Vicor Corporation (VICR) Earnings
Vicor Corporation is expected to report next earnings on October 20, 2026 (in NaN days), with a consensus EPS estimate of $0.85. VICR has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +66.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $0.65 | $1.04 | +59.5% | $143M | +3.6% |
| Apr 21, 2026 | $0.40 | $0.44 | +10.0% | $113M | +3.3% |
| Feb 19, 2026 | $0.38 | $1.01 | +165.8% | $107M | +0.1% |
| Oct 21, 2025 | $0.48 | $0.63 | +32.2% | $110M | +2.5% |
| Jul 22, 2025 | $0.20 | $0.91 | +355.0% | $96M | +0.7% |
| Feb 20, 2025 | $0.18 | $0.23 | +27.8% | $96M | +5.6% |
| Oct 22, 2024 | $0.14 | $0.26 | +85.7% | $93M | +2.3% |
| Jul 23, 2024 | $0.11 | $-0.03 | -127.3% | $85854 | +5.0% |
| Feb 22, 2024 | $0.36 | $0.19 | -47.2% | $93M | -13.5% |
| Jul 25, 2023 | $0.19 | $0.38 | +100.0% | $107M | +9.0% |
| Feb 23, 2023 | $0.21 | $0.18 | -13.5% | $105M | +2.4% |
| Oct 25, 2022 | $0.22 | $0.18 | -18.2% | $103M | +1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Updated Long-Term Strategic and Financial Goals - Supersedes 2023's target of $1 billion revenue and 65% gross margins with new targets of $2.5 billion total revenue and 70% gross margins, with a target of 40% operating income - The updated strategy leverages synergy between power module product sales and intellectual property licensing - Second-Generation Vertical Power Delivery (VPD) Progress - Second-gen VPD offers current gains over 40 and current density up to 5 amps per mm², outperforming all first-generation competitive solutions for AI data center requirements - Baseline development of 3 amps per mm² for the lead customer is complete, demo systems for broader customer engagement are being finalized this quarter, with a roadmap to increase current density further by late 2026 / early 2027 - The technology meets unmet industry demand for power density that competitors cannot currently satisfy for advanced high-performance computing (HPC) and AI applications - Capacity Expansion Update - The existing Andover vertically integrated chip fab is being expanded, and the company is actively evaluating sites for a second chip fab, with a site selection decision expected by the end of July 2026 - The selected second fab site will support initial doubling of current capacity, with flexibility to expand to 2-3x the capacity of the first fab, which is required to reach the $2.5 billion long-term revenue target - Market Expansion - The power module business focuses on 100 top customers across four high-growth markets: HPC/AI, industrial, automotive, and aerospace and defense - New product launches are underway in industrial and aerospace and defense, with expansion beyond the initial top 100 customer set; automatic test equipment (ATE) is also a fast-growing strong market for Vicor
Guidance
- Q3 2026 revenue is expected to increase nearly 10% sequentially from Q2 2026, with double-digit sequential growth projected for advanced product revenue - Full year 2026 total revenue guidance is updated to over $600 million, driven by closed new licensing deals and product revenue growth - The new license agreement closed in Q2 2026 contributed $15 million to Q2 revenue under GAAP accounting, is expected to contribute $5 million to Q3 2026 revenue, and will contribute $10 million per quarter for the following four quarters - Gross margin expansion is expected alongside revenue growth in coming quarters; product gross margins will rise as capacity utilization and cost absorption improve - No additional licensing revenue is assumed in guidance from potential new deals before a final ruling in the second ITC patent infringement case expected in 2027
Segment performance
Vicor recorded total product and royalty revenue of $143.4 million for Q2 2026, up 26.9% sequentially from Q1 2026 and up 1.6% year-over-year from Q2 2025 (which included a $45 million patent litigation settlement). - Advanced Products: Revenue increased 45% sequentially to $94.2 million, representing 65.7% of total Q2 revenue (up from 57.5% in Q1 2026). - BRIC Products: Revenue increased 2.4% sequentially to $49.2 million, representing 34.3% of total Q2 revenue (down from 42.5% in Q1 2026). Consolidated gross profit margin was 58%, a 280 basis point increase sequentially from Q1 2026. Total operating expenses increased 6.1% sequentially to $48.2 million, driven by higher contingent legal fees related to the new Q2 license agreement. Net income for Q2 totaled $49.8 million, with GAAP diluted income per share of $1.04. Backlog increased 26% sequentially quarter-over-quarter to $379.7 million, with book-to-bill above 1.0.
Risks & headwinds
- All forward-looking statements related to product development timelines, licensing deal closure, capacity expansion, revenue growth, and profitability are subject to inherent risks and uncertainties, and actual results may differ materially from projections; key risks are detailed in the company's 2025 Form 10-K filed with the SEC - Current capacity at the first fab is approaching utilization limits that require selective customer engagement until the second fab comes online - Meeting growing AI and HPC power requirements relies on successful execution of VPD technology adoption and second fab capacity expansion, both of which have execution and timing risks - Future licensing revenue depends on industry acceptance of Vicor's IP and negotiation of new/renewed license agreements, with uncertain outcome for potential future deals - Potential supply chain constraints across the broader semiconductor industry can extend lead times and impact delivery timelines
Analyst Q&A
Q: What is the timeline for second-gen VPD design wins and customer ramp, and what is the update on site selection for the second fab? /
A: Development of the baseline 3 amps/mm² product for the lead customer is complete, with demo systems for broader customers now in progress. Management sees strong industry interest from multiple HPC and AI companies, as competitors cannot meet required current density targets. The company has multiple site options for the second fab and expects to make a final decision by the end of July 2026.
Q: Can you confirm the royalty revenue schedule for the new Q2 license agreement, and can you characterize the licensee? /
A: The new agreement calls for $5 million quarterly payments in year one and $10 million quarterly payments in year two, totaling $60 million. Under GAAP accounting, $15 million was recognized in Q2 2026, $5 million will be recognized in Q3 2026, and $10 million per quarter will be recognized for the subsequent four quarters. As of Q2 2026, Vicor has multiple OEM licensees and one hyperscaler licensee.
Q: Is the updated 2026 revenue guidance driven only by the new royalty agreement, or is there also higher product demand? Will the new license generate product revenue from your fab? /
A: The 2026 guidance increase comes from a combination of the new closed licensing deal and higher underlying product revenue growth. The Q2 license agreement does not include product sourcing commitments for the first two years, but future sourcing from Vicor's fab as part of the license relationship is expected as second-gen VPD ramps, which will be the model for future license deals.
Q: Will the second fab support the $2.5 billion revenue target, and what is its expected size? /
A: Reaching the $2.5 billion revenue target definitely requires a second fab, as the first fab's capacity is insufficient. The company is selecting a site that can support up to 2-3x the capacity of the first fab, with buildout occurring in phases starting with a doubling of current capacity to avoid unnecessary premature depreciation.