Gross margin decreased to $42.8 million for the second quarter of 2024, compared to $55.2 million for the corresponding period a year ago and $45.1 million for the first quarter of 2024. Gross margin, as a percentage of revenue, decreased to 49.8% for the second quarter of 2024, compared to 51.7% for the corresponding period a year ago and 53.8% for the first quarter of 2024. Operating expenses increased to $42.6 million for the second quarter of 2024, compared to $37.3 million for the corresponding period ...

ANDOVER, Mass., July 23, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ:VICR) today reported financial results for the second quarter ended June 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 second quarter ended June 30, 2024 totaled $85.9 million, a 19.6% decrease from $106.7 million for the corresponding period a year ago, and a 2.4% sequential increase from $ ...

ANDOVER, Mass., July 18, 2024 (GLOBE NEWSWIRE) -- Less than two years ago, two Saab UK remotelyoperated vehicles (ROVs) descended over 3,000 meters into the frigid Antarctic waters in search of Sir Ernest Shackleton's ship, Endurance, which sank in 1915. The story of the British explorer is a legendary tale of courageous leadership and perseverance. Saab's ROVs were integral to the mission's success, using sophisticated technology to locate, examine and film the wreckage, thus eliminating the need to endang ...

Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified's website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on July 23, 2024. Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power system ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________ Commission File Number 0-18277 VICOR CORPORATION (Registrant's telephone number) Securities registered pursuant to Section 12(b) ...

Vicor Corporation (NASDAQ:VICR) Q1 2024 Earnings Conference Call April 23, 2024 5:00 PM ET Company Participants Patrizio Vinciarelli - Chief Executive Officer Jim Schmidt - Chief Financial Officer Phil Davies - Vice President, Global Sales and Marketing Conference Call Participants Quinn Bolton - Needham & Company Richard Shannon - Craig Hallum Jon Tanwanteng - CJS Securities Don McKenna - D.B. McKenna & Company Alan Hicks - Ainsley Capital Operator Good day, everyone and thank you for standing by. Welcome ...

NEWS RELEASE FINANCIAL NEWS BRIEF Exhibit 99.1 April 23, 2024 For Immediate Release Vicor Corporation Reports Results for the First Quarter Ended March 31, 2024 Andover, Mass., April 23, 2024 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 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 first quart ...

Interest Rate and Currency Exposure - The company estimates a $30,000 change in annual interest income for every 100 basis point change in interest rates in 2023[212] - A 10% unfavorable movement in the Japanese Yen relative to the U.S. Dollar would increase foreign currency loss by approximately $48,000 as of December 31, 2023[213] - The company's functional currency for most subsidiaries is the U.S. Dollar, except for VJCL, which operates in Japanese Yen[213] - Foreign currency losses were $(336,000) in 2021, $(653,000) in 2022, and $(161,000) in 2023[251] Investments and Financial Instruments - The company holds a long-term investment portfolio with a single auction rate security valued at $3,000,000, which has experienced failed auctions since February 2008[211] - The company's cash and cash equivalents are primarily in cash accounts, money market securities, and U.S. Treasury securities, with limited exposure to interest rate fluctuations[211] - The Company holds a long-term investment in a Failed Auction Security with a par value of $3,000,000 and an estimated fair value of $2,530,000 as of December 31, 2023[302][306] - The Failed Auction Security had an unrealized loss of $470 thousand as of December 31, 2023, compared to $378 thousand in 2022[308] Inventory and Valuation - Approximately 83% ($88.7 million) of the company's total inventory balance is comprised of raw materials[223] - The company's inventory valuation process considers backlog, historical consumption, and expected market conditions to assess net realizable value[223] - Inventories are valued at the lower of cost (FIFO method) or net realizable value, with excess, obsolete, or unmarketable inventory written down to net realizable value[263][264] - The Company's inventories as of December 31, 2023, totaled $106,579 thousand, with raw materials accounting for $88,716 thousand, work-in-process at $10,525 thousand, and finished goods at $7,338 thousand[301] Tax and Valuation Allowances - The company has a valuation allowance of $52.3 million against domestic deferred tax assets due to uncertainty in realization[227] - The Company recorded an Other current asset of $13,248 thousand for the Advanced Manufacturing Investment Tax Credit (ITC) receivable, expected to be received as a cash refund after filing the 2023 tax return[320] Financial Performance and Metrics - Total assets increased to $594.9 million in 2023 from $536.9 million in 2022, reflecting growth in cash and cash equivalents, inventories, and other current assets[232] - Net revenues for 2023 were $405.1 million, a slight increase from $399.1 million in 2022, with a gross margin of $204.9 million, up from $180.6 million in 2022[235] - Consolidated net income for 2023 was $53.6 million, significantly higher than $25.4 million in 2022, driven by improved operational efficiency and reduced litigation-contingency expenses[235] - Cash and cash equivalents rose to $242.2 million in 2023, up from $190.6 million in 2022, supported by strong operating cash flow of $74.5 million[241] - Research and development expenses increased to $67.9 million in 2023 from $60.6 million in 2022, reflecting continued investment in innovation and new technologies[235] - Total liabilities decreased to $53.8 million in 2023 from $72.6 million in 2022, primarily due to reductions in accounts payable and short-term deferred revenue[232] - Net cash provided by operating activities in 2023 was $74.5 million, a significant improvement from $22.9 million in 2022, driven by higher net income and better working capital management[241] - Property, plant, and equipment investments totaled $33.5 million in 2023, down from $64.0 million in 2022, indicating a shift in capital expenditure priorities[241] - Basic net income per share attributable to Vicor Corporation increased to $1.21 in 2023 from $0.58 in 2022, reflecting stronger profitability[235] - Comprehensive income attributable to Vicor Corporation was $53.3 million in 2023, up from $25.8 million in 2022, driven by higher net income and improved foreign currency translation impacts[237] - Net income for 2023 was $53.595 million, compared to $25.446 million in 2022 and $56.625 million in 2021[244] - Total comprehensive income for 2023 was $53.299 million, compared to $25.728 million in 2022 and $55.472 million in 2021[244] - Stock-based compensation expense increased to $12.869 million in 2023, up from $10.264 million in 2022 and $7.035 million in 2021[244] - Total equity increased to $541.106 million in 2023, up from $464.336 million in 2022 and $423.905 million in 2021[244] - Retained earnings grew to $296.674 million in 2023, compared to $243.079 million in 2022 and $217.633 million in 2021[244] - Accumulated other comprehensive loss was $(1.273 million) in 2023, $(988,000) in 2022, and $(1.328 million) in 2021[244] - Issuance of common stock under employee stock plans totaled $10.602 million in 2023, $4.439 million in 2022, and $10.243 million in 2021[244] - Net income attributable to Vicor Corporation was $53,595,000, $25,446,000, and $56,625,000 for the years ended December 31, 2023, 2022, and 2021, respectively[293] - Basic net income per share was $1.21, $0.58, and $1.30 for the years ended December 31, 2023, 2022, and 2021, respectively[293] Revenue Recognition and Customer Concentration - Revenue from Advanced Products is concentrated among a limited number of customers, with one customer accounting for 12.0% of trade account receivables as of December 31, 2023[267][270] - Revenue is recognized upon transfer of control to the customer, with sales allowances established for estimated future product returns and price adjustments[280] - The company recognized $7,568,000 and $5,328,000 in revenue from deferred revenue during the years ended December 31, 2023 and 2022, respectively[284] Warranty and Advertising Expenses - The company offers a two-year warranty for most products, with extended warranties for certain products, and provides for estimated warranty costs at the time of revenue recognition[275] - Advertising expenses were $3,730,000, $3,786,000, and $2,994,000 in 2023, 2022, and 2021, respectively[288] Property, Plant, and Equipment - Property, plant, and equipment investments totaled $33.5 million in 2023, down from $64.0 million in 2022, indicating a shift in capital expenditure priorities[241] - The Company's property, plant, and equipment had a net balance of $157,689 thousand as of December 31, 2023, with depreciation expense of $17,174 thousand for the year[317] Intangible Assets and Software Costs - The Company's intangible assets, including patent costs, totaled $192 thousand as of December 31, 2023, with amortization expense of $66 thousand for the year[321][323] - The Company had $11,712 thousand of capitalized internal-use software costs as of December 31, 2023, which have not yet been amortized[322] - The company capitalizes internal-use software costs, with $11,712,000 and $3,202,000 in capitalized costs as of December 31, 2023 and 2022, respectively[274] Stock-Based Compensation and Options - Outstanding stock options as of December 31, 2023, totaled 2,555,242 with a weighted-average exercise price of $43.51 and a weighted-average remaining contractual life of 3.90 years[352] - The total intrinsic value of outstanding options as of December 31, 2023, was $27,948,000[352] - The weighted-average fair value of Vicor options granted in 2023 was $19.56, compared to $26.53 in 2022 and $39.27 in 2021[355] - The total intrinsic value of Vicor options exercised in 2023 was $14,396,000, with $7,798,000 in cash received from exercises[354] - The total grant-date fair value of stock options granted in 2023 was $17,957,000[354] - Unrecognized compensation cost related to unvested awards as of December 31, 2023, was $23,179,000, expected to be recognized over a weighted-average period of 2.1 years[355] - The company applied an annual forfeiture rate of 5.00% in 2023, estimating approximately 86% of options would vest[351] Leases and Legal Matters - The company's leases have remaining terms ranging from less than one year to just over 11 years, with no variable payments or residual value guarantees[361] - The District Court denied SynQor's motion for judgment as a matter of law and the company's motion for judgment with respect to its defenses of equitable estoppel and waiver[384] Internal Controls and Audits - The company's internal control over financial reporting was audited and received an unqualified opinion as of December 31, 2023[219] - The company's consolidated financial statements for 2023 were audited and found to be in conformity with U.S. GAAP[218] - The company's disclosure controls and procedures were deemed effective as of December 31, 2023, at the reasonable assurance level[390] Government Grants and Market Focus - Government grants are recognized when the company has reasonable assurance of compliance and receipt, with asset-based grants reducing future depreciation and income-based grants reducing related costs[265] - The company's principal markets are large OEMs, ODMs, and their contract manufacturers, as well as smaller, lower volume users distributed across several major market areas[247]

Vicor Corporation (NASDAQ:VICR) Q4 2023 Earnings Conference Call February 22, 2024 5:00 PM ET Company Participants Jim Schmidt - CFO Phil Davies - VP, Global Sales and Marketing Patrizio Vinciarelli - CEO Conference Call Participants Jon Tanwanteng - CJS Securities Quinn Bolton - Needham & Company John Dillon - D&B Capital Operator Welcome everyone to today's webinar entitled, Vicor Earnings Results for the Fourth Quarter Ended December 31, 2023. My name is Yono and I'll be your operator for today. I would ...

Exhibit 99.1 NEWS RELEASE FINANCIAL NEWS BRIEF February 22, 2024 For Immediate Release Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2023 Andover, Mass., February 22, 2024 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2023. 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 bel ...