Vicor Corporation reported third quarter 2026 revenue of $197.1 million, surpassing the $187.03 million consensus and representing 78.5% year-over-year growth. The performance was driven by a significant $66.6 million contribution from high-margin licensing royalties, which expanded gross margins to a record 68.3%. However, diluted EPS of $1.33 fell short of the $1.38 consensus estimate due to elevated operating expenses associated with patent litigation and manufacturing capacity expansion.
Key Highlights
- Total revenue of $197.1 million beat the $187.03 million estimate, representing a 37.5% sequential increase that exceeded raised guidance.
- Gross margin expanded to 68.3% from 57.5% in the prior year, primarily due to the $66.6 million in royalty revenue from a new Vertical Power Delivery (VPD) license.
- Total backlog increased 166% year-over-year to $406 million, supported by explosive demand for AI data center power architectures and next-generation current multipliers.