VICOR CORP

Listed Company

VICRCIK 0000751978NasdaqLarge AcceleratedElectronic Components, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$452.70M

Net Income

$118.56M

Total Assets

$785.83M

Equity

$711.56M

Shares Out

11.76M

Op. Cash Flow

$139.55M

Business

VICOR CORP designs, develops, manufactures, and markets modular power components and power systems for converting and distributing electrical power. It offers Advanced Products (including FPA-enabled regulators, current multipliers, Power-on-Package and vertical delivery solutions), Brick Products (brick-format DC-DC and AC-DC converters, configurable systems, accessories) and licensing of proprietary technologies. The company’s business is organized around two product categories—Advanced Products (high-performance, component-based FPA solutions) and Brick Products (integrated converter and custom power system offerings). It serves global markets including data centers and hyperscalers, aerospace, defense, industrial, telecommunications and vehicle applications through direct sales, distributors and regional technical support centers.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenues	408	359	405	399	359
Patent litigation settlement	45	0	0	—	—
Total net revenues and patent litigation settlement	453	359	405	—	—
Cost of product revenues	193	175	200	219	181
Gross margin	259	184	205	181	178
Selling, general and administrative	99	97	86	86	69
Research and development	79	69	68	61	53
Litigation-contingency expense	0	20	0	7	0
Total operating expenses	178	185	154	153	123
Income (loss) from operations	82	−1	51	27	56
Total unrealized (losses) gains on available-for-sale securities, net	−179,000	111,000	−92,000	−17,000	122,000
Portion of losses (gains) recognized in other comprehensive income	179,000	−111,000	92,000	20,000	−118,000
Net credit gains recognized in earnings	0	0	0	3,000	4,000
Other income (expense), net	13	12	9	1	1
Total other income (expense), net	13	12	9	1	1
Income before income taxes	95	10	60	29	57
Less: (Benefit) provision for income taxes	−24	4	7	3	176,000
Consolidated net income	119	6	54	25	57
Less: Net income attributable to noncontrolling interest	40,000	10,000	5,000	−20,000	4,000
Net income attributable to Vicor Corporation	119	6	54	25	57
Basic (per share)	2.63	0.14	1.21	0.58	1.3
Diluted (per share)	2.61	0.14	1.19	0.57	1.26
Basic (shares)	45	45	44	44	44
Diluted (shares)	45	45	45	45	45

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	403	277	242	191	182
Accounts receivable, less allowance of $137 in 2025 and $130 in 2024	61	53	53	65	55
Inventories	91	106	107	101	67
Other current assets	33	27	19	5	7
Total current assets	587	463	420	363	357
Deferred tax assets	27	261,000	296,000	280,000	208,000
Long-term investment, net	2	3	3	3	3
Property, plant and equipment, net	148	153	158	166	116
Other assets	21	22	14	5	2
Total assets	786	641	595	537	477
Accounts payable	12	9	12	22	21
Accrued compensation and benefits	12	11	11	11	13
Accrued litigation	28	27	7	7	0
Accrued expenses	4	7	5	9	4
Sales allowances	3	2	3	2	1
Short-term lease liabilities	2	2	2	1	2
Income taxes payable	904,000	59,000	746,000	72,000	66,000
Short-term deferred revenue and customer prepayments	3	5	3	13	8
Total current liabilities	65	62	44	65	49
Long-term income taxes payable	3	3	2	862,000	569,000
Long-term lease liabilities	6	6	6	7	3
Total liabilities	74	71	54	73	53
Commitments and contingencies (Note 16)	—	—	—	—	—
Additional paid-in capital	462	408	384	360	346
Retained earnings	421	303	297	243	218
Accumulated other comprehensive loss	−2	−1	−1	−988,000	−1
Treasury stock at cost: 12,378,224 shares in 2025 and 11,649,110 shares in 2024	−171	−139	−139	−139	−139
Total Vicor Corporation stockholders' equity	712	570	541	464	424
Noncontrolling interest	259,000	220,000	237,000	248,000	306,000
Total equity	712	570	541	464	424
Total liabilities and equity	786	641	595	537	477

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	21	19	17	14	12
Stock-based compensation expense	17	15	13	10	7
Loss on disposal of fixed assets	839,000	0	0	—	—
Provision for doubtful accounts	7,000	0	43,000	5,000	0
Deferred income taxes	−27	6,000	−34,000	−72,000	18,000
(Decrease) increase in long-term deferred revenue	0	−1	875,000	−268,000	−320,000
Decrease (increase) in other assets	413,000	1	−192,000	—	—
(Decrease) increase in long-term income taxes payable	−302,000	1	1	293,000	−74,000
Accounts receivable	−8	−483,000	13	−11	−14
Inventories	15	457,000	−5	−34	−10
Other current assets	−2	−8	−539,000	2	10,000
Accounts payable and accrued liabilities	3	−2	−11	4	3
Accrued severance and other charges	1	−9,000	9,000	−93,000	93,000
Short-term lease liabilities	160,000	131,000	583,000	103,000	4,000
Income taxes payable	845,000	−684,000	674,000	6,000	−73,000
Deferred revenue and customer prepayments	−417,000	340,000	−8	5	1
Net cash provided by operating activities	140	51	75	23	54
Additions to property, plant and equipment and internal-use software	−20	−24	−33	−64	−48
Net cash used for investing activities	−20	−24	−33	−19	−44
Proceeds from employee stock plans	41	8	11	4	10
Repurchases of Common Stock	−35	−497,000	0	0	—
Net cash provided by financing activities	6	8	11	4	10
Effect of foreign exchange rates on cash	−18,000	−179,000	−70,000	−219,000	−197,000
Net increase in cash and cash equivalents	126	35	52	8	21
Cash paid during the year for income taxes, net of refunds	5	4	4	1	645,000
Purchases of property, plant and equipment and internal-use software incurred but not yet paid	1	2	2	4	5

Filings

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