Form 8-K

8-K — VICOR CORP

Accession: 0001193125-26-165105

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000751978

SIC: 3679 (ELECTRONIC COMPONENTS, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d139425d8k.htm (Primary)

EX-99.1 (d139425dex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d139425d8k.htm · Sequence: 1

8-K

VICOR CORP false 0000751978 0000751978 2026-04-21 2026-04-21

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): April 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 April 21, 2026, Vicor Corporation issued a press release announcing its financial results for the first quarter ended March 31, 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 April 21, 2026

Exhibit Index

Exhibit

No.

Description

99.1

Press Release of Vicor Corporation dated April 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: April 21, 2026

By:

/s/ James F. Schmidt

James F. Schmidt

Chief Financial Officer

EX-99.1

Filename: d139425dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

April 21, 2026

For Immediate Release

Vicor Corporation Reports Results for the First Quarter Ended March 31, 2026

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

the first quarter ended March 31, 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 first quarter ended March 31, 2026 totaled $113.0 million, a 20.2% increase from $94.0 million for the

corresponding period a year ago, and a 5.3% sequential increase from $107.3 million in the fourth quarter of 2025.

Gross margin increased to

$62.4 million for the first quarter of 2026, compared to $44.4 million for the corresponding period a year ago, and increased sequentially from $59.4 million for the fourth quarter of 2025. Gross margin, as a percentage of revenue,

increased to 55.2% for the first quarter of 2026, compared to 47.2% for the corresponding period a year ago, and decreased from 55.4% for the fourth quarter of 2025. Operating expenses increased to $45.5 million for the first quarter of 2026,

compared to $44.5 million for the corresponding period a year ago, and increased sequentially from $43.7 million for the fourth quarter of 2025.

Net income for the first quarter was $20.7 million, or $0.44 per diluted share, compared to net income of $2.5 million or $0.06 per diluted share,

for the corresponding period a year ago and net income of $46.5 million, or $1.01 per diluted share, for the fourth quarter of 2025. Net income in the fourth quarter included $27.3 million of tax benefit due to the partial recognition of

certain deferred tax assets in the period.

Cash flow used for operations totaled $(3.9) million for the first quarter, net of a $28.6 million

payment of an award for past litigation, compared to cash flow from operations of $20.1 million for the corresponding period a year ago, and cash flow from operations of $15.7 million in the fourth quarter of 2025. Capital expenditures for

the first quarter totaled $12.4 million, compared to $4.6 million for the corresponding period a year ago and $5.5 million for the fourth quarter of 2025. Cash and cash equivalents as of March 31, 2026 increased 0.4% sequentially

to approximately $404.2 million compared to approximately $402.8 million as of December 31, 2025.

Backlog for the first quarter ended

March 31, 2026 totaled $301 million, a 75% increase from $172 million for the corresponding period a year ago, and a 70% sequential increase from $177 million at the end of the fourth quarter of 2025.

Commenting on first 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 reflected in a 70% sequential increase in backlog, setting the stage for revenue growth.

We are expanding capacity with additional equipment in our first CHiP fab while planning a second fab. Expanding total capacity with a second fab and an

alternate source of high current density 2nd Gen VPD modules will give OEMs and Hyper-scalers redundant access to enabling VPD power system technology.

Precluding unlawful importation of computing systems infringing Vicor IP is having an effect. The industry is learning to pay attention to the multiplicity of

innovations pioneered by Vicor and the need for a license to avoid disruption of supply from copycat power system manufacturers.”

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, April 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 April 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)

MAR 31,

2026

2025

Product revenue

98,004

83,206

Royalty revenue

14,965

10,762

Net revenues

112,969

93,968

Cost of product revenues

50,603

49,603

Gross margin

62,366

44,365

Operating expenses:

Selling, general and administrative

23,192

25,137

Research and development

22,290

19,377

Total operating expenses

45,482

44,514

Income (loss) from operations

16,884

(149

)

Other income (expense), net

3,519

3,134

Income before income taxes

20,403

2,985

Less: (Benefit) provision for income taxes

(273

)

424

Consolidated net income

20,676

2,561

Less: Net income attributable to noncontrolling interest

Net income attributable to Vicor Corporation

20,664

2,539

Net income per share attributable to Vicor Corporation:

Basic

0.45

0.06

Diluted

0.44

0.06

Shares outstanding:

Basic

45,470

45,217

Diluted

47,254

45,495

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

MAR 31,

DEC 31,

2026

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

404,245

402,805

Accounts receivable, net

67,402

60,716

Inventories

94,830

91,340

Other current assets

32,992

32,502

Total current assets

599,469

587,363

Long-term deferred tax assets

27,798

27,463

Long-term investment, net

2,508

2,462

Property, plant and equipment, net

154,637

147,690

Other assets

20,469

20,853

Total assets

804,881

785,831

Liabilities and Equity

Current liabilities:

Accounts payable

16,733

12,290

Accrued compensation and benefits

13,456

12,031

Accrued expenses

4,425

3,691

Accrued litigation

—

28,275

Sales allowances

3,661

3,136

Short-term lease liabilities

1,433

1,568

Income taxes payable

904

Short-term deferred revenue and customer prepayments

2,155

3,426

Total current liabilities

41,934

65,321

Long-term income taxes payable

3,109

3,086

Long-term lease liabilities

5,713

5,608

Total liabilities

50,756

74,015

Equity:

Vicor Corporation stockholders’ equity:

Capital stock

468,216

462,805

Retained earnings

442,023

421,359

Accumulated other comprehensive loss

(1,697

)

(1,672

)

Treasury stock

(154,682

)

(170,935

)

Total Vicor Corporation stockholders’ equity

753,860

711,557

Noncontrolling interest

265

259

Total equity

754,125

711,816

Total liabilities and equity

804,881

785,831

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