Vicor Beats Q3 Revenue and Profit Estimates as AI Demand Drives 79% Sales Surge

Vicor Corporation reported third-quarter 2026 revenue of $197.1 million, well ahead of the $184 million analyst estimate and up 78.5% from the same period a year earlier. Earnings per share came in at $1.33, topping the $1.29 consensus estimate and more than doubling the year-ago figure, while net income of $63.3 million surpassed the $60.8 million estimate by 124% on a year-over-year basis. Gross margin expanded sharply to 68.3%, a gain of 1,080 basis points from a year ago, and cash flow from operations rose 81% to $69.7 million against capital expenditures of $16.1 million. The company ended the quarter with roughly $513.1 million in cash.

Backlog surged 166% year over year to $406 million, signaling strong forward demand. Vicor announced that two additional manufacturing sites are on track to deliver a nearly 5x increase in total capacity across three fabs relative to its original Fab-1 facility, a move management described as necessary given current demand and industry trends.

On the intellectual property front, Vicor granted its first Vertical Power Delivery license to an AI original equipment manufacturer at Stage-2 unit royalty rates. The company noted that an International Trade Commission decision to institute an investigation into VPD infringement is drawing inquiries from prospective licensees, with early-adopter royalty rates creating an incentive to act quickly. Shares jumped roughly 5% on the news.