Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2024
Vicor (NASDAQ: VICR) reported financial results for Q3 2024. Revenues decreased 13.6% year-over-year to $93.2 million but increased 8.5% sequentially. Gross margin declined to 49.1% from 51.8% a year ago. Net income was $11.6 million ($0.26 per diluted share), compared to $16.6 million ($0.37 per share) in Q3 2023. Cash flow from operations totaled $22.6 million. Backlog decreased 13.8% year-over-year to $150.6 million.
CEO Dr. Patrizio Vinciarelli highlighted the company's progress in delivering 2nd generation, high-density VPD systems for AI applications. He also mentioned Vicor's efforts to assert its intellectual property rights against potential infringers, noting a recent Initial Determination from the ITC that may impact contract manufacturers importing computing systems using infringing modules.
Vicor (NASDAQ: VICR) ha riportato i risultati finanziari per il terzo trimestre del 2024. I ricavi sono diminuiti del 13,6% rispetto all'anno precedente, attestandosi a 93,2 milioni di dollari, ma sono aumentati dell'8,5% rispetto al trimestre precedente. Il margine lordo è sceso al 49,1% rispetto al 51,8% di un anno fa. Il reddito netto è stato di 11,6 milioni di dollari (0,26 dollari per azione diluita), rispetto ai 16,6 milioni di dollari (0,37 dollari per azione) del terzo trimestre del 2023. Il flusso di cassa operativo ha totalizzato 22,6 milioni di dollari. L'ordine arretrato è diminuito del 13,8% rispetto all'anno precedente, arrivando a 150,6 milioni di dollari.
Il CEO Dr. Patrizio Vinciarelli ha sottolineato i progressi dell'azienda nella consegna dei sistemi VPD di seconda generazione ad alta densità per applicazioni di intelligenza artificiale. Ha anche menzionato gli sforzi di Vicor per affermare i propri diritti di proprietà intellettuale contro potenziali trasgressori, citando una recente Determinazione Iniziale dell'ITC che potrebbe influenzare i produttori di contratti che importano sistemi informatici contenenti moduli in violazione.
Vicor (NASDAQ: VICR) reportó resultados financieros para el tercer trimestre de 2024. Los ingresos disminuyeron un 13.6% en comparación con el año anterior, alcanzando 93.2 millones de dólares, pero aumentaron un 8.5% secuencialmente. El margen bruto cayó al 49.1% desde el 51.8% del año pasado. La ganancia neta fue de 11.6 millones de dólares (0.26 dólares por acción diluida), comparado con 16.6 millones de dólares (0.37 dólares por acción) en el tercer trimestre de 2023. El flujo de caja de operaciones totalizó 22.6 millones de dólares. El stock de pedidos disminuyó un 13.8% en comparación con el año anterior, totalizando 150.6 millones de dólares.
El CEO Dr. Patrizio Vinciarelli destacó el progreso de la empresa en la entrega de sistemas VPD de segunda generación de alta densidad para aplicaciones de IA. También mencionó los esfuerzos de Vicor por afirmar sus derechos de propiedad intelectual contra posibles infractores, señalando una reciente Determinación Inicial de la ITC que podría afectar a los fabricantes bajo contrato que importan sistemas informáticos utilizando módulos infringidos.
Vicor (NASDAQ: VICR)는 2024년 3분기 재무 결과를 발표했습니다. 수익은 전년 대비 13.6% 감소하여 9,320만 달러에 달했지만, 이전 분기 대비 8.5% 증가했습니다. 총이익률은 1년 전의 51.8%에서 49.1%로 감소했습니다. 순이익은 1,160만 달러 (희석주당 0.26달러)로, 2023년 3분기의 1,660만 달러 (주당 0.37달러)와 비교되었습니다. 영업 활동에서의 현금 흐름은 총 2,260만 달러에 달했습니다. 백로그는 전년 대비 13.8% 감소하여 1억 5,060만 달러에 이르렀습니다.
CEO인 Dr. Patrizio Vinciarelli는 인공지능 응용 프로그램을 위한 2세대 고밀도 VPD 시스템 제공에서 회사의 진전을 강조했습니다. 그는 또한 잠재적인 침해자에 대한 지적 재산권을 주장하기 위한 Vicor의 노력에 대해 언급하며, 침해 모듈을 사용하는 컴퓨팅 시스템을 수입하는 계약 제조업체에 영향을 미칠 수 있는 ITC의 최근 초기 결정에 대해 언급했습니다.
Vicor (NASDAQ: VICR) a annoncé ses résultats financiers pour le troisième trimestre 2024. Les recettes ont diminué de 13,6% par rapport à l'année précédente, atteignant 93,2 millions de dollars, mais ont augmenté de 8,5% par rapport au trimestre précédent. La marge brute est tombée à 49,1% contre 51,8% l'année dernière. Le résultat net s'est établi à 11,6 millions de dollars (0,26 dollars par action diluée), contre 16,6 millions de dollars (0,37 dollars par action) au troisième trimestre 2023. Le flux de trésorerie d'exploitation s'est élevé à 22,6 millions de dollars. Le carnet de commandes a diminué de 13,8% par rapport à l'année précédente pour atteindre 150,6 millions de dollars.
Le PDG Dr. Patrizio Vinciarelli a souligné les progrès de l'entreprise dans la livraison de systèmes VPD de deuxième génération à haute densité pour des applications d'IA. Il a également mentionné les efforts de Vicor pour faire valoir ses droits de propriété intellectuelle contre d'éventuels contrevenants, notant une récente Determination Initiale de l'ITC qui pourrait avoir un impact sur les fabricants sous contrat important des systèmes informatiques utilisant des modules contrefaits.
Vicor (NASDAQ: VICR) hat die finanziellen Ergebnisse für das 3. Quartal 2024 berichtet. Die Einnahmen sanken im Jahresvergleich um 13,6% auf 93,2 Millionen Dollar, stiegen jedoch sequenziell um 8,5%. Die Bruttomarge fiel von 51,8% im Vorjahr auf 49,1%. Der Nettoertrag betrug 11,6 Millionen Dollar (0,26 Dollar pro verwässerter Aktie), verglichen mit 16,6 Millionen Dollar (0,37 Dollar pro Aktie) im 3. Quartal 2023. Der Cashflow aus der Betriebstätigkeit belief sich auf 22,6 Millionen Dollar. Der Auftragsbestand verringerte sich im Jahresvergleich um 13,8% auf 150,6 Millionen Dollar.
CEO Dr. Patrizio Vinciarelli hob die Fortschritte des Unternehmens bei der Bereitstellung von 2. Generation hochdichten VPD-Systemen für KI-Anwendungen hervor. Er erwähnte auch die Bemühungen von Vicor, seine geistigen Eigentumsrechte gegenüber möglichen Verletzern durchzusetzen, und wies auf eine kürzlich ergangene erste Entscheidung der ITC hin, die sich auf Vertragshersteller auswirken könnte, die Computersysteme mit verletzenden Modulen importieren.
- Sequential revenue increase of 8.5% to $93.2 million
- Net income of $11.6 million, improving from a net loss in Q2 2024
- Cash flow from operations of $22.6 million
- Cash and cash equivalents increased 6.2% sequentially to $267.6 million
- Progress in delivering 2nd generation VPD systems for AI applications
- Year-over-year revenue decrease of 13.6%
- Gross margin declined to 49.1% from 51.8% year-over-year
- Operating expenses increased slightly year-over-year
- Backlog decreased 13.8% year-over-year to $150.6 million
- Net income decreased from $16.6 million in Q3 2023 to $11.6 million in Q3 2024
Insights
ANDOVER, Mass., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 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 third quarter ended September 30, 2024 totaled
Gross margin decreased to
Net income for the third quarter was
Cash flow from operations totaled
Backlog for the third quarter ended September 30, 2024 totaled
Commenting on third quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and cash flow improved in Q3 while gross margins were impacted primarily by product mix. We are close to initial deliveries of 2nd generation, high density VPD systems for leading AI applications with current multipliers achieving superior density, bandwidth and signal integrity. Vicor’s VPD will enable AI processors setting new standards for compute performance and power system efficiency.”
“We are off to a good start asserting our Intellectual Property against unscrupulous actors playing a game of “catch me if you can”. As indicated in a recent Initial Determination from the International Trade Commission (“ITC”), contract manufacturers may be precluded from importing computing systems using infringing modules. Redesigned modules, or discrete alternatives, may still infringe and OEMs condoning infringement are taking chances with their supply chain. Leaders in Artificial Intelligence licensing Vicor IP are wisely securing a resilient supply chain of enabling power system solutions.”
For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference call today, Tuesday, October 22, 2024 at 5:00 p.m. Eastern Time. 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 October 22, 2024. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor's website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.
Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
For further information contact:
James F. Schmidt, Chief Financial Officer
Office: (978) 470-2900
Email: invrel@vicorpower.com
| VICOR CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
| (Thousands except for per share amounts) | |||||||||||||||
| QUARTER ENDED | YEAR ENDED | ||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| SEPT 30, | SEPT 30, | SEPT 30, | SEPT 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenues | |||||||||||||||
| Cost of revenues | 47,422 | 51,966 | 129,254 | 154,822 | |||||||||||
| Gross margin | 45,744 | 55,878 | 133,638 | 157,585 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 23,398 | 22,422 | 72,715 | 63,020 | |||||||||||
| Research and development | 16,960 | 17,752 | 51,938 | 50,556 | |||||||||||
| Litigation-contingency expense | - | - | 19,500 | - | |||||||||||
| Total operating expenses | 40,358 | 40,174 | 144,153 | 113,576 | |||||||||||
| Income (loss) from operations | 5,386 | 15,704 | (10,515 | ) | 44,009 | ||||||||||
| Other income (expense), net | 3,713 | 1,917 | 9,244 | 5,643 | |||||||||||
| Income (loss) before income taxes | 9,099 | 17,621 | (1,271 | ) | 49,652 | ||||||||||
| Less: (Benefit) provision for income taxes | (2,455 | ) | 1,038 | 2,832 | 4,716 | ||||||||||
| Consolidated net income (loss) | 11,554 | 16,583 | (4,103 | ) | 44,936 | ||||||||||
| Less: Net income attributable to noncontrolling interest | 2 | 1 | 14 | 9 | |||||||||||
| Net income (loss) attributable to Vicor Corporation | ( | ) | |||||||||||||
| Net income (loss) per share attributable to Vicor Corporation: | |||||||||||||||
| Basic | ( | ) | |||||||||||||
| Diluted | ( | ) | |||||||||||||
| Shares outstanding: | |||||||||||||||
| Basic | 45,117 | 44,433 | 44,829 | 44,275 | |||||||||||
| Diluted | 45,174 | 45,187 | 44,829 | 45,000 | |||||||||||
| VICOR CORPORATION | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
| (Thousands) | |||||||
| SEPT 30, | DEC 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 267,605 | $ | 242,219 | |||
| Accounts receivable, net | 58,525 | 52,631 | |||||
| Inventories | 105,761 | 106,579 | |||||
| Other current assets | 18,933 | 18,937 | |||||
| Total current assets | 450,824 | 420,366 | |||||
| Long-term deferred tax assets | 288 | 296 | |||||
| Long-term investment, net | 2,640 | 2,530 | |||||
| Property, plant and equipment, net | 158,779 | 157,689 | |||||
| Other assets | 20,231 | 14,006 | |||||
| Total assets | $ | 632,762 | $ | 594,887 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 15,724 | $ | 12,100 | |||
| Accrued compensation and benefits | 12,449 | 11,227 | |||||
| Accrued expenses | 6,429 | 5,093 | |||||
| Accrued litigation | 26,550 | 6,500 | |||||
| Sales allowances | 2,640 | 3,482 | |||||
| Short-term lease liabilities | 1,739 | 1,864 | |||||
| Income taxes payable | 642 | 746 | |||||
| Short-term deferred revenue and customer prepayments | 4,198 | 3,157 | |||||
| Total current liabilities | 70,371 | 44,169 | |||||
| Long-term deferred revenue | - | 1,020 | |||||
| Long-term income taxes payable | 1,916 | 2,228 | |||||
| Long-term lease liabilities | 5,605 | 6,364 | |||||
| Total liabilities | 77,892 | 53,781 | |||||
| Equity: | |||||||
| Vicor Corporation stockholders' equity: | |||||||
| Capital stock | 402,687 | 384,395 | |||||
| Retained earnings | 292,557 | 296,674 | |||||
| Accumulated other comprehensive loss | (1,198 | ) | (1,273 | ) | |||
| Treasury stock | (139,424 | ) | (138,927 | ) | |||
| Total Vicor Corporation stockholders' equity | 554,622 | 540,869 | |||||
| Noncontrolling interest | 248 | 237 | |||||
| Total equity | 554,870 | 541,106 | |||||
| Total liabilities and equity | $ | 632,762 | $ | 594,887 | |||
FAQ
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