# Vicor Corporation — Q4 2025 / Full Year 2025 Press Release (extract)

**Source**: Vicor press release 2026.02.19 via GlobeNewswire; relayed through stocktitan, Motley Fool transcript, and insider-monkey. Used as prior-quarter delta reference per PROMPT.md 5-A.

## Q4 2025 headline numbers

- Product revenue: $92.7M (+15.3% YoY, +4.5% QoQ from Q3 2025)
- Royalty revenue: $14.5M (-7.8% YoY, -33.1% QoQ)
- Total Q4 revenue: $107.3M
- Gross margin %: **55.4%** (vs 52.4% Q4 2024 = +300bp YoY)
- Net income: $46.5M (diluted EPS $1.01)
- Operating cash flow: $15.7M
- CapEx: $5.5M

## Full-year 2025

- Product revenue: $350.3M (+12.1% YoY from $312.6M)
- Royalty revenue: $57.4M (+23.2% YoY from $46.6M)
- **One-time patent settlement income: $45.0M** (booked as part of 2025 results)
- Total 2025 revenue (including settlement): $452.7M (+26.1% YoY)
- 2025 gross margin: 57.3% (vs 51.2% in 2024 = +610bp)
- **Net income: $118.6M** vs $6.1M in 2024 (diluted EPS $2.61 vs $0.14)
- Operating cash flow: $139.5M (+174.5% YoY)
- Backlog at Dec 31 2025: $176.9M (+13.8% YoY, +15.8% QoQ)
- Cash & equivalents: $402.8M (+11.2% QoQ)
- Total assets: $785.8M

## CEO Dr. Patrizio Vinciarelli — key Q4 2025 quotes

- "Rising demand across high-performance compute, automatic test equipment, industrial, aerospace and defense should lead to record product revenues in 2026."
- 2026 outlook described as: "year of different challenges with greater opportunity ... should result in record bookings, revenues, and profitability."

## Capacity & fab plans (Q4 2025 talking point)

- First ChiP fab approaching high utilization.
- Planning a **second fabrication facility**.
- Explore **alternate sourcing partnerships for high-current-density 2nd Gen VPD modules** to serve licensed OEMs and hyperscalers.

## Patent litigation / IP enforcement (Q4 2025 talking point)

- $45M patent settlement booked during 2025.
- **Second ITC (International Trade Commission) investigation** targeting "illegal importation of power modules and computing systems infringing Vicor's IP to non-isolated bus converters (NBCs)."
- Expected exclusion order will affect "unlicensed OEMs and hyperscalers."
- Management projects **record IP licensing revenues** in 2026 driven by this enforcement cycle.

## Product / technology commentary

- BCM6135 DC-DC bidirectional power converter module won the 2026 Electronics Excellence Award (power category).
- Gen 5 current multiplier technology in progress (developed in first $1B ChiP fab).
- Gen 5 vertical power delivery (VPD) for lead customer met target specifications, progressing to Q1 2026 production launch.