EX-99.1 2 d93346dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

October 21, 2025

For Immediate Release

Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2025

Andover, Mass., October 21, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

Product revenues and licensing income for the third quarter ended September 30, 2025 totaled $110.4 million, an 18.5% increase from $93.2 million for the corresponding period a year ago, and a 21.7% sequential decrease from $141.0 million in the second quarter of 2025, which included a $45.0 million patent litigation settlement.

Gross margin increased to $63.5 million for the third quarter of 2025, compared to $45.7 million for the corresponding period a year ago, and decreased sequentially from $92.1 million for the second quarter of 2025. Gross margin, as a percentage of revenue, increased to 57.5% for the third quarter of 2025, compared to 49.1% for the corresponding period a year ago, and decreased from 65.3% for the second quarter of 2025, which benefited from the $45.0 million patent litigation settlement. Operating expenses increased to $42.6 million for the third quarter of 2025, compared to $40.4 million for the corresponding period a year ago, and decreased sequentially from $46.7 million for the second quarter of 2025.

Net income for the third quarter was $28.3 million, or $0.63 per diluted share, compared to net income of $11.6 million or $0.26 per diluted share, for the corresponding period a year ago and net income of $41.2 million, or $0.91 per diluted share, for the second quarter of 2025.

Cash flow from operations totaled $38.5 million for the third quarter, compared to cash flow from operations of $22.6 million for the corresponding period a year ago, and cash flow from operations of $65.2 million in the second quarter of 2025. Capital expenditures for the third quarter totaled $4.0 million, compared to $8.4 million for the corresponding period a year ago and $6.2 million for the second quarter of 2025. Stock repurchases for the third quarter totaled $15.6 million, compared with $17.5 million for the second quarter of 2025. Cash and cash equivalents as of September 30, 2025 increased 7.0% sequentially to approximately $362.4 million compared to approximately $338.5 million as of June 30, 2025.

Backlog for the third quarter ended September 30, 2025 totaled $152.8 million, a 1.5% increase from $150.6 million for the corresponding period a year ago, and 1.5% sequential decrease from $155.2 million at the end of the second quarter of 2025.

Commenting on third quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Licensing revenue reached a record rate in Q3 following the litigation settlement for prior infringement recorded in Q2. As high density power systems pioneered by Vicor, including NBMs and VPD, are on the critical path of high performance computing, I expect Vicor’s IP licensing practice to grow substantially. OEMs and hyper-scalers need a license, or need to renew their license or expand its scope. Vicor is pursuing additional actions to curtail access to infringing computing systems sourced from infringing contract manufacturers relying on infringing power module makers.”

“At the core of Vicor’s IP licensing practice, Vicor’s high density power module business leverages its first ChiP foundry with its distinct growth opportunity. With foundry processes delivering 98% final test yields for mass produced modules, higher margins await greater absorption of foundry capacity, exceeding $1 Billion per year. The current density of 5th generation ChiPs and 2nd Generation VPD, surpassing handicapped multi-phase VRs, or IVRs and their inefficient power distribution networks, will bring about greater foundry capacity utilization.”

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 21, 2025 at 5:00 p.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 5:00 p.m. on October 21, 2025. 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, 2024, 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: (978) 470-2900

Email: invrel@vicorpower.com

VICOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Thousands except for per share amounts)

 

     QUARTER ENDED
(Unaudited)		     YEAR ENDED
(Unaudited)		  
     SEPT 30,
2025		     SEPT 30,
2024		     SEPT 30,
2025		      SEPT 30,
2024		  

Product revenue

    $ 88,698     $ 79,796     $ 257,597      $ 232,071  

Royalty revenue

      21,725       13,370       42,840        30,821  

Patent litigation settlement

      —        —        45,000        —   
  

 

 

    

 

 

    

 

 

     

 

 

  

Total product revenue, royalty revenue and patent litigation settlement

      110,423       93,166       345,437        262,892  

Cost of product revenues

      46,910       47,422       145,431        129,254  
  

 

 

    

 

 

    

 

 

     

 

 

  

Gross margin

      63,513       45,744       200,006        133,638  

Operating expenses:

          

Selling, general and administrative

      22,747       23,398       75,836        72,715  

Research and development

      19,859       16,960       58,027        51,938  

Litigation-contingency expense

      —        —        —         19,500  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total operating expenses

      42,606       40,358       133,863        144,153  
  

 

 

    

 

 

    

 

 

     

 

 

  

Income (loss) from operations

      20,907       5,386       66,143        (10,515 ) 

Other income (expense), net

      2,407       3,713       9,198        9,244  
  

 

 

    

 

 

    

 

 

     

 

 

  

Income (loss) before income taxes

      23,314       9,099       75,341        (1,271 ) 

Less: (Benefit) provision for income taxes

      (4,988 )      (2,455 )      3,278        2,832  
  

 

 

    

 

 

    

 

 

     

 

 

  

Consolidated net income (loss)

      28,302       11,554       72,063        (4,103 ) 

Less: Net income attributable to noncontrolling interest

      10       2       40        14  
  

 

 

    

 

 

    

 

 

     

 

 

  

Net income (loss) attributable to Vicor Corporation

    $ 28,292     $ 11,552     $ 72,023      ($ 4,117 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Net income (loss) per share attributable to Vicor Corporation:

          

Basic

    $ 0.63     $ 0.26     $ 1.60      ($ 0.09 ) 

Diluted

    $ 0.63     $ 0.26     $ 1.59      ($ 0.09 ) 

Shares outstanding:

          

Basic

      44,734       45,117       44,986        44,829  

Diluted

      44,930       45,174       45,167        44,829  

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

 

     SEPT 30,
2025
(Unaudited)		     DEC 31,
2024
(Unaudited)		  

Assets

     

Current assets:

     

Cash and cash equivalents

    $ 362,382     $ 277,273  

Accounts receivable, net

      53,252       52,948  

Inventories

      92,294       106,032  

Other current assets

      25,985       26,781  
  

 

 

    

 

 

  

Total current assets

      533,913       463,034  

Long-term deferred tax assets

      275       261  

Long-term investment, net

      2,406       2,641  

Property, plant and equipment, net

      152,526       152,705  

Other assets

      21,127       22,477  
  

 

 

    

 

 

  

Total assets

    $ 710,247     $ 641,118  
  

 

 

    

 

 

  

Liabilities and Equity

     

Current liabilities:

     

Accounts payable

    $ 15,391     $ 8,737  

Accrued compensation and benefits

      13,438       10,852  

Accrued expenses

      5,437       6,589  

Accrued litigation

      27,919       26,888  

Sales allowances

      2,569       1,667  

Short-term lease liabilities

      1,584       1,716  

Income taxes payable

      154       59  

Short-term deferred revenue and customer prepayments

      4,197       5,312  
  

 

 

    

 

 

  

Total current liabilities

      70,689       61,820  

Long-term income taxes payable

      3,430       3,387  

Long-term lease liabilities

      5,775       5,620  
  

 

 

    

 

 

  

Total liabilities

      79,894       70,827  

Equity:

     

Vicor Corporation stockholders’ equity:

     

Capital stock

      429,542       408,187  

Retained earnings

      374,826       302,803  

Accumulated other comprehensive loss

      (1,561 )      (1,495 ) 

Treasury stock

      (172,728 )      (139,424 ) 
  

 

 

    

 

 

  

Total Vicor Corporation stockholders’ equity

      630,079       570,071  

Noncontrolling interest

      274       220  
  

 

 

    

 

 

  

Total equity

      630,353       570,291  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 710,247     $ 641,118