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Sep 30, 2023
Vicor Q3 2023 Earnings Report
Vicor's Q3 2023 performance reflected revenue growth and improved profitability.
Key Takeaways
Vicor Corporation reported a 4.6% increase in revenue to $107.8 million and a significant rise in net income to $16.6 million, or $0.37 per diluted share, for the third quarter ended September 30, 2023. Gross margin improved to 51.8%, and cash flow from operations increased to $23.8 million. The company's backlog decreased to $174.7 million.
Revenue increased by 4.6% year-over-year to $107.8 million.
Net income rose to $16.6 million, or $0.37 per diluted share.
Gross margin improved to 51.8%.
Cash flow from operations increased to $23.8 million.
Vicor
Vicor
Forward Guidance
CEO mentioned that competitive AI platforms will soon require higher current density and Vertical Power Delivery (“VPD”).
Positive Outlook
- Progress made with ChiP foundry
- Progress made with 5G product line
- Investment in the world’s first ChiP foundry
- Investment in 5G power system capability
- Vicor is uniquely positioned to diversify and expand its share of the AI power system market
Challenges Ahead
- Q3 bookings remained weak
- Backlog decreased 53.0% from the corresponding period a year ago
- Backlog decreased 19.6% sequentially
- No specific financial guidance was provided in the release.
- Forward-looking statements are subject to risks and uncertainties.