Q2 2026 Vicor Corp Earnings Call Transcript
Key Points
- Vicor Corp (VICR) reported a significant increase in product and royalty revenue for Q2 2026, totaling $143.4 million, up 26.9% sequentially from Q1 2026.
- Advanced Products revenue saw a substantial 45% sequential increase, reaching $94.2 million.
- The company recorded a consolidated gross profit margin of 58%, marking a 280 basis point increase from the prior quarter.
- Vicor Corp (VICR) received a $14.3 million payment from the IRS related to the ChiP Act investment tax credit, boosting their cash position.
- The company has a strong backlog, with a Q2 book-to-bill ratio above one and a 26% increase in one-year backlog from the prior quarter, closing at $379.7 million.
- Exports decreased sequentially as a percentage of total revenue, dropping to approximately 46% from the prior quarter's 48.9%.
- Total operating expenses increased by 6.1% sequentially, reaching $48.2 million, partly due to higher contingent legal expenses.
- The company's effective tax rate for Q2 was negatively impacted, resulting in a tax benefit of approximately $10.9 million.
- Vicor Corp (VICR) is nearing full capacity at its first chip fab, necessitating the development of a second facility to meet future growth targets.
- Product gross margins were affected by incremental expenses related to moving equipment in the first fab, which could not be capitalized.
Ladies and gentlemen, thank you for standing by. Welcome to the second quarter 2026 Vicor Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would like now to turn the conference over to Jim Schmidt, Chief Financial Officer. Please go ahead.
Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the second quarter ended June 30, 2026. I'm Jim Schmidt, Chief Financial Officer; and I'm in and over 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 and six months ended June 30, 2026. This press release has been posted on the Investor Relations page of our website. www.vicorpower.com. We also filed a
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