VICOR CORP Earnings Summary — Q1 FY2026

• Revenue grew 20.2% year-over-year, driven by a sharp recovery in Brick Products which increased from $34.1M to $48.0M.
• Operating income swung to $16.9M from a modest operating loss of $0.1M in the same quarter last year, reflecting improved operating leverage.
• Royalty revenue contributed significantly to the bottom line, rising 39.1% year-over-year to $14.9M.
• The company maintains a strong liquidity position with $404.2M in cash and cash equivalents and zero long-term debt.
• Net income was bolstered by a $273k tax benefit compared to a $424k provision in the prior year, primarily due to excess deductions from share-based compensation.
• The company fulfilled a major $28.6M litigation payment during the quarter, which impacted operating cash flows but cleared a significant liability from the balance sheet.

The company remains focused on transitioning into high-capacity power module specialist roles for AI and data centers, emphasizing long-term technical foresight over quarterly smoothing.

Improving

The swing from an operating loss to a double-digit operating margin and high triple-digit net income growth marks a significant recovery from the cyclic lows of 2024.

The company is positioned for high-growth power delivery segments, supported by expanded manufacturing capacity in Andover and a debt-free balance sheet following the resolution of legacy litigation liabilities.