$VICR (-15,78%)

Hello my dears,

just got my foot in the door at VICOR.

I am increasingly coming to believe that Vicor could play a key role in the AI revolution. I am particularly excited about the company's new generation of VPD technology, which has the potential to fundamentally improve the energy efficiency of AI applications. What makes me particularly optimistic is the growing licensing area - Vicor is building a scalable, high-margin business model here.

Vicor's unique power supply technology could become the cornerstone of the energy-efficient AI infrastructure. With increasing license revenues and the new VPD generation, Vicor could be on the verge of a massive growth spurt!

Vicor Corporation designs, develops, manufactures and markets modular power supply components and power conversion systems for use in electrically powered devices. The company offers a range of alternating current (AC) and direct current (DC) power conversion products. The company also offers products for other DC voltage standards. The company divides its offering into the categories Advanced Products and Brick Products. The Advanced Products category includes products that implement the company's proprietary Factorized Power Architecture (FPA), an advanced power distribution architecture that enables flexible and rapid design of power systems using individual components optimized for a specific conversion function. The brick format converters provide the integrated conversion, rectification, isolation, regulation, filtering and/or input protection required to power and protect loads in a range of conventional power supply architectures. It offers a range of DC/DC converters in brick format.

Number of employees: 1,092

Vicor: AI energy revolution unleashes massive buying volume

Growth turbo: Vicor is targeting a run rate of USD 800 million from USD 350.3 million in 2025, with the billion mark within sight at full capacity utilization of Fab 1. VPD standard: The 5th generation of Vertical Power Delivery (VPD) delivers up to USD 400 revenue per chip, as modern AI accelerators rely on Vicor's architecture for currents of up to 4,000 amps. License leverage: After massive patent prosecution successes, management expects license revenues to multiply to hundreds of millions of USD.

Vicor is positioning itself as a key technology enabler in the AI era as its patented high-performance power modules handle the extreme power requirements of modern superchips more efficiently than any competing solution.

AI servers are reaching their physical limits: power must be provided more densely, more efficiently and closer to the processor. Vicor relies on new, "vertical" power supply directly on the chip - series ramp-up from 2026 as a possible price driver. AI servers require radically new energy architectures and Vicor occupies the crucial bottleneck. While the market is primarily focusing on computing power, the physical supply of the chips is coming into focus: "Vertical Power Delivery" (VPD) could become a price driver from the series ramp-up in 2026.

Vicor scales its growth and profitability thanks to AI boom

Vicor Corp. (ISIN: US9258151029) is a technology company that manufactures modular power converters and complete power systems for demanding electronic and industrial applications. Its products are used in data centers and industrial automation, among other applications. The company was founded in 1981 and went public on the NASDAQ in April 1990.

The figures for Q4 2025 were presented on 19.02.2026. Product sales increased by 15% to USD 92.7 million. At USD 1.01 per share, earnings per share were more than twice as high as analysts had expected. Profit growth was therefore more than 330% compared to the previous year.

In addition to the strong results, management also provided a positive outlook, driven by nearly full factory utilization and increasing demand in the area of power delivery for AI and HPC. With annual sales of up to USD 800 million for 2026 (run rate), the market position could be significantly improved. The company shows potential for scalable growth in a structurally growing market segment.

Conclusion: Vicor's quarterly figures and profit multiplication were clearly convincing. The positive sales outlook is a clear signal for operational scaling in the AI and HPC environment. If demand in the AI power segment continues and the run-rate ambitions are realized, the share has further upside potential, but also remains highly susceptible to disappointment.

Investorenübersicht | Vicor Corporation

@Get_Rich_or_Die_Tryin (nice margins)

Geographical distribution of sales (USD)

2024 2025

USA 186 million 201 million

Asia Pacific 130 million 162 million

Europe 41.8 million 42.85 million

All Other 1.44 million 1.79 million

USD in millions

Estimates

Year Turnover Change

2025 452,7 26,08 %

2026 547,6 20,97 %

2027 763,8 39,47 %

2028 825 8,02 %

Year EBIT Change

2025 81,33 6.346,41 %

2026 135,2 65,29 %

2027 258,3 90,96 %

2028 315,4 22,12 %

Year Net result Change

2025 118,6 1.834 %

2026 115,2 -2,81 %

2027 213,5 85,29 %

2028 262,2 22,81 %

Year Net debt CAPEX

2025 -403 20,32

2026 -424 19

2027 -489 18

2028 100

Year Free cash flow Change

2025 119,2 337,7 %

2026 79,53 -33,29 %

2027 122,1 53,48 %

2028 207 69,58 %

Year EBIT margin ROE

2024 -0,36 % 4,29 %

2025 18,08 % 18,5 %

2026 24,7 % 16,25 %

2027 33,82 % 21,6 %

2028 38,23 % 25,6 %

Year Earnings per share Change

2024 0,14 -88,24 %

2025 2,61 1.764,29 %

2026 2,607 -0,13 %

2027 4,8 84,14 %

2028 5,54 15,42 %

Year P/E ratio PEG

2024 345x -3.9x

2025 42x 0x

2026 72,9x -571,38

2027 39.6x 0.5x

2028 34.3x 2.2x

Performance

1 week +7.60 %

1 month +26.59 %

6 months +261.78 %

1 year +239.01 %

3 years +308.58 %

5 years +120.23 %

7 years +471.30 %