Vicor Q1 Earnings Call Highlights

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Vicor (NASDAQ:VICR) reported first-quarter 2026 results that included higher sequential revenue, a crisp year-over-year betterment successful gross margin, and a important leap successful backlog arsenic request strengthened crossed high-performance computing, industrial, and aerospace and defence markets.

Chief Financial Officer James Schmidt said Vicor recorded merchandise and royalty gross of $113.0 million for the 4th ended March 31, 2026, up 5.3% sequentially from $107.3 cardinal successful the 4th fourth of 2025 and up 20.2% from $94.0 cardinal successful the archetypal 4th of 2025.

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Schmidt said precocious products gross accrued 3.7% sequentially to $64.9 million, portion ceramic products gross roseate 7.7% to $48.0 million. Advanced products represented 57.5% of full revenue, down from 58.4% successful the anterior quarter, with bricks rising correspondingly to 42.5%.

Shipments to stocking distributors accrued 0.5% sequentially and roseate 63.6% year-over-year, Schmidt said. Exports declined somewhat arsenic a stock of full gross to astir 48.9% from 49.3% successful the anterior quarter.

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Vicor posted a consolidated gross borderline of 55.2%, down 20 ground points sequentially but up 800 ground points from the year-ago quarter, Schmidt said.

Total operating disbursal accrued 4% sequentially to $45.5 million, which Schmidt attributed successful portion to “higher ineligible expenses related to enforcement of our IP.” He besides elaborate equity-based compensation disbursal totaling astir $3.9 million crossed outgo of goods sold, SG&A, and R&D.

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Vicor recorded a tax benefit of astir $0.3 million, reflecting an effectual taxation complaint of -1.3%. Schmidt said the quarter’s taxation complaint was “positively impacted by banal options exercised successful the quarter.” Net income totaled $20.7 million, and GAAP diluted EPS was $0.44 connected a afloat diluted stock number of 47.254 cardinal shares.

On a follow-up question astir taxes, Schmidt said the company’s readying presumption going guardant is “more successful enactment with a 20% benignant of a rate,” portion noting that banal enactment exercises created a one-time discrete payment successful Q1.

Schmidt said currency and currency equivalents ended the 4th astatine $404.2 million, up $1.4 cardinal sequentially. Accounts receivable (net of reserves) totaled $67.4 million, with DSOs of 42 days. Inventories accrued 3.8% sequentially to $94.8 million, with annualized inventory turns of 2.1.