Core Viewpoint - Vicor Corporation reported a mixed financial performance for the first quarter of 2025, with revenue growth year-over-year but declines in gross margin and net income compared to the previous quarter [2][3][4]. Financial Performance - Revenues for Q1 2025 were $94.0 million, reflecting a 12.0% increase from $83.9 million in Q1 2024, but a 2.3% decrease from $96.2 million in Q4 2024 [2]. - Gross margin decreased to $44.4 million in Q1 2025 from $45.1 million in Q1 2024 and from $50.4 million in Q4 2024, with gross margin percentage dropping to 47.2% from 53.8% year-over-year and from 52.4% sequentially [3]. - Operating expenses were $44.5 million in Q1 2025, down from $61.2 million in Q1 2024 but up from $41.2 million in Q4 2024 [3]. Profitability - The net income for Q1 2025 was $2.5 million, or $0.06 per diluted share, compared to a net loss of $14.5 million or ($0.33) per diluted share in Q1 2024, and net income of $10.2 million or $0.23 per diluted share in Q4 2024 [4]. - Cash flow from operations was $20.1 million in Q1 2025, significantly up from $2.6 million in Q1 2024 and $10.1 million in Q4 2024 [5]. Backlog and Future Outlook - The backlog for Q1 2025 was $171.7 million, a 14.2% increase from $150.3 million in Q1 2024 and a 10.4% increase from $155.5 million at the end of Q4 2024 [6]. - CEO Dr. Patrizio Vinciarelli highlighted challenges in revenue and gross margin due to a licensee transitioning to new products, but noted potential for margin improvements with higher utilization of manufacturing capabilities and increased licensing income [7]. Capital Structure - As of March 31, 2025, cash and cash equivalents increased by 6.8% sequentially to approximately $296.1 million from approximately $277.3 million as of December 31, 2024 [5]. - Total assets as of March 31, 2025, were $665.0 million, up from $641.1 million at the end of 2024 [14][15].