Vicor | 8-K: FY2026 Q2 Revenue: USD 143.35 M

Revenue: As of FY2026 Q2, the actual value is USD 143.35 M.

EPS: As of FY2026 Q2, the actual value is USD 1.04, beating the estimate of USD 0.6433.

EBIT: As of FY2026 Q2, the actual value is USD 38.92 M.

Revenue

Vicor Corporation’s product and royalty revenues for the second quarter ended June 30, 2026, totaled $143.4 million, representing a 26.9% sequential increase from $113.0 million in the first quarter of 2026, and compared to $141.0 million for the corresponding period a year ago, which included a patent litigation settlement of $45.0 million . Product revenue was $112,926 thousand for Q2 2026, $85,693 thousand for Q2 2025, $210,930 thousand for the six months ended June 30, 2026, and $168,899 thousand for the six months ended June 30, 2025 . Royalty revenue was $30,426 thousand for Q2 2026, $10,353 thousand for Q2 2025, $45,391 thousand for the six months ended June 30, 2026, and $21,115 thousand for the six months ended June 30, 2025 . Total net revenues were $143,352 thousand for Q2 2026, $96,046 thousand for Q2 2025, $256,321 thousand for the six months ended June 30, 2026, and $190,014 thousand for the six months ended June 30, 2025 . Patent litigation settlement was $0 for Q2 2026, $45,000 thousand for Q2 2025, $0 for the six months ended June 30, 2026, and $45,000 thousand for the six months ended June 30, 2025 . Total net revenues and patent litigation settlement were $143,352 thousand for Q2 2026, $141,046 thousand for Q2 2025, $256,321 thousand for the six months ended June 30, 2026, and $235,014 thousand for the six months ended June 30, 2025 .

Gross Margin

Gross margin increased sequentially to $83.1 million for the second quarter of 2026, compared to $62.4 million for the first quarter of 2026, and decreased from $92.1 million for the corresponding period a year ago . Gross margin as a percentage of revenue increased to 58.0% for the second quarter of 2026, compared to 55.2% for the first quarter of 2026, and decreased from 65.3% for the corresponding period a year ago, which included the $45.0 million patent litigation settlement . Gross margin was $83,120 thousand for Q2 2026, $92,128 thousand for Q2 2025, $145,486 thousand for the six months ended June 30, 2026, and $136,493 thousand for the six months ended June 30, 2025 .

Operating Expenses

Operating expenses increased sequentially to $48.2 million for the second quarter of 2026, compared to $45.5 million for the first quarter of 2026, and increased from $46.7 million for the corresponding period a year ago . Selling, general and administrative expenses were $27,601 thousand for Q2 2026, $27,952 thousand for Q2 2025, $50,793 thousand for the six months ended June 30, 2026, and $53,089 thousand for the six months ended June 30, 2025 . Research and development expenses were $20,641 thousand for Q2 2026, $18,791 thousand for Q2 2025, $42,931 thousand for the six months ended June 30, 2026, and $38,168 thousand for the six months ended June 30, 2025 . Total operating expenses were $48,242 thousand for Q2 2026, $46,743 thousand for Q2 2025, $93,724 thousand for the six months ended June 30, 2026, and $91,257 thousand for the six months ended June 30, 2025 .

Net Income

Net income for the second quarter was $49.8 million, compared to net income of $20.7 million for the first quarter of 2026 and net income of $41.2 million for the corresponding period a year ago . Income from operations was $34,878 thousand for Q2 2026, $45,385 thousand for Q2 2025, $51,762 thousand for the six months ended June 30, 2026, and $45,236 thousand for the six months ended June 30, 2025 . Other income (expense), net was $4,045 thousand for Q2 2026, $3,657 thousand for Q2 2025, $7,564 thousand for the six months ended June 30, 2026, and $6,791 thousand for the six months ended June 30, 2025 . Income before income taxes was $38,923 thousand for Q2 2026, $49,042 thousand for Q2 2025, $59,326 thousand for the six months ended June 30, 2026, and $52,027 thousand for the six months ended June 30, 2025 . The (benefit) provision for income taxes was -$10,863 thousand for Q2 2026, $7,842 thousand for Q2 2025, -$11,136 thousand for the six months ended June 30, 2026, and $8,266 thousand for the six months ended June 30, 2025 . Consolidated net income was $49,786 thousand for Q2 2026, $41,200 thousand for Q2 2025, $70,462 thousand for the six months ended June 30, 2026, and $43,761 thousand for the six months ended June 30, 2025 . Net income attributable to noncontrolling interest was $14 thousand for Q2 2026, $8 thousand for Q2 2025, $26 thousand for the six months ended June 30, 2026, and $30 thousand for the six months ended June 30, 2025 . Net income attributable to Vicor Corporation was $49,772 thousand for Q2 2026, $41,192 thousand for Q2 2025, $70,436 thousand for the six months ended June 30, 2026, and $43,731 thousand for the six months ended June 30, 2025 .

Operating Cash Flow

Cash flow from operations totaled $34.0 million for the second quarter of 2026, compared to cash flow used for operations of -$3.9 million in the first quarter of 2026, which included a $28.6 million payment for past litigation, and cash flow from operations of $65.2 million for the corresponding period a year ago .

Capital Expenditures

Capital expenditures for the second quarter totaled $11.2 million, compared to $12.4 million for the first quarter of 2026 and $6.2 million for the corresponding period a year ago .

Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2026, increased 12.2% sequentially to approximately $453.6 million compared to approximately $404.2 million as of March 31, 2026 . Cash and cash equivalents were $453,582 thousand as of June 30, 2026, and $402,805 thousand as of December 31, 2025 .

Backlog

Backlog for the second quarter ended June 30, 2026, totaled $380 million, a 26% sequential increase from $301 million at the end of the first quarter of 2026, and increased 145% from $155 million for the corresponding period a year ago .

Outlook / Guidance

Vicor Corporation is absorbing increased capacity within its first ChiP fab due to rising demand across high-performance compute, automatic test equipment, and industrial, aerospace, and defense applications . The company is planning for a second fab for high current density 2nd Gen VPD ChiPs as it approaches full capacity utilization . Vicor Corporation believes its 2nd Gen VPD IP is uniquely positioned to address power system challenges for future advances in TPUs, GPUs, and Wafer Scale Engines .