# Vicor Corporation — Q1 2026 Press Release (extract)

**Source**: GlobeNewswire release 2026.04.21 07:00 ET; mirrored on Manila Times and other outlets; relayed via stocktitan.net. Original URL on Vicor IR (gcs-web.com) temporarily unreachable at time of collection.

## Headline numbers

- Product revenue: $98.0M (vs $83.2M Q1 2025)
- Royalty revenue: $15.0M (vs $10.8M Q1 2025)
- **Total product + royalty revenue: $113.0M (+20.2% YoY, +5.3% QoQ from $107.3M in Q4 2025)**
- Cost of product revenues: $50.6M (vs $49.6M Q1 2025)
- Gross margin: $62.4M
- **Gross margin % of revenue: 55.2%** (vs 47.2% Q1 2025 = +800bp YoY; vs 55.4% Q4 2025 = -20bp QoQ)
- Operating expenses: $45.5M
- Operating income: $16.9M (vs operating loss $(0.1)M Q1 2025)
- Income tax: benefit of $(0.3)M (vs provision $0.4M Q1 2025)
- **Net income: $20.7M**
- **Diluted EPS: $0.44**

## Backlog

- **Q1 2026: $301M**
- Q1 2025: $172M (+75% YoY)
- Q4 2025: $177M (+70% QoQ — single largest sequential jump in many years)

## Balance sheet & cash flow

- Cash & equivalents: ~$404.2M (vs $402.8M at Dec 31 2025 — roughly flat)
- Total assets: $804.9M
- Current assets: $599.5M
- Current liabilities: $41.9M
- Stockholders' equity: $753.9M
- **Operating cash flow: $(3.9)M** (includes $28.6M litigation payment; ex-litigation would be roughly +$24.7M)
- Capital expenditures: $12.4M (vs $4.6M Q1 2025, vs $5.5M Q4 2025 — CapEx more than doubled sequentially)
- Prior year Q1 2025 operating cash flow: $20.1M

## CEO Dr. Patrizio Vinciarelli — key quotes

- "Rising demand across high-performance compute, automatic test equipment, and industrial, aerospace and defense applications is reflected in a 70% sequential increase in backlog, setting the stage for revenue growth."
- On capacity: "expanding capacity with additional equipment in our first ChiP fab while planning a second fab"
- On IP enforcement: "Precluding unlawful importation of computing systems infringing Vicor IP is having an effect."

## Key operating / narrative items

- Royalty revenue grew **+38.9% YoY** (off a $10.8M base to $15.0M) — faster than product revenue growth. But Q4 2025 royalty was $14.5M so sequentially royalty grew only +3.4% QoQ.
- Product cost barely moved ($49.6M → $50.6M, +2%) on +18% product revenue growth → strong operating leverage on underutilized fab capacity.
- Op income swing from near-zero to $16.9M is the underlying profitability shift (independent of Q4's $45M one-time patent settlement).
- Capacity plan: **first ChiP fab approaching high utilization → second fab planned**. CapEx jumped to $12.4M in Q1 2026 from $5.5M in Q4 2025.
- Litigation: $28.6M payment flowed out in Q1 — stated as a litigation-related payment. Separate from Q4 2025's $45M patent-settlement income.

## Forward-looking disclosures

Standard Section 27A / 21E safe-harbor language; no new formal guidance ranges beyond the 2026 outlook provided at Q4 2025 release ("record bookings, revenues and profitability in 2026").