Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2026

ANDOVER, Mass., July 21, 2026 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2026. These results will be discussed at 8:00 a.m. Eastern Time, during management's quarterly investor conference call. The details for the call are below.

Product and royalty revenues for the second quarter ended June 30, 2026 totaled $143.4 million, a 26.9% sequential increase from $113.0 million in the first quarter of 2026, compared to $141.0 million from product revenues, royalty revenues and a patent litigation settlement of $45.0 million for the corresponding period a year ago.

Gross margin increased sequentially to $83.1 million for the second quarter of 2026, compared to $62.4 million for the first quarter of 2026, and decreased from $92.1 million for the corresponding period a year ago. Gross margin, as a percentage of revenue, increased to 58.0% for the second quarter of 2026, compared to 55.2% for the first quarter of 2026. Gross margin decreased from 65.3% for the corresponding period a year ago which included the aforementioned $45.0 million patent litigation settlement. Operating expenses increased sequentially to $48.2 million for the second quarter of 2026, compared to $45.5 million for the first quarter of 2026, and increased from $46.7 million for the corresponding period a year ago.

Net income for the second quarter was $49.8 million, or $1.04 per diluted share, compared to net income of $20.7 million, or $0.44 per diluted share, for the first quarter of 2026 and net income of $41.2 million or $0.91 per diluted share, for the corresponding period a year ago.

Cash flow from operations totaled $34.0 million for the second quarter, compared to cash flow used for operations of $(3.9) million in the first quarter of 2026, which included the impact of a $28.6 million payment of an award for past litigation, and cash flow from operations of $65.2 million for the corresponding period a year ago. Capital expenditures for the second quarter totaled $11.2 million, compared to $12.4 million for the first quarter of 2026 and $6.2 million for the corresponding period a year ago. Cash and cash equivalents as of June 30, 2026 increased 12.2% sequentially to approximately $453.6 million compared to approximately $404.2 million as of March 31, 2026.

Backlog for the second quarter ended June 30, 2026 totaled $380 million, a 26% sequential increase from $301 million at the end of the first quarter of 2026, and increased 145% from $155 million for the corresponding period a year ago.

Commenting on second quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: "Rising demand across high-performance compute, automatic test equipment, and industrial, aerospace and defense applications is absorbing increased capacity within our first ChiP fab. As we get closer to full capacity utilization, we are taking steps toward a second fab for high current density 2^nd Gen VPD ChiPs.

AI OEMs and Hyper-scalers are at a loss dealing with the current density and PDN limitations of 1^st Gen. VPD systems. The industry's fixation with PoL regulators (replacing VRs, operating from 12V or 6V, with IVRs, operating from 1.8V) merely trades off one handicap (low current density) for another (low current gain). Feeding IVRs with a current multiplier is an incremental opportunity for Vicor.

With its 2^nd Gen VPD IP, Vicor is uniquely equipped to overcome the power system challenges standing in the way of future advances in TPUs, GPUs and Wafer Scale Engines."

For more information on Vicor and its products, please visit the Company's website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Tuesday, July 21, 2026 at 8:00 a.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified's website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 8:00 a.m. on July 21, 2026. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor's website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words "believes," "expects," "anticipates," "intends," "estimates," "plans," "assumes," "may," "will," "would," "should," "continue," "prospective," "project," and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management's current expectations and estimates as to the prospective events and circumstances that may or may not be within the company's control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor's Annual Report on Form 10-K for the year ended December 31, 2025, under Part I, Item I - "Business," under Part I, Item 1A - "Risk Factors," under Part I, Item 3 - "Legal Proceedings," and under Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations." The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

For further information contact:

James F. Schmidt, Chief Financial Officer
Office: [phone]
Email: [e-mail]

VICOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
	QUARTER ENDED							SIX MONTHS ENDED
	(Unaudited)							(Unaudited)
	JUN 30,				JUN 30,			JUN 30,				JUN 30,
	2026				2025			2026				2025
Product revenue	-	112,926			-	85,693		-	210,930			-	168,899
Royalty revenue		30,426				10,353			45,391				21,115
Total net revenues		143,352				96,046			256,321				190,014
Patent litigation settlement		-				45,000			-				45,000
Total net revenues and patent litigation settlement		143,352				141,046			256,321				235,014
Cost of product revenues		60,232				48,918			110,835				98,521
Gross margin		83,120				92,128			145,486				136,493
Operating expenses:
Selling, general and administrative		27,601				27,952			50,793				53,089
Research and development		20,641				18,791			42,931				38,168
Total operating expenses		48,242				46,743			93,724				91,257
Income from operations		34,878				45,385			51,762				45,236
Other income (expense), net		4,045				3,657			7,564				6,791
Income before income taxes		38,923				49,042			59,326				52,027
Less: (Benefit) provision for income taxes		(10,863	-			7,842			(11,136	-			8,266
Consolidated net income		49,786				41,200			70,462				43,761
Less: Net income attributable to
noncontrolling interest		14				8			26				30
Net income attributable to
Vicor Corporation	-	49,772			-	41,192		-	70,436			-	43,731
Net income per share attributable
to Vicor Corporation:
Basic	-	1.08			-	0.92		-	1.54			-	0.97
Diluted	-	1.04			-	0.91		-	1.48			-	0.97
Shares outstanding:
Basic		45,936				45,007			45,703				45,112
Diluted		47,708				45,077			47,481				45,286

VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
	JUN 30,				DEC 31,
		2026				2025
	(Unaudited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents	-	453,582			-	402,805
Accounts receivable, net		78,929				60,716
Inventories		104,489				91,340
Other current assets		33,346				32,502
Total current assets		670,346				587,363
Long-term deferred tax assets		38,746				27,463
Long-term investment, net		2,525				2,462
Property, plant and equipment, net		162,536				147,690
Other assets		20,009				20,853
Total assets	-	894,162			-	785,831
Liabilities and Equity
Current liabilities:
Accounts payable	-	20,415			-	12,290
Accrued compensation and benefits		15,321				12,031
Accrued expenses		7,662				3,691
Accrued litigation		-				28,275
Sales allowances		4,414				3,136
Short-term lease liabilities		1,767				1,568
Income taxes payable		141				904
Short-term deferred revenue and customer prepayments		875				3,426
Total current liabilities		50,595				65,321
Long-term income taxes payable		3,132				3,086
Long-term lease liabilities		5,841				5,608
Total liabilities		59,568				74,015
Equity:
Vicor Corporation stockholders' equity:
Capital stock		472,396				462,805
Retained earnings		491,795				421,359
Accumulated other comprehensive loss		(1,733	-			(1,672	-
Treasury stock		(128,139	-			(170,935	-
Total Vicor Corporation stockholders' equity		834,319				711,557
Noncontrolling interest		275				259
Total equity		834,594				711,816
Total liabilities and equity	-	894,162			-	785,831