Vicor Q3 revenue $197.1M, up 78.5% YoY; EPS $1.33; backlog $406M on AI demand

VICOR CORP

Revenue $197.1M, up 37.5% sequentially from $143.4M and 78.5% YoY from $110.4M; gross margin 68.3% vs 57.5% a year ago.
Net income $63.3M, or $1.33 per diluted share, vs $0.63 a year ago and $1.04 in Q2 2026.
Backlog $406M, up 7% sequentially and 166% from $153M a year ago; operating cash flow $69.7M; capex $16.1M; cash $513.1M.
Operating expenses rose to $62.5M from $42.6M a year ago, including contingency fees to law firms enforcing Vicor IP.
CEO Vinciarelli: bought two sites near Andover ChiP Fab-1 for ~5X capacity from 3 fabs; granted first VPD license to an AI OEM; ITC opened VPD infringement probe.

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