Vicor Corporation reported first-quarter 2026 product and royalty revenue of $113.0 million, up 20.2% from $94.0 million a year earlier and up 5.3% from $107.3 million in the fourth quarter of 2025.
Gross margin rose to $62.4 million from $44.4 million in the prior-year quarter and from $59.4 million in the fourth quarter. As a percentage of revenue, gross margin was 55.2%, compared with 47.2% a year earlier and 55.4% in the prior quarter.
Operating expenses increased to $45.5 million, up from $44.5 million a year ago and $43.7 million in the fourth quarter.
Net income came in at $20.7 million, or $0.44 per diluted share, versus $2.5 million, or $0.06 per diluted share, in the first quarter of 2025. That was below the $46.5 million, or $1.01 per diluted share, reported in the fourth quarter of 2025.
Cash flow used in operations was $(3.9) million in the quarter, including a $28.6 million payment tied to past litigation. That compared with cash flow from operations of $20.1 million in the year-ago quarter and $15.7 million in the fourth quarter.
Capital expenditures climbed to $12.4 million from $4.6 million a year earlier and $5.5 million in the fourth quarter.
Cash and cash equivalents ended the quarter at about $404.2 million, up 0.4% from about $402.8 million at Dec. 31, 2025.
Backlog reached $301 million, up 75% from $172 million a year earlier and up 70% from $177 million at the end of the fourth quarter of 2025. The market has reacted to these announcements by moving the company's shares -15.07% to a price of $157.96. If you want to know more, read the company's complete 8-K report here.
