Vicor product and royalty SOTP

Sources

1. Q2 2026 product revenue $112.9M and royalty revenue $30.4M (total $143.4M). Gross margin 58%. Income from operations $34.9M. Cash $453.6M at June 30, 2026. One-year backlog $379.7M. Management guided nearly 10% Q3 revenue increase and over $600M of 2026 revenue. — sec.gov (accessed 2026-09-10)
2. Q2 2026 10-Q: cash $453.6M, no long-term debt, diluted weighted-average shares 47.708M. Diluted EPS $1.04 including a $10.9M tax benefit. — sec.gov (accessed 2026-09-10)
3. Q2 2026 earnings call: advanced products $94.2M (65.7% of revenue); newest license $15M in Q2 then $5M in Q3 and $10M/q for four quarters; 2026 guide conservative on further licenses pending second ITC case in 2027; CHIPS Act ITC refund of $14.3M received July 13. — fool.com (accessed 2026-09-10)
4. Aug 25, 2026 Board approved a new $150M common-stock repurchase authorization replacing the prior program (no expiration; discretionary). — sec.gov (accessed 2026-09-10)
5. Four-analyst S&P Global consensus on StockAnalysis: Buy, average target $386.25 (Needham $320, Roth $375, Craig-Hallum $450). Street 2026 revenue ~$604M and 2027 ~$940M. Spot price $183.87 as of Sep 9, 2026 close. — stockanalysis.com (accessed 2026-09-10)
6. Public Modeledge research: OpenAI 750MW Cerebras commitment is an indirect Vicor hardware-demand path, not a token-royalty stream. Cerebras content per system is undisclosed. — modeledge.ai (accessed 2026-09-10)