Vicor(US:VICR)2026-02-19 21:39Revenue Performance - Product revenue for Q4 2025 was $92.7 million, a 15.3% increase from $80.4 million in Q4 2024, and a 4.5% sequential increase from $88.7 million in Q3 2025[2] - Royalty revenue for Q4 2025 totaled $14.5 million, a 7.8% decrease from $15.8 million in Q4 2024, and a 33.1% sequential decrease from $21.7 million in Q3 2025[3] - Total revenue for the year ended December 31, 2025, including a $45 million patent litigation settlement, was $452.7 million, a 26.1% increase from $359.1 million in 2024[8] Profitability - Net income for Q4 2025 was $46.5 million, or $1.01 per diluted share, compared to $10.2 million, or $0.23 per diluted share, in Q4 2024[5] - Net income for 2025 was $118.6 million, or $2.61 per diluted share, compared to $6.1 million, or $0.14 per diluted share, in 2024[8] Cash Flow and Operations - Cash flow from operations for Q4 2025 was $15.7 million, compared to $10.1 million in Q4 2024, and down from $38.5 million in Q3 2025[6] Backlog and Future Outlook - Backlog for Q4 2025 was $176.9 million, a 13.8% increase from $155.5 million in Q4 2024, and a 15.8% sequential increase from $152.8 million in Q3 2025[7] - The CEO indicated that rising demand in high-performance computing and other sectors is expected to lead to record product revenues in 2026[9] Asset and Liability Management - Total current assets increased to $587,363,463 from $534,034,000, representing a growth of approximately 10% year-over-year[17] - Cash and cash equivalents reached $402,805, an increase from $277,273, reflecting a significant rise of 45%[17] - Total liabilities amounted to $653,216,161, up from $620,827,000, indicating a growth of about 5%[17] - Total equity increased to $711,816,570 from $629,291, showing an increase of approximately 13%[17] - Long-term deferred tax assets were reported at $27,463,261, a slight increase from the previous year[17] - Accounts payable rose to $12,290 from $8,737, marking an increase of about 40%[17] - Accrued expenses totaled $36,916,165, up from $35,889, indicating a growth of approximately 3%[17] - Total current liabilities increased to $65,321,616 from $82,820, reflecting a decrease of about 21%[17] - The company reported total assets of $785,831, which is an increase from $641,118, representing a growth of approximately 22%[17] - Retained earnings increased to $421,359,302 from $403,803, showing a growth of about 4%[17] Capacity Expansion - Vicor is planning a second fab to increase capacity and is exploring alternate sources for high current density modules[11]