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Vicor (VICR) investor relations material
Vicor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $141M, up 50.1% sequentially and 64.3% year-over-year, driven by product sales, licensing, and a $45M patent litigation settlement.
Net income for Q2 2025 was $41.2M ($0.91 per diluted share), compared to a net loss of $1.2M in Q2 2024.
Gross margin rose to 65.3% from 49.8% year-over-year, reflecting higher revenue and a favorable product mix.
Backlog at quarter-end was $155.2M, down 9.6% sequentially but up 0.9% year-over-year.
CEO highlighted successful ITC action, ongoing IP protection, and new AI product launches.
Financial highlights
Product, royalty, and litigation settlement revenue totaled $141M, up from $85.9M a year ago.
Gross margin was $92.1M (65.3%), up from $42.8M (49.8%) year-over-year.
Operating expenses rose 5% sequentially to $46.7M, mainly from $5.1M in legal fees tied to the settlement.
Cash and equivalents increased to $338.5M, up $42.4M sequentially after $17.5M in share repurchases.
Operating cash flow was $65.2M; capital expenditures were $6.2M in Q2 2025.
Outlook and guidance
Management expects 2025 to be a record revenue year but notes a wide range of possible outcomes due to licensing and litigation uncertainties.
No quarterly guidance provided due to ongoing uncertainties; royalty income is expected to remain variable.
Management expects new high-performance chips and AI products to drive future revenue and fab utilization.
Cash from operations and current liquidity are expected to fund operational needs and capital expenditures.
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