VICOR CORP Revenue Disclosure
11. REVENUES
The following tables present the Company’s total net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):
|
|
Year Ended December 31, 2025 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
United States |
|
$ |
74,190 |
|
|
$ |
126,455 |
|
|
$ |
200,645 |
|
Europe |
|
|
28,790 |
|
|
|
14,060 |
|
|
|
42,850 |
|
Asia Pacific |
|
|
55,939 |
|
|
|
106,478 |
|
|
|
162,417 |
|
All other |
|
|
220 |
|
|
|
1,569 |
|
|
|
1,789 |
|
|
|
$ |
159,139 |
|
|
$ |
248,562 |
|
|
$ |
407,701 |
|
|
|
Year Ended December 31, 2024 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
United States |
|
$ |
85,347 |
|
|
$ |
100,487 |
|
|
$ |
185,834 |
|
Europe |
|
|
27,088 |
|
|
|
14,715 |
|
|
|
41,803 |
|
Asia Pacific |
|
|
48,347 |
|
|
|
81,634 |
|
|
|
129,981 |
|
All other |
|
|
947 |
|
|
|
493 |
|
|
|
1,440 |
|
|
|
$ |
161,729 |
|
|
$ |
197,329 |
|
|
$ |
359,058 |
|
|
|
Year Ended December 31, 2023 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
United States |
|
$ |
82,400 |
|
|
$ |
67,056 |
|
|
$ |
149,456 |
|
Europe |
|
|
31,792 |
|
|
|
27,950 |
|
|
|
59,742 |
|
Asia Pacific |
|
|
63,631 |
|
|
|
128,636 |
|
|
|
192,267 |
|
All other |
|
|
3,343 |
|
|
|
251 |
|
|
|
3,594 |
|
|
|
$ |
181,166 |
|
|
$ |
223,893 |
|
|
$ |
405,059 |
|
The following tables present the Company’s total net revenues disaggregated by the category of revenue, by product line (in thousands):
|
|
Year Ended December 31, 2025 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
Direct customers, contract manufacturers and non-stocking |
|
$ |
83,012 |
|
|
$ |
151,508 |
|
|
$ |
234,520 |
|
Stocking distributors, net of sales allowances |
|
|
74,817 |
|
|
|
34,413 |
|
|
|
109,230 |
|
Non-recurring engineering |
|
|
1,310 |
|
|
|
4,237 |
|
|
|
5,547 |
|
Royalties |
|
|
— |
|
|
|
57,384 |
|
|
|
57,384 |
|
Other |
|
|
— |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
$ |
159,139 |
|
|
$ |
248,562 |
|
|
$ |
407,701 |
|
|
|
Year Ended December 31, 2024 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
Direct customers, contract manufacturers and non-stocking |
|
$ |
88,144 |
|
|
$ |
113,359 |
|
|
$ |
201,503 |
|
Stocking distributors, net of sales allowances |
|
|
72,713 |
|
|
|
31,061 |
|
|
|
103,774 |
|
Non-recurring engineering |
|
|
872 |
|
|
|
4,874 |
|
|
|
5,746 |
|
Royalties |
|
|
— |
|
|
|
46,595 |
|
|
|
46,595 |
|
Other |
|
|
— |
|
|
|
1,440 |
|
|
|
1,440 |
|
|
|
$ |
161,729 |
|
|
$ |
197,329 |
|
|
$ |
359,058 |
|
|
|
Year Ended December 31, 2023 |
|
|||||||||
|
|
Brick |
|
|
Advanced |
|
|
Total |
|
|||
Direct customers, contract manufacturers and |
|
$ |
113,448 |
|
|
$ |
163,549 |
|
|
$ |
276,997 |
|
Stocking distributors, net of sales allowances |
|
|
66,544 |
|
|
|
29,893 |
|
|
|
96,437 |
|
Non-recurring engineering |
|
|
1,174 |
|
|
|
13,421 |
|
|
|
14,595 |
|
Royalties |
|
|
— |
|
|
|
15,872 |
|
|
|
15,872 |
|
Other |
|
|
— |
|
|
|
1,158 |
|
|
|
1,158 |
|
|
|
$ |
181,166 |
|
|
$ |
223,893 |
|
|
$ |
405,059 |
|
The following table presents the changes in certain contract assets and (liabilities) (in thousands):
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
Change |
|
|||
Short-term deferred revenue and customer prepayments |
|
$ |
(3,426 |
) |
|
$ |
(5,312 |
) |
|
$ |
1,886 |
|
Sales allowances |
|
|
(3,136 |
) |
|
|
(1,667 |
) |
|
|
(1,469 |
) |
During 2025, 2024, and 2023, one customer accounted for approximately 11.1%, 12.1%, and 10.7% of total net revenues, respectively.
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, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.