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Investing.com -- Vicor Corporation (NASDAQ:VICR) reported third-quarter earnings that significantly exceeded analyst expectations, but shares slipped 0.5% in after-hours trading Tuesday as investors reacted to the sequential revenue decline from the previous quarter.
The power module manufacturer posted adjusted earnings per share of $0.63 for the quarter ended September 30, 2025, substantially beating the analyst estimate of $0.17. Revenue came in at $110.4 million, surpassing the consensus estimate of $95.4 million and representing an 18.5% increase YoY from $93.2 million. However, revenue decreased 21.7% sequentially from the second quarter’s $141 million, which had included a $45 million patent litigation settlement.
Gross margin improved to 57.5% compared to 49.1% in the same quarter last year, though it fell from the second quarter’s 65.3%. The company reported net income of $28.3 million, up from $11.6 million in the year-ago period.
"Licensing revenue reached a record rate in Q3 following the litigation settlement for prior infringement recorded in Q2," said CEO Dr. Patrizio Vinciarelli. "As high density power systems pioneered by Vicor are on the critical path of high performance computing, I expect Vicor’s IP licensing practice to grow substantially."
The company’s backlog stood at $152.8 million, a 1.5% increase from the corresponding period last year but a slight sequential decrease from the second quarter’s $155.2 million. Cash and cash equivalents increased 7.0% sequentially to $362.4 million.
Capital expenditures for the quarter totaled $4 million, down from $8.4 million in the same period last year and $6.2 million in the second quarter of 2025.
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