Vicor Corporation
Vicor Corp designs and manufactures modular power components and power delivery systems used to convert and distribute electrical power in advanced electronic equipment. The company is based in the United States, with manufacturing in Andover, Massachusetts, and sales and support activities extended through subsidiaries, branch offices, distributors, and technical support centers in North America, Europe, and Asia.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaHigh-performance power conversion products based on Vicor's Factorized Power Architecture and related technologies.
Standard modular power supplies and brick-format products used in distributed power systems.
Custom-designed power solutions tailored to specific customer and application requirements.
Tuotteet
Raportoitu · osuus liikevaihdosta- Direct Customers Contract Manufacturers and Non Stocking Distributors57,5 %
- Stocking Distributors Net of Sales Allowances26,8 %
- Royalty14,1 %
- Non Recurring Engineering1,4 %
- Other0,3 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Vicor sells to OEMs, contract manufacturers, and specialized electronics makers that need compact, high-performance power conversion. Its Advanced Products are concentrated in data center and hyperscaler applications, while Brick Products serve aerospace and defense, industrial, instrumentation, test equipment, and transportation markets.
Buy Advanced Products for power delivery in servers, racks, and datacenter infrastructure because of performance and density requirements.
Buy Vicor modules and custom power solutions for integration into finished electronic systems.
Buy Brick Products and related power systems for demanding, high-reliability applications.
Buy standard brick-format products for distributed power in equipment with specialized performance needs.
Buy power modules for rail and heavy-equipment applications where robustness matters.
Strategia
Vicor's strategy centers on differentiated power architecture, proprietary semiconductor circuitry, and products that offer design flexibility and lower total cost of ownership for demanding applications. The company also emphasizes mass customization for Brick Products, while working to broaden adoption of Advanced Products across a wider customer base and more end markets.
Revenue has been concentrated in a limited number of customers, so diversification reduces dependence on early adopters.
Vicor competes against larger power and semiconductor vendors, so performance and architecture advantages are central to pricing power.
Customizable standard products help serve niche applications that high-volume competitors may not address well.
In-house manufacturing and equipment investment support supply reliability and product quality for specialized power products.
Maantiede
Vicor is headquartered and manufactures in Andover, Massachusetts, while also maintaining domestic offices in California, Illinois, Rhode Island, Texas, and Oregon. Internationally, it operates technical support centers across Europe and Asia, and its Japanese subsidiary sells customized products for the Japanese market. Export sales represented approximately 50.8% of total net revenues in 2025, showing that the business is materially exposed to non-U.S. demand and cross-border supply chains.
Riskit
Vicor faces customer concentration, technology adoption, and supply-chain risks typical of specialized electronics businesses. Its results can also be affected by inventory obsolescence, component shortages, tariff exposure, litigation, and competition from larger vendors with greater resources.
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Korkea
Advanced Products revenue has historically come from one or a limited number of customers, making results sensitive to design wins and order timing.
Kohdistuu: Advanced Products
- Supply chain and component availabilityVaikutus: KorkeaTodennäköisyys: Korkea
Many products rely on limited or single-source materials and proprietary inputs, which can disrupt production and force costly procurement actions.
Kohdistuu: Manufacturing and inventory
- Competitive pricing pressureVaikutus: KorkeaTodennäköisyys: Korkea
Larger competitors may discount aggressively or launch alternative architectures that reduce Vicor's share in target markets.
Kohdistuu: Power conversion markets
- Internal control and reporting riskVaikutus: KorkeaTodennäköisyys: Matala
A material weakness or control failure could undermine financial reporting reliability and investor confidence.
Kohdistuu: Financial reporting
- Inventory obsolescenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Demand swings or forecast errors can leave excess or unusable inventory that requires reserve charges.
Kohdistuu: Working capital
- Litigation and warranty claimsVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Product disputes or warranty issues can create direct costs, management distraction, and reputational damage.
Kohdistuu: Product quality and IP
Kirjanpito
Harkinnanvaraiset erätSpecialized components and demand swings can create excess or obsolete inventory that must be reserved against.
Vaikutus: Affects gross margin, working capital, and cash flow
Patent and other disputes can lead to material charges or settlement gains/losses depending on timing and outcome.
Vaikutus: Can materially affect operating income and net income
Deferred tax asset realizability depends on future taxable income and can change the effective tax rate sharply.
Vaikutus: Can cause large swings in tax expense or benefit
Advanced Products, Brick Products, and royalty revenue may have different timing and margin profiles.
Vaikutus: Affects reported revenue growth and gross margin
Customer order timing, production volumes, and tariffs can shift revenue and profitability between quarters.
Vaikutus: Reduces comparability across reporting periods
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Päivitetty: 24.9.2026