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What is the revenue and EPS growth rate for Vicor year over year?

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Did Vicor beat or miss consensus estimates last quarter?

What factors drove the changes in Vicor's revenue and profit?

- **Record Q3 Performance**: $110.4M revenue, $28.3M net income, 57.5% gross margin
- **Licensing Surge**: $90M/year run rate, 50%+ annual growth target
- **VPD Breakthrough**: Gen 5 solution 26x more efficient, 5A/mm² density vs. industry 1.5A/mm²
- **Production Milestone**: Lead customer VPD launch Q1 2026
- **Tax Efficiency**: ~low single-digit rate in Q4, sustained benefits from tax reforms

**【CFO Financial Commentary】**
- Q3 2025 revenue: $110.4 million (down 21.7% QoQ, up 18.5% YoY)
- Advanced Products: $65.5 million (+8.2% QoQ), Brick Products: $44.9 million (+26.6% QoQ)
- Gross margin: 57.5% (down 780 bps QoQ due to $45M patent settlement in Q2)
- Operating expenses: $42.6 million (-8.9% QoQ)
- Net income: $28.3 million (GAAP EPS: $0.63)
- Cash: $362.4 million (+$23.8M QoQ)
- Book-to-bill: 0.98, 1-year backlog: $152.8 million (+1.5% QoQ)
- Licensing revenue run rate: ~$90 million/year

**【CEO & Sales Lead Commentary】**
- Gen 5 VPD solution for lead customer met specs, progressing to Q1 2026 production
- 26x higher current gain than VRs/IVRs, 5A/mm² peak density vs. industry 1.5A/mm²
- Engagement with hyperscalers and OEMs for second-gen VPD solutions
- Fab utilization improving, targeting full capacity in 2026
- Licensing business expected to grow 50%+ annually, targeting $1B+ in combined licensing + product revenue

**【Q&A Highlights】**
- Licensing revenue jump: $45M catch-up payment from existing licensee, recurring payments
- Royalty model: no upfront fees, pay-as-you-go based on usage
- VPD qualification timeline: Q1 2026 for lead customer, Q3 2026+ for others
- Tax rate: ~low single digits in Q4, One Big Beautiful Bill benefits ongoing
- NBM sales: growing but secondary to VPD, which is 50% thinner/lighter than VRs

Vicor Corporation (VICR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VICR

VICR fundamentals

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