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Sep 30, 2025
Vicor Q3 2025 Earnings Report
Vicor Corporation reported higher gross margin and net income in Q3 2025, despite a sequential decline in revenue following a one-time patent settlement in Q2.
Key Takeaways
Vicor delivered strong profitability in Q3 2025 with improved gross margin and a substantial year-over-year increase in net income. Revenue declined sequentially due to the absence of a prior quarter's one-time litigation settlement, but core product and royalty revenues remained solid.
Total revenue reached $110.4 million, up 18.5% YoY.
Gross margin expanded to 57.5%, compared to 49.1% last year.
Net income rose to $28.3 million, more than double the prior year's result.
Backlog increased to $152.8 million, up from $150.6 million a year ago.
Revenue by Segment
Forward Guidance
Vicor anticipates continued growth in IP licensing and increased foundry utilization driven by demand for high-density power solutions in computing markets.
Positive Outlook
- Record-level licensing revenue in Q3.
- High-density power modules gaining traction across OEMs and hyperscalers.
- Foundry operations achieving 98% yield for mass production.
- Cash position improved 7% sequentially to $362.4 million.
- Backlog remains strong above $150 million.
Challenges Ahead
- Sequential revenue declined due to absence of $45M patent settlement from Q2.
- Operating expenses increased YoY to $42.6 million.
- Capital expenditures decreased YoY, possibly indicating lower investment pace.
- Stock repurchase volume slightly down from previous quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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