Financial Performance - Net revenues for Q3 2024 were $93.166 million, a decrease of 13.6% compared to $107.844 million in Q3 2023[9]. - The company reported a net income of $11.552 million for Q3 2024, compared to $16.582 million in Q3 2023, representing a decline of 30.4%[10]. - For the nine months ended September 30, 2024, total net revenues reached $262,892,000, comprising $144,344,000 from Brick Products and $139,050,000 from Advanced Products[29]. - Net revenues for the nine months ended September 30, 2024 were $262,892,000, a decrease of $49,515,000, or 15.8%, from $312,407,000 for the same period in 2023[80]. - Consolidated net income for the three months ended September 30, 2024, was $11,554,000, a decrease from $16,583,000 in the same period of 2023, representing a decline of 30.6%[11]. Gross Margin and Expenses - Gross margin for Q3 2024 was $45.744 million, down from $55.878 million in Q3 2023, reflecting a gross margin percentage decrease from 51.8% to 49.1%[9]. - Operating expenses for Q3 2024 totaled $40.358 million, slightly up from $40.174 million in Q3 2023, with R&D expenses at $16.960 million[9]. - Selling, general and administrative expenses increased by $976,000, or 4.4%, to $23,398,000 in Q3 2024 compared to Q3 2023[68]. - Research and development expenses decreased by $792,000, or 4.5%, to $16,960,000 in Q3 2024 compared to Q3 2023[71]. - Gross margin for the nine months ended September 30, 2024 decreased by $23,947,000, or 15.2%, to $133,638,000, while gross margin percentage increased to 50.8% from 50.4% in the same period of 2023[81]. Assets and Liabilities - Total assets increased to $632.762 million as of September 30, 2024, up from $594.887 million at the end of 2023, marking a growth of 6.4%[6]. - Current liabilities increased significantly to $70.371 million as of September 30, 2024, compared to $44.169 million at the end of 2023, a rise of 59.3%[6]. - Cash and cash equivalents rose to $267.605 million at the end of Q3 2024, compared to $242.219 million at the end of 2023, an increase of 10.5%[15]. - Working capital increased by $4,256,000 to $380,453,000 as of September 30, 2024, from $376,197,000 as of December 31, 2023[93]. Litigation and Legal Matters - The company incurred a litigation-contingency expense of $19.500 million during the nine months ended September 30, 2024[9]. - The Company recorded a total litigation-related accrual of $26,000,000, with incremental accruals of $17,200,000 in Q1 2024 and $2,300,000 in Q2 2024[50]. - The Company is involved in multiple class action lawsuits alleging violations of the Securities Exchange Act due to misleading statements during earnings calls in 2023[53][54]. - The Company expects no material adverse impact on its financial position or results of operations from ongoing litigation[55]. Stock and Equity - The total equity attributable to Vicor Corporation stockholders increased to $554.622 million as of September 30, 2024, from $540.869 million at the end of 2023, a growth of 2.8%[7]. - The company had approximately $99,503,000 remaining available for repurchases of Common Stock under the New Repurchase Authorization as of September 30, 2024[95]. - The Company authorized a new repurchase plan for up to $100,000,000 of its Common Stock in July 2024, replacing the previous plan[95]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2024, was $40.725 million, down from $52.994 million in the same period of 2023[15]. - The primary sources of cash for the nine months ended September 30, 2024 included $40,725,000 generated from operations[94]. - The company plans to fund its capital expenditure needs with existing cash and cash equivalents, which are expected to be sufficient for both short and long-term operational needs[97]. Market and Operational Insights - Supply chain uncertainties and external factors have caused significant fluctuations in quarterly consolidated operating results, impacting revenue and gross margin[62][63]. - The Company plans to mitigate supply chain disruptions by moving outsourced manufacturing in-house and ordering supplies with extended lead times[62]. - The decrease in net revenues for Advanced Products was primarily due to continued softness in underpenetrated markets, partially offset by increased royalty revenue[66]. Taxation - The effective income tax rate for the three months ended September 30, 2024, was (27.0)%, compared to 5.9% for the same period in 2023[37]. - The provision for income taxes for the nine months ended September 30, 2024 included estimated federal, state, and foreign income taxes, reflecting the company's full valuation allowance position against domestic deferred tax assets[90].

Financial Performance - Vicor Corporation reported total revenue of $93.2 million for Q3 2024, an increase of 8.5% sequentially from Q2 2024 but a decrease of 13.6% year-over-year from Q3 2023's $107.8 million [5] - The gross profit margin for Q3 was 49.1%, a decrease of 70 basis points from the previous quarter, primarily due to a change in product mix [7] - Net income for Q3 totaled $11.6 million, with a GAAP diluted income per share of $0.26 based on a fully diluted share count of 45,174,000 shares [7] Business Line Performance - Advanced Products revenue increased 6.5% sequentially to $49.4 million, while Brick Products revenue increased 10.8% sequentially to $43.8 million [6] - Shipments to stocking distributors decreased 12.5% sequentially and 22.7% year-over-year [6] - Advanced Products accounted for 53% of total revenue, down from 54% in Q2 2024, while Brick Products' share increased to 47% [6] Market Performance - Exports as a percentage of total revenue increased to approximately 49% from 43.3% in the prior quarter [6] - The company noted continued strength in industrial, aerospace, and defense markets, with temporary weakness in high-performance computing [9][10] Company Strategy and Industry Competition - Vicor is focusing resources on a set of 100 customers globally across four main markets to drive revenue growth towards a target of $1 billion and 65% gross margins [13] - The adoption of a 48V zonal architecture by automotive OEMs is creating significant new opportunities for Vicor, particularly with the introduction of new Gen 5 product families [14] - The company is executing a comprehensive plan to enforce its intellectual property rights against competitors, particularly in the AI market [11] Management Commentary on Operating Environment and Future Outlook - Management indicated that 2024 is a year of uncertainty and opportunity, with a wide range of possible outcomes affecting quarterly and annual results [9] - The company expects improvements in margins as the impact of legacy product mix diminishes in Q4 [44] - Management expressed optimism about the Gen 5 product line, anticipating significant traction as they engage with lead customers [49] Other Important Information - Cash and cash equivalents totaled $267.6 million, with accounts receivable at $58.5 million and inventories decreasing 3% sequentially to $105.8 million [8] - The company ended the quarter with a backlog of $150.6 million, which decreased by 2.1% from the prior quarter [8] Q&A Session Summary Question: Update on OEM customers using Delta bus converter modules - Management noted that Delta is assuring customers of a workaround, but skepticism exists regarding the feasibility of these claims [16][17] Question: Timeline for Gen 5 product adoption and shipments - Initial shipments of Gen 5 products are expected in the next couple of months, with broader adoption anticipated in late 2025 [20][19] Question: Revenue drivers for the quarter - The increase in revenue was attributed to strong performance in industrial and aerospace markets, despite weakness in high-performance computing [25] Question: Licensing revenue trends - Licensing revenue increased sequentially, contributing positively to overall revenue [39] Question: Future of Gen 5 revenue - Management expects Gen 5 revenue to ramp up significantly in 2025 as they engage with more customers [49]

Exhibit 99.1 NEWS RELEASE FINANCIAL NEWS BRIEF October 22, 2024 For Immediate Release Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2024 Andover, Mass., October 22, 2024 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2024. These results will be discussed later today at 5:00 p.m. Eastern Time, during management's quarterly investor conference call. The details for the call are below. Revenues for the ...

Core Insights - Vicor has launched three automotive-grade power modules that enhance power density and support the transition to 48V zonal architectures [1] - The new modules, BCM6135, DCM3735, and PRM3735, facilitate 48V power distribution in vehicles, including 800V-to-48V conversion and regulation for legacy 12V systems [1] Company Overview - Vicor is a leader in high-performance power modules, focusing on modular power system solutions that maximize density and efficiency [2] - The company has over 40 years of experience in designing and manufacturing power modules for various demanding markets, including automotive, aerospace, and industrial equipment [2] - Vicor's patented high-frequency DC-DC power conversion technology is particularly suited for the automotive sector [2]

ANDOVER, Mass., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) announced today it will hold its third quarter 2024 earnings conference call and webcast on Tuesday, October 22, 2024 at 5:00 p.m. (Eastern). Prepared remarks regarding the company's financial and operational results for the three and nine months ended September 30, 2024 will be followed by a question and answer period with Patrizio Vinciarelli, Chief Executive Officer, Jim Schmidt, Chief Financial Officer, and Phil Davies, C ...

Core Points - Vicor Corporation announced an Initial Determination of a Section 337 violation regarding the importation of certain power converter modules and computing systems that infringe U.S. Patent Nos. 9,516,761 and 9,166,481 [1][2] - The investigation found that the respondents, including contract manufacturers, do not have a license to practice any claims of the asserted patents [2] - The International Trade Commission may issue an exclusion order to prevent the importation of infringing computing systems and cease and desist orders to bar their sales in the U.S. [2] Company Overview - Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based on patented technologies [4] - The company is headquartered in Andover, Massachusetts, and serves various markets including enterprise and high-performance computing, industrial equipment, telecommunications, and aerospace [4]

Core Viewpoint - Vicor Corporation is facing a class action lawsuit due to alleged misleading statements and failure to disclose critical information regarding its business performance and technology capabilities [4][5][6]. Group 1: Company Overview - Vicor Corporation is a global technology company that specializes in power solutions, including the design, development, and manufacture of modular power components and systems for electrical power conversion [3]. Group 2: Allegations of the Lawsuit - The class action lawsuit claims that during the class period, Vicor made false and misleading statements about its technology's potential to expand its customer base for AI products [4]. - The lawsuit alleges that Vicor misrepresented the opportunities from its Power Distribution Networks solutions and failed to secure a major deal with Nvidia for its H100 product [4]. - It is claimed that Vicor's backlog was weak and declining for the third quarter of 2023 [4]. Group 3: Impact on Stock Price - Following a disclosure on October 24, 2023, regarding a reduction in backlog and a lack of visibility in near-term outlook, Vicor's stock price fell nearly 27% [5]. - On February 22, 2024, Vicor reported fourth-quarter financial results that did not meet analyst expectations, leading to a further stock price drop of nearly 24% [6].

Group 1 - The Rosen Law Firm is reminding purchasers of Vicor Corporation common stock during the Class Period (April 26, 2023 to February 22, 2024) of the lead plaintiff deadline on September 23, 2024 [1] - Investors who purchased Vicor common stock during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed against Vicor Corporation, and interested parties can join the action by contacting the Rosen Law Firm [3][6] Group 2 - The lawsuit alleges that Vicor misled investors by creating a false impression of securing a significant deal for its H100 product, which was believed to be with Nvidia Corporation [5] - The misleading statements were highlighted when Vicor failed to discuss the deal on October 24, 2023, and later announced a sharp reversal in new contracts and sales on February 22, 2024 [5] - The lawsuit claims that when the true details were revealed, investors suffered damages [5] Group 3 - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4] - The firm has achieved significant settlements for investors, including over $438 million in 2019 and has been ranked highly for its performance in securities class action settlements [4]

Core Viewpoint - The Vicor Corporation is facing a class action lawsuit for alleged violations of the Securities Exchange Act of 1934, with claims that the company and its executives made misleading statements regarding its technology and financial performance during a specified class period [1][4]. Company Overview - Vicor Corporation is a global power technology company that designs, develops, manufactures, and markets modular power components and power systems for converting electrical power [3]. Allegations of the Lawsuit - The lawsuit alleges that Vicor's executives created a false impression of the company's technology capabilities in high power applications, particularly in relation to AI products [4]. - It is claimed that Vicor did not secure a significant deal with Nvidia for its H100 product and that the company's backlog was weak and decreasing for Q3 2023 [4]. - On October 24, 2023, Vicor disclosed a reduction in backlog and indicated a lack of visibility for its near-term outlook, leading to a nearly 27% drop in stock price [5]. - On February 22, 2024, Vicor reported fourth-quarter financial results that missed analyst expectations, resulting in a further nearly 24% decline in stock price [6]. Legal Process - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Vicor common stock during the class period to seek appointment as lead plaintiff in the lawsuit [7]. - The lead plaintiff represents the interests of all class members and can select a law firm to litigate the case [7]. Law Firm Background - Robbins Geller Rudman & Dowd LLP is a leading law firm in securities fraud cases, having recovered $6.6 billion for investors in securities-related class action cases [8].

Core Viewpoint - Vicor Corporation is facing a class action securities lawsuit due to alleged securities fraud that affected investors between April 26, 2023, and February 22, 2024 [1][2] Group 1: Lawsuit Details - The lawsuit claims that Vicor misled investors by falsely indicating a significant deal for its H100 product with Nvidia Corporation, which was later proven incorrect [2] - Following the misleading statements, Vicor's stock price peaked at nearly $100 per share but subsequently fell approximately 60% [2] Group 2: Investor Participation - Investors who suffered losses during the specified period have until September 23, 2024, to request appointment as lead plaintiff, although participation in any recovery does not require this role [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4] - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4]