VICRMEDIUM SIGNALFINANCIAL10-K

Vicor delivered strong revenue growth of 26% alongside meaningful gross profit expansion, while implementing tariff surcharges and maintaining stable order momentum.

The company demonstrated robust operational execution with revenue reaching $452.7M and gross profit growing substantially, indicating improved pricing power and operational leverage. The shift toward higher-margin Advanced Products (increasing to 61% of revenue from 55%) combined with successful tariff surcharge implementation suggests effective portfolio management in a challenging trade environment.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

Vicor's financial position strengthened considerably with revenue growing 26% to $452.7M and gross profit expanding meaningfully, driving cash and equivalents up 45% to $402.8M. The company efficiently converted growth into improved profitability while reducing inventory levels by 14%, suggesting better demand forecasting and working capital management. Overall, the results reflect a well-managed business capitalizing on its advanced power solutions portfolio while successfully navigating external cost pressures.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+45.3%
$277.3M$402.8M

Cash position surged 45.3% — strong cash generation or capital raise providing significant financial cushion.

Gross Profit
P&L
+41%
$184.0M$259.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+26.9%
$463.0M$587.4M

Current assets grew 26.9% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+26.1%
$359.1M$452.7M

Revenue growing 26.1% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+24.8%
$570.1M$711.6M

Equity base grew 24.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+22.6%
$641.1M$785.8M

Asset base grew 22.6% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+14.7%
$52.9M$60.7M

Receivables grew 14.7% — monitor days sales outstanding for collection efficiency.

R&D Expense
P&L
+14%
$68.9M$78.6M

R&D investment increased 14% — signals commitment to future product development, though near-term margin impact.

Inventory
Balance Sheet
-13.9%
$106.0M$91.3M

Inventory reduced 13.9% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
We continue the development of our vertical power delivery solutions.
Annual revenue associated with the sale of Advanced Products which includes royalty revenue, was approximately 61.0%, 55.0%, and 55.3% of the Company s consolidated total net revenues for the years ended December 31, 2025, 2024, and 2023, respectively.
Annual revenue associated with the sale of Brick Products, inclusive of such sales of our Vicor Custom Power and VJCL subsidiaries, was approximately 39.0%, 45.0%, and 44.7% of the Company s consolidated total net revenues for the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, the Company s order backlog was approximately $176,938,000, compared to $155,505,000 as of December 31, 2024.
In the second half of 2025, we added a 10% tariff surcharge on our products to cover the estimated cost of tariffs introduced during the year.
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REMOVED
We continue the development of our vertical power delivery solutions and shipped prototype products to a certain customer in 2022.
Annual revenue associated with the sale of Advanced Products which includes royalty revenue, was approximately 55.0%, 55.3%, and 61.0% of the Company s consolidated revenue for the years ended December 31, 2024, 2023, and 2022, respectively.
Annual revenue associated with the sale of Brick Products, inclusive of such sales of our Vicor Custom Power and VJCL subsidiaries, was approximately 45.0%, 44.7%, and 39.0% of the Company s consolidated revenue for the years ended December 31, 2024, 2023, and 2022, respectively.
As of December 31, 2024, the Company s order backlog was approximately $155,505,000, compared to $160,805,000 as of December 31, 2023.
In the final quarter of 2024, we increased prices for most products as part of our portfolio management process.
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