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Mar 31, 2023
Vicor Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Vicor Corporation reported a revenue of $97.8 million for the first quarter ended March 31, 2023, representing a 10.8% increase year-over-year. The company's net income was $11.2 million, or $0.25 per diluted share, compared to $5.0 million, or $0.11 per diluted share, for the corresponding period a year ago.
Revenues for the first quarter totaled $97.8 million, a 10.8% increase year-over-year.
Gross margin increased to $46.5 million, with gross margin as a percentage of revenue increasing to 47.6%.
Net income for the first quarter was $11.2 million, or $0.25 per diluted share.
Cash flow from operations totaled $10.1 million for the first quarter.
Vicor
Vicor
Forward Guidance
Dr. Patrizio Vinciarelli, CEO, anticipates growth and profitability with the completion of their ChiP foundry, 5G FPA enabling Vertical PDNs, and automotive electrification driving ChiP acceptance.
Positive Outlook
- Imminent completion of first Converter-housed-in-Package (“ChiP”) foundry.
- 5G FPA enabling scalable, high efficiency Vertical PDNs on the critical path of advanced AI systems.
- Automotive electrification driving broad acceptance of ChiPs.
- Progress with automotive applications using 4G modular solutions at up to 150kW is paving the way for production ramps starting in 2025.
- Growth opportunity with AI in data centers.
Challenges Ahead
- Bookings may remain weak until AI OEMs capture the benefits of advanced Power Distribution Networks (“PDNs”) with Lateral-Vertical PDNs using existing 4G FPA modules.