The ITC investigation and first VPD license are potential catalysts for recurring royalty revenue. Monitor the conference call for updates on licensing pipeline and Fab-2 timeline. The 166% YoY backlog growth suggests strong near-term revenue visibility.
Price Chart
Executive Summary
Vicor reported Q3 2026 revenue of $197.1M (up 78.5% YoY) and diluted EPS of $1.33, beating consensus estimates of $1.23 by 8.1%. Revenue also exceeded the $188.7M consensus. The company highlighted a first VPD license to an AI OEM at Stage-2 royalty rates, an ITC investigation into patent infringement, and plans for a nearly 5x capacity expansion via three fabs. Backlog reached $406M, up 166% YoY.
Key Financial Metrics
Key Facts
- Revenue $197.1M, +78.5% YoY, above $188.7M consensus
- Diluted EPS $1.33, +111% YoY, above $1.23 consensus (8.1% beat)
- Gross margin 68.3%, up from 57.5% a year ago
- Backlog $406M, +166% YoY
- First VPD license granted to an AI OEM at Stage-2 unit royalty rates
- ITC instituted investigation into VPD patent infringement
- Capacity expansion planned: nearly 5x increase from 3 fabs
- Cash and equivalents $513.1M, +13.1% sequentially
Financial Impact
Revenue beat consensus by $8.4M (4.5%); EPS beat by $0.10 (8.1%); operating income surged to $72.1M from $20.9M a year ago
Risk Factors
- Operating expenses rose 46.8% YoY, partly due to contingency legal fees for IP enforcement
- Capacity expansion execution risk — new fabs may take time to ramp
- Dependence on AI/hyperscaler demand which can be lumpy
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-425697 |
| Document: d153882d8k.htm | 0001193125-26-425697 |
| Document: 0001193125-26-425697-index-headers.html | 0001193125-26-425697 |
| Document: 0001193125-26-425697-index.html | 0001193125-26-425697 |
| Document: 0001193125-26-425697.txt | 0001193125-26-425697 |
| 8-K Data (Synthetic) | 0001193125-26-425697 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $176.04 $194.77 | ▲ +10.64% | ▲ +9.93% | $176.04 (−0.00%) |
Oct 20, 2026 6d ago | 8-K | $204.14 $213.42 | ▲ +4.55% | ▲ +4.02% | $176.04 (−13.77%) |
Oct 5, 2026 21d ago | Insider Cluster | $305.61 $299.29 | ▲ +2.07% | ▲ +2.62% | $176.04 (+42.40%) |
Sep 21, 2026 5w ago | Press Release | $268.34 $283.16 | ▲ +5.52% | ▲ +6.24% | $176.04 (−34.40%) |
Sep 11, 2026 6w ago | Press Release | $197.91 $184.73 | ▼ −6.66% | ▼ −6.21% | $176.04 (−11.05%) |
Aug 27, 2026 8w ago | 8-K | $203.64 $187.75 | ▼ −7.80% | ▼ −7.58% | $176.04 (−13.55%) |
Aug 19, 2026 9w ago | Insider Cluster | $217.35 $207.64 | ▼ −4.47% | ▼ −3.63% | $176.04 (−19.01%) |
Aug 19, 2026 9w ago | Insider Cluster | $217.35 $207.64 | ▼ −4.47% | ▼ −3.63% | $176.04 (−19.01%) |
Jul 21, 2026 13w ago | 8-K | $214.70 $217.35 | ▲ +1.23% | ▲ +1.35% | $176.04 (−18.01%) |
Jul 21, 2026 13w ago | Press Release | $214.70 $217.35 | ▲ +1.23% | ▲ +1.35% | $176.04 (−18.01%) |
US Market Status
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