The strong sequential revenue and backlog growth, coupled with positive operating cash flow, suggest Vicor's capacity expansion is successfully capturing AI/HPC demand. Monitor the upcoming conference call for any capacity or second-fab timeline updates, as well as commentary on the ITC import ban's impact on revenue.
Price Chart
Executive Summary
Vicor reported Q2 2026 revenue of $143.4M (up 26.9% sequentially from $113.0M in Q1) and GAAP diluted EPS of $1.04, compared to $0.44 in Q1. The year-ago quarter included a $45M patent litigation settlement, making YoY comparisons misleading. Backlog surged 26% sequentially to $380M, and cash flow from operations swung positive to $34.0M from -$3.9M in Q1. The sequential revenue and earnings growth, combined with strong backlog and cash generation, signal accelerating demand in high-performance compute and AI markets, though no formal guidance was provided.
Key Financial Metrics
Key Facts
- Q2 2026 total net revenues of $143.4M, up 26.9% sequentially from $113.0M in Q1 2026.
- GAAP diluted EPS of $1.04, up from $0.44 in Q1 2026 and $0.91 in Q2 2025.
- Backlog reached $380M, a 26% sequential increase from $301M at Q1 end and up 145% YoY.
- Cash flow from operations totaled $34.0M, compared to -$3.9M in Q1 2026 (which included a $28.6M litigation payment).
- Cash and cash equivalents grew 12.2% sequentially to $453.6M.
- Gross margin improved to 58.0% from 55.2% in Q1 2026.
Financial Impact
Sequential revenue growth of $30.4M (26.9%) and EPS improvement of $0.60 (136%)
Risk Factors
- No formal forward guidance provided; reliance on management commentary for trajectory.
- Year-ago comparisons distorted by $45M patent litigation settlement; underlying organic growth rate is unclear.
- Capital expenditure remains elevated ($11.2M in Q2) as the company invests in second fab, which may pressure near-term FCF.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-309538 |
| Document: d115827d8k.htm | 0001193125-26-309538 |
| Document: 0001193125-26-309538-index-headers.html | 0001193125-26-309538 |
| Document: 0001193125-26-309538-index.html | 0001193125-26-309538 |
| Document: 0001193125-26-309538.txt | 0001193125-26-309538 |
| 8-K Data (Synthetic) | 0001193125-26-309538 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | Press Release | $197.91 $222.72 | ▲ +12.54% | ▲ +12.76% | $308.90 (+56.08%) |
Aug 27, 2026 5w ago | 8-K | $203.64 $178.76 | ▼ −12.22% | ▼ −12.49% | $308.90 (+51.69%) |
Aug 19, 2026 6w ago | Insider Cluster | $217.35 $197.23 | ▼ −9.26% | ▼ −8.87% | $308.90 (+42.12%) |
Aug 19, 2026 6w ago | Insider Cluster | $217.35 $197.23 | ▼ −9.26% | ▼ −8.87% | $308.90 (+42.12%) |
Jul 21, 2026 10w ago | 8-K | $214.70 $206.44 | ▼ −3.85% | ▼ −2.62% | $308.90 (+43.88%) |
Jul 21, 2026 10w ago | Press Release | $214.70 $206.44 | ▼ −3.85% | ▼ −2.62% | $308.90 (+43.88%) |
Jul 7, 2026 12w ago | Press Release | $257.34 $264.50 | ▲ +2.78% | ▲ +2.23% | $308.90 (+20.04%) |
Jul 7, 2026 12w ago | Insider Cluster | $257.34 $264.50 | ▲ +2.78% | ▲ +2.23% | $308.90 (+20.04%) |
Jul 6, 2026 12w ago | Insider Cluster | $285.34 $272.05 | ▼ −4.66% | ▼ −5.15% | $308.90 (+8.26%) |
Jul 6, 2026 12w ago | Insider Cluster | $285.34 $272.05 | ▼ −4.66% | ▼ −5.15% | $308.90 (+8.26%) |
US Market Status
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