Q1 2026 Vicor Corp Earnings Call Transcript
Key Points
- Vicor Corp (VICR) reported a 5.3% sequential increase in revenue for Q1 2026, reaching $113 million, and a 20.2% increase year-over-year.
- The company's advanced products revenue increased by 3.7% sequentially, while brick products revenue saw a 7.7% sequential increase.
- Vicor Corp (VICR) achieved a strong book-to-bill ratio above two, with a one-year backlog increasing by 70% from the prior quarter to $300.6 million.
- The company expects Q2 revenues of nearly $126 million and 2026 revenues of nearly $570 million, indicating strong growth prospects.
- Vicor Corp (VICR) is planning capacity expansion, including a second fab, to support future growth opportunities and meet increasing demand.
- Q1 gross profit margin decreased by 20 basis points sequentially, although it increased by 800 basis points year-over-year.
- Total operating expenses increased by 4% sequentially, partly due to higher legal expenses related to IP enforcement.
- Cash flow used for operating activities totaled $3.9 million for the quarter, impacted by a litigation settlement payment of $28.6 million.
- Vicor Corp (VICR) faces capacity constraints despite expansion plans, potentially limiting its ability to meet all customer demands.
- The company's reliance on a few key customers, particularly in high-performance computing, could pose risks if demand from these customers fluctuates.
Good day, and thank you for standing by. Welcome to the Vicor first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jim Schmidt, Chief Financial Officer. Please go ahead.
Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the first quarter ended March 31, 2026. I'm Jim Schmidt, Chief Financial Officer, and I'm in Andover with Patrizio Vinciarelli, Chief Executive Officer, and Phil Davies, Corporate Vice President, Global Sales and Marketing.
Earlier this morning, we issued a press release summarizing our financial results for the three months ended March 31, 2026. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K
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