Vicor Q3 Revenue Jumps 37.5% Sequentially to $197.1M; EPS $1.33, Backlog $406M
VICR has more than doubled off its 52-week low of $57 on elevated volume (2.4× avg).
Summary
Vicor reported Q3 revenue of $197.1M (up 37.5% sequentially) and EPS of $1.33, beating the guidance it raised twice in September, with royalty revenue of $66.6M and backlog of $406M.
Key Events · Earnings and Guidance · VICR
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Q3 Revenue Beats Raised Guidance
Revenue of $197.1M rose 37.5% sequentially from $143.4M and 78.5% year-over-year from $110.4M, above the 'more than 30%' sequential growth guided on 2026-09-30.
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Margins and EPS Expand Sharply
Gross margin reached 68.3% of revenue (vs 58.0% in Q2) and net income was $63.3M, or $1.33 per diluted share, versus $1.04 in Q2 2026.
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Royalty Revenue Now Material
Royalty revenue of $66.6M compared with $21.7M a year ago, reflecting the first VPD license granted at Stage-2 unit royalty rates.
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Backlog and Cash Build
Backlog of $406M is up 7% sequentially and 166% year-over-year; cash and equivalents rose 13.1% to $513.1M on $69.7M of operating cash flow.
Analysis · VICR · Manufacturing
Vicor's Q3 came in far above the guidance it raised twice in September. Revenue of $197.1M is up 37.5% from Q2's $143.4M, well past the 'more than 30%' sequential growth it guided on September 30, and gross margin expanded to 68.3% from 58.0%. Royalty revenue of $66.6M — versus $21.7M a year ago — shows the VPD licensing model is now a real earnings driver, not a promise. Net income of $63.3M ($1.33 diluted) and $69.7M of operating cash flow fund the capacity build without outside capital, and cash rose to $513.1M. Backlog of $406M, up 166% year-over-year, supports the demand story behind the three-fab expansion. The main swing factor is the ITC Section 337 investigation into VPD infringement, which management says is pushing unlicensed OEMs toward royalty-bearing licenses — good for Vicor if it holds, a risk if the ruling goes the other way.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 37.4% of the 952 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.87%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, VICR was trading at $205.00 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $8.8B. The 52-week trading range was $57.00 to $382.65. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.