Form 8-K

8-K — VICOR CORP

Accession: 0001193125-26-425697

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0000751978

SIC: 3679 (ELECTRONIC COMPONENTS, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d153882d8k.htm (Primary)

EX-99.1 (d153882dex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d153882d8k.htm · Sequence: 1

8-K

VICOR CORP false 0000751978 0000751978 2026-10-20 2026-10-20

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): October 20, 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 October 20, 2026, Vicor Corporation issued a press release announcing its financial results for the three and nine months ended September 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 October 20, 2026

Exhibit Index

Exhibit

No.

Description

99.1

Press Release of Vicor Corporation dated October 20, 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: October 20, 2026

By:

/s/ James F. Schmidt

James F. Schmidt

Chief Financial Officer

EX-99.1

Filename: d153882dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

October 20, 2026

For Immediate Release

Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2026

Andover, Mass., October 20, 2026 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results

for the third quarter ended September 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 third quarter ended September 30, 2026 totaled $197.1 million, a 37.5% sequential increase from

$143.4 million in the second quarter of 2026, and increased 78.5% from $110.4 million for the corresponding period a year ago.

Gross margin

increased sequentially to $134.7 million for the third quarter of 2026, compared to $83.1 million for the second quarter of 2026, and increased from $63.5 million for the corresponding period a year ago. Gross margin, as a percentage

of revenue, increased to 68.3% for the third quarter of 2026, compared to 58.0% for the second quarter of 2026, and increased from 57.5% for the corresponding period a year ago. Operating expenses, including contingency fees to law firms enforcing

Vicor IP, increased sequentially to $62.5 million for the third quarter of 2026, compared to $48.2 million for the second quarter of 2026, and increased from $42.6 million for the corresponding period a year ago.

Net income for the third quarter was $63.3 million, or $1.33 per diluted share, compared to net income of $49.8 million, or $1.04 per diluted share,

for the second quarter of 2026 and net income of $28.3 million or $0.63 per diluted share, for the corresponding period a year ago.

Cash flow from

operations totaled $69.7 million for the third quarter, compared to cash flow from operations of $34.0 million in the second quarter of 2026, and cash flow from operations of $38.5 million for the corresponding period a year ago.

Capital expenditures for the third quarter totaled $16.1 million, compared to $11.2 million for the second quarter of 2026 and $4.0 million for the corresponding period a year ago. Cash and cash equivalents as of September 30,

2026 increased 13.1% sequentially to approximately $513.1 million compared to approximately $453.6 million as of June 30, 2026.

Backlog

for the third quarter ended September 30, 2026 totaled $406 million, a 7% sequential increase from $380 million at the end of the second quarter of 2026, and increased 166% from $153 million for the corresponding period a year

ago.

Commenting on recent developments, CEO Dr. Patrizio Vinciarelli stated: “With the purchase of two additional sites within 30 miles of

ChiP Fab-1 in Andover, we will be able to provide a nearly 5X increase in capacity from 3 Fabs, relative to Fab-1. Capacity expansion is necessary in view of demand and

industry trends.

Open Compute confirmed the challenges of VRs and IVRs. In addition to infringing patents to 1st GEN VPD, VRs and IVRs face electrical, mechanical and thermal barriers to escalating AI processor requirements. In private presentations and lab sessions with OEMs and Hyperscalers, we demonstrated

the distinct advantages of Vicor’s 2nd GEN VPD. Participants paid attention, providing positive feedback and interest in engaging. The stage is set for broader adoption of high performance ALL-FPA current multiplier modules which enable 2nd GEN VPD.

the licensing front, we granted our first VPD license to an AI OEM at Stage-2 unit royalty rates. Unlicensed OEMs and Hyperscalers may not have realized the implications of importing, or planning to import,

computing systems infringing Vicor patents to VPD. The ITC decision to institute an investigation into VPD infringement is catching their attention, prompting inquiries about licenses at royalty rates that strongly favor early adopters.”

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, October 20, 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 October 20, 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 designs, manufactures and markets modular power components and complete power systems based upon a

portfolio of patented technologies. Vicor licenses its patents to OEMs and hyper-scalers needing supply chain assurance, flexibility and scalability. Headquartered in Andover, Massachusetts, Vicor modules and power system technology are used in high

performance computing, industrial, transportation, aerospace and defense.

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)

NINE MONTHS ENDED

(Unaudited)

SEPT 30,

2026

SEPT 30,

2025

SEPT 30,

2026

SEPT 30,

2025

Product revenue

130,501

88,698

341,431

257,597

Royalty revenue

66,613

21,725

112,004

42,840

Total net revenues

197,114

110,423

453,435

300,437

Patent litigation settlement

—

45,000

Total net revenues and patent litigation settlement

197,114

110,423

453,435

345,437

Cost of product revenues

62,434

46,910

173,269

145,431

Gross margin

134,680

63,513

280,166

200,006

Operating expenses:

Selling, general and administrative

38,563

22,747

89,356

75,836

Research and development

23,969

19,859

66,900

58,027

Total operating expenses

62,532

42,606

156,256

133,863

Income from operations

72,148

20,907

123,910

66,143

Other income (expense), net

6,585

2,407

14,149

9,198

Income before income taxes

78,733

23,314

138,059

75,341

Less: Provision (benefit) for income taxes

15,401

(4,988

)

4,265

3,278

Consolidated net income

63,332

28,302

133,794

72,063

Less: Net income attributable to noncontrolling interest

Net income attributable to Vicor Corporation

63,321

28,292

133,757

72,023

Net income per share attributable to Vicor Corporation:

Basic

1.37

0.63

2.92

1.60

Diluted

1.33

0.63

2.81

1.59

Shares outstanding:

Basic

46,129

44,734

45,845

44,986

Diluted

47,609

44,930

47,524

45,167

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

SEPT 30,

2026

(Unaudited)

DEC 31,

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

513,137

402,805

Accounts receivable, net

122,488

60,716

Inventories

110,922

91,340

Other current assets

13,594

32,502

Total current assets

760,141

587,363

Long-term deferred tax assets

23,439

27,463

Long-term investment, net

—

2,462

Property, plant and equipment, net

177,987

147,690

Other assets

20,053

20,853

Total assets

981,620

785,831

Liabilities and Equity

Current liabilities:

Accounts payable

24,334

12,290

Accrued compensation and benefits

14,047

12,031

Accrued expenses

22,223

3,691

Accrued litigation

—

28,275

Sales allowances

3,512

3,136

Short-term lease liabilities

1,733

1,568

Income taxes payable

208

904

Short-term deferred revenue and customer prepayments

418

3,426

Total current liabilities

66,475

65,321

Long-term income taxes payable

3,143

3,086

Long-term lease liabilities

5,427

5,608

Total liabilities

75,045

74,015

Equity:

Vicor Corporation stockholders’ equity:

Capital stock

518,247

462,805

Retained earnings

555,116

421,359

Accumulated other comprehensive loss

(1,174

)

(1,672

)

Treasury stock

(165,909

)

(170,935

)

Total Vicor Corporation stockholders’ equity

906,280

711,557

Noncontrolling interest

295

259

Total equity

906,575

711,816

Total liabilities and equity

981,620

785,831

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