Vicor Q3营收1.97亿美元同比+78.5%、backlog同比+166%，但EPS预期分歧且盘前冲高回落后盘中仅涨6.7%

----- d153882d8k.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October
20, 2026
VICOR CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware
0-18277
04-2742817
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
25 Frontage Road
,
Andover
,
Massachusetts
01810
(Address of Principal Executive Offices) (Zip Code)
(978)
470-2900
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.01 per share
VICR
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule
12b-2
of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02.
Results of Operations and Financial Condition
On October 20, 2026, Vicor Corporation issued a press release announcing its financial results for the three and nine months ended September 30, 2026. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01.
Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1
Press Release of Vicor Corporation dated October 20, 2026
Exhibit Index
Exhibit
No.
Description
99.1
Press Release of Vicor Corporation dated October 20, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VICOR CORPORATION
Date: October 20, 2026
By:
/s/ James F. Schmidt
James F. Schmidt
Chief Financial Officer

----- d153882dex991.htm -----
EX-99.1
2
d153882dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
NEWS RELEASE
FINANCIAL NEWS BRIEF
October 20, 2026
For Immediate Release
Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2026
Andover, Mass.,
October
20, 2026
(GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results
for the third quarter ended September 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 third quarter ended September 30, 2026 totaled $197.1 million, a 37.5% sequential increase from
$143.4 million in the second quarter of 2026, and increased 78.5% from $110.4 million for the corresponding period a year ago.
Gross margin
increased sequentially to $134.7 million for the third quarter of 2026, compared to $83.1 million for the second quarter of 2026, and increased from $63.5 million for the corresponding period a year ago. Gross margin, as a percentage
of revenue, increased to 68.3% for the third quarter of 2026, compared to 58.0% for the second quarter of 2026, and increased from 57.5% for the corresponding period a year ago. Operating expenses, including contingency fees to law firms enforcing
Vicor IP, increased sequentially to $62.5 million for the third quarter of 2026, compared to $48.2 million for the second quarter of 2026, and increased from $42.6 million for the corresponding period a year ago.
Net income for the third quarter was $63.3 million, or $1.33 per diluted share, compared to net income of $49.8 million, or $1.04 per diluted share,
for the second quarter of 2026 and net income of $28.3 million or $0.63 per diluted share, for the corresponding period a year ago.
Cash flow from
operations totaled $69.7 million for the third quarter, compared to cash flow from operations of $34.0 million in the second quarter of 2026, and cash flow from operations of $38.5 million for the corresponding period a year ago.
Capital expenditures for the third quarter totaled $16.1 million, compared to $11.2 million for the second quarter of 2026 and $4.0 million for the corresponding period a year ago. Cash and cash equivalents as of September 30,
2026 increased 13.1% sequentially to approximately $513.1 million compared to approximately $453.6 million as of June 30, 2026.
Backlog
for the third quarter ended September 30, 2026 totaled $406 million, a 7% sequential increase from $380 million at the end of the second quarter of 2026, and increased 166% from $153 million for the corresponding period a year
ago.
Commenting on recent developments, CEO Dr. Patrizio Vinciarelli stated: “With the purchase of two additional sites within 30 miles of
ChiP
Fab-1
in Andover, we will be able to provide a nearly 5X increase in capacity from 3 Fabs, relative to
Fab-1.
Capacity expansion is necessary in view of demand and
industry trends.
Open Compute confirmed the challenges of VRs and IVRs. In addition to infringing patents to 1
st
GEN VPD, VRs and IVRs face electrical, mechanical and thermal barriers to escalating AI processor requirements. In private presentations and lab sessions with OEMs and Hyperscalers, we demonstrated
the distinct advantages of Vicor’s 2
nd
GEN VPD. Participants paid attention, providing positive feedback and interest in engaging. The stage is set for broader adoption of high performance
ALL-FPA
current multiplier modules which enable 2
nd
GEN VPD.
On
the licensing front, we granted our first VPD license to an AI OEM at
Stage-2
unit royalty rates. Unlicensed OEMs and Hyperscalers may not have realized the implications of importing, or planning to import,
computing systems infringing Vicor patents to VPD. The ITC decision to institute an investigation into VPD infringement is catching their attention, prompting inquiries about licenses at royalty rates that strongly favor early adopters.”
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, October 20, 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 October 20, 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 designs, manufactures and markets modular power components and complete power systems based upon a
portfolio of patented technologies. Vicor licenses its patents to OEMs and hyper-scalers needing supply chain assurance, flexibility and scalability. Headquartered in Andover, Massachusetts, Vicor modules and power system technology are used in high
performance computing, industrial, transportation, aerospace and defense.
For further information contact:
James F. Schmidt, Chief Financial Officer
Office: (978)
470-2900
Email:
invrel@vicorpower.com
VICOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
NINE MONTHS ENDED
(Unaudited)
SEPT 30,
2026
SEPT 30,
2025
SEPT 30,
2026
SEPT 30,
2025
Product revenue
$
130,501
$
88,698
$
341,431
$
257,597
Royalty revenue
66,613
21,725
112,004
42,840
Total net revenues
197,114
110,423
453,435
300,437
Patent litigation settlement
—
—
—
45,000
Total net revenues and patent litigation settlement
197,114
110,423
453,435
345,437
Cost of product revenues
62,434
46,910
173,269
145,431
Gross margin
134,680
63,513
280,166
200,006
Operating expenses:
Selling, general and administrative
38,563
22,747
89,356
75,836
Research and development
23,969
19,859
66,900
58,027
Total operating expenses
62,532
42,606
156,256
133,863
Income from operations
72,148
20,907
123,910
66,143
Other income (expense), net
6,585
2,407
14,149
9,198
Income before income taxes
78,733
23,314
138,059
75,341
Less: Provision (benefit) for income taxes
15,401
(4,988
)
4,265
3,278
Consolidated net income
63,332
28,302
133,794
72,063
Less: Net income attributable to noncontrolling interest
11
10
37
40
Net income attributable to Vicor Corporation
$
63,321
$
28,292
$
133,757
$
72,023
Net income per share attributable to Vicor Corporation:
Basic
$
1.37
$
0.63
$
2.92
$
1.60
Diluted
$
1.33
$
0.63
$
2.81
$
1.59
Shares outstanding:
Basic
46,129
44,734
45,845
44,986
Diluted
47,609
44,930
47,524
45,167
VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
SEPT 30,
2026
(Unaudited)
DEC 31,
2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
513,137
$
402,805
Accounts receivable, net
122,488
60,716
Inventories
110,922
91,340
Other current assets
13,594
32,502
Total current assets
760,141
587,363
Long-term deferred tax assets
23,439
27,463
Long-term investment, net
—
2,462
Property, plant and equipment, net
177,987
147,690
Other assets
20,053
20,853
Total assets
$
981,620
$
785,831
Liabilities and Equity
Current liabilities:
Accounts payable
$
24,334
$
12,290
Accrued compensation and benefits
14,047
12,031
Accrued expenses
22,223
3,691
Accrued litigation
—
28,275
Sales allowances
3,512
3,136
Short-term lease liabilities
1,733
1,568
Income taxes payable
208
904
Short-term deferred revenue and customer prepayments
418
3,426
Total current liabilities
66,475
65,321
Long-term income taxes payable
3,143
3,086
Long-term lease liabilities
5,427
5,608
Total liabilities
75,045
74,015
Equity:
Vicor Corporation stockholders’ equity:
Capital stock
518,247
462,805
Retained earnings
555,116
421,359
Accumulated other comprehensive loss
(1,174
)
(1,672
)
Treasury stock
(165,909
)
(170,935
)
Total Vicor Corporation stockholders’ equity
906,280
711,557
Noncontrolling interest
295
259
Total equity
906,575
711,816
Total liabilities and equity
$
981,620
$
785,831