Summary

• I reiterate my Strong Buy rating on Vicor Corporation after management significantly raised aspirational revenue and margin targets at the annual shareholder meeting.
• VICR now targets $2.5 billion in revenue, 70% gross margin, and 40% operating income, with licensing potentially contributing $200–300 million, well above prior run-rate guidance.
• The licensing model is gaining traction, offering risk-mitigated monetization regardless of hardware sale outcomes and deepening customer relationships.
• The technical moat is reinforced by superior current-multiplier technology, positioning VICR well ahead of competitors and supporting robust long-term growth optionality.

Introduction

Vicor Corporation (VICR) still seems to be undercovered by financial media outlets. Virtually none of them echoed the significant updates provided by management at their Annual Meeting of Stockholders, on June 19th. This article quotes management several times. You can verify each

Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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