Vicor Corporation Reports Financial Results for the Third Quarter Ended September 30, 2024

Vicor Corporation (NASDAQ: VICR) recently disclosed its financial outcomes for the third quarter ending September 30, 2024. The company reported a quarterly revenue of $93.2 million, indicating a 13.6% decline from the previous year and an 8.5% upsurge from the second quarter of 2024. Gross margin for the quarter decreased to $45.7 million compared to $55.9 million a year ago, with a gross margin percentage of 49.1%.

Operating expenses for the quarter rose to $40.4 million, slightly surpassing the $40.2 million recorded in the same period last year. Vicor reported a net income of $11.6 million, or $0.26 per diluted share, contrasting with a net income of $16.6 million or $0.37 per diluted share for the corresponding period in the previous year.

Cash flow from operations stood at $22.6 million for the quarter, compared to $23.8 million in the same period of the preceding year. The company’s capital expenditures for the quarter totaled $8.4 million, with cash and cash equivalents reaching approximately $267.6 million as of September 30, 2024, marking a 6.2% increase from the previous quarter.

Backlog for the quarter totaled $150.6 million, representing a 13.8% downturn from the prior year. Regarding this performance, CEO Dr. Patrizio Vinciarelli commented on the revenue and cash flow advancements but noted that gross margins were affected primarily by product mix. He highlighted the impending deliveries of 2nd generation high-density VPD systems, which are anticipated to set new benchmarks for compute performance and power system efficiency in the realm of Artificial Intelligence.

Vicor underscored its vigilance against infringement, noting recent accomplishments in asserting its Intellectual Property through measures like an Initial Determination from the International Trade Commission that restricts the import of computing systems utilizing infringing modules.

For further details on Vicor and its product line, interested parties can access the company’s website at www.vicorpower.com. The company anticipates hosting an investor conference call today, October 22, 2024, at 5:00 p.m. Eastern Time, to discuss these financial results further.

The details of the press release and financial statements can be accessed through the Vicor Corporation website as well.

Contact:
James F. Schmidt
Chief Financial Officer
Phone: (978) 470-2900
Email: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vicor’s 8K filing here.

Vicor Company Profile

Vicor Corporation, together with its subsidiaries, designs, develops, manufactures, and markets modular power components and power systems for converting electrical power in the United States, Europe, the Asia Pacific, and internationally. The company offers a range of brick-format DC-DC converters; complementary components provide AC line rectification, input filtering, power factor correction, and transient protection; and input and output voltage, and output power products, as well as electrical and mechanical accessories.