Description
Vicor: Initiation of Coverage- Is the Market Missing a Hidden AI Power Electronics Story?
Vicor Corporation reported first quarter 2026 revenues of $113 million, marking a 5.3% sequential increase from the prior quarter and a 20.2% year-over-year rise. Revenues from Advanced Products accounted for $64.9 million (down slightly as a percentage of total revenues), while Brick Products contributed $48 million. Shipments to stocking distributors showed notable growth year-over-year, increasing by more than 60%, although export revenue declined marginally as a percentage of total. The company recorded a consolidated gross margin of 55.2%, a slight 20 basis point decrease from the fourth quarter of 2025 but an 800 basis point increase compared to the prior year’s first quarter. Operating expenses rose 4% sequentially to $45.5 million, driven in part by heightened legal costs related to intellectual property enforcement. The effective tax rate was a negative 1.3% for the quarter, influenced by a tax benefit from exercised stock options. Net income totaled $20.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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