Vicor Corporation

vicorpower.com

What Do They Do?

Sells modular power components and systems that convert electrical power for data center, industrial-equipment, and aerospace and defense customers.

How Do They Make Money?

Customers pay for power components and systems when shipped or delivered. Engineering and prototype work is paid when its final milestone is completed; production units are paid when shipped or delivered, and license royalties are based on licensees’ sales.

revenue

Segment	Share	How money arrives
Direct Customers, Contract Manufacturers and Non-stocking Distributors Sold outright	58% FY2022: 80%	Sold outright
Stocking distributors, net of sales allowances Sold outright	27% FY2022: 16%	Sold outright
Non-recurring engineering Sold outright	1.4% FY2022: 2.8%	Sold outright
Royalties Licensed	14% FY2022: 0.7%	Licensed
Other	0.3% FY2022: <0.1%

Who Are Their Customers?

Large equipment makers, design firms and their contract manufacturers are served by Vicor’s direct sales force; customers also order directly from Vicor or through authorized distributors. In Japan, some custom-product orders go through its subsidiary.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 11% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 26 cents of every revenue dollar as net income in FY2025 and turned 26 cents into free cash flow.

Operating income, FY2025

18% of revenue

▲ Now profitable vs FY2024 (−$1.3M, 0%)

Net income, FY2025

26% of revenue

▲ +1834% vs FY2024 ($6.1M, 2%)

Free cash flow, FY2025

26% of revenue

▲ +338% vs FY2024 ($27.2M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +79%; vs $110.4M in Q3 FY2025
Net income: ▲ +124%; vs $28.3M in Q3 FY2025

Direct Customers, Contract Manufacturers and Non-stocking Distributors share of revenue vs 47.7% in Q3 FY2025

Growing. Revenue grew 26% in 4 years, from $359.4M in FY2021 to $452.7M in FY2025, about 6% a year.

Revenue over time

Direct Customers, Contract Manufacturers and Non-stocking Distributors Stocking distributors, net of sales allowances Non-recurring engineering Royalties Other

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments