Revenue: As of FY2025, the actual value is USD 407.7 M, missing the estimate of USD 453.18 M.EPS: As of FY2025, the actual value is USD 2.61.EBIT: As of FY2025, the actual value is USD 24.7 M.<h3>Total Net Revenues</h3>Total net revenues for Vicor Corporation increased by 13.5% to $407,701,000 in 2025 from $359,058,000 in 2024. <h3>Segment Revenue</h3><ul><li>Advanced Products (including Royalty Revenue): Revenue increased by $51,233,000, or 26.0%, to $248,562,000 in 2025 from $197,329,000 in 2024, primarily due to improved market demand and higher royalty revenue. </li><li>Brick Products: Revenue decreased by $2,590,000, or -1.6%, to $159,139,000 in 2025 from $161,729,000 in 2024, primarily due to reduced market demand. </li></ul><h3>Royalty Revenue</h3>Royalty revenue, included in Advanced Products revenue, was $57,384,000 in 2025, $46,595,000 in 2024, and $15,872,000 in 2023. <h3>Patent Litigation Settlement</h3>Vicor Corporation received a patent litigation settlement payment of $45,000,000 in the second quarter of 2025. <h3>Geographical Revenue</h3><ul><li>United States: Total net revenues were $200,645,000 in 2025, $185,834,000 in 2024, and $149,456,000 in 2023. </li><li>Europe: Total net revenues were $42,850,000 in 2025, $41,803,000 in 2024, and $59,742,000 in 2023. </li><li>Asia Pacific: Total net revenues were $162,417,000 in 2025, $129,981,000 in 2024, and $192,267,000 in 2023. </li><li>All Other Countries: Total net revenues were $1,789,000 in 2025, $1,440,000 in 2024, and $3,594,000 in 2023. </li><li>Export Sales: Represented approximately 50.8% of total net revenues in 2025 and 48.2% in 2024. </li><li>China and Hong Kong: Net revenues from customers in China (including Hong Kong) accounted for approximately 11.9% of total net revenues in 2025, 12.6% in 2024, and 17.7% in 2023. </li></ul><h3>Operational Metrics</h3><ul><li>Gross Margin: Increased by $75,431,000, or 41.0%, to $259,429,000 in 2025 from $183,998,000 in 2024. As a percentage of total net revenues and patent litigation settlement, gross margin increased to 57.3% in 2025 from 51.2% in 2024, primarily due to the $45,000,000 patent litigation settlement, higher sales volume, and improved sales mix, offset by production inefficiencies and increased freight-in and tariff spending. </li><li>Operating Expenses: Decreased by $7,707,000, or -4.2%, to $177,601,000 in 2025 from $185,308,000 in 2024. <ul><li>Selling, General and Administrative Expenses (SG&amp;A): Increased by $2,145,000, or 2.2%, to $99,031,000 in 2025 from $96,886,000 in 2024. As a percentage of total net revenues, SG&amp;A decreased to 24.3% in 2025 from 27.0% in 2024. </li><li>Research and Development Expenses (R&amp;D): Increased by $9,648,000, or 14.0%, to $78,570,000 in 2025 from $68,922,000 in 2024. As a percentage of total net revenues, R&amp;D expenses increased to 19.3% in 2025 from 19.2% in 2024. </li><li>Litigation-contingency expense: Was $0 in 2025, compared to $19,500,000 in 2024, related to the SynQor litigation. </li></ul></li><li>Net Income: $118,556,000 in 2025, compared to $6,129,000 in 2024. </li><li>Income before Income Taxes: $94,571,000 in 2025, compared to $10,487,000 in 2024. </li><li>Depreciation and Amortization: Totaled $20,786,000 in 2025, compared to $18,626,000 in 2024. </li></ul><h3>Cash Flow</h3><ul><li>Net Cash Provided by Operating Activities: $139,548,000 in 2025, compared to $50,842,000 in 2024. </li><li>Additions to Property, Plant and Equipment (Capital Expenditures): - $20,318,000 in 2025, compared to - $23,602,000 in 2024. </li><li>Proceeds from Employee Stock Plans: $41,495,000 in 2025, compared to $8,490,000 in 2024. </li><li>Repurchases of Common Stock: - $35,175,000 in 2025, compared to - $497,000 in 2024. </li><li>Cash and Cash Equivalents: $402,805,000 at December 31, 2025, compared to $277,273,000 at December 31, 2024. </li></ul><h3>Unique Metrics</h3><ul><li>Order Backlog: Approximately $176,938,000 at the end of 2025, compared to $155,505,000 at the end of 2024. </li><li>Inventory: Decreased by approximately $14,692,000, or -13.9%, to $91,340,000 at the end of 2025, from $106,032,000 at the end of 2024. </li><li>Tariff Costs: Costs associated with tariffs totaled approximately $7,375,000 in 2025, an increase of 76.1% compared to $4,189,000 in 2024. Duty drawback recoveries were $907,000 in 2025 and $1,669,000 in 2024. </li><li>Turns Volume: Average quarterly turns volume was approximately 34% of total net revenues in 2025, 30% in 2024, and 18% in 2023. </li></ul><h3>Outlook / Guidance</h3>Vicor Corporation expects that cash generated from operations, along with available cash and cash equivalents, will be sufficient to fund future operational needs and capital equipment purchases. As of December 31, 2025, the company has no plans to declare or pay a cash dividend in the foreseeable future. Approximately $64,327,000 remained available for share repurchases under the New Repurchase Authorization.

Vicor | 10-K: FY2025 Revenue Misses Estimate at USD 407.7 M