Vicor Reports Strong Q1 as Backlog Surges and Capacity Build Accelerates

Factory expansion alongside patent licensing signals a push to turn AI demand into higher margins.

Overview

Vicor posted first‑quarter revenue of $113.0 million with net income of $20.7 million and a 55.2% gross margin.
Backlog rose to roughly $300 million with a book‑to‑bill above 2, meaning orders were more than double shipments as AI, industrial, and defense demand climbed.
The company is lifting its first factory’s throughput toward at least a $1.5 billion annual run rate and is planning a second site as supply stays tight.
Management guided to nearly $126 million in Q2 revenue and about $570 million for 2026, assuming no new licenses before an ITC ruling expected in 2027.
Vicor is using U.S. trade commission patent cases to secure licenses, reporting about $15 million in Q1 royalties, and a $28.6 million litigation payment pushed operating cash flow to negative $3.9 million.