[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_105":106},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","b2zalglykhqypop2ffr3ndbdr","revision",2,"title","Vicor公布截至2026年9月30日季度业绩：净收入1.971亿美元，净利润6,332万美元；董事会授权最高1.5亿美元回购","originalTitle","VICOR CORP (0000751978) (Filer)","summary","Vicor Corporation截至2026年9月30日的第三季度净收入为1.971亿美元，较上年同期增长；归属于公司的净利润为6,332.1万美元，摊薄每股收益1.33美元。","reason","第三季度收入与利润同比增长，九个月经营现金流低于上年同期；材料也披露了新的回购授权及诉讼付款等信息。","source",{"_12":96,"_97":98,"_9":99,"_100":42,"_101":102,"_103":104},"links",{"_93":94,"_84":95},"publishedAt","2026-10-26T13:28:53.000Z","discoveredAt","2026-10-26T13:46:09.652Z","timelineAt","category","ai-products","tags",[90,91,92],"stockSymbols",[89],"score",73,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":83,"_84":-5,"_85":86,"_87":88},"outline",[78],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fr6gh3On6a_s",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","80f5e176-5c37-4353-91a3-bac75aeb0f7c","Vicor公布2026年第三季度业绩并授权回购",{"_74":75,"_16":76},{"_12":79,"_80":81,"_82":15},"sec-1","text","Liquidity and Capital Resources","level","

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

\n \n \n \n \n \n \n

\n	\n
☑	根据《证券交易法》第13条或第15(d)条提交的季度报告

截至 2026年9月30日

\n \n \n \n \n \n \n

\n	\n
☐	根据《证券交易法》第13条或第15(d)条提交的过渡期报告

过渡期自 __________________________ 起

委员会档案编号 0-18277

VICOR CORPORATION

（注册人章程中规定的准确名称）

\n \n \n \n \n \n \n \n \n \n \n

\n	\n
特拉华州	04-2742817
（注册成立或组织所在州或其他司法管辖区）	（美国国税局雇主识别号）

25 Frontage Road, Andover, 马萨诸塞州 01810

（主要行政办公室地址）（邮政编码）

(978) 470-2900

（注册人电话号码，包括区号）

根据该法第12(b)条登记的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

各类别名称

交易代码

上市交易所名称

普通股，面值

每股$0.01

VICR

纳斯达克股票市场有限责任公司

请勾选以表明注册人是否 (1) 已在此前12个月内（或注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13条或第15(d)条规定须提交的所有报告，且 (2) 在过去90天内一直受此类提交要求约束。是 ☑ 否 ☐

请勾选以表明注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据S-T条例第405条（本章§232.405）须提交的所有交互式数据文件。是 ☑ 否 ☐

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速申报公司	☑		较小报告公司	☐
加速申报公司	☐		新兴成长型公司	☐
非加速申报公司	☐

如果是新兴成长型公司，请勾选表明注册人是否选择不采用《交易法》第13(a)条规定的、适用于遵守任何新颁布或修订的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☑

截至2026年10月19日，发行人各类普通股的流通股数为：

\n \n \n \n \n \n \n \n \n \n \n

\n	\n
普通股，面值 $.01	34,430,882
B类普通股，面值 $.01	11,717,718

VICOR CORPORATION

\n	\n
	页
第一部分 — 财务信息：
第1项 - 财务报表（未经审计）
截至2026年9月30日和2025年12月31日的简明合并资产负债表	1
截至2026年和2025年9月30日的三个月和九个月简明合并经营报表	2
截至2026年和2025年9月30日的三个月和九个月简明合并综合收益表	3
截至2026年和2025年9月30日的九个月简明合并现金流量表	4
截至2026年和2025年9月30日的三个月和九个月简明合并权益变动表	5
简明合并财务报表附注	7
第2项 — 管理层对财务状况和经营业绩的讨论与分析	16
第3项 — 关于市场风险的定量和定性披露	26
第4项 — 控制和程序	27
第二部分 — 其他信息：	28
第1项 — 法律诉讼	28
第1A项 — 风险因素	28
第2项 — 未注册证券销售及所得款项用途	28
第5项 — 其他信息	28
第6项 — 附件	29
签名	30

VICOR CORPORATION

第一部分 – 财务信息

第1项 – 财务报表

简明合并资产负债表

（单位：千，股份数据除外）

（未经审计）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
资产
流动资产：
现金及现金等价物		$	513,137			$	402,805
应收账款净额			122,488				60,716
存货			110,922				91,340
其他流动资产			13,594				32,502
流动资产总额			760,141				587,363
长期递延所得税资产净额			23,439				27,463
长期投资净额			—				2,462
不动产、厂房及设备净额			177,987				147,690
其他资产			20,053				20,853
资产总额		$	981,620			$	785,831
负债和权益
流动负债：
应付账款		$	24,334			$	12,290
应计薪酬和福利			14,047				12,031
应计诉讼费用			—				28,275
应计费用			22,223				3,691
短期租赁负债			1,733				1,568
销售折让			3,512				3,136
应付所得税			208				904
短期递延收入和客户预付款			418				3,426
流动负债总额			66,475				65,321
长期应付所得税			3,143				3,086
长期租赁负债			5,427				5,608
负债总额			75,045				74,015
承诺和或有事项（附注11）
权益：
Vicor Corporation 股东权益：
B 类普通股：10 票/股，面值 $.01，授权发行 14,000,000 股 2026 年已发行并流通 11,717,718 股 2025 年已发行并流通 11,726,718 股			118				118
普通股：1 票/股，面值 $.01，授权发行 62,000,000 股 2026 年已发行 45,966,026 股，其中流通 34,421,878 股； 2025 年已发行 45,910,601 股，其中流通 33,532,377 股			460				460
额外实收资本			517,669				462,227
留存收益			555,116				421,359
累计其他综合损失			(1,174	)			(1,672	)
按成本计价的库存股：2026 年 11,544,148 股，2025 年 12,378,224 股			(165,909	)			(170,935	)
Vicor Corporation 股东权益总额			906,280				711,557
非控股权益			295				259
权益总额			906,575				711,816
负债和权益总额		$	981,620			$	785,831

见附注。

-1-

VICOR CORPORATION

简明合并经营报表

（单位：千，股份金额除外）

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9 月 30 日，			9 月 30 日，
		2026			2025			2026			2025
产品收入		$	130,501			$	88,698			$	341,431			$	257,597
特许权使用费收入			66,613				21,725				112,004				42,840
净收入总额			197,114				110,423				453,435				300,437
专利诉讼和解			—				—				—				45,000
净收入及专利诉讼和解总额			197,114				110,423				453,435				345,437
产品收入成本			62,434				46,910				173,269				145,431
毛利			134,680				63,513				280,166				200,006
营业费用：
销售、一般及行政费用			38,563				22,747				89,356				75,836
研究与开发			23,969				19,859				66,900				58,027
营业费用总额			62,532				42,606				156,256				133,863
营业收入			72,148				20,907				123,910				66,143
其他收入（费用），净额：
可供出售证券的已实现及未实现收益（损失）总额，净额			475				(178	)			538				(235	)
减：计入其他综合收益的（收益）损失部分			(449	)			178				(512	)			235
计入收益的净信贷收益			26				—				26				—
其他收入（费用），净额			6,559				2,407				14,123				9,198
其他收入（费用）总额，净额			6,585				2,407				14,149				9,198
税前收入			78,733				23,314				138,059				75,341
减：所得税准备（金）（收益）			15,401				(4,988	)			4,265				3,278
合并净利润			63,332				28,302				133,794				72,063
减：归属于非控股权益的净利润			11				10				37				40
归属于 Vicor Corporation 的净利润		$	63,321			$	28,292			$	133,757			$	72,023

归属于 Vicor Corporation 的每股普通股净利润：
基本		$	1.37			$	0.63			$	2.92			$	1.60
摊薄		$	1.33			$	0.63			$	2.81			$	1.59
用于计算归属于 Vicor Corporation 的每股普通股净利润的股数：
基本			46,129				44,734				45,845				44,986
摊薄			47,609				44,930				47,524				45,167

见附注。

-2-

VICOR CORPORATION

简明合并综合收益表

（单位：千）

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9 月 30 日，			9 月 30 日，
		2026			2025			2026			2025
合并净利润		$	63,332			$	28,302			$	133,794			$	72,063
外币折算收益（亏损），税后净额 (1)			119				(99	)			(15	)			183
可供出售证券已实现和未实现收益（亏损），税后净额 (1)			449				(178	)			512				(235	)
其他综合收益（亏损）			568				(277	)			497				(52	)
合并综合收益			63,900				28,025				134,291				72,011
减：归属于非控股权益的综合收益			20				3				36				54
归属于 Vicor Corporation 的综合收益		$	63,880			$	28,022			$	134,255			$	71,957

(1)

与外币折算收益（亏损）以及可供出售证券未实现收益（亏损）相关的递延所得税资产，截至 2026 年和 2025 年 9 月 30 日，已由税务估值备抵全额抵销。因此，截至 2026 年和 2025 年 9 月 30 日止的三个月和九个月期间，确认的所得税收益（准备）为零。

请参阅随附附注。

-3-

VICOR CORPORATION

简明合并现金流量表

（单位：千）

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至九个月
		9 月 30 日
		2026			2025

经营活动：
合并净利润		$	133,794			$	72,063
将合并净利润调节为经营活动提供的现金净额：
折旧和摊销			16,292				15,615
股份支付薪酬费用			13,373				12,420
处置固定资产的（收益）损失			(78	)			839
呆账准备			—				7
诉讼付款			(28,557	)			—
可供出售证券信用收益			(26	)			—
其他资产减少			261				1,459
递延所得税			4,023				(4	)
长期应付所得税增加			57				43
应收账款			(61,768	)			(221	)
其他流动资产和负债变动，净额			2,993				21,619
经营活动提供的现金净额			80,364				123,840

投资活动：
先进制造业投资抵免收益			19,513				—
投资出售或到期所得款项			3,000				—
出售设备所得款项			78				—
购置不动产、厂房和设备以及内部使用软件			(39,700	)			(14,775	)
投资活动使用的现金净额			(17,109	)			(14,775	)

融资活动：
员工股票计划所得款项			47,087				8,935
回购普通股			—				(32,978	)
融资活动提供（使用）的现金净额			47,087				(24,043	)
汇率变动对现金的影响			(10	)			87
现金及现金等价物净增加额			110,332				85,109
期初现金及现金等价物			402,805				277,273
期末现金及现金等价物		$	513,137			$	362,382
补充披露：
已发生但尚未支付的不动产、厂房和设备以及内部使用软件购置款		$	7,444			$	1,862

请参阅随附附注。

-4-

VICOR CORPORATION

简明合并权益表

（单位：千）

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
																				总计
														累计						Vicor
		B 类						额外						其他						Corporation
		普通			普通			实收			留存			综合			库存			股东			非控股			总计
		股票			股票			资本			收益			（亏损）收入			股票			权益			利息			权益
截至2026年9月30日的三个月
2026年6月30日余额		$	118			$	460			$	509,849			$	491,795			$	(1,733	)		$	(166,170	)		$	834,319			$	275			$	834,594
根据员工股票计划发行普通股									2,479										261				2,740							2,740
股票薪酬费用									5,341													5,341							5,341
综合收入的组成部分（税后净额）：
净收入												63,321										63,321				11				63,332
其他综合收益															559							559				9				568
综合收益总额																					63,880				20				63,900
2026年9月30日余额		$	118			$	460			$	517,669			$	555,116			$	(1,174	)		$	(165,909	)		$	906,280			$	295			$	906,575

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
																				总计
														累计						Vicor
		B类						额外						其他						Corporation
		普通股			普通股			实收			留存			综合			库存股			股东			非控股			总计
		股票			股票			资本			收益			（亏损）收入			股票			权益			利息			权益
截至2026年9月30日的九个月
2025年12月31日余额		$	118			$	460			$	462,227			$	421,359			$	(1,672	)		$	(170,935	)		$	711,557			$	259			$	711,816
根据员工股票计划发行普通股									42,069										5,026				47,095							47,095
股票薪酬费用									13,373													13,373							13,373
综合收入（亏损）的组成部分（税后净额）：
净收入												133,757										133,757				37				133,794
其他综合收益（亏损）															498							498				(1	)			497
综合收益总额																					134,255				36				134,291
2026年9月30日余额		$	118			$	460			$	517,669			$	555,116			$	(1,174	)		$	(165,909	)		$	906,280			$	295			$	906,575

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
																				总计
														累计						Vicor
		B类						额外						其他						Corporation
		普通股			普通股			实收			留存			综合			库存股			股东			非控股			总计
		股票			股票			资本			收益			亏损			股票			权益			利息			权益
截至2025年9月30日的三个月
2025年6月30日余额		$	118			$	453			$	419,814			$	346,534			$	(1,291	)		$	(157,033	)		$	608,595			$	271			$	608,866
根据员工股票计划发行普通股						2				4,793													4,795							4,795
股票薪酬费用									4,362													4,362							4,362
回购普通股																		(15,695	)			(15,695	)						(15,695	)
综合收入（亏损）的组成部分（税后净额）：
净收入												28,292										28,292				10				28,302
其他综合亏损															(270	)						(270	)			(7	)			(277	)
综合收益总额																					28,022				3				28,025
2025年9月30日余额		$	118			$	455			$	428,969			$	374,826			$	(1,561	)		$	(172,728	)		$	630,079			$	274			$	630,353

-5-

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
																				总计
														累计						Vicor
		B类						额外						其他						Corporation
		普通股			普通股			实收			留存			综合			库存股			股东			非控股			总计
		股票			股票			资本			收益			亏损			股票			权益			利息			权益
截至2025年9月30日的九个月
2024年12月31日余额		$	118			$	452			$	407,617			$	302,803			$	(1,495	)		$	(139,424	)		$	570,071			$	220			$	570,291
根据员工股票计划发行普通股						3				8,932													8,935							8,935
股票薪酬费用									12,420													12,420							12,420
回购普通股																		(33,304	)			(33,304	)						(33,304	)
综合收入（亏损）的组成部分（税后净额）：
净利润												72,023										72,023				40				72,063
其他综合（亏损）收益															(66	)						(66	)			14				(52	)
综合收益总额																					71,957				54				72,011
2025年9月30日余额		$	118			$	455			$	428,969			$	374,826			$	(1,561	)		$	(172,728	)		$	630,079			$	274			$	630,353

参见附注。

-6-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

1. 列报基础

随附的 Vicor Corporation 及其合并子公司（统称“公司”）未经审计的简明合并财务报表，按照中期财务信息公认会计原则以及美国证券交易委员会（“SEC”）的规则和规定编制。因此，这些中期财务报表未包含编制完整财务报表所需的全部公认会计原则信息和脚注。

管理层认为，已纳入所有为公允列报所必需的调整（包括正常的经常性调整）。截至2026年9月30日止三个月和九个月的经营业绩并不一定代表任何其他中期期间或截至2026年12月31日止年度可能取得的业绩。本文列示的2025年12月31日资产负债表源自该日经审计的财务报表，但未包含编制完整财务报表所需的全部公认会计原则信息和脚注。有关更多信息，请参阅公司截至2025年12月31日止年度的10-K表年度报告中所载的合并财务报表及其附注，该报告由公司于2026年3月2日向SEC提交。

2. 存货

存货如下（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
原材料		$	84,224			$	69,596
在制品			21,192				14,954
制成品			5,506				6,790
		$	110,922			$	91,340

3. 投资

截至2025年12月31日，公司持有一项面值为$3,000,000、估计公允价值约为$2,462,000的拍卖利率证券，该证券通过美国银行（Bank of America, N.A.）的经纪交易商关联公司购买并由其托管，自2008年2月以来一直经历拍卖失败（“拍卖失败证券”）。2026年9月22日，拍卖失败证券按面值$3,000,000全额赎回。截至2026年9月22日，公司一直按照契约条款继续收到拍卖失败证券的利息款项。

我们的投资详情如下（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
		2026年9月30日
		现金及现金
		等价物
按公允价值计量：
可供出售证券：
货币市场基金		$	461,056
总计			461,056

其他计量基础：
手头现金			52,081
总计		$	513,137

-7-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2025年12月31日
		现金及现金			长期
		等价物			投资
按公允价值计量：
可供出售证券：
货币市场基金		$	367,340			$	—
失败拍卖证券			—				2,462
合计			367,340				2,462

其他计量基础：
库存现金			35,465				—
合计		$	402,805			$	2,462

4. 公允价值计量

本公司按公允价值对某些金融资产进行会计处理。公允价值定义为在计量日，有序交易中市场参与者之间在该资产或负债的主要市场或最有利市场出售资产可收到或转移负债需支付的价格（即退出价格）。因此，公允价值是一种基于市场的计量，应根据市场参与者为资产或负债定价时所采用的假设确定。采用三级层级来说明估计公允价值计量时所使用判断的程度和层级。

截至2026年9月30日，按经常性基础以公允价值计量的资产和负债如下（单位：千美元）：

采用

重大

活跃市场中的报价

其他

重大

活跃

可观察

不可观察

公允价值总额

市场

输入值

截至日价值

（第1级）

（第2级）

（第3级）

2026年9月30日

现金等价物：

货币市场基金

461,056

—

461,056

截至2025年12月31日，按经常性基础以公允价值计量的资产和负债如下（单位：千美元）：

采用

重大

活跃市场中的报价

其他

重大

活跃

可观察

不可观察

公允价值总额

市场

输入值

截至日价值

（第1级）

（第2级）

（第3级）

2025年12月31日

现金等价物：

货币市场基金

367,340

—

367,340

长期投资：

失败拍卖证券

—

2,462

-8-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

截至2026年9月30日的九个月期间，使用第3级输入值（即失败拍卖证券）按经常性基础计量的投资估计公允价值变动如下（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
期初余额		$	2,462
赎回			(3,000	)
计入其他收入（费用）净额的可供出售证券信用收益			26
计入其他综合收益			512
期末余额		$	—

5. 分部信息

公司认定其首席运营决策者（“CODM”）为首席执行官（“CEO”）。CEO 审阅以合并口径列报的财务信息，以管理业务、分配资源、作出运营决策并评估财务业绩。公司以单一运营及可报告分部的形式组织和运营。CODM 根据合并净利润评估该分部的业绩并决定资源分配方式。 CODM 使用该单一运营分部的合并费用信息管理业务。简明合并经营报表中的所有费用类别均属重大，且不存在需要披露的其他重大分部费用。

公司提供全面的模块化积木产品系列，使客户能够快速设计出满足其特定需求的电源系统。根据设计、性能和外形因素，以及产品适用的不断演变的应用范围，公司将产品组合分为先进产品（包括许可先进产品知识产权产生的特许权使用费收入）和积木产品，两者共同构成一个分部。两条产品线均在公司位于马萨诸塞州安多弗的制造工厂生产，采用相似的加工和生产技术，并由同一销售和营销组织提供支持。分部资产的计量金额作为合并资产总额列报于资产负债表。

下表列示公司单一运营分部截至2026年和2025年9月30日的三个月和九个月按地区细分的净收入（单位：千美元）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月
		2026			2025
美国		$	125,870			$	63,180
欧洲			21,900				10,882
亚太地区			47,783				35,434
其他所有地区			1,561				927
		$	197,114			$	110,423

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
美国		$	261,000			$	146,268
欧洲			51,714				31,617
亚太地区			138,408				121,223
其他所有地区			2,313				1,329
		$	453,435			$	300,437

-9-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

如附注11中进一步详述，$45,000,000的专利诉讼和解付款与任何特定地区均无关，因此未计入上述2025年表格。

公司简明合并资产负债表中确认的长期有形资产以及经营租赁使用权资产所在地区如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
		（单位：千美元）
美国		$	174,518			$	140,700
国际			3,469				6,990

有关公司运营分部的其他财务信息，请参阅简明合并财务报表及其附注。

6. 收入

下表按客户所在地和产品线列示公司按地理区域划分的净收入（单位：千美元）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的三个月
		基础产品			先进产品			总计
美国		$	29,189			$	96,681			$	125,870
欧洲			13,730				8,170				21,900
亚太地区			15,334				32,449				47,783
其他所有地区			-				1,561				1,561
		$	58,253			$	138,861			$	197,114

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的九个月
		基础产品			先进产品			总计
美国		$	72,759			$	188,241			$	261,000
欧洲			36,116				15,598				51,714
亚太地区			46,534				91,874				138,408
其他所有地区			84				2,229				2,313
		$	155,493			$	297,942			$	453,435

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的三个月
		基础产品			先进产品			总计
美国		$	22,957			$	40,223			$	63,180
欧洲			7,086				3,796				10,882
亚太地区			14,828				20,606				35,434
其他所有地区			46				881				927
		$	44,917			$	65,506			$	110,423

-10-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的九个月
		基础产品			先进产品			总计
美国		$	51,914			$	94,354			$	146,268
欧洲			21,001				10,616				31,617
亚太地区			41,451				79,772				121,223
其他所有地区			142				1,187				1,329
		$	114,508			$	185,929			$	300,437

下表按收入类别和产品线列示公司的净收入（单位：千美元）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的三个月
		基础产品			先进产品			总计
直接客户、合同制造商和非备货分销商		$	26,776			$	62,400			$	89,176
备货分销商，扣除销售折让			31,075				9,788				40,863
非经常性工程服务			402				60				462
特许权使用费			—				66,613				66,613
其他			—				—				—
		$	58,253			$	138,861			$	197,114

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的九个月
		基础产品			先进产品			总计
直接客户、合同制造商和非备货分销商		$	77,467			$	154,863			$	232,330
备货分销商，扣除销售折让			77,448				27,582				105,030
非经常性工程服务			578				3,493				4,071
特许权使用费			—				112,004				112,004
其他			—				—				—
		$	155,493			$	297,942			$	453,435

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的三个月
		基础产品			先进产品			总计
直接客户、合同制造商和非备货分销商		$	20,728			$	31,942			$	52,670
备货分销商，扣除销售折让			23,850				11,318				35,168
非经常性工程服务			339				221				560
特许权使用费			—				21,725				21,725
其他			—				300				300
		$	44,917			$	65,506			$	110,423

-11-

VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的九个月
		基础产品			先进产品			总计
直接客户、合同制造商和非备货分销商		$	58,630			$	115,584			$	174,214
备货分销商，扣除销售折让			54,818				23,159				77,977
非经常性工程服务			1,060				3,326				4,386
特许权使用费			—				42,840				42,840
其他			—				1,020				1,020
		$	114,508			$	185,929			$	300,437

下表列示了某些合同负债的变动情况（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日			变动
短期递延收入和客户预付款		$	(418	)		$	(3,426	)		$	3,008
销售折让			(3,512	)			(3,136	)			(376	)

The Company 在收到客户预付款或合同约定的款项到期应付、但尚未履行合同义务时，确认递延收入（代表合同负债）。截至 2026年9月30日的三个月内，公司确认收入约为 $60,000；截至2025年9月30日的三个月和九个月内，公司分别确认收入约为 $411,000 和 $2,097,000，这些收入均计入各自期间期初的递延收入。

7. 股票薪酬

公司使用 Black-Scholes 期权定价模型计算股票期权奖励（无论其归属条件是基于时间还是业绩）以及根据 Vicor Corporation 2017 Employee Stock Purchase Plan（“ESPP”）授予的奖励在授予日的公允价值。股票薪酬费用如下（单位：千）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
产品收入成本		$	1,203			$	1,024			$	2,936			$	2,890
销售、一般及行政费用			2,655				2,117				6,699				6,101
研发费用			1,483				1,221				3,738				3,429
股票薪酬总额		$	5,341			$	4,362			$	13,373			$	12,420

按奖励类型划分的薪酬费用如下（单位：千）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
股票期权		$	4,884			$	4,035			$	12,203			$	11,498
ESPP			457				327				1,170				922
股票薪酬总额		$	5,341			$	4,362			$	13,373			$	12,420

8. 租金收入

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VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

根据公司的经营租赁协议，其位于加利福尼亚州的自有设施出租给第三方，租赁净收入在截至 2026年9月30日和2025年9月30日的三个月期间约为 $284,000，在截至 2026年9月30日和2025年9月30日的九个月期间约为 $851,000。租赁协议的初始租期于2024年5月31日到期，并延长84个月，自2024年6月1日开始，至2031年5月31日结束。

9. 所得税

所得税拨备（收益）基于年度估计有效税率，该税率包括对公司预计税前收入（亏损）所计提的联邦、州及外国所得税。

所得税拨备（收益）及有效所得税率如下（金额单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
所得税拨备（收益）		$	15,401			$	(4,988	)		$	4,265			$	3,278
有效所得税率			19.6	%			(21.4	)%			3.1	%			4.4	%

截至2026年9月30日止三个月和九个月的有效税率与法定税率不同，主要是由于与股份薪酬相关的超额扣除；截至2025年9月30日止三个月和九个月的有效税率与法定税率不同，主要是由于截至2025年9月30日，公司对净境内递延所得税资产计提了全额估值备抵。截至2026年和2025年9月30日止三个月和九个月的所得税费用（收益）包括在公司税务属性不足的司法管辖区估计的联邦、州和外国所得税。

截至2025年12月31日，公司释放了其大部分递延所得税资产的估值备抵。截至2026年9月30日，公司仍保留了主要与州税务属性相关的估值备抵，金额为$17,500,000。公司定期重新评估其递延所得税资产的任何估值备抵，权衡正面和负面证据，以评估递延所得税资产的可收回性。

10. 每股净收益

下表列示了每股基本和稀释净收益的计算过程（单位：千，除每股金额外）：

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VICOR CORPORATION

简明合并财务报表附注

2026年9月30日

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025

分子：
归属于 Vicor Corporation 的净收益		$	63,321			$	28,292			$	133,757			$	72,023
分母：
每股基本净收益的分母 – 加权平均股数 (1)			46,129				44,734				45,845				44,986
稀释性证券的影响：
员工股票期权 (2)			1,480				196				1,679				181
每股稀释净收益的分母 – 经调整的加权平均股数及假设转换			47,609				44,930				47,524				45,167

每股基本净收益		$	1.37			$	0.63			$	2.92			$	1.60
每股稀释净收益		$	1.33			$	0.63			$	2.81			$	1.59

(1)

分母代表已发行普通股和B类普通股的加权平均股数。

(2)

购买 184,592 股和 103,609 股普通股的期权分别未计入截至2026年9月30日止三个月和九个月的每股净收益计算，因为其影响将具有反稀释性。购买 1,733,948 股和 1,500,723 股普通股的期权分别未计入截至2025年9月30日止三个月和九个月的每股净收益计算，因为其影响将具有反稀释性。

11. 承诺和或有事项

资本支出承诺

截至2026年9月30日，公司有约$14,037,000的可撤销和不可撤销资本支出承诺，主要用于制造设备。

SynQor 诉讼及最终判决金额的支付

如公司此前在 10-Q 表格季度报告和 10-K 表格年度报告中所述，公司曾是一起专利侵权诉讼的被告。该诉讼最初由 SynQor, Inc.（“SynQor”）于 2011 年 1 月 28 日在美国德克萨斯东区联邦地区法院（“地区法院”）提起。SynQor 声称，公司的某些产品侵犯了 SynQor 拥有的某些美国专利。

2022 年 10 月 26 日，在地区法院审理此案后，陪审团作出裁决，认定公司故意侵犯了 SynQor 的一项专利，并判给 SynQor 6,500,000 美元的损害赔偿。

2024 年 5 月 20 日，地区法院发布经修订的更正最终判决，判给 SynQor 实际损害赔偿 6,500,000 美元、加重损害赔偿 4,500,000 美元、约 87,000 美元的诉讼费用、9,500,000 美元的律师费，以及约 5,400,000 美元的判决前利息，总判决金额约为 26,000,000 美元。此外，地区法院裁定，判决后利息及额外判决后利息将持续累积至判决款项付清为止，并按年复利计算。

-14-

VICOR CORPORATION

简明合并财务报表附注

2026 年 9 月 30 日

（未经审计）

2026 年 3 月 18 日，公司向 SynQor 支付了 28,557,256, 美元，代表根据地区法院判决应付的全部款项，其中包括判决后利息。

美国加利福尼亚北区联邦地区法院的集体诉讼

2024 年 7 月 11 日，据称做空公司股票的人士在美国加利福尼亚北区联邦地区法院提起拟议集体诉讼，案名为 Benjamin Pouladian 等人诉 Vicor Corporation 等人，案号 3:24-cv-04196。诉讼针对公司及公司的首席执行官、总裁和董事长（“被告”）。原告指称，被告因在 2023 年业绩电话会议上就公司与现有客户的商业关系作出涉嫌虚假和误导性陈述，违反经修订的《1934 年证券交易法》（“《交易法》”）第 10(b) 和 20(a) 条以及据此颁布的 Rule 10b-5(b)。起诉书请求判给损害赔偿、利息、律师费及诉讼费用。法院于 2024 年 10 月 24 日指定首席原告，并将案件更名为 In re Vicor Securities Litigation. 2024 年 11 月 22 日提交的修订起诉书同样指称存在涉嫌违反《交易法》第 10(b) 和 20(a) 条以及据此颁布的 Rule 10b-5(b) 的行为。被告于 2025 年 1 月 20 日提出驳回修订起诉书的动议。2025 年 6 月 6 日，美国加利福尼亚北区联邦地区法院批准该动议，并准许原告修改起诉书。

某些知识产权索赔的和解

2025年5月1日，公司签订了多项和解协议，以解决公司与若干方之间涉及某些知识产权主张的诉讼、仲裁和上诉。根据这些协议，公司于2025年5月收到总计$45,000,000（统称为“专利诉讼和解”）。公司因专利诉讼和解产生了$5,100,000的法律费用，并于2025年6月支付。

其他诉讼程序

此外，公司还涉及若干与业务经营相关的其他诉讼和索赔，既作为被告，也作为原告。尽管无法确定此类针对公司的其他诉讼和索赔的结果，管理层预计此类诉讼或索赔不会对公司的财务状况或经营业绩造成重大不利影响。

12. 近期发布的会计准则的影响

2024年11月，财务会计准则委员会（“FASB”）发布了第2024-03号会计准则更新（“ASU”），损益表——综合收益报告——费用细分披露（子主题220-40）：损益表费用的细分披露（“ASU 2024-03”），要求上市实体在中期和年度财务报表附注中披露有关特定费用类别的额外信息。ASU 2024-03适用于2026年12月15日之后开始的财年，以及2027年12月15日之后开始的中期期间，并允许提前采用。公司目前正在评估采用ASU 2024-03的影响。

2025年12月，FASB发布了第2025-10号ASU，政府补助（主题832）：企业实体收到的政府补助会计处理（“ASU 2025-10”），该准则确立了有关政府补助确认、计量、列报和披露的权威指引。根据ASU 2025-10，当实体很可能既会遵守补助条件，又会收到补助时，应确认政府补助。该ASU为与资产相关的补助和与收入相关的补助提供了具体会计模式，包括将政府补助确认为递延收入或冲减资产成本基础的选项。该ASU还要求加强披露政府补助的性质、重要条款和条件、所采用的会计政策以及在财务报表中确认的金额。ASU 2025-10适用于2028年12月15日之后开始的财年，包括这些财年内的中期期间，并允许提前采用。公司目前正在评估采用ASU 2025-10的影响。

其他已发布但于2026年9月30日之后才生效的新公告预计不会对公司的合并财务报表产生重大影响。

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VICOR CORPORATION

管理层讨论与分析：关于

财务状况及经营业绩

2026年9月30日

第2项——管理层讨论与分析：关于财务状况及经营业绩

关于前瞻性陈述的警示说明

公司的合并经营业绩受多种因素影响，这些因素可能对收入和盈利能力造成重大不利影响，包括公司截至2025年12月31日止年度的10-K表年度报告中所述的风险因素。因此，受这些及其他因素影响，公司未来的季度或年度经营业绩可能出现重大波动，从而可能对其业务、合并财务状况、经营业绩及普通股股价造成重大不利影响。本文件及公司向证券交易委员会（“SEC”）提交的其他文件包含有关未来事件及公司未来业绩的前瞻性陈述，这些陈述受《1995年私人证券诉讼改革法案》及《1933年证券法》和《1934年证券交易法》规定的其他安全港条款保护。除历史事实陈述外，所有陈述均可能被视为前瞻性陈述。前瞻性陈述基于我们对公司未来业绩的当前看法、预期、估计、预测和推断，并受风险和不确定因素影响。前瞻性陈述可通过表示不确定的未来事件的词语识别，例如“预期”“假设”“相信”“继续”“可能”“估计”“预计”“未来”“目标”“如果”“打算”“可以”“计划”“潜在”“项目”“前瞻性”“寻求”“应当”“定位目标”“将”或“会”，以及类似词语和短语，包括这些词语的否定形式或其他变体。前瞻性陈述还包括但不限于有关以下事项的陈述：我们应对某些供应链风险的能力；我们持续开发电源转换架构、开关拓扑、材料、封装和产品；我们在战略、组织和运营层面持续转型业务，从服务分布于多元化市场和地区的大量相对低销量客户，转向服务少数相对大批量客户；我们进入新市场细分领域的意图；客户订单总体水平，尤其是大客户的订单水平，以及相关交付周期；预计赢得的新客户和现有客户；客户变更发货计划对财务和运营的影响；我们每季度部分销售额来自当季订单的情况；我们扩大与向第三方许可知识产权相关收入占比的意图；我们投资扩大制造产能的计划，包括实施新的制造工艺；我们相信，运营产生的现金连同可用现金及现金等价物，将在可预见的未来足以满足计划中的运营需求和资本设备采购；我们对关税及其对业务影响的展望；我们相信自身面临的货币风险有限；我们宣布和支付现金股息的意图；我们保护专利权利的意图；以及我们预期当前诉讼或索赔不会对财务状况或经营业绩造成重大不利影响。这些前瞻性陈述基于我们对可能在我们控制范围内或范围外的未来事件和情况的当前预期和估计，对此无法作出保证。实际结果可能与前瞻性陈述所暗示的结果存在重大差异，原因包括但不限于上述因素，以及公司截至2025年12月31日止年度的10-K表年度报告第一部分第1项“业务”、第一部分第1A项“风险因素”、第一部分第3项“法律诉讼”及第二部分第7项“管理层对财务状况和经营业绩的讨论与分析”中所述的因素，以及本季度10-Q表报告中所述的因素，尤其是第一部分第2项“管理层对财务状况和经营业绩的讨论与分析”中所述的因素。本文对我们业务的讨论，包括对可能影响实际结果的因素的识别和评估，可能并不全面。因此，应将本文所列信息与我们不时向SEC提交的其他文件一并阅读，包括10-K表年度报告、10-Q表季度报告和8-K表当前报告；这些文件可能补充、修改、取代或更新本10-Q表季度报告中讨论的因素。本10-Q表季度报告中的任何前瞻性陈述均基于我们目前可获得的信息，且仅截至作出该陈述之日。除法律要求外，我们不承担因未来事件或进展而更新任何前瞻性陈述的义务。

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VICOR CORPORATION

管理层对以下事项的讨论与分析

财务状况及经营业绩

2026年9月30日

概述

我们设计、开发、制造和销售模块化电源组件及电源系统，用于转换电能，以供电气设备使用。我们的竞争地位得益于产品设计创新和产品性能提升，这在很大程度上源于我们专注于先进技术和工艺的研发，这些技术和工艺通常通过专有的半导体电路、材料和封装实现。我们的许多产品采用了获得专利或专有的高频开关拓扑结构，使电源系统解决方案比传统替代方案效率更高、体积小得多。我们的战略强调可验证的产品差异化，以及基于具有竞争优势的解决方案性能、出色的设计灵活性和引人注目的总拥有成本的价值主张。虽然我们提供种类繁多的交流电（“AC”）和直流电（“DC”）电源转换产品，但我们认为自身的核心竞争力与48V直流配电相关；与较低配电电压相比，48V直流配电具有诸多固有的成本和性能优势。不过，我们也提供适用于其他直流电压标准的产品（例如，数据中心配电采用380V，铁路应用采用110V，军事和航空电子应用采用28V，工业自动化采用24V）。

基于设计、性能和外形尺寸方面的考量，以及产品适用的各类不断发展的应用，我们将产品组合划分为“先进产品”或“砖型产品”。先进产品类别包括我们较近期推出的产品，这些产品主要用于实现我们的专有 Factorized Power Architecture™（“FPA”），这是一种创新的电源分配架构，可通过采用各自针对特定转换功能进行优化的独立组件，实现灵活、快速的电源系统设计。

砖型产品类别主要包括我们广泛且成熟的集成式电源转换器系列，这些转换器包含多个转换级，用于传统电源系统架构。鉴于我们通过先进产品线和砖型产品线服务的市场各自的增长态势，我们的战略包括持续调整组织重点，加大对先进产品线的投入，并以低品种、大批量的运营模式瞄准高增长细分市场，同时在成熟细分市场中，以高品种、小批量的运营模式，通过砖型产品线维持盈利业务。

我们的 Advanced Products 和 Brick Products 所应用的市场领域通常属于我们所服务市场中性能和功率要求较高的细分领域。对于 Advanced Products，我们通常服务于大型原始设备制造商（“OEM”）、原始设计制造商（“ODM”）及其合同制造商，目前销售主要集中在企业计算领域的数据中心和超大规模云服务商细分市场，我们的产品用于服务器主板、服务器机架和整个数据中心基础设施的电力输送。我们已在新兴市场领域确立领导地位，为用于加速人工智能（“AI”）相关应用的高性能处理器供电。我们在 AI 市场领域的客户包括处理器和加速器设计领域的领先创新者，以及云计算和高性能计算领域的早期采用者。我们还服务于航空航天与航空、国防电子、卫星、工厂自动化、仪器仪表、测试设备、运输、电信与网络基础设施以及车辆领域的应用（尤其是车辆领域中的自动驾驶、电动汽车和混合动力汽车细分市场）。对于 Brick Products，我们通常服务于由大大小小客户组成的分散客户群，业务集中在航空航天与国防电子、工业设备、仪器仪表和测试设备以及运输领域（尤其是铁路和重型设备应用）。鉴于我们战略上侧重于规模较大、销量较高的客户，我们预计随着时间推移，销售额（包括知识产权许可收入）将更多集中于相对较少的客户。

我们的季度合并经营业绩可能难以预测，且一直存在显著波动。我们根据管理层对客户需求的估计、客户预测及其他信息来源来规划生产和库存水平。客户预测，尤其是我们大量供应 Advanced Products 的 OEM、ODM 和合同制造客户的预测，可能会在短时间内发生调整，从而导致运营效率低下和额外成本。此外，供应链不确定性（通常与电子行业的周期性相关）、地区宏观经济和贸易相关情况以及不可抗力事件等外部因素，曾导致我们的经营业绩出现明显波动。供应链中断，包括我们依赖外包封装工序（这些工序对部分 Advanced Products 的生产至关重要）所带来的中断，以及例如原材料采购方面的中断，过去曾对我们的经营业绩造成负面影响，未来也可能产生负面影响。我们已采取措施减轻供应链中断的影响，包括以不同程度将外包制造工序转由公司内部完成、提前较长时间订购物资、为某些物资或外包生产支付更高价格，以及支付额外费用加快交付。为减轻供应链中断影响而采取的措施所产生的影响

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VICOR CORPORATION

管理层对以下事项的讨论与分析

财务状况及经营业绩

2026年9月30日

has, to varying degrees and at different times, reduced our revenue, gross margin, operating profit and cash flow and may continue to do so in the future. Our quarterly gross margin as a percentage of net revenues may vary, depending on production volumes, licensing income, average selling prices, average unit costs, the mix of products sold during that quarter, and the level of importation of raw materials subject to tariffs. Our quarterly operating margin as a percentage of net revenues also may vary with changes in revenue and product level profitability, but our operating costs are largely associated with compensation and related employee costs, which are not subject to sudden or significant changes.

Summary of Third Quarter 2026 Financial Performance Compared to Second Quarter 2026 Financial Performance

The following summarizes our financial performance for the third quarter of 2026, compared to the second quarter of 2026:

•

Total net revenues increased 37.5% to $197,114,000 for the third quarter of 2026, from $143,352,000 for the second quarter of 2026. Net revenues for Brick Products increased 18.4% compared to the second quarter of 2026, primarily due to improved market demand. Advanced Products net revenues increased 47.5% compared to the second quarter of 2026, primarily due to higher royalty revenue and improved market demand.

•

Export sales represented approximately 36.1% of total net revenues in the third quarter of 2026 as compared to 46.0% in the second quarter of 2026.

•

Gross margin for the third quarter of 2026 increased $51,560,000, or 62.0% to $134,680,000 from $83,120,000 for the second quarter of 2026. Gross margin, as a percentage of net revenues and patent litigation settlement, increased to 68.3% for the third quarter of 2026 from 58.0% for the second quarter of 2026. The increase in gross margin dollars and gross margin percentage was primarily attributable to the favorable impact from higher sales volume, including royalty revenue, and a decrease in freight-in and tariff spending of $2,240,000 (net of approximately $2,768,000 in duty drawback recovery in the third quarter of 2026 of previously paid tariffs and $11,000 in duty drawback recovery in the second quarter of 2026 of previously paid tariffs).

•

Backlog, which represents the total value of orders for products for which shipment is scheduled within the next 12 months, was approximately $406,043,000 at the end of the third quarter of 2026, as compared to $379,736,000 at the end of the second quarter of 2026.

•

Operating expenses for the third quarter of 2026 increased $14,290,000, or 29.6%, to $62,532,000 from $48,242,000 for the second quarter of 2026, due to an increase in selling, general and administrative expenses of $10,962,000, and an increase in research and development expenses of $3,328,000.

•

We reported net income for the third quarter of 2026 of $63,321,000, or $1.33 per diluted share, compared to net income of $49,772,000, or $1.04 per diluted share, for the second quarter of 2026. Net income in the second quarter of 2026 includes tax benefits due to excess deductions related to share-based compensation.

•

For the third quarter of 2026, depreciation and amortization totaled $5,532,000 and capital additions totaled $16,140,000 as compared to depreciation and amortization of $5,423,000 and capital additions of $11,173,000 for the second quarter of 2026.

•

Inventories increased by approximately $6,433,000, or 6.2%, to $110,922,000 at September 30, 2026, compared to $104,489,000 at June 30, 2026, in anticipation of increased volume to fulfill backlog.

Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

Total net revenues for the third quarter of 2026 were $197,114,000, an increase of $86,691,000, or 78.5%, as compared to $110,423,000 for the third quarter of 2025. Net revenues, by product line, for the three months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
									Increase
		2026				2025			$			%
Advanced Products including Royalty Revenue		$	138,861				$	65,506			$	73,355				112.0	%
Brick Products			58,253					44,917				13,336				29.7	%

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Total net revenues

197,114

110,423

86,691

78.5

The increase in net revenues for Advanced Products was primarily due to higher royalty revenue due to a new license agreement entered into during the quarter ended September 30, 2026 and volume increases due to improved market demand. The increase in net revenues for Brick Products was primarily due to improved volume increases due to increased market demand.

Gross margin for the third quarter of 2026 increased $71,167,000, or 112.1%, to $134,680,000, from $63,513,000 for the third quarter of 2025. Gross margin, as a percentage of net revenues and patent litigation settlement, increased to 68.3% for the third quarter of 2026, compared to 57.5% for the third quarter of 2025. The increase in gross margin dollars and gross margin percentage was primarily attributable to the favorable impact from higher sales volume, including higher royalty revenue, and the favorable impact from production efficiencies on that higher sales volume, offset by unfavorable sales mix on the increased sales volume and slightly increased freight-in and tariff spending of $159,000 (net of approximately $2,768,000 in duty drawback recovery in the third quarter of 2026 and $712,000 in duty drawback recovery in the third quarter of 2025 of previously paid tariffs).

Selling, general and administrative expenses were $38,563,000 for the third quarter of 2026, an increase of $15,816,000, or 69.5%, from $22,747,000 for the third quarter of 2025. Selling, general and administrative expenses as a percentage of total net revenues and patent litigation settlement decreased to 19.6% for the third quarter of 2026 from 20.6% for the third quarter of 2025. The components of the $15,816,000 increase in selling, general and administrative expenses for the third quarter of 2026 compared to the third quarter of 2025 were as follows (dollars in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Increase (Decrease)
Legal fees		$	13,926				642.1	%			(1	)
Compensation			1,971				14.6	%			(2	)
Outside services			839				98.7	%			(3	)
Litigation, other			(395	)			(100.0	)%			(4	)
Facilities allocations			(641	)			(73.3	)%			(5	)
Other, net			116				1.8	%
		$	15,816				69.5	%

(1)

Increase primarily attributable to legal fees associated with licensing agreements and an increase in legal activity.

(2)

Increase primarily attributable to annual compensation adjustments in May 2026 and higher stock-based compensation expense associated with stock options awarded in May 2026.

(3)

Increase primarily attributable to an increase in the use of consultants.

(4)

Decrease primarily attributable to a decrease in post-judgment interest and other costs relating to the litigation-contingency accrual with respect to our litigation with SynQor, Inc.

(5)

Decrease primarily attributable to an increase in facilities allocations.

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

Research and development expenses were $23,969,000 for the third quarter of 2026, an increase of $4,110,000, or 20.7%, compared to $19,859,000 for the third quarter of 2025. As a percentage of total net revenues and patent litigation settlement, research and development expenses decreased to 12.2% for the third quarter of 2026 from 18.0% for the third quarter of 2025. The components of the $4,110,000 increase in research and development expenses for the third quarter of 2026 compared to the third quarter of 2025 were as follows (dollars in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Increase (decrease)
Waste disposal		$	1,633				1,794.9	%			(1	)
Project and pre-production materials			1,586				54.5	%			(2	)
Compensation			993				8.4	%			(3	)
Outside services			507				45.5	%			(4	)
Equipment set-up and calibration			(177	)			(57.3	)%			(5	)
Overhead absorption			(332	)			(184.9	)%			(6	)
Other, net			(100	)			(2.6	)%
		$	4,110				20.7	%

(1)

Increase primarily attributable to an increase in waste disposal activities related to improving production process capabilities for our Advanced Products.

(2)

Increase primarily attributable to increased prototype development costs for Advanced Products.

(3)

Increase primarily attributable to annual compensation adjustments in May 2026 and higher stock-based compensation expense associated with stock options awarded in May 2026.

(4)

Increase primarily attributable to an increase in the use of outside service providers for our manufacturing facility.

(5)

Decrease primarily attributable to a decrease in equipment set-up and calibration for Advanced Products production.

(6)

Decrease primarily attributable to an increase in research and development personnel incurring time on production activities, compared to research and development activities.

The significant components of “Other income (expense), net” for the three months ended September 30, 2026 and 2025 and the changes between the periods were as follows (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026			2025			Increase
Interest income, net		$	5,349			$	3,113			$	2,236
Insurance refund for loss of equipment			901				—				901
Rental income			284				284				—
Foreign currency gains (losses), net			15				(150	)			165
Gain (loss) on disposal of equipment			3				(848	)			851
Other, net			33				8				25
		$	6,585			$	2,407			$	4,178

Our exposure to market risk fluctuations in foreign currency exchange rates relates to the operations of Vicor Japan Company, Ltd. (“VJCL”), for which the functional currency is the Japanese Yen, and all other subsidiaries in Europe and Asia, for which the functional currency is the U.S. Dollar. These subsidiaries in Europe and Asia experienced favorable foreign currency exchange rate fluctuations in the third quarter of 2026 compared to the third quarter of 2025.

Income before income taxes was $78,733,000 for the third quarter of 2026, as compared to $23,314,000 for the third quarter of 2025.

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

The provision (benefit) for income taxes and the effective income tax rates for the three months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026			2025
Provision (benefit) for income taxes		$	15,401			$	(4,988	)
Effective income tax rate			19.6	%			(21.4	)%

The effective tax rates differ from the statutory tax rates for the three months ended September 30, 2026 primarily due to excess deductions related to share-based compensation, and for the three months ended September 30, 2025 primarily due to the Company’s full valuation allowance position against net domestic deferred tax assets as of September 30, 2025. The provision (benefit) for income taxes for the three months ended September 30, 2026 and 2025 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes.

The Company released its valuation allowance on the majority of its deferred tax assets as of December 31, 2025. The Company maintained a valuation allowance of $17,500,000 related primarily to state tax attributes as of September 30, 2026. On a periodic basis, the Company reassesses any valuation allowances that it maintains on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets.

We reported net income for the third quarter of 2026 of $63,321,000, or $1.33 per diluted share, compared to net income of $28,292,000, or $0.63 per diluted share, for the third quarter of 2025.

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

Net revenues for the nine months ended September 30, 2026 were $453,435,000, an increase of $152,998,000, or 50.9%, from $300,437,000 for the nine months ended September 30, 2025. Net revenues, by product line, for the nine months ended September 30, 2026 and the nine months ended September 30, 2025 were as follows (dollars in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
								Increase
		2026			2025			$			%
Advanced Products including Royalty Revenue		$	297,942			$	185,929			$	112,013				60.2	%
Brick Products			155,493				114,508				40,985				35.8	%
Total net revenues		$	453,435			$	300,437			$	152,998				50.9	%

The increase in net revenues for Advanced Products was primarily due to higher royalty revenue due to new license agreements entered into during the nine months ended September 30, 2026 and volume increases due to improved market demand. The increase in net revenues for Brick Products was primarily due to improved volume increases due to increased market demand.

During the nine months ended September 30, 2025, the Company received a patent litigation settlement payment of $45,000,000 (as described in more detail in Note 11 to the Condensed Consolidated Financial Statements).

Gross margin for the nine months ended September 30, 2026 increased $80,160,000, or 40.1%, to $280,166,000, from $200,006,000 for the nine months ended September 30, 2025. Gross margin, as a percentage of net revenues and patent litigation settlement, increased to 61.8% for the nine months ended September 30, 2026, as compared to 57.9% for the nine months ended September 30, 2025. The increase in gross margin dollars and gross margin percentage was primarily attributable to the favorable impact from higher sales volume, including higher royalty revenue, and the favorable impact from production efficiencies on that higher sales volume, offset by the impact from the $45,000,000 patent litigation settlement payment received by the Company in the second quarter of 2025, unfavorable sales mix on the increased sales volume, and increased freight-in and tariff spending of $3,713,000 (net of approximately $2,972,000 in duty drawback recovery in the nine months ended September 30, 2026 and $712,000 in duty drawback recovery in the nine months ended September 30, 2025 of previously paid tariffs).

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

Selling, general and administrative expenses were $89,356,000 for the nine months ended September 30, 2026, an increase of $13,520,000, or 17.8%, compared to $75,836,000 for the nine months ended September 30, 2025. Selling, general and administrative expenses as a percentage of total net revenues and patent litigation settlement decreased to 19.7% for the nine months ended September 30, 2026 from 22.0% for the nine months ended September 30, 2025. The components of the $13,520,000 increase in selling, general and administrative expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 were as follows (dollars in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Increase (Decrease)
Legal fees		$	9,506				70.6	%			(1	)
Compensation			5,175				12.7	%			(2	)
Outside services			750				21.9	%			(3	)
Travel expense			347				20.6	%			(4	)
Information technology expense			(369	)			(10.7	)%			(5	)
Facilities allocations			(838	)			(30.6	)%			(6	)
Litigation, other			(847	)			(73.8	)%			(7	)
Other, net			(204	)			(1.4	)%
		$	13,520				17.8	%

(1)

Increase primarily attributable to legal fees associated with licensing agreements and an increase in legal activity.

(2)

Increase primarily attributable to tax withholdings and employer taxes associated with an increase in stock option exercises and annual compensation adjustments in May 2026.

(3)

Increase primarily attributable to an increase in the use of consultants.

(4)

Increase primarily attributable to an increase in travel by the Company’s sales and marketing personnel.

(5)

Decrease primarily attributable to a decrease in computer software services relating to new internal-use software implementation.

(6)

Decrease primarily attributable to an increase in facilities allocations.

(7)

Decrease primarily attributable to a decrease in post-judgment interest and other costs relating to the litigation-contingency accrual with respect to our litigation with SynQor, Inc.

Research and development expenses were $66,900,000 for the nine months ended September 30, 2026, an increase of $8,873,000, or 15.3%, from $58,027,000 for the nine months ended September 30, 2025. As a percentage of total net revenues and patent litigation settlement, research and development expenses decreased to 14.8% for the nine months ended September 30, 2026 from 16.8% for the nine months ended September 30, 2025. The components of the $8,873,000 increase in research and development expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 were as follows (dollars in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Increase (decrease)
Project and pre-production materials		$	3,558				52.1	%			(1	)
Compensation			3,443				9.7	%			(2	)
Waste disposal			1,547				144.9	%			(3	)
Outside services			1,493				44.9	%			(4	)
Facilities allocations			364				12.7	%			(5	)
Equipment set-up and calibration			(727	)			(47.9	)%			(6	)
Overhead absorption			(779	)			(150.5	)%			(7	)
Other, net			(26	)			(0.4	)%
		$	8,873				15.3	%

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

(1)

Increase primarily attributable to increased prototype development costs for Advanced Products.

(2)

Increase primarily attributable to tax withholdings and employer taxes associated with an increase in stock option exercises and annual compensation adjustments in May 2026.

(3)

Increase primarily attributable to an increase in waste disposal activities related to improving production process capabilities for our Advanced Products.

(4)

Increase primarily attributable to an increase in the use of outside service providers for our manufacturing facility.

(5)

Increase primarily attributable to an increase in utilities, building maintenance expenses and property taxes.

(6)

Decrease primarily attributable to a decrease in equipment set-up and calibration for Advanced Products production.

(7)

Decrease primarily attributable to an increase in research and development personnel incurring time on production activities, compared to research and development activities.

The significant components of “Other income (expense), net” for the nine months ended September 30, 2026 and the nine months ended September 30, 2025 and the changes from period to period were as follows (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

		2026			2025			Increase (decrease)
Interest income, net		$	11,973			$	8,779			$	3,194
Insurance refund for loss of equipment			901				—				901
Rental income			851				851				—
Insurance settlement			533				—				533
Gain (loss) on disposal of equipment			78				(848	)			926
Foreign currency (losses) gains, net			(195	)			407				(602	)
Other, net			8				9				(1	)
		$	14,149			$	9,198			$	4,951

Our exposure to market risk fluctuations in foreign currency exchange rates relates to the operations of VJCL, for which the functional currency is the Japanese Yen, and all other subsidiaries in Europe and Asia, for which the functional currency is the U.S. Dollar. These subsidiaries in Europe and Asia experienced unfavorable foreign currency exchange rate fluctuations in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Income before income taxes was $138,059,000 for the nine months ended September 30, 2026, as compared to $75,341,000 for the nine months ended September 30, 2025.

The provision for income taxes and the effective income tax rates for the nine months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026			2025
Provision for income taxes		$	4,265			$	3,278
Effective income tax rate			3.1	%			4.4	%

The effective tax rates differ from the statutory tax rates for the nine months ended September 30, 2026 primarily due to excess deductions related to share-based compensation, and for the nine months ended September 30, 2025 primarily due to the Company’s full valuation allowance position against net domestic deferred tax assets as of September 30, 2025. The provision for income taxes for the nine months ended September 30, 2026 and 2025 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes.

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

We reported net income for the nine months ended September 30, 2026 of $133,757,000, or $2.81 per diluted share, as compared to net income of $72,023,000, or $1.59 per diluted share, for the nine months ended September 30, 2025.

Liquidity and Capital Resources

As of September 30, 2026, we had $513,137,000 in cash and cash equivalents. The ratio of total current assets to total current liabilities was 11.4:1 as of September 30, 2026 and 9.0:1 as of December 31, 2025. Working capital, defined as total current assets less total current liabilities, increased $171,624,000 to $693,666,000 as of September 30, 2026 from $522,042,000 as of December 31, 2025.

The changes in working capital from December 31, 2025 to September 30, 2026 were as follows (in thousands):

\n	\n	\n	\n	\n
		Increase (decrease)
Cash and cash equivalents		$	110,332
Accounts receivable			61,772
Inventories			19,582
Other current assets			(18,908	)
Accounts payable			(12,044	)
Accrued compensation and benefits			(2,119	)
Accrued expenses			(18,429	)
Accrued litigation			28,275
Short-term deferred revenue			3,008
Other			155
		$	171,624

The primary sources of cash for the nine months ended September 30, 2026 were $80,364,000 generated from operations, $47,087,000 received in connection with the exercise of options to purchase our Common Stock awarded under our stock option plans and the issuance of Common Stock under our 2017 Employee Stock Purchase Plan, $19,513,000 of proceeds from advanced manufacturing investment credits, and $3,000,000 from the sales of investments. The primary use of cash during the nine months ended September 30, 2026 was for the purchase of equipment of $39,700,000.

In July 2024, our Board of Directors authorized the repurchase of up to $100,000,000 of our Common Stock (the “Repurchase Authorization”). In August 2026, our Board of Directors authorized the repurchase of up to $150,000,000 of our Common Stock (the “New Repurchase Authorization”). The New Repurchase Authorization replaces the July 2024 Repurchase Authorization in its entirety and no further repurchases will be made pursuant to the July 2024 Repurchase Authorization. The timing and amounts of Common Stock repurchases pursuant to the New Repurchase Authorization are at the discretion of the Company’s President and Chief Executive Officer based upon economic and financial market conditions. The New Repurchase Authorization does not expire.

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VICOR CORPORATION

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

September 30, 2026

As of September 30, 2026, we had a total of approximately $14,037,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing and production equipment, which we intend to fund with existing cash, and approximately $7,444,000 of capital expenditure items and internal-use software which had been received and included in Property, plant and equipment, net in the accompanying Condensed Consolidated Balance Sheets, but not yet paid for. Our primary needs for liquidity are for making continuing investments in manufacturing and production equipment. We believe cash generated from operations together with our available cash and cash equivalents will be sufficient to fund planned operational needs and capital equipment purchases, for both the short and long term.

We do not consider the impact of inflation or fluctuations in the exchange rates for foreign currency transactions to have been significant during the last three fiscal years.

Critical Accounting Policies and Estimates

There have been no material changes in our judgments and assumptions associated with the development of our critical accounting estimates during the period ended September 30, 2026. Refer to the section entitled “Critical Accounting Policies and Estimates” in Part II, Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company licenses its intellectual property under right to use licenses, in which royalties due to the Company are generally based upon a percentage of the licensee’s sales. For these licensing transactions, the Company utilizes the exception under the revenue recognition guidance for the recognition of sales- or usage-based royalties, in which the royalties are not recognized until the later of when 1) the customer’s subsequent sales or usages occur, or 2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied or partially satisfied. In certain right to use licenses where payment is not based on sales-or-usage-based royalties, the Company estimates consideration it expects to be entitled to considering minimum expected payments and potential price concessions. Revenue for these licenses is recognized in an amount that is probable that a significant reversal in the cumulative amount of revenue recognized would not occur. In certain right-to-use license arrangements, the Company recognizes revenue upon receipt of payment, consistent with the alternative revenue recognition model prescribed by Accounting Standards Codification 606, Revenue from Contracts with Customers. This policy is re-evaluated periodically based on the facts and circumstances of each licensee.

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Vicor Corporation

September 30, 2026

Item 3 — Quantitative and Qualitative Disclosures About Market Risk

We are exposed to a variety of market risks in the ordinary course of our business, including changes in interest rates affecting the return on our cash and cash equivalents, our short-term investments and fluctuations in foreign currency exchange rates. As our cash and cash equivalents and short-term investments consist principally of cash accounts, money market securities, and U.S. Treasury securities, which are short-term in nature, we believe our exposure to market risk on interest rate fluctuations for these investments is not significant.

Our exposure to market risk for fluctuations in foreign currency exchange rates relates to the operations of VJCL, for which the functional currency is the Japanese Yen, and changes in the relative value of the Yen to the U.S. Dollar. The functional currency of all other subsidiaries in Europe and Asia is the U.S. Dollar. While we believe the risk of fluctuations in foreign currency exchange rates for these subsidiaries is generally not significant, they can be subject to substantial currency changes, and therefore foreign exchange exposures. These gains or losses are recorded in “Accumulated other comprehensive income (loss)”, a component of Stockholders' Equity.

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Vicor Corporation

September 30, 2026

Item 4 — Controls and Procedures

(a)

Disclosure regarding controls and procedures.

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), management, with the participation of our Chief Executive Officer (“CEO”) (who is our principal executive officer) and Chief Financial Officer (“CFO”) (who is our principal financial officer), conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure information required to be disclosed by a company in the reports it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2026, our CEO and CFO concluded, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Accordingly, management, including the CEO and CFO, recognizes our disclosure controls or our internal control over financial reporting may not prevent or detect all errors and all fraud. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any control’s effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

(b)

Changes in internal control over financial reporting.

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Vicor Corporation

Part II – Other Information

September 30, 2026

Item 1 — Legal Proceedings

We are involved in various claims and legal proceedings of a nature considered ordinary course in our business, including those described under Note 11. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 – “Financial Statements.”

Item 1A — Risk Factors

There have been no material changes in the risk factors and uncertainties related to our business described in Part I, Item 1A – “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Third Quarter 2026		Total Number of Shares Purchased			Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
July 1 - 31, 2026			—			$	—				—			$	64,327,067
August 1 - 24, 2026			—			$	—				—			$	64,327,067
August 25 - 31, 2026			—			$	—				—			$	150,000,000
September 1 - 30, 2026			—			$	—				—			$	150,000,000
Total			—			$	—				—			$	150,000,000

Item 5 — Other Information

Except as set forth below, during the three months ended September 30, 2026, no director or Section 16 officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

On July 23, 2026, Andrew T. D’Amico, Director of the Company, adopted a Rule 10b5-1 trading arrangement providing for the sale, pursuant to the terms of the arrangement, of an aggregate of up to 33,562 shares of the Company’s common stock. Mr. D’Amico’s trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of Mr. D’Amico’s trading arrangement is estimated to be from October 22, 2026 until December 31, 2028.

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Item 6 — Exhibits

\n	\n	\n
Exhibit Number		Description
3.1		Restated Certificate of Incorporation, dated February 28, 1990 (1)

3.2		Certificate of Ownership and Merger Merging Westcor Corporation, a Delaware Corporation, into Vicor Corporation, a Delaware corporation, dated December 3, 1990 (1)

3.3		Certificate of Amendment of Restated Certificate of Incorporation, dated May 10, 1991 (1)

3.4		Certificate of Amendment of Restated Certificate of Incorporation, dated June 23, 1992 (1)

3.5		Bylaws, as amended (2)

31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act.

31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act.

32.1**		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

		(1) Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 29, 2001 (File No. 000-18277) and incorporated herein by reference.

		(2) Filed as an exhibit to the Company’s Current Report on Form 8-K filed on September 10, 2026 (File No. 000-18277) and incorporated herein by reference.

* Filed herewith.

** The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

\n	\n	\n	\n	\n
		VICOR CORPORATION

Date: October 26, 2026		By:		/s/ Patrizio Vinciarelli
				Patrizio Vinciarelli
				Chairman of the Board, President and
				Chief Executive Officer
				(Principal Executive Officer)

Date: October 26, 2026		By:		/s/ James F. Schmidt
				James F. Schmidt
				Vice President, Chief Financial Officer
				(Principal Financial Officer)

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