Form 8-K

8-K — VICOR CORP

Accession: 0001193125-26-309538

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000751978

SIC: 3679 (ELECTRONIC COMPONENTS, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d115827d8k.htm (Primary)

EX-99.1 (d115827dex991.htm)

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8-K

8-K (Primary)

Filename: d115827d8k.htm · Sequence: 1

8-K

VICOR CORP false 0000751978 0000751978 2026-07-21 2026-07-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2026

VICOR CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware

0-18277

04-2742817

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

25 Frontage Road, Andover, Massachusetts 01810

(Address of Principal Executive Offices) (Zip Code)

(978) 470-2900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.01 per share

VICR

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On July 21, 2026, Vicor Corporation issued a press release announcing its financial results for the three and six months ended June 30, 2026. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(a) Financial statements:

None

(b) Pro forma financial information:

None

(d) Exhibits

99.1

Press Release of Vicor Corporation dated July 21, 2026

Exhibit Index

Exhibit No.

Description

99.1

Press Release of Vicor Corporation dated July 21, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VICOR CORPORATION

Date: July 21, 2026

By:

/s/ James F. Schmidt

James F. Schmidt

Chief Financial Officer

EX-99.1

Filename: d115827dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

July 21, 2026

For Immediate Release

Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2026

Andover, Mass., July 21, 2026 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter

ended June 30, 2026. These results will be discussed at 8:00 a.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

Product and royalty revenues for the second quarter ended June 30, 2026 totaled $143.4 million, a 26.9% sequential increase from $113.0 million in the

first quarter of 2026, compared to $141.0 million from product revenues, royalty revenues and a patent litigation settlement of $45.0 million for the corresponding period a year ago.

Gross margin increased sequentially to $83.1 million for the second quarter of 2026, compared to $62.4 million for the first quarter of 2026, and decreased

from $92.1 million for the corresponding period a year ago. Gross margin, as a percentage of revenue, increased to 58.0% for the second quarter of 2026, compared to 55.2% for the first quarter of 2026. Gross margin decreased from 65.3% for the

corresponding period a year ago which included the aforementioned $45.0 million patent litigation settlement. Operating expenses increased sequentially to $48.2 million for the second quarter of 2026, compared to $45.5 million for the first quarter

of 2026, and increased from $46.7 million for the corresponding period a year ago.

Net income for the second quarter was $49.8 million, or $1.04 per

diluted share, compared to net income of $20.7 million, or $0.44 per diluted share, for the first quarter of 2026 and net income of $41.2 million or $0.91 per diluted share, for the corresponding period a year ago.

Cash flow from operations totaled $34.0 million for the second quarter, compared to cash flow used for operations of $(3.9) million in the first quarter of

2026, which included the impact of a $28.6 million payment of an award for past litigation, and cash flow from operations of $65.2 million for the corresponding period a year ago. Capital expenditures for the second quarter totaled $11.2 million,

compared to $12.4 million for the first quarter of 2026 and $6.2 million for the corresponding period a year ago. Cash and cash equivalents as of June 30, 2026 increased 12.2% sequentially to approximately $453.6 million compared to

approximately $404.2 million as of March 31, 2026.

Backlog for the second quarter ended June 30, 2026 totaled $380 million, a 26% sequential

increase from $301 million at the end of the first quarter of 2026, and increased 145% from $155 million for the corresponding period a year ago.

Commenting on second quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Rising demand across high-performance compute,

automatic test equipment, and industrial, aerospace and defense applications is absorbing increased capacity within our first ChiP fab. As we get closer to full capacity utilization, we are taking steps toward a second fab for high current density 2nd Gen VPD ChiPs.

AI OEMs and Hyper-scalers are at a loss dealing with the current density and PDN

limitations of 1st Gen. VPD systems. The industry’s fixation with PoL regulators (replacing VRs, operating from 12V or 6V, with IVRs, operating from 1.8V) merely trades off one handicap (low

current density) for another (low current gain). Feeding IVRs with a current multiplier is an incremental opportunity for Vicor.

With its 2nd Gen VPD IP, Vicor is uniquely equipped to overcome the power system challenges standing in the way of future advances in TPUs, GPUs and Wafer Scale Engines.”

For more information on Vicor and its products, please visit the Company’s website at

www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Tuesday, July 21, 2026 at 8:00 a.m. Eastern Time. Vicor encourages investors and analysts who

intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as

an email confirmation with the details. Registration may be completed at any time prior to 8:00 a.m. on July 21, 2026. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the

Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who

cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,”

“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,”

“prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase

in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be

within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business,

operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2025, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk

Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk

factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange

Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or

developments.

Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a

portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and

network infrastructure, vehicles and transportation, and aerospace and defense electronics.

For further information contact:

James F. Schmidt, Chief Financial Officer

Office:

(978) 470-2900

Email: invrel@vicorpower.com

VICOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Thousands except for per share amounts)

QUARTER ENDED

(Unaudited)

SIX MONTHS ENDED

(Unaudited)

JUN 30,

2026

JUN 30,

2025

JUN 30,

2026

JUN 30,

2025

Product revenue

112,926

85,693

210,930

168,899

Royalty revenue

30,426

10,353

45,391

21,115

Total net revenues

143,352

96,046

256,321

190,014

Patent litigation settlement

—

45,000

—

45,000

Total net revenues and patent litigation settlement

143,352

141,046

256,321

235,014

Cost of product revenues

60,232

48,918

110,835

98,521

Gross margin

83,120

92,128

145,486

136,493

Operating expenses:

Selling, general and administrative

27,601

27,952

50,793

53,089

Research and development

20,641

18,791

42,931

38,168

Total operating expenses

48,242

46,743

93,724

91,257

Income from operations

34,878

45,385

51,762

45,236

Other income (expense), net

4,045

3,657

7,564

6,791

Income before income taxes

38,923

49,042

59,326

52,027

Less: (Benefit) provision for income taxes

(10,863

)

7,842

(11,136

)

8,266

Consolidated net income

49,786

41,200

70,462

43,761

Less: Net income attributable to noncontrolling interest

Net income attributable to Vicor Corporation

49,772

41,192

70,436

43,731

Net income per share attributable to Vicor Corporation:

Basic

1.08

0.92

1.54

0.97

Diluted

1.04

0.91

1.48

0.97

Shares outstanding:

Basic

45,936

45,007

45,703

45,112

Diluted

47,708

45,077

47,481

45,286

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

JUN 30,

2026

(Unaudited)

DEC 31,

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

453,582

402,805

Accounts receivable, net

78,929

60,716

Inventories

104,489

91,340

Other current assets

33,346

32,502

Total current assets

670,346

587,363

Long-term deferred tax assets

38,746

27,463

Long-term investment, net

2,525

2,462

Property, plant and equipment, net

162,536

147,690

Other assets

20,009

20,853

Total assets

894,162

785,831

Liabilities and Equity

Current liabilities:

Accounts payable

20,415

12,290

Accrued compensation and benefits

15,321

12,031

Accrued expenses

7,662

3,691

Accrued litigation

—

28,275

Sales allowances

4,414

3,136

Short-term lease liabilities

1,767

1,568

Income taxes payable

141

904

Short-term deferred revenue and customer prepayments

875

3,426

Total current liabilities

50,595

65,321

Long-term income taxes payable

3,132

3,086

Long-term lease liabilities

5,841

5,608

Total liabilities

59,568

74,015

Equity:

Vicor Corporation stockholders’ equity:

Capital stock

472,396

462,805

Retained earnings

491,795

421,359

Accumulated other comprehensive loss

(1,733

)

(1,672

)

Treasury stock

(128,139

)

(170,935

)

Total Vicor Corporation stockholders’ equity

834,319

711,557

Noncontrolling interest

275

259

Total equity

834,594

711,816

Total liabilities and equity

894,162

785,831

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