Vicor(VICR) - 2024 Q4 - Annual Results

Financial Performance - Revenues for Q4 2024 totaled $96.2 million, a 3.8$92.7 million in Q4 2023, and a 3.2% sequential increase from $93.2 million in Q3 2024[2] - Net income for Q4 2024 was$10.2 million, or $0.23 per diluted share, compared to$8.7 million or $0.19 per diluted share in Q4 2023[4] - Revenues for the year ended December 31, 2024 decreased 11.4$359.1 million from $405.1 million in 2023[7] - Net income for 2024 was$6.1 million, or $0.14 per diluted share, compared to$53.6 million or $1.19 per diluted share in 2023[7] Margins and Cash Flow - Gross margin for Q4 2024 increased to$50.4 million, representing 52.4% of revenue, compared to 51.1% in Q4 2023 and 49.1% in Q3 2024[3] - Gross margin for the year ended December 31, 2024 was 51.2%, up from 50.6% in the prior year[7] - Cash flow from operations for Q4 2024 was $10.1 million, down from$21.5 million in Q4 2023[5] Backlog and Future Outlook - Backlog for Q4 2024 totaled $155.5 million, a 3.3$160.8 million in Q4 2023, but a 3.3% sequential increase from $150.6 million in Q3 2024[6] - The company is focused on completing development of a high-density VPD system for a lead customer, which is expected to enhance performance and power system efficiency for AI applications[9] - The CEO indicated that further margin improvements depend on higher utilization of the ChiP fab and increased licensing income, which is gaining traction with companies reliant on high-density power systems[8]