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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________________

Commission File Number 0-18277

VICOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	04-2742817
(State of Incorporation)	(I.R.S. Employer Identification No.)

25 Frontage Road, Andover, Massachusetts 01810

(Address of Principal Executive Office)

(978) 470-2900

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class 

     Trading Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value 
$0.01 per share

      VICR

     The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Smaller reporting company	☐
Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of each of the issuer’s classes of Common Stock as of October 21, 2025 was:


Common Stock, $.01 par value	32,925,914
Class B Common Stock, $.01 par value	11,726,718

Table of Contents

VICOR CORPORATION

INDEX


	Page
Part I — Financial Information:
Item 1 - Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	1
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	2
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024	3
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	4
Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024	5
Notes to Condensed Consolidated Financial Statements	7
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3 — Quantitative and Qualitative Disclosures About Market Risk	28
Item 4 — Controls and Procedures	29
Part II — Other Information:	30
Item 1 — Legal Proceedings	30
Item 1A — Risk Factors	30
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5 — Other Information	30
Item 6 — Exhibits	31
Signatures	32
EX-31.1 SECTION 302 CERTIFICATION OF CEO
EX-31.2 SECTION 302 CERTIFICATION OF CFO
EX-32.1 SECTION 906 CERTIFICATION OF CEO
EX-32.2 SECTION 906 CERTIFICATION OF CFO

Table of Contents

VICOR CORPORATION

Part I – Financial Information

Item 1 – Financial Statements

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)


	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	362,382		$	277,273
Accounts receivable, net		53,252			52,948
Inventories		92,294			106,032
Other current assets		25,985			26,781
Total current assets		533,913			463,034
Long-term deferred tax assets, net		275			261
Long-term investment, net		2,406			2,641
Property, plant and equipment, net		152,526			152,705
Other assets		21,127			22,477
Total assets	$	710,247		$	641,118
Liabilities and Equity
Current liabilities:
Accounts payable	$	15,391		$	8,737
Accrued compensation and benefits		13,438			10,852
Accrued litigation		27,919			26,888
Accrued expenses		5,437			6,589
Short-term lease liabilities		1,584			1,716
Sales allowances		2,569			1,667
Income taxes payable		154			59
Short-term deferred revenue and customer prepayments		4,197			5,312
Total current liabilities		70,689			61,820
Long-term income taxes payable		3,430			3,387
Long-term lease liabilities		5,775			5,620
Total liabilities		79,894			70,827
Commitments and contingencies (Note 11)
Equity:
Vicor Corporation stockholders’ equity:
Class B Common Stock: 10 votes per share, $.01 par value, 14,000,000 shares authorized, 11,726,718 shares issued and outstanding in 2025 and 11,738,718 shares issued and outstanding in 2024		118			118
Common Stock: 1 vote per share, $.01 par value, 62,000,000 shares authorized 45,340,074 shares issued and 32,942,744 shares outstanding in 2025; 45,082,156 shares issued and 33,433,046 shares outstanding in 2024		455			452
Additional paid-in capital		428,969			407,617
Retained earnings		374,826			302,803
Accumulated other comprehensive loss		(1,561	)		(1,495	)
Treasury stock at cost: 12,397,330 shares in 2025 and 11,649,110 shares in 2024		(172,728	)		(139,424	)
Total Vicor Corporation stockholders’ equity		630,079			570,071
Noncontrolling interest		274			220
Total equity		630,353			570,291
Total liabilities and equity	$	710,247		$	641,118

See accompanying notes.

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Table of Contents

VICOR CORPORATION

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Product revenue	$	88,698		$	79,796		$	257,597		$	232,071
Royalty revenue		21,725			13,370			42,840			30,821
Patent litigation settlement		—			—			45,000			—
Total net revenues and patent litigation settlement		110,423			93,166			345,437			262,892
Cost of product revenues		46,910			47,422			145,431			129,254
Gross margin		63,513			45,744			200,006			133,638
Operating expenses:
Selling, general and administrative		22,747			23,398			75,836			72,715
Research and development		19,859			16,960			58,027			51,938
Litigation-contingency expense		—			—			—			19,500
Total operating expenses		42,606			40,358			133,863			144,153
Income (loss) from operations		20,907			5,386			66,143			(10,515	)
Other income (expense), net:
Total unrealized (losses) gains on available-for-sale securities, net		(178	)		40			(235	)		110
Less: portion of losses (gains) recognized in other comprehensive income		178			(40	)		235			(110	)
Net credit gains recognized in earnings		—			—			—			—
Other income (expense), net		2,407			3,713			9,198			9,244
Total other income (expense), net		2,407			3,713			9,198			9,244
Income (loss) before income taxes		23,314			9,099			75,341			(1,271	)
Less: (Benefit) provision for income taxes		(4,988	)		(2,455	)		3,278			2,832
Consolidated net income (loss)		28,302			11,554			72,063			(4,103	)
Less: Net income attributable to noncontrolling interest		10			2			40			14
Net income (loss) attributable to Vicor Corporation	$	28,292		$	11,552		$	72,023		$	(4,117	)

Net income (loss) per common share attributable to Vicor Corporation:
Basic	$	0.63		$	0.26		$	1.60		$	(0.09	)
Diluted	$	0.63		$	0.26		$	1.59		$	(0.09	)
Shares used to compute net income (loss) per common share attributable to Vicor Corporation:
Basic		44,734			45,117			44,986			44,829
Diluted		44,930			45,174			45,167			44,829

See accompanying notes.

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Table of Contents

VICOR CORPORATION

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025			2024		2025			2024
Consolidated net income (loss)	$	28,302		$	11,554	$	72,063		$	(4,103	)
Foreign currency translation (losses) gains, net of tax (1)		(99	)		373		183			(38	)
Unrealized (losses) gains on available-for-sale securities, net of tax (1)		(178	)		40		(235	)		110
Other comprehensive (loss) income		(277	)		413		(52	)		72
Consolidated comprehensive income (loss)		28,025			11,967		72,011			(4,031	)
Less: Comprehensive income attributable to noncontrolling interest		3			30		54			11
Comprehensive income (loss) attributable to Vicor Corporation	$	28,022		$	11,937	$	71,957		$	(4,042	)

(1)

The deferred tax assets associated with foreign currency translation (losses) gains and unrealized (losses) gains on available-for-sale securities are completely offset by a tax valuation allowance as of September 30, 2025 and 2024. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2025 and 2024.

See accompanying notes.

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Table of Contents

VICOR CORPORATION

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2025			2024

Operating activities:
Consolidated net income (loss)	$	72,063		$	(4,103	)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:
Depreciation and amortization		15,615			14,016
Stock-based compensation expense		12,420			11,245
Loss on disposal of fixed assets		839			—
Provision for doubtful accounts		7			—
Litigation-contingency expense		—			19,500
Decrease in long-term deferred revenue		—			(1,020	)
Decrease in other assets		1,459			788
Deferred income taxes		(4	)		5
Increase (decrease) in long-term income taxes payable		43			(312	)
Change in current assets and liabilities, net		21,398			606
Net cash provided by operating activities		123,840			40,725

Investing activities:
Additions to property, plant and equipment and internal-use software		(14,775	)		(21,866	)
Net cash used for investing activities		(14,775	)		(21,866	)

Financing activities:
Proceeds from employee stock plans		8,935			7,047
Repurchases of Common Stock		(32,978	)		(497	)
Net cash (used for) provided by financing activities		(24,043	)		6,550
Effect of foreign exchange rates on cash		87			(23	)
Net increase in cash and cash equivalents		85,109			25,386
Cash and cash equivalents at beginning of period		277,273			242,219
Cash and cash equivalents at end of period	$	362,382		$	267,605
Supplemental disclosure:
Purchases of property, plant and equipment and internal-use software incurred but not yet paid	$	1,862		$	2,976

See accompanying notes.

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Table of Contents

VICOR CORPORATION

Condensed Consolidated Statements of Equity

(In thousands)

(Unaudited)


															Total
									Accumulated						Vicor
	Class B				Additional				Other						Corporation
	Common		Common		Paid-In		Retained		Comprehensive			Treasury			Stockholders’			Noncontrolling			Total
	Stock		Stock		Capital		Earnings		Loss			Stock			Equity			Interest			Equity
Three Months Ended September 30, 2025
Balance on June 30, 2025	$	118	$	453	$	419,814	$	346,534	$	(1,291	)	$	(157,033	)	$	608,595		$	271		$	608,866
Issuance of Common Stock under employee stock plans				2		4,793										4,795						4,795
Stock-based compensation expense						4,362										4,362						4,362
Repurchases of Common Stock													(15,695	)		(15,695	)					(15,695	)
Components of comprehensive income, net of tax:
Net income								28,292								28,292			10			28,302
Other comprehensive income										(270	)					(270	)		(7	)		(277	)
Total comprehensive income																28,022			3			28,025
Balance on September 30, 2025	$	118	$	455	$	428,969	$	374,826	$	(1,561	)	$	(172,728	)	$	630,079		$	274		$	630,353


															Total
									Accumulated						Vicor
	Class B				Additional				Other						Corporation
	Common		Common		Paid-In		Retained		Comprehensive			Treasury			Stockholders’			Noncontrolling		Total
	Stock		Stock		Capital		Earnings		Loss			Stock			Equity			Interest		Equity
Nine Months Ended September 30, 2025
Balance on December 31, 2024	$	118	$	452	$	407,617	$	302,803	$	(1,495	)	$	(139,424	)	$	570,071		$	220	$	570,291
Issuance of Common Stock under employee stock plans				3		8,932										8,935					8,935
Stock-based compensation expense						12,420										12,420					12,420
Repurchases of Common Stock													(33,304	)		(33,304	)				(33,304	)
Components of comprehensive (loss) income, net of tax:
Net income								72,023								72,023			40		72,063
Other comprehensive income										(66	)					(66	)		14		(52	)
Total comprehensive income																71,957			54		72,011
Balance on September 30, 2025	$	118	$	455	$	428,969	$	374,826	$	(1,561	)	$	(172,728	)	$	630,079		$	274	$	630,353


															Total
									Accumulated						Vicor
	Class B				Additional				Other						Corporation
	Common		Common		Paid-In		Retained		Comprehensive			Treasury			Stockholders’			Noncontrolling		Total
	Stock		Stock		Capital		Earnings		Income (Loss)			Stock			Equity			Interest		Equity
Three Months Ended September 30, 2024
Balance on June 30, 2024	$	118	$	451	$	396,175	$	281,005	$	(1,583	)	$	(138,927	)	$	537,239		$	218	$	537,457
Issuance of Common Stock under employee stock plans				1		1,908										1,909					1,909
Stock-based compensation expense						4,034										4,034					4,034
Repurchases of Common Stock													(497	)		(497	)				(497	)
Components of comprehensive income, net of tax:
Net income								11,552								11,552			2		11,554
Other comprehensive income										385						385			28		413
Total comprehensive income																11,937			30		11,967
Balance on September 30, 2024	$	118	$	452	$	402,117	$	292,557	$	(1,198	)	$	(139,424	)	$	554,622		$	248	$	554,870

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Table of Contents


																Total
										Accumulated						Vicor
	Class B				Additional					Other						Corporation
	Common		Common		Paid-In		Retained			Comprehensive			Treasury			Stockholders’			Noncontrolling			Total
	Stock		Stock		Capital		Earnings			Income (Loss)			Stock			Equity			Interest			Equity
Nine Months Ended September 30, 2024
Balance on December 31, 2023	$	118	$	445	$	383,832	$	296,674		$	(1,273	)	$	(138,927	)	$	540,869		$	237		$	541,106
Issuance of Common Stock under employee stock plans				7		7,040											7,047						7,047
Stock-based compensation expense						11,245											11,245						11,245
Repurchases of Common Stock														(497	)		(497	)					(497	)
Components of comprehensive (loss) income, net of tax:
Net (loss) income								(4,117	)								(4,117	)		14			(4,103	)
Other comprehensive income (loss)											75						75			(3	)		72
Total comprehensive (loss) income																	(4,042	)		11			(4,031	)
Balance on September 30, 2024	$	118	$	452	$	402,117	$	292,557		$	(1,198	)	$	(139,424	)	$	554,622		$	248		$	554,870

See accompanying notes.

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Table of Contents

VICOR CORPORATION

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(unaudited)

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2025. The balance sheet at December 31, 2024 presented herein has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed by the Company with the SEC on March 3, 2025.

2. Inventories

Inventories were as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	70,775	$	78,934
Work-in-process		13,858		16,389
Finished goods		7,661		10,709
	$	92,294	$	106,032

3. Investments

As of September 30, 2025 and December 31, 2024, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,406,000 and $2,641,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through September 30, 2025, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of September 30, 2025.

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Table of Contents

VICOR CORPORATION

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(unaudited)

Details of our investments are as follows (in thousands):


	September 30, 2025
	Cash and Cash		Long-Term
	Equivalents		Investment
Measured at fair value:
Available-for-sale securities:
Money market funds	$	324,159	$	—
Failed Auction Security		—		2,406
Total		324,159		2,406

Other measurement basis:
Cash on hand		38,223		—
Total	$	362,382	$	2,406


	December 31, 2024
	Cash and Cash		Long-Term
	Equivalents		Investment
Measured at fair value:
Available-for-sale securities:
Money market funds	$	246,745	$	—
Failed Auction Security		—		2,641
Total		246,745		2,641

Other measurement basis:
Cash on hand		30,528		—
Total	$	277,273	$	2,641

The following is a summary of the available-for-sale securities (in thousands):

          
         Gross

         Gross

         Estimated

          
         Unrealized

         Unrealized

         Fair

         September 30, 2025

         Cost

         Gains

         Losses

         Value

Failed Auction Security

3,000

—

594

2,406

          
         Gross

         Gross

         Estimated

          
         Unrealized

         Unrealized

         Fair

         December 31, 2024

         Cost

         Gains

         Losses

         Value

Failed Auction Security

3,000

—

359

2,641

As of September 30, 2025, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the available-for-sale securities on September 30, 2025, by type and contractual maturities, are shown below (in thousands):


			Estimated
	Cost		Fair Value
Failed Auction Security:

Due in seventeen years	$	3,000	$	2,406

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Table of Contents

VICOR CORPORATION

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(unaudited)

4. Fair Value Measurements

The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements.

Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2025 (in thousands):

          
         Using

          
         Significant

          
         Quoted Prices

         Other

         Significant

          
         in Active

         Observable

         Unobservable

         Total Fair

          
         Markets

         Inputs

         Inputs

         Value as of

          
         (Level 1)

         (Level 2)

         (Level 3)

         September 30, 2025

         Cash equivalents:

Money market funds

324,159

—

—

324,159

         Long-term investment:

Failed Auction Security

—

—

2,406

2,406

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2024 (in thousands):

          
         Using

          
         Significant

          
         Quoted Prices

         Other

         Significant

          
         in Active

         Observable

         Unobservable

         Total Fair

          
         Markets

         Inputs

         Inputs

         Value as of

          
         (Level 1)

         (Level 2)

         (Level 3)

         December 31, 2024

         Cash equivalents:

Money market funds

246,745

—

—

246,745

         Long-term investment:

Failed Auction Security

—

—

2,641

2,641

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the nine months ended September 30, 2025 was as follows (in thousands):


Balance at the beginning of the period	$	2,641
Loss included in Other comprehensive income		(235	)
Balance at the end of the period	$	2,406

Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of September 30, 2025.

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Table of Contents

VICOR CORPORATION

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(unaudited)

5. Segment Information

The Company has determined its Chief Operating Decision Maker (“CODM”) to be the Chief Executive Officer ("CEO"). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business, allocating resources, making operating decisions and assessing financial performance. The Company is organized and operates as a single operating and reportable segment. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net income. The CODM manages the business using consolidated expense information for the single operating segment. All expense categories on the Condensed Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure.

The Company offers a comprehensive range of modular building blocks enabling rapid design of a power system specific to a customer’s precise needs. Based on design, performance, and form factor considerations, as well as the range of evolving applications for which the products are appropriate, the Company categorizes its product portfolios as either Advanced Products or Brick Products, which constitute one segment. Both product lines are built in the Company’s manufacturing facility in Andover, Massachusetts employing similar processing and production techniques, and are supported by the same sales and marketing organizations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following tables present the Company’s net revenues disaggregated by geography with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,
	2025		2024
United States	$	63,180	$	47,522
Europe		10,882		10,950
Asia Pacific		35,434		34,210
All other		927		484
	$	110,423	$	93,166


	Nine Months Ended September 30,
	2025		2024
United States	$	146,268	$	144,344
Europe		31,617

VICOR CORP 10-Q