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Jun 30, 2023
Vicor Q2 2023 Earnings Report
Reported financial results for the second quarter ended June 30, 2023.
Key Takeaways
Vicor Corporation reported Q2 2023 revenues of $106.7 million, a 4.5% increase year-over-year. Net income was $17.1 million, or $0.38 per diluted share, compared to $10.6 million, or $0.24 per diluted share, for the corresponding period a year ago. Cash flow from operations totaled $19.0 million for the quarter.
Revenues increased by 4.5% year-over-year to $106.7 million.
Gross margin increased to 51.7%, compared to 45.8% for the corresponding period a year ago.
Net income was $17.1 million, or $0.38 per diluted share.
Cash flow from operations totaled $19.0 million.
Vicor
Vicor
Forward Guidance
Q2 bookings remained weak, ahead of production release of an AI platform with a Lateral Power Distribution Network (“PDN”) using a 4G ChiP-set, now expected to ramp in Q4. With the imminent completion of our first foundry, with 5G FPA enabling scalable, high efficiency Vertical Power Delivery (“VPD”), and with automotive electrification driving broad acceptance of ChiPs, I am confident about Vicor’s future growth and profitability.
Positive Outlook
- Production release of an AI platform with a Lateral Power Distribution Network (“PDN”) using a 4G ChiP-set, now expected to ramp in Q4.
- The same 4G ChiP-set will support a more adept Lateral-Vertical PDN, enabling a reduction of nearly 100W in total power consumption at heavy workloads and superior processor performance
- Further performance improvements will be enabled by 5G MCMs, raising current density by nearly 3X.
- High current density is necessary for 2nd Gen VPD to circumvent the stacking complexity and cost of 1st Gen VPD modules.
- With automotive electrification driving broad acceptance of ChiPs.
Challenges Ahead
- Q2 bookings remained weak.
- AI platform with a Lateral Power Distribution Network (“PDN”) using a 4G ChiP-set now expected to ramp in Q4.
- Stacking complexity and cost of 1st Gen VPD modules.
- Forward-looking statements are subject to various factors, including those economic, business, operational and financial considerations
- Actual results could differ materially from those projected in the forward-looking statements