentum, and robust cash flow. Advanced product and brick product revenues rose sequentially, while licensing income reached a $90M run rate. Record results are expected for 2025, driven by new product launches and expanding IP deals.
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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 2025 revenue rose 12% year-over-year 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 growth in both product and licensing revenue, 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.