Vicor (VICR) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	VICOR CORPORATION
Entity Central Index Key	0000751978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	VICR
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
Securities Act File Number	0-18277
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2742817
Entity Address, Address Line One	25 Frontage Road
Entity Address, City or Town	Andover
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	470-2900
Security Exchange Name	NASDAQ
Entity Address, State or Province	MA
Title of 12(b) Security	Common Stock
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,513,278
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,743,218

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 203,829	$ 190,611
Accounts receivable, net	63,818	65,429
Inventories	106,606	101,410
Other current assets	4,533	5,154
Total current assets	378,786	362,604
Long-term deferred tax assets, net	343	280
Long-term investment, net	2,591	2,622
Property, plant and equipment, net	169,401	166,009
Other assets	9,540	5,386
Total assets	560,661	536,901
Current liabilities:
Accounts payable	15,325	22,207
Accrued compensation and benefits	12,103	10,849
Accrued litigation	6,500	6,500
Accrued expenses	4,284	8,613
Short-term lease liabilities	1,749	1,450
Sales allowances	2,571	1,661
Income taxes payable	824	72
Short-term deferred revenue and customer prepayments	6,620	13,197
Total current liabilities	49,976	64,549
Long-term deferred revenue	1,761	145
Long-term income taxes payable	875	862
Long-term lease liabilities	7,030	7,009
Total liabilities	59,642	72,565
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	368,914	360,365
Retained earnings	271,424	243,079
Accumulated other comprehensive loss	(1,195)	(988)
Treasury stock at cost: 11,634,806 shares in 2023 and 2022	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	500,777	464,088
Noncontrolling interest	242	248
Total equity	501,019	464,336
Total liabilities and equity	560,661	536,901
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 443	$ 441

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 Vote $ / shares shares
Treasury stock, shares	11,634,806	11,634,806
Class B Common Stock [Member]
Common Stock, votes per share | Vote	10	10
Common Stock, par value | $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	14,000,000	14,000,000
Common Stock, shares issued	11,743,218	11,743,218
Common Stock, shares outstanding	11,743,218	11,743,218
Common Stock [Member]
Common Stock, votes per share | Vote	1	1
Common Stock, par value | $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	62,000,000	62,000,000
Common Stock, shares issued	44,142,595	43,976,336
Common Stock, shares outstanding	32,507,789	32,341,530

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net revenues		$ 106,747	$ 102,186	$ 204,563	$ 190,468
Cost of revenues		51,574	55,337	102,856	106,018
Gross margin		55,173	46,849	101,707	84,450
Operating expenses:
Selling, general and administrative		20,375	20,035	40,598	38,603
Research and development		16,935	15,516	32,804	29,769
Total operating expenses		37,310	35,551	73,402	68,372
Income from operations		17,863	11,298	28,305	16,078
Other income (expense), net:
Total unrealized (losses) gains on available-for-sale securities, net		(40)	16	(31)	(87)
Less: portion of losses (gains) recognized in other comprehensive income		40	(15)	31	89
Net credit gains recognized in earnings		0	1	0	2
Other income, net		1,776	83	3,726	244
Total other income, net		1,776	84	3,726	246
Income before income taxes		19,639	11,382	32,031	16,324
Provision for income taxes		2,537	802	3,678	754
Consolidated net income		17,102	10,580	28,353	15,570
Less: Net income (loss) attributable to noncontrolling interest		1	(13)	8	(22)
Net income attributable to Vicor Corporation		$ 17,101	$ 10,593	$ 28,345	$ 15,592
Net income per common share attributable to Vicor Corporation:
Basic		$ 0.39	$ 0.24	$ 0.64	$ 0.35
Diluted		$ 0.38	$ 0.24	$ 0.63	$ 0.35
Shares used to compute net income per common share attributable to Vicor Corporation:
Basic	[1]	44,230	43,973	44,196	43,963
Diluted		44,906	44,866	44,907	44,910
[1] Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Consolidated net income		$ 17,102	$ 10,580	$ 28,353	$ 15,570
Foreign currency translation losses, net of tax	[1]	(175)	(385)	(190)	(579)
Unrealized loss on available-for-sale securities, net of tax	[1]	(40)	(66)	(31)	(382)
Other comprehensive loss		(215)	(451)	(221)	(961)
Consolidated comprehensive income		16,887	10,129	28,132	14,609
Less: Comprehensive loss attributable to noncontrolling interest		(12)	(42)	(6)	(65)
Comprehensive income attributable to Vicor Corporation		$ 16,899	$ 10,171	$ 28,138	$ 14,674
[1] The deferred tax assets associated with foreign currency translation losses and unrealized loss on available-for-sale securities are completely offset by a tax valuation allowance as of June 30, 2023 and 2022. Therefore, there is no income tax benefit (provision) recognized for the three and six months ended June 30, 2023 and 2022.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Consolidated net income	$ 28,353	$ 15,570
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	8,648	6,665
Stock-based compensation expense	5,829	4,616
Increase (decrease) in long-term deferred revenue	1,616	(143)
(Decrease) increase in other assets	(103)	133
Provision for doubtful accounts	43	0
Increase in long-term income taxes payable	13	8
Deferred income taxes	(63)	(58)
Credit gain on available-for-sale securities	0	(2)
Change in current assets and liabilities, net	(15,183)	(11,381)
Net cash provided by operating activities	29,153	15,408
Investing activities:
Sales or maturities of short-term investments	0	25,000
Additions to property, plant and equipment	(18,627)	(36,878)
Net cash used for investing activities	(18,627)	(11,878)
Financing activities:
Proceeds from employee stock plans	2,722	1,974
Net cash provided by financing activities	2,722	1,974
Effect of foreign exchange rates on cash	(30)	(245)
Net increase in cash and cash equivalents	13,218	5,259
Cash and cash equivalents at beginning of period	190,611	182,418
Cash and cash equivalents at end of period	$ 203,829	$ 187,677

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total Vicor Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Class B Common Stock [Member] Common Stock [Member]
Beginning Balance at Dec. 31, 2021	$ 423,905	$ 439	$ 345,664	$ 217,633	$ (1,328)	$ (138,927)	$ 423,599	$ 306	$ 118
Issuance of Common Stock under employee stock plans	1,974	1	1,973				1,974
Stock-based compensation expense	4,616		4,616				4,616
Components of comprehensive income (loss), net of tax:
Net income (loss)	15,570			15,592			15,592	(22)
Other comprehensive loss	(961)				(918)		(918)	(43)
Total comprehensive income (loss)	14,609						14,674	(65)
Ending Balance at Jun. 30, 2022	445,104	440	352,253	233,225	(2,246)	(138,927)	444,863	241	118
Beginning Balance at Mar. 31, 2022	432,189	440	349,467	222,632	(1,824)	(138,927)	431,906	283	118
Issuance of Common Stock under employee stock plans	164		164				164
Stock-based compensation expense	2,622		2,622				2,622
Components of comprehensive income (loss), net of tax:
Net income (loss)	10,580			10,593			10,593	(13)
Other comprehensive loss	(451)				(422)		(422)	(29)
Total comprehensive income (loss)	10,129						10,171	(42)
Ending Balance at Jun. 30, 2022	445,104	440	352,253	233,225	(2,246)	(138,927)	444,863	241	118
Beginning Balance at Dec. 31, 2022	464,336	441	360,365	243,079	(988)	(138,927)	464,088	248	118
Issuance of Common Stock under employee stock plans	2,722	2	2,720				2,722
Stock-based compensation expense	5,829		5,829				5,829
Components of comprehensive income (loss), net of tax:
Net income (loss)	28,353			28,345			28,345	8
Other comprehensive loss	(221)				(207)		(207)	(14)
Total comprehensive income (loss)	28,132						28,138	(6)
Ending Balance at Jun. 30, 2023	501,019	443	368,914	271,424	(1,195)	(138,927)	500,777	242	118
Beginning Balance at Mar. 31, 2023	480,659	442	365,442	254,323	(993)	(138,927)	480,405	254	118
Issuance of Common Stock under employee stock plans	461	1	460				461
Stock-based compensation expense	3,012		3,012				3,012
Components of comprehensive income (loss), net of tax:
Net income (loss)	17,102			17,101			17,101	1
Other comprehensive loss	(215)				(202)		(202)	(13)
Total comprehensive income (loss)	16,887						16,899	(12)
Ending Balance at Jun. 30, 2023	$ 501,019	$ 443	$ 368,914	$ 271,424	$ (1,195)	$ (138,927)	$ 500,777	$ 242	$ 118

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,101	$ 10,593	$ 28,345	$ 15,592

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2023. The balance sheet at December 31, 2022 presented herein has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed by the Company with the SEC on February 28, 2023.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories were as follows (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 85,404 $ 82,181 Work-in-process 11,257 10,456 Finished goods 9,945 8,773 $ 106,606 $ 101,410

Long-Term Investments

Long-Term Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Long-Term Investments	3. Long-Term Investments As of June 30, 2023 and December 31, 2022, the Company held one auction rate security with a par value of $ 3,000,000 and an estimated fair value of approximately $ 2,591,000 and $ 2,622,000 , respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through June 30, 2023, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months . As a result, the Company continued to classify the Failed Auction Security as long-term as of June 30, 2023. Details of our investments are as follows (in thousands): June 30, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale debt securities: Money market funds $ 146,425 $ — Failed Auction Security — 2,591 Total 146,425 2,591 Other measurement basis: Cash on hand 57,404 — Total $ 203,829 $ 2,591 December 31, 2022 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale debt securities: Money market funds $ 143,274 $ — Failed Auction Security — 2,622 Total 143,274 2,622 Other measurement basis: Cash on hand 47,337 — Total $ 190,611 $ 2,622 The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair June 30, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 409 $ 2,591 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Failed Auction Security $ 3,000 — 378 $ 2,622 As of June 30, 2023, the Failed Auction Security had been in an unrealized loss position for greater than 12 months. The amortized cost and estimated fair value of the available-for-sale securities on June 30, 2023, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in twenty years $ 3,000 $ 2,591

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements. Assets and liabilities measured at fair value on a recurring basis included the following as of June 30, 2023 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) June 30, 2023 Cash equivalents: Money market funds $ 146,425 $ — $ — $ 146,425 Long-term investment: Failed Auction Security — — 2,591 2,591 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622 The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the six months ended June 30, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Loss included in Other comprehensive income ( 31 ) Balance at the end of the period $ 2,591 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of June 30, 2023.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	5. Revenues The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended June 30, 2023 Brick Products Advanced Products Total United States $ 18,229 $ 15,827 $ 34,056 Europe 6,955 6,034 12,989 Asia Pacific 13,127 45,619 58,746 All other 923 33 956 $ 39,234 $ 67,513 $ 106,747 Six Months Ended June 30, 2023 Brick Products Advanced Products Total United States $ 39,485 $ 29,537 $ 69,022 Europe 14,501 10,061 24,562 Asia Pacific 29,974 79,063 109,037 All other 1,799 143 1,942 $ 85,759 $ 118,804 $ 204,563 Three Months Ended June 30, 2022 Brick Products Advanced Products Total United States $ 18,668 $ 12,782 $ 31,450 Europe 5,041 2,229 7,270 Asia Pacific 9,846 52,550 62,396 All other 968 102 1,070 $ 34,523 $ 67,663 $ 102,186 Six Months Ended June 30, 2022 Brick Products Advanced Products Total United States $ 32,729 $ 23,408 $ 56,137 Europe 12,083 4,997 17,080 Asia Pacific 23,367 92,045 115,412 All other 1,701 138 1,839 $ 69,880 $ 120,588 $ 190,468 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended June 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 24,435 $ 55,556 $ 79,991 Stocking distributors, net of sales allowances 14,338 6,345 20,683 Non-recurring engineering 461 2,796 3,257 Royalties — 2,456 2,456 Other — 360 360 $ 39,234 $ 67,513 $ 106,747 Six Months Ended June 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 54,921 $ 97,569 $ 152,490 Stocking distributors, net of sales allowances 30,075 11,397 41,472 Non-recurring engineering 763 4,924 5,687 Royalties — 4,476 4,476 Other — 438 438 $ 85,759 $ 118,804 $ 204,563 Three Months Ended June 30, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 23,566 $ 61,979 $ 85,545 Stocking distributors, net of sales allowances 10,908 3,102 14,010 Non-recurring engineering 49 1,908 1,957 Royalties — 656 656 Other — 18 18 $ 34,523 $ 67,663 $ 102,186 Six Months Ended June 30, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 47,967 $ 109,450 $ 157,417 Stocking distributors, net of sales allowances 21,672 6,846 28,518 Non-recurring engineering 241 3,294 3,535 Royalties — 962 962 Other — 36 36 $ 69,880 $ 120,588 $ 190,468 The following table presents the changes in certain contract assets and (liabilities) (in thousands): June 30, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ ( 6,620 ) $ ( 13,197 ) $ 6,577 Long-term deferred revenue ( 1,761 ) ( 145 ) $ ( 1,616 ) Deferred expenses 30 577 $ ( 547 ) Sales allowances ( 2,571 ) ( 1,661 ) $ ( 910 ) Deferred expenses are included in Other current assets in the accompanying Condensed Consolidated Balance Sheets. The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. The Company recognized revenue of approximately $ 2,236,000 and $ 3,845,000 for the three and six months ended June 30, 2023, respectively, and $ 1,136,000 and $ 931,000 for the three and six months ended June 30, 2022 that was included in deferred revenue at the beginning of the respective period.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. Stock-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of revenues $ 570 $ 431 $ 1,056 $ 682 Selling, general and administrative 1,626 1,440 3,146 2,647 Research and development 816 751 1,627 1,287 Total stock-based compensation $ 3,012 $ 2,622 $ 5,829 $ 4,616 Compensation expense by type of award was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock options $ 2,701 $ 2,351 $ 5,197 $ 4,110 ESPP 311 271 632 506 Total stock-based compensation $ 3,012 $ 2,622 $ 5,829 $ 4,616

Rental Income

Rental Income	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Rental Income	7. Rental Income Income, net under the Company’s operating lease agreement, for its owned facility leased to a third party in California, was approximately $ 198,000 for each of the three month periods ended June 30, 2023 and 2022 and $ 396,000 for each of the six month periods ended June 30, 2023 and 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The provision for income taxes is based on the estimated annual effective tax rate for the year, which includes estimated federal, state and foreign income taxes on the Company’s projected pre-tax income. The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Provision for income taxes $ 2,537 $ 802 $ 3,678 $ 754 Effective income tax rate 12.9 % 7.0 % 11.5 % 4.6 % The effective tax rates were lower than the statutory tax rates for the three and six months ended June 30, 2023 and 2022 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision for income taxes for the three and six months ended June 30, 2023 and 2022 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes. As of June 30, 2023, the Company has a valuation allowance of approximately $ 47,413,000 against all net domestic deferred tax assets for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. Despite recent positive operating results, the Company faces uncertainties in forecasting its operating results due to supply and factory capacity constraints, certain process issues with the production of Advanced Products and the unpredictability in certain markets. This operating uncertainty also makes it difficult to predict the availability and utilization of tax benefits over the next several years. As a result, management has concluded, as of June 30, 2023, it is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets is still warranted as of June 30, 2023. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive operating results continue, and the Company’s concerns about industry uncertainty and world events, supply and factory capacity constraints, and process issues with the production of Advanced Products are resolved, and the amount of tax benefits the Company is able to utilize to the point that the Company believes future taxable income can be more reliably forecasted, the Company may release all or a portion of the valuation allowance in the near-term. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Condensed Consolidated Statements of Operations, the effect of which would be an increase in reported net income. The Company was informed in September 2021 by the Internal Revenue Service of their intention to examine the Company’s 2019 Federal income tax return. The IRS is in the process of closing examination of the 2019 tax year with no material adjustments. There are no other audits or examinations in process in any other jurisdiction.

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income per Share	9. Net Income per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Vicor Corporation $ 17,101 $ 10,593 $ 28,345 $ 15,592 Denominator: Denominator for basic net income per share-weighted 44,230 43,973 44,196 43,963 Effect of dilutive securities: Employee stock options (2) 676 893 711 947 Denominator for diluted net income per share – adjusted 44,906 44,866 44,907 44,910 Basic net income per share $ 0.39 $ 0.24 $ 0.64 $ 0.35 Diluted net income per share $ 0.38 $ 0.24 $ 0.63 $ 0.35 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 1,574,000 and 1,307,000 shares of Common Stock for the three and six months ended June 30, 2023, respectively, and options to purchase 898,640 and 658,014 shares of Common Stock for the three and six months ended June 30, 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies At June 30, 2023, the Company had approximately $ 16,768,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing equipment, and approximately $ 1,883,000 of capital expenditure items which had been received and included in Property, plant and equipment in the accompanying Condensed Consolidated Balance Sheets, but not yet paid for. The Company is the defendant in a patent infringement lawsuit originally filed on January 28, 2011 by SynQor, Inc. (“SynQor”) in the U.S. District Court (the “District Court”) for the Eastern District of Texas. The complaint, as amended, alleged that the Company’s unregulated bus converters used in intermediate bus architecture power supply systems infringed SynQor’s U.S. patent numbers 7,072,190, 7,272,021, 7,564,702, and 8,023,290 (“the ‘190 patent”, “the ‘021 patent”, “the ‘702 patent”, and “the ‘290 patent”, respectively, and collectively the “SynQor Patents”). The Company asserted counterclaims against SynQor alleging unfair competition and tortious interference with business relations (the “Counterclaims”). As a result of certain actions by the United States Patent and Trademark Office (“USPTO”) and the District Court, SynQor’s infringement allegations regarding the ‘021 patent and the ‘290 patent were dismissed from the case prior to the beginning of trial. Specifically, the USPTO invalidated all the asserted claims of the ‘021 patent and that decision was upheld on appeal on August 30, 2017. In addition, on October 5, 2022, the District Court issued an order involuntarily dismissing the ‘290 patent infringement allegations on grounds of equitable and judicial estoppel, in view of representations by SynQor to the District Court agreeing to such dismissal as a condition of lifting a prior stay of the lawsuit. On January 18, 2023, the United States Court of Appeals for the Federal Circuit issued a decision upholding a decision of the Patent Trial and Appeal Board of the USPTO invalidating all claims of the ‘290 patent. A trial in the District Court began on October 17, 2022 on the asserted claims of the ‘190 patent and the ‘702 patent, as well as on the Company’s Counterclaims. The District Court dismissed the Company’s Counterclaims on October 25, 2022. On October 26, 2022, the jury returned a verdict on SynQor’s patent infringement claims, finding that the Company willfully infringed the ‘702 patent, but did not infringe the ‘190 patent. The jury awarded SynQor damages in the amount of $ 6,500,000 for infringement of the ‘702 patent. All of the SynQor Patents expired in 2018. On December 23, 2022, SynQor filed in the District Court (a) a motion for judgment as a matter of law that the Company infringed the ‘190 patent, (b) a motion requesting the District Court to award SynQor treble damages, as well as pre- and post-judgment interest, (c) a motion requesting the District Court to award SynQor its attorneys’ fees, and (d) a motion for a new trial. On December 23, 2022, the Company filed in the District Court (a) a motion requesting judgment as a matter of law that it did not infringe the ‘702 patent, and (b) a motion requesting judgment with respect to its defenses of equitable estoppel and waiver. The Court has not yet acted on any of these motions. To the extent that the District Court ultimately rules against the Company with respect to any of the aforementioned motions, the Company anticipates appealing those rulings to the United States Court of Appeals for the Federal Circuit. The Company similarly anticipates appealing the District Court’s order dismissing the Company’s Counterclaims against SynQor. In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $ 6,500,000 in the third quarter of 2022 as its estimate based on the jury award, using estimated outcomes ranging from $ 0 to treble damages plus attorney fees. In addition, the Company is involved in certain other litigation and claims incidental to the conduct of its business, both as a defendant and a plaintiff. While the outcome of such other lawsuits and claims against the Company cannot be predicted with certainty, management does not expect such litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Impact of Recently Issued Accou

Impact of Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	11. Impact of Recently Issued Accounting Standards New pronouncements issued but not effective until after June 30, 2023 are not expected to have a material impact on the Company’s consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 85,404 $ 82,181 Work-in-process 11,257 10,456 Finished goods 9,945 8,773 $ 106,606 $ 101,410

Long-Term Investments (Tables)

Long-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Investment	Details of our investments are as follows (in thousands): June 30, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale debt securities: Money market funds $ 146,425 $ — Failed Auction Security — 2,591 Total 146,425 2,591 Other measurement basis: Cash on hand 57,404 — Total $ 203,829 $ 2,591 December 31, 2022 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale debt securities: Money market funds $ 143,274 $ — Failed Auction Security — 2,622 Total 143,274 2,622 Other measurement basis: Cash on hand 47,337 — Total $ 190,611 $ 2,622
Summary of Available-for-Sale Securities	The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair June 30, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 409 $ 2,591 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Failed Auction Security $ 3,000 — 378 $ 2,622
Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities	The amortized cost and estimated fair value of the available-for-sale securities on June 30, 2023, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in twenty years $ 3,000 $ 2,591

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis included the following as of June 30, 2023 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) June 30, 2023 Cash equivalents: Money market funds $ 146,425 $ — $ — $ 146,425 Long-term investment: Failed Auction Security — — 2,591 2,591 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs	The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the six months ended June 30, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Loss included in Other comprehensive income ( 31 ) Balance at the end of the period $ 2,591

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Based On Geography Location	The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended June 30, 2023 Brick Products Advanced Products Total United States $ 18,229 $ 15,827 $ 34,056 Europe 6,955 6,034 12,989 Asia Pacific 13,127 45,619 58,746 All other 923 33 956 $ 39,234 $ 67,513 $ 106,747 Six Months Ended June 30, 2023 Brick Products Advanced Products Total United States $ 39,485 $ 29,537 $ 69,022 Europe 14,501 10,061 24,562 Asia Pacific 29,974 79,063 109,037 All other 1,799 143 1,942 $ 85,759 $ 118,804 $ 204,563 Three Months Ended June 30, 2022 Brick Products Advanced Products Total United States $ 18,668 $ 12,782 $ 31,450 Europe 5,041 2,229 7,270 Asia Pacific 9,846 52,550 62,396 All other 968 102 1,070 $ 34,523 $ 67,663 $ 102,186 Six Months Ended June 30, 2022 Brick Products Advanced Products Total United States $ 32,729 $ 23,408 $ 56,137 Europe 12,083 4,997 17,080 Asia Pacific 23,367 92,045 115,412 All other 1,701 138 1,839 $ 69,880 $ 120,588 $ 190,468
Summary of Net Revenues Disaggregated by Geography	The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended June 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 24,435 $ 55,556 $ 79,991 Stocking distributors, net of sales allowances 14,338 6,345 20,683 Non-recurring engineering 461 2,796 3,257 Royalties — 2,456 2,456 Other — 360 360 $ 39,234 $ 67,513 $ 106,747 Six Months Ended June 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 54,921 $ 97,569 $ 152,490 Stocking distributors, net of sales allowances 30,075 11,397 41,472 Non-recurring engineering 763 4,924 5,687 Royalties — 4,476 4,476 Other — 438 438 $ 85,759 $ 118,804 $ 204,563 Three Months Ended June 30, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 23,566 $ 61,979 $ 85,545 Stocking distributors, net of sales allowances 10,908 3,102 14,010 Non-recurring engineering 49 1,908 1,957 Royalties — 656 656 Other — 18 18 $ 34,523 $ 67,663 $ 102,186 Six Months Ended June 30, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 47,967 $ 109,450 $ 157,417 Stocking distributors, net of sales allowances 21,672 6,846 28,518 Non-recurring engineering 241 3,294 3,535 Royalties — 962 962 Other — 36 36 $ 69,880 $ 120,588 $ 190,468
Summary of Changes in Contract Assets And Liabilities	The following table presents the changes in certain contract assets and (liabilities) (in thousands): June 30, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ ( 6,620 ) $ ( 13,197 ) $ 6,577 Long-term deferred revenue ( 1,761 ) ( 145 ) $ ( 1,616 ) Deferred expenses 30 577 $ ( 547 ) Sales allowances ( 2,571 ) ( 1,661 ) $ ( 910 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Cost of revenues $ 570 $ 431 $ 1,056 $ 682 Selling, general and administrative 1,626 1,440 3,146 2,647 Research and development 816 751 1,627 1,287 Total stock-based compensation $ 3,012 $ 2,622 $ 5,829 $ 4,616
Summary of Compensation Expenses by Type of Award	Compensation expense by type of award was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock options $ 2,701 $ 2,351 $ 5,197 $ 4,110 ESPP 311 271 632 506 Total stock-based compensation $ 3,012 $ 2,622 $ 5,829 $ 4,616

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for Income Taxes and Effective Income Tax Rates	The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Provision for income taxes $ 2,537 $ 802 $ 3,678 $ 754 Effective income tax rate 12.9 % 7.0 % 11.5 % 4.6 %

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Vicor Corporation $ 17,101 $ 10,593 $ 28,345 $ 15,592 Denominator: Denominator for basic net income per share-weighted 44,230 43,973 44,196 43,963 Effect of dilutive securities: Employee stock options (2) 676 893 711 947 Denominator for diluted net income per share – adjusted 44,906 44,866 44,907 44,910 Basic net income per share $ 0.39 $ 0.24 $ 0.64 $ 0.35 Diluted net income per share $ 0.38 $ 0.24 $ 0.63 $ 0.35 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 1,574,000 and 1,307,000 shares of Common Stock for the three and six months ended June 30, 2023, respectively, and options to purchase 898,640 and 658,014 shares of Common Stock for the three and six months ended June 30, 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 85,404	$ 82,181
Work-in-process	11,257	10,456
Finished goods	9,945	8,773
Net balance	$ 106,606	$ 101,410

Long-Term Investments - Additio

Long-Term Investments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Minimum period for which failed auction securities been in unrealized loss position	12 months
Failed Auction Security [Member]
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Amortized cost of securities	$ 3,000,000	$ 3,000,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,591,000	$ 2,622,000

Long-Term Investments - Summary

Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 203,829	$ 190,611
Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,591	2,622
Auction Rate Securities [Member] | Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,591	2,622
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	146,425	143,274
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,591	2,622
Estimate of Fair Value Measurement [Member] | Auction Rate Securities [Member] | Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,591	2,622
Estimate of Fair Value Measurement [Member] | Money market funds [Member] | Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	146,425	143,274
Portion at Other than Fair Value Measurement [Member] | Cash [Member] | Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 57,404	$ 47,337

Long-Term Investments - Summa_2

Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	409,000	378,000
Estimated Fair Value	$ 2,591,000	$ 2,622,000

Long-Term Investments - Amortiz

Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Due in twenty to forty years, Cost	$ 3,000
Due in twenty to forty years, Estimated Fair Value	$ 2,591

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Long-Term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,591	$ 2,622
Failed Auction Security [Member] | Other Long-Term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,591	2,622
Money market funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	146,425	143,274
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money market funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	146,425	143,274
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Failed Auction Security [Member] | Other Long-Term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,591	$ 2,622

Fair Value Measurements - Chang

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,622
Loss included in Other comprehensive income	(31)
Balance at the end of the period	$ 2,591

Revenues - Summary of Net Reven

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 106,747	$ 102,186	$ 204,563	$ 190,468
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	39,234	34,523	85,759	69,880
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	67,513	67,663	118,804	120,588
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	34,056	31,450	69,022	56,137
United States [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	18,229	18,668	39,485	32,729
United States [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,827	12,782	29,537	23,408
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,989	7,270	24,562	17,080
Europe [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,955	5,041	14,501	12,083
Europe [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,034	2,229	10,061	4,997
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	58,746	62,396	109,037	115,412
Asia Pacific [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,127	9,846	29,974	23,367
Asia Pacific [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	45,619	52,550	79,063	92,045
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	956	1,070	1,942	1,839
All Other [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	923	968	1,799	1,701
All Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 33	$ 102	$ 143	$ 138

Revenues - Summary of Net Rev_2

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 106,747	$ 102,186	$ 204,563	$ 190,468
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	39,234	34,523	85,759	69,880
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	67,513	67,663	118,804	120,588
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	79,991	85,545	152,490	157,417
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,435	23,566	54,921	47,967
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	55,556	61,979	97,569	109,450
Stocking distributors, net of sales allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	20,683	14,010	41,472	28,518
Stocking distributors, net of sales allowances [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,338	10,908	30,075	21,672
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,345	3,102	11,397	6,846
Non-recurring engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,257	1,957	5,687	3,535
Non-recurring engineering [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	461	49	763	241
Non-recurring engineering [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,796	1,908	4,924	3,294
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,456	656	4,476	962
Royalties [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,456	656	4,476	962
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	360	18	438	36
Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 360	$ 18	$ 438	$ 36

Revenues - Summary of Changes i

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (6,620)	$ (13,197)
Long-term deferred revenue	(1,761)	(145)
Deferred expenses	30	577
Sales allowances	(2,571)	$ (1,661)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	6,577
Long-term deferred revenue	(1,616)
Deferred expenses	(547)
Sales allowances	$ (910)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 2,236,000	$ 1,136,000	$ 3,845,000	$ 931,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,012	$ 2,622	$ 5,829	$ 4,616
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	570	431	1,056	682
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,626	1,440	3,146	2,647
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 816	$ 751	$ 1,627	$ 1,287

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,012	$ 2,622	$ 5,829	$ 4,616
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,701	2,351	5,197	4,110
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 311	$ 271	$ 632	$ 506

Rental Income - Additional info

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Lease income	$ 198,000	$ 198,000	$ 396,000	$ 396,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax assets	$ 47,413,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,537	$ 802	$ 3,678	$ 754
Effective income tax rate	12.90%	7%	11.50%	4.60%

Net Income per Share - Summary

Net Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to Vicor Corporation		$ 17,101	$ 10,593	$ 28,345	$ 15,592
Denominator:
Denominator for basic net income per share-weighted average shares	[1]	44,230	43,973	44,196	43,963
Effect of dilutive securities:
Employee stock options	[2]	676	893	711	947
Denominator for diluted net income per share - adjusted weighted-average shares and assumed conversions		44,906	44,866	44,907	44,910
Basic net income per share		$ 0.39	$ 0.24	$ 0.64	$ 0.35
Diluted net income per share		$ 0.38	$ 0.24	$ 0.63	$ 0.35
[1] Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. Options to purchase 1,574,000 and 1,307,000 shares of Common Stock for the three and six months ended June 30, 2023, respectively, and options to purchase 898,640 and 658,014 shares of Common Stock for the three and six months ended June 30, 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Net Income per Share - Summar_2

Net Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	1,574,000	898,640	1,307,000	658,014

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 16,768,000
Capital expenditures incurred but not yet paid	1,883,000
Litigation related accrual amount	6,500,000
Estimated outcomes amount	0
Infringement of 702 Patent [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 6,500,000