Communications Power

Vicor Reports Growth in Q2 2018 and Anticipates Capacity Expansion

Vicor Corporation reported financial results for the second quarter and six months ended June 30, 2018. Revenues for the second quarter ended June 30, 2018 increased 28.6% to $74,196,000, from $57,709,000 for the corresponding period a year ago, and increased 13.7% sequentially from $65,269,000 for the first quarter of 2018.

Second quarter bookings increased 47.3% to $87,448,000, from $59,387,000 for the corresponding period a year ago, and increased 6.8% sequentially from $81,907,000 for the first quarter of 2018.

Gross margin increased to $35,883,000 for the second quarter of 2018, compared to $25,930,000 for the corresponding period a year ago, and increased from $30,211,000 for the first quarter of 2018.

Gross margin, as a percentage of revenue, increased to 48.4% for the second quarter of 2018, compared to 44.9% for the corresponding period a year ago, and increased from 46.3% for the first quarter of 2018.

Net income for the second quarter was $7,860,000, or $0.19 per diluted share, compared to a net loss of $(459,000), or $(0.01) per share, for the corresponding period a year ago, and net income of $3,943,000, or $0.10 per diluted share, for the first quarter of 2018.

Revenues for the six months ended June 30, 2018, increased 24.3% to $139,465,000 from $112,171,000 for the corresponding period a year ago.  Net income for the six month period was $11,803,000, or $0.29 per diluted share, compared to a net loss of $(1,433,000), or $(0.04) per share, for the corresponding period a year ago.

Cash provided by operating activities totaled $9,340,000 for the second quarter of 2018, compared to cash provided by operating activities of $644,000 for the corresponding period a year ago and cash used for operating activities of $812,000 for the preceding first quarter of 2018. Cash and cash equivalents sequentially increased by $11,242,000 to approximately $53,920,000 at the end of the second quarter of 2018, from $42,678,000 at the end of the first quarter of 2018.

Total backlog at the end of the second quarter of 2018 was $103,100,000, compared to $89,975,000 at the end of the first quarter of 2018 and $73,054,000 at the end of 2017.

Dr. Patrizio Vinciarelli

Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Demand for Factorized Power solutions, including PRM-VTM systems powering CPUs directly from 48V in high efficiency datacenters, led to sequentially higher bookings and shipments. Having made their debut next to a high performance GPU, high density Power-on-Package MCD-MCM systems are finding new homes next to 7nm, high current ASICs for Artificial Intelligence (“AI”) applications extending parallel computing beyond the limits of Moore’s Law.

With contributions from Power-on-Package and other state-of-the-art power modules, backlog crossed the $100 million level.  Sequential quarterly increases in shipments should result in further improvements in profitability and cash generation in anticipation of future expansions in manufacturing capacity.”

Vicor Corporation
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