Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2025

Core Viewpoint - Vicor Corporation reported strong financial results for the second quarter of 2025, showcasing significant growth in revenues and net income compared to the previous year and the first quarter of 2025 [2][4]. Financial Performance - Total revenues for the second quarter reached $141.0 million, marking a 64.3% increase from $85.9 million in the same period last year and a 50.1% sequential increase from $94.0 million in the first quarter of 2025 [2]. - Gross margin increased to $92.1 million, up from $42.8 million year-over-year and from $44.4 million sequentially, with gross margin percentage rising to 65.3% from 49.8% year-over-year and 47.2% sequentially [3]. - Operating expenses rose to $46.7 million, compared to $42.6 million a year ago and $44.5 million in the first quarter of 2025 [3]. Profitability - The net income for the second quarter was $41.2 million, or $0.91 per diluted share, a significant turnaround from a net loss of $1.2 million or $0.03 per diluted share in the same period last year and an increase from $2.5 million or $0.06 per diluted share in the first quarter of 2025 [4]. Cash Flow and Capital Expenditures - Cash flow from operations totaled $65.2 million, compared to $15.6 million in the same period last year and $20.1 million in the first quarter of 2025 [5]. - Capital expenditures for the second quarter were $6.2 million, slightly up from $6.1 million year-over-year and from $4.6 million in the first quarter of 2025 [5]. Backlog and Future Outlook - The backlog for the second quarter was $155.2 million, a 0.9% increase from $153.8 million year-over-year but a 9.6% sequential decrease from $171.7 million at the end of the first quarter of 2025 [6]. - The CEO highlighted ongoing efforts to enhance product offerings, particularly in AI applications, which are expected to drive future revenue growth [7]. Balance Sheet Highlights - As of June 30, 2025, cash and cash equivalents increased by 14.3% sequentially to approximately $338.5 million from $296.1 million as of March 31, 2025 [5]. - Total assets as of June 30, 2025, were $693.5 million, up from $641.1 million at the end of 2024 [14][15]. Equity Position - Vicor Corporation's stockholders' equity totaled $608.6 million as of June 30, 2025, compared to $570.3 million at the end of 2024 [15].