Vicor (VICR) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 22, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		33,394,873
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,738,718

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 267,605	$ 242,219
Accounts receivable, net	58,525	52,631
Inventories	105,761	106,579
Other current assets	18,933	18,937
Total current assets	450,824	420,366
Long-term deferred tax assets, net	288	296
Long-term investment, net	2,640	2,530
Property, plant and equipment, net	158,779	157,689
Other assets	20,231	14,006
Total assets	632,762	594,887
Current liabilities:
Accounts payable	15,724	12,100
Accrued compensation and benefits	12,449	11,227
Accrued litigation	26,550	6,500
Accrued expenses	6,429	5,093
Short-term lease liabilities	1,739	1,864
Sales allowances	2,640	3,482
Income taxes payable	642	746
Short-term deferred revenue and customer prepayments	4,198	3,157
Total current liabilities	70,371	44,169
Long-term deferred revenue	0	1,020
Long-term income taxes payable	1,916	2,228
Long-term lease liabilities	5,605	6,364
Total liabilities	77,892	53,781
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	402,117	383,832
Retained earnings	292,557	296,674
Accumulated other comprehensive loss	(1,198)	(1,273)
Treasury stock at cost: 11,649,110 shares in 2024 and 11,634,806 shares in 2023	(139,424)	(138,927)
Total Vicor Corporation stockholders' equity	554,622	540,869
Noncontrolling interest	248	237
Total equity	554,870	541,106
Total liabilities and equity	632,762	594,887
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 452	$ 445

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2024 Vote $ / shares shares	Dec. 31, 2023 Vote $ / shares shares
Treasury stock, shares	11,649,110	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	11,738,718	11,743,218
Common Stock, shares outstanding	11,738,718	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	45,043,443	44,142,595
Common Stock, shares outstanding	33,394,333	32,507,789

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues		$ 93,166	$ 107,844	$ 262,892	$ 312,407
Cost of revenues		47,422	51,966	129,254	154,822
Gross margin		45,744	55,878	133,638	157,585
Operating expenses:
Selling, general and administrative		23,398	22,422	72,715	63,020
Research and development		16,960	17,752	51,938	50,556
Litigation-contingency expense		0	0	19,500	0
Total operating expenses		40,358	40,174	144,153	113,576
Income (loss) from operations		5,386	15,704	(10,515)	44,009
Other income (expense), net:
Total unrealized gains (losses) on available-for-sale securities, net		40	20	110	(11)
Less: portion of (gains) losses recognized in other comprehensive income		(40)	(20)	(110)	11
Net credit gains recognized in earnings		0	0	0	0
Other income (expense), net		3,713	1,917	9,244	5,643
Total other income (expense), net		3,713	1,917	9,244	5,643
Income (loss) before income taxes		9,099	17,621	(1,271)	49,652
Less: (Benefit) provision for income taxes		(2,455)	1,038	2,832	4,716
Consolidated net income (loss)		11,554	16,583	(4,103)	44,936
Less: Net income attributable to noncontrolling interest		2	1	14	9
Net income (loss) attributable to Vicor Corporation		$ 11,552	$ 16,582	$ (4,117)	$ 44,927
Net income (loss) per common share attributable to Vicor Corporation:
Basic		$ 0.26	$ 0.37	$ (0.09)	$ 1.01
Diluted		$ 0.26	$ 0.37	$ (0.09)	$ 1
Shares used to compute net income (loss) per common share attributable to Vicor Corporation:
Basic	[1]	45,117	44,433	44,829	44,275
Diluted		45,174	45,187	44,829	45,000
[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 (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)		$ 11,554	$ 16,583	$ (4,103)	$ 44,936
Foreign currency translation gains (losses), net of tax	[1]	373	(77)	(38)	(267)
Unrealized gains (losses) on available-for-sale securities, net of tax	[1]	40	20	110	(11)
Other comprehensive income (loss)		413	(57)	72	(278)
Consolidated comprehensive income (loss)		11,967	16,526	(4,031)	44,658
Less: Comprehensive income (loss) attributable to noncontrolling interest		30	(6)	11	(12)
Comprehensive income (loss) attributable to Vicor Corporation		$ 11,937	$ 16,532	$ (4,042)	$ 44,670
[1] The deferred tax assets associated with foreign currency translation losses and unrealized gains (losses) on available-for-sale securities are completely offset by a tax valuation allowance as of September 30, 2024 and 2023 . Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2024 and 2023 .

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Consolidated net income (loss)	$ (4,103)	$ 44,936
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:
Depreciation and amortization	14,016	13,202
Stock-based compensation expense	11,245	9,287
Provision for doubtful accounts	0	43
Litigation-contingency expense	19,500	0
(Decrease) increase in long-term deferred revenue	(1,020)	1,235
Decrease (increase) in other assets	788	(260)
Deferred income taxes	5	(61)
Decrease in long-term income taxes payable	(312)	(14)
Change in current assets and liabilities, net	606	(15,374)
Net cash provided by operating activities	40,725	52,994
Investing activities:
Additions to property, plant and equipment and internal-use software	(21,866)	(26,289)
Net cash used for investing activities	(21,866)	(26,289)
Financing activities:
Proceeds from employee stock plans	7,047	10,503
Repurchases of Common Stock	(497)
Net cash provided by financing activities	6,550	10,503
Effect of foreign exchange rates on cash	(23)	(35)
Net increase in cash and cash equivalents	25,386	37,173
Cash and cash equivalents at beginning of period	242,219	190,611
Cash and cash equivalents at end of period	267,605	227,784
Supplemental disclosure:
Purchases of property, plant and equipment and internal-use software incurred but not yet paid	$ 2,976	$ 2,364

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, 2022	$ 464,336	$ 441	$ 360,365	$ 243,079	$ (988)	$ (138,927)	$ 464,088	$ 248	$ 118
Issuance of Common Stock under employee stock plans	10,503	4	10,499				10,503
Stock-based compensation expense	9,287		9,287				9,287
Components of comprehensive (loss) income, net of tax:
Net income	44,936			44,927			44,927	9
Other comprehensive income (loss)	(278)				(257)		(257)	(21)
Consolidated comprehensive income (loss)	44,658						44,670	(12)
Ending Balance at Sep. 30, 2023	528,784	445	380,151	288,006	(1,245)	(138,927)	528,548	236	118
Beginning Balance at Jun. 30, 2023	501,019	443	368,914	271,424	(1,195)	(138,927)	500,777	242	118
Issuance of Common Stock under employee stock plans	7,781	2	7,779				7,781
Stock-based compensation expense	3,458		3,458				3,458
Components of comprehensive (loss) income, net of tax:
Net income	16,583			16,582			16,582	1
Other comprehensive income (loss)	(57)				(50)		(50)	(7)
Consolidated comprehensive income (loss)	16,526						16,532	(6)
Ending Balance at Sep. 30, 2023	528,784	445	380,151	288,006	(1,245)	(138,927)	528,548	236	118
Beginning Balance at Dec. 31, 2023	541,106	445	383,832	296,674	(1,273)	(138,927)	540,869	237	118
Issuance of Common Stock under employee stock plans	7,047	7	7,040				7,047
Stock-based compensation expense	11,245		11,245				11,245
Repurchases of common stock	(497)					(497)	(497)
Components of comprehensive (loss) income, net of tax:
Net income	(4,103)			(4,117)			(4,117)	14
Other comprehensive income (loss)	72				75		75	(3)
Consolidated comprehensive income (loss)	(4,031)						(4,042)	11
Ending Balance at Sep. 30, 2024	554,870	452	402,117	292,557	(1,198)	(139,424)	554,622	248	118
Beginning Balance at Jun. 30, 2024	537,457	451	396,175	281,005	(1,583)	(138,927)	537,239	218	118
Issuance of Common Stock under employee stock plans	1,909	1	1,908				1,909
Stock-based compensation expense	4,034		4,034				4,034
Repurchases of common stock	(497)					(497)	(497)
Components of comprehensive (loss) income, net of tax:
Net income	11,554			11,552			11,552	2
Other comprehensive income (loss)	413				385		385	28
Consolidated comprehensive income (loss)	11,967						11,937	30
Ending Balance at Sep. 30, 2024	$ 554,870	$ 452	$ 402,117	$ 292,557	$ (1,198)	$ (139,424)	$ 554,622	$ 248	$ 118

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 11,552	$ 16,582	$ (4,117)	$ 44,927

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
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
Andrew T.D Amico
Trading Arrangements, by Individual
Name	Andrew T. D’Amico
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Aggregate Available	39,769

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2024. The balance sheet at December 31, 2023 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, 2023 filed by the Company with the SEC on February 28, 2024.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories were as follows (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 77,930 $ 88,716 Work-in-process 17,906 10,525 Finished goods 9,925 7,338 $ 105,761 $ 106,579

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	3. Investments As of September 30, 2024 and December 31, 2023 , the Company held one auction rate security with a par value of $ 3,000,000 and an estimated fair value of approximately $ 2,640,000 and $ 2,530,000 , 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 September 30, 2024 , 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 September 30, 2024. Details of our investments are as follows (in thousands): September 30, 2024 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 230,421 $ — Failed Auction Security — 2,640 Total 230,421 2,640 Other measurement basis: Cash on hand 37,184 — Total $ 267,605 $ 2,640 December 31, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 209,489 $ — Failed Auction Security — 2,530 Total 209,489 2,530 Other measurement basis: Cash on hand 32,730 — Total $ 242,219 $ 2,530 The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair September 30, 2024 Cost Gains Losses Value Failed Auction Security $ 3,000 — 360 $ 2,640 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 470 $ 2,530 As of September 30, 2024 , 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 September 30, 2024, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in nineteen years $ 3,000 $ 2,640

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (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) September 30, 2024 Cash equivalents: Money market funds $ 230,421 $ — $ — $ 230,421 Long-term investment: Failed Auction Security — — 2,640 2,640 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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) December 31, 2023 Cash equivalents: Money market funds $ 209,489 $ — $ — $ 209,489 Long-term investment: Failed Auction Security — — 2,530 2,530 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 nine months ended September 30, 2024 was as follows (in thousands): Balance at the beginning of the period $ 2,530 Gain included in Other comprehensive loss 110 Balance at the end of the period $ 2,640 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of September 30, 2024 .

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 Brick Products Advanced Products Total United States $ 24,943 $ 22,579 $ 47,522 Europe 7,906 3,044 10,950 Asia Pacific 10,777 23,433 34,210 All other 138 346 484 $ 43,764 $ 49,402 $ 93,166 Nine Months Ended September 30, 2024 Brick Products Advanced Products Total United States $ 71,348 $ 72,996 $ 144,344 Europe 21,322 10,474 31,796 Asia Pacific 30,265 55,087 85,352 All other 907 493 1,400 $ 123,842 $ 139,050 $ 262,892 Three Months Ended September 30, 2023 Brick Products Advanced Products Total United States $ 21,279 $ 18,889 $ 40,168 Europe 10,392 5,808 16,200 Asia Pacific 17,024 33,623 50,647 All other 737 92 829 $ 49,432 $ 58,412 $ 107,844 Nine Months Ended September 30, 2023 Brick Products Advanced Products Total United States $ 60,764 $ 48,426 $ 109,190 Europe 24,893 15,869 40,762 Asia Pacific 46,998 112,686 159,684 All other 2,536 235 2,771 $ 135,191 $ 177,216 $ 312,407 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended September 30, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 25,854 $ 29,405 $ 55,259 Stocking distributors, net of sales allowances 17,724 6,367 24,091 Non-recurring engineering 186 ( 100 ) 86 Royalties — 13,370 13,370 Other — 360 360 $ 43,764 $ 49,402 $ 93,166 Nine Months Ended September 30, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 66,902 $ 78,758 $ 145,660 Stocking distributors, net of sales allowances 56,289 24,368 80,657 Non-recurring engineering 651 4,023 4,674 Royalties — 30,821 30,821 Other — 1,080 1,080 $ 123,842 $ 139,050 $ 262,892 Three Months Ended September 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 27,748 $ 37,384 $ 65,132 Stocking distributors, net of sales allowances 21,461 9,673 31,134 Non-recurring engineering 223 6,726 6,949 Royalties — 4,269 4,269 Other — 360 360 $ 49,432 $ 58,412 $ 107,844 Nine Months Ended September 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 82,669 $ 134,953 $ 217,622 Stocking distributors, net of sales allowances 51,536 21,070 72,606 Non-recurring engineering 986 11,650 12,636 Royalties — 8,745 8,745 Other — 798 798 $ 135,191 $ 177,216 $ 312,407 The following table presents the changes in certain contract liabilities (in thousands): September 30, 2024 December 31, 2023 Change Short-term deferred revenue and customer prepayments $ ( 4,198 ) $ ( 3,157 ) $ ( 1,041 ) Long-term deferred revenue — ( 1,020 ) 1,020 Sales allowances ( 2,640 ) ( 3,482 ) 842 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 $ 360,000 and $ 1,080,000 for the three and nine months ended September 30, 2024 , respectively, and $ 3,711,000 and $ 7,486,000 for the three and nine months ended September 30, 2023 that was included in deferred revenue at the beginning of the respective period.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cost of revenues $ 886 $ 693 $ 2,384 $ 1,749 Selling, general and administrative 2,036 1,788 5,712 4,934 Research and development 1,112 977 3,149 2,604 Total stock-based compensation $ 4,034 $ 3,458 $ 11,245 $ 9,287 Compensation expense by type of award was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options $ 3,783 $ 3,161 $ 10,416 $ 8,358 ESPP 251 297 829 929 Total stock-based compensation $ 4,034 $ 3,458 $ 11,245 $ 9,287

Rental Income

Rental Income	9 Months Ended
	Sep. 30, 2024
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 $ 284,000 and $ 198,000 for the three month periods ended September 30, 2024 and 2023 , respectively, and $ 708,000 and $ 594,000 for the nine month periods ended September 30, 2024 and 2023 , respectively. The initial term of the lease agreement expired on May 31, 2024 and was extended for an additional eighty-four (84) months, commencing June 1, 2024 and ending May 31, 2031.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The (benefit) provision for income taxes includes estimated federal, state and foreign income taxes. The (benefit) provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (Benefit) provision for income taxes $ ( 2,455 ) $ 1,038 $ 2,832 $ 4,716 Effective income tax rate ( 27.0 )% 5.9 % ( 222.8 )% 9.5 % For the three months ended September 30, 2024, the Company calculated the U.S. income tax provision using the discrete method as this was more appropriate given the facts and circumstances. The Company determined that the application of the estimated annual effective tax rate method generally required by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, Income Taxes, results in a disproportionate tax provision (benefit) for income taxes for the quarter relative to the expected provision for the full year. The effective tax rates differ from the statutory tax rates for the three and nine months ended September 30, 2024 and 2023 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The (benefit) provision for income taxes for the three and nine months ended September 30, 2024 and 2023 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes. The Company’s tax expense and rate for the three months and nine months ended September 30, 2024 continues to be negatively impacted by the capitalization of research and development expenses under Section 174 in the U.S., which given the Company’s close to breakeven performance, is having an outsized impact on the rate by effectively moving from a book loss to a taxable income position, which causes a significant tax expense. This is further compounded by the Company not recording a deferred tax benefit from temporary differences due to the full valuation allowance on domestic deferred tax assets. As of September 30, 2024 , the Company had a valuation allowance of approximately $ 52,291,000 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. 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 September 30, 2024, 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 September 30, 2024. 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 has closed 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 (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	9. Net Income (Loss) per Share The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Vicor Corporation $ 11,552 $ 16,582 $ ( 4,117 ) $ 44,927 Denominator: Denominator for basic net income (loss) per share-weighted 45,117 44,433 44,829 44,275 Effect of dilutive securities: Employee stock options (2) 57 754 — 725 Denominator for diluted net income (loss) per share – adjusted 45,174 45,187 44,829 45,000 Basic net income (loss) per share $ 0.26 $ 0.37 $ ( 0.09 ) $ 1.01 Diluted net income (loss) per share $ 0.26 $ 0.37 $ ( 0.09 ) $ 1.00 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 2,875,975 and 2,971,033 shares of Common Stock for the three and nine months ended September 30, 2024, respectively, were not included in the calculation of net income (loss) per share as the effect would have been antidilutive. Options to purchase 1,012,045 and 1,473,749 shares of Common Stock for the three and nine months ended September 30, 2023 , respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies At September 30, 2024 , the Company had approximately $ 14,073,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing equipment. As previously reported in its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, 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 for the Eastern District of Texas (the “District Court”). SynQor alleged that certain Vicor products infringed certain United States Patents owned by SynQor. On October 26, 2022, after a trial in the District Court, the jury returned a verdict finding that the Company willfully infringed one SynQor patent, and awarding SynQor damages in the amount of $ 6,500,000 . On May 20, 2024, the District Court issued an Amended Corrected Final Judgment, awarding SynQor actual damages of $ 6,500,000 , enhanced damages of $ 4,500,000 , costs in the amount of approximately $ 87,000 , attorney fees in the amount of $ 9,500,000 , and pre-judgment interest of approximately $ 5,400,000 , for a total judgment of approximately $ 26,000,000 . In addition, the District Court ordered that post-judgment interest would accrue at an amount of $ 2,323 per day starting on April 24, 2024 until the judgment is paid, compounded annually, and that additional post-judgment interest in the amount of $ 1,351 per day would accrue starting on May 20, 2024 until the judgment is paid, compounded annually. On May 22, 2024, the Company filed an appeal of the District Court’s judgment to the United States Court of Appeals for the Federal Circuit. That appeal remains pending. In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $ 6,500,000 in the third quarter of 2022 and incremental litigation related accruals of $ 17,200,000 in the first quarter of 2024 and $ 2,300,000 in the second quarter of 2024 when the Amended Corrected Final Judgment was issued, for a total of $ 26,000,000 , as its estimate based on the awarded judgments, including enhanced damages, pre-judgment interest, costs and attorney fees. The final determination of the litigation related accrual amount will be subject to appeal and could differ from the recorded liability. Consistent with the court order, post-judgment interest will accrue on the pre-judgment amount until paid and the Company has recorded post judgment interest of approximately $ 338,000 and $ 550,000 for the three and nine months ended September 30, 2024, respectively, within the Selling, general and administrative expenses on the Statement of Operations and the associated Accrued litigation account. On July 11, 2024, purported stockholders of the Company filed a putative class action lawsuit in the U.S. District Court for the Northern District of California against the Company and the Company’s Chief Executive Officer, President and Chairman. The plaintiffs allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), due to allegedly false and misleading statements during earnings calls in 2023 about the Company’s commercial relationship with an existing customer. The complaint seeks damages, interest and attorneys’ fees and costs. The plaintiffs were appointed lead plaintiffs on October 24, 2024. The Company believes the plaintiffs’ claims are without merit and intends to vigorously defend against the lawsuit. On July 25, 2024, a purported stockholder of the Company filed a putative class action lawsuit in the U.S. District Court for the District of Massachusetts against the Company; the Company’s Chief Executive Officer, President and Chairman; the Company’s Chief Financial Officer, Treasurer, Secretary and Director; and the Company’s Vice President of Global Sales and Marketing and Director. The plaintiffs alleged violations of Sections 10(b) and 20(a) of the Exchange Act, due to allegedly false and misleading statements during earnings calls in 2023 about the Company’s commercial relationship with an existing customer. The complaint sought damages, interest and attorneys' fees and costs. On September 24, 2024, the class action lawsuit in the U.S. District Court for the District of Massachusetts was voluntarily dismissed, without prejudice. 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	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	11. Impact of Recently Issued Accounting Standards On November 27, 2023, the FASB issued Accounting Standards (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods thereafter. Early adoption is permitted. The Company expects this ASU to impact disclosures with no impact to the Company’s consolidated financial results. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to impact disclosures with no impact to the Company’s consolidated financial statements. Other new pronouncements issued but not effective until after September 30, 2024 are not expected to have a material impact on the Company’s consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 77,930 $ 88,716 Work-in-process 17,906 10,525 Finished goods 9,925 7,338 $ 105,761 $ 106,579

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Investment	Details of our investments are as follows (in thousands): September 30, 2024 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 230,421 $ — Failed Auction Security — 2,640 Total 230,421 2,640 Other measurement basis: Cash on hand 37,184 — Total $ 267,605 $ 2,640 December 31, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 209,489 $ — Failed Auction Security — 2,530 Total 209,489 2,530 Other measurement basis: Cash on hand 32,730 — Total $ 242,219 $ 2,530
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 September 30, 2024 Cost Gains Losses Value Failed Auction Security $ 3,000 — 360 $ 2,640 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 470 $ 2,530
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 September 30, 2024, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in nineteen years $ 3,000 $ 2,640

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (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) September 30, 2024 Cash equivalents: Money market funds $ 230,421 $ — $ — $ 230,421 Long-term investment: Failed Auction Security — — 2,640 2,640 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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) December 31, 2023 Cash equivalents: Money market funds $ 209,489 $ — $ — $ 209,489 Long-term investment: Failed Auction Security — — 2,530 2,530
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 nine months ended September 30, 2024 was as follows (in thousands): Balance at the beginning of the period $ 2,530 Gain included in Other comprehensive loss 110 Balance at the end of the period $ 2,640

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 Brick Products Advanced Products Total United States $ 24,943 $ 22,579 $ 47,522 Europe 7,906 3,044 10,950 Asia Pacific 10,777 23,433 34,210 All other 138 346 484 $ 43,764 $ 49,402 $ 93,166 Nine Months Ended September 30, 2024 Brick Products Advanced Products Total United States $ 71,348 $ 72,996 $ 144,344 Europe 21,322 10,474 31,796 Asia Pacific 30,265 55,087 85,352 All other 907 493 1,400 $ 123,842 $ 139,050 $ 262,892 Three Months Ended September 30, 2023 Brick Products Advanced Products Total United States $ 21,279 $ 18,889 $ 40,168 Europe 10,392 5,808 16,200 Asia Pacific 17,024 33,623 50,647 All other 737 92 829 $ 49,432 $ 58,412 $ 107,844 Nine Months Ended September 30, 2023 Brick Products Advanced Products Total United States $ 60,764 $ 48,426 $ 109,190 Europe 24,893 15,869 40,762 Asia Pacific 46,998 112,686 159,684 All other 2,536 235 2,771 $ 135,191 $ 177,216 $ 312,407
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 September 30, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 25,854 $ 29,405 $ 55,259 Stocking distributors, net of sales allowances 17,724 6,367 24,091 Non-recurring engineering 186 ( 100 ) 86 Royalties — 13,370 13,370 Other — 360 360 $ 43,764 $ 49,402 $ 93,166 Nine Months Ended September 30, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 66,902 $ 78,758 $ 145,660 Stocking distributors, net of sales allowances 56,289 24,368 80,657 Non-recurring engineering 651 4,023 4,674 Royalties — 30,821 30,821 Other — 1,080 1,080 $ 123,842 $ 139,050 $ 262,892 Three Months Ended September 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 27,748 $ 37,384 $ 65,132 Stocking distributors, net of sales allowances 21,461 9,673 31,134 Non-recurring engineering 223 6,726 6,949 Royalties — 4,269 4,269 Other — 360 360 $ 49,432 $ 58,412 $ 107,844 Nine Months Ended September 30, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 82,669 $ 134,953 $ 217,622 Stocking distributors, net of sales allowances 51,536 21,070 72,606 Non-recurring engineering 986 11,650 12,636 Royalties — 8,745 8,745 Other — 798 798 $ 135,191 $ 177,216 $ 312,407
Summary of Changes in Contract Liabilities	The following table presents the changes in certain contract liabilities (in thousands): September 30, 2024 December 31, 2023 Change Short-term deferred revenue and customer prepayments $ ( 4,198 ) $ ( 3,157 ) $ ( 1,041 ) Long-term deferred revenue — ( 1,020 ) 1,020 Sales allowances ( 2,640 ) ( 3,482 ) 842

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cost of revenues $ 886 $ 693 $ 2,384 $ 1,749 Selling, general and administrative 2,036 1,788 5,712 4,934 Research and development 1,112 977 3,149 2,604 Total stock-based compensation $ 4,034 $ 3,458 $ 11,245 $ 9,287
Summary of Compensation Expenses by Type of Award	Compensation expense by type of award was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options $ 3,783 $ 3,161 $ 10,416 $ 8,358 ESPP 251 297 829 929 Total stock-based compensation $ 4,034 $ 3,458 $ 11,245 $ 9,287

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
(Benefit) Provision for Income Taxes and Effective Income Tax Rates	The (benefit) provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (Benefit) provision for income taxes $ ( 2,455 ) $ 1,038 $ 2,832 $ 4,716 Effective income tax rate ( 27.0 )% 5.9 % ( 222.8 )% 9.5 %

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Vicor Corporation $ 11,552 $ 16,582 $ ( 4,117 ) $ 44,927 Denominator: Denominator for basic net income (loss) per share-weighted 45,117 44,433 44,829 44,275 Effect of dilutive securities: Employee stock options (2) 57 754 — 725 Denominator for diluted net income (loss) per share – adjusted 45,174 45,187 44,829 45,000 Basic net income (loss) per share $ 0.26 $ 0.37 $ ( 0.09 ) $ 1.01 Diluted net income (loss) per share $ 0.26 $ 0.37 $ ( 0.09 ) $ 1.00 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 2,875,975 and 2,971,033 shares of Common Stock for the three and nine months ended September 30, 2024, respectively, were not included in the calculation of net income (loss) per share as the effect would have been antidilutive. Options to purchase 1,012,045 and 1,473,749 shares of Common Stock for the three and nine months ended September 30, 2023 , respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 77,930	$ 88,716
Work-in-process	17,906	10,525
Finished goods	9,925	7,338
Net balance	$ 105,761	$ 106,579

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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	$ 2,640,000	$ 2,530,000

Investments - Summary of Invest

Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 267,605	$ 242,219
Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,640	2,530
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	230,421	209,489
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,640	2,530
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	2,640	2,530
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	230,421	209,489
Portion at Other than Fair Value Measurement [Member] | Cash on hand [Member] | Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 37,184	$ 32,730

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	360,000	470,000
Estimated Fair Value	$ 2,640,000	$ 2,530,000

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands	Sep. 30, 2024 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	$ 2,640

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Failed Auction Security [Member] | Other Long-Term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,640	$ 2,530
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	230,421	209,489
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	230,421	209,489
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	$ 2,640	$ 2,530

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	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,530
Gain included in Other comprehensive loss	$ 110
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Balance at the end of the period	$ 2,640

Revenues - Summary of Net Reven

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 93,166	$ 107,844	$ 262,892	$ 312,407
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,764	49,432	123,842	135,191
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	49,402	58,412	139,050	177,216
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	47,522	40,168	144,344	109,190
United States [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,943	21,279	71,348	60,764
United States [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	22,579	18,889	72,996	48,426
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,950	16,200	31,796	40,762
Europe [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,906	10,392	21,322	24,893
Europe [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,044	5,808	10,474	15,869
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	34,210	50,647	85,352	159,684
Asia Pacific [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,777	17,024	30,265	46,998
Asia Pacific [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	23,433	33,623	55,087	112,686
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	484	829	1,400	2,771
All Other [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	138	737	907	2,536
All Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 346	$ 92	$ 493	$ 235

Revenues - Summary of Net Rev_2

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 93,166	$ 107,844	$ 262,892	$ 312,407
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,764	49,432	123,842	135,191
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	49,402	58,412	139,050	177,216
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	55,259	65,132	145,660	217,622
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	25,854	27,748	66,902	82,669
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,405	37,384	78,758	134,953
Stocking distributors, net of sales allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,091	31,134	80,657	72,606
Stocking distributors, net of sales allowances [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	17,724	21,461	56,289	51,536
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,367	9,673	24,368	21,070
Non-recurring engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	86	6,949	4,674	12,636
Non-recurring engineering [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	186	223	651	986
Non-recurring engineering [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	(100)	6,726	4,023	11,650
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,370	4,269	30,821	8,745
Royalties [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Royalties [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,370	4,269	30,821	8,745
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	360	360	1,080	798
Other [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 360	$ 360	$ 1,080	$ 798

Revenues - Summary of Changes i

Revenues - Summary of Changes in Certain Contract Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (4,198)	$ (3,157)
Long-term deferred revenue	0	(1,020)
Sales allowances	(2,640)	$ (3,482)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	(1,041)
Long-term deferred revenue	1,020
Sales allowances	$ 842

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 360,000	$ 3,711,000	$ 1,080,000	$ 7,486,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,034	$ 3,458	$ 11,245	$ 9,287
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	886	693	2,384	1,749
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,036	1,788	5,712	4,934
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,112	$ 977	$ 3,149	$ 2,604

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,034	$ 3,458	$ 11,245	$ 9,287
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	3,783	3,161	10,416	8,358
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 251	$ 297	$ 829	$ 929

Rental Income - Additional info

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease income	$ 284,000	$ 198,000	$ 708,000	$ 594,000
Lease agreement expiration date			May 31, 2024
Option to extend			The initial term of the lease agreement expired on May 31, 2024 and was extended for an additional eighty-four (84) months, commencing June 1, 2024 and ending May 31, 2031.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax assets	$ 52,291,000

Income Taxes - (Benefit) Provis

Income Taxes - (Benefit) Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Less: (Benefit) provision for income taxes	$ (2,455)	$ 1,038	$ 2,832	$ 4,716
Effective income tax rate	(27.00%)	5.90%	(222.80%)	9.50%

Net Income (Loss) per Share - S

Net Income (Loss) 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to Vicor Corporation		$ 11,552	$ 16,582	$ (4,117)	$ 44,927
Denominator:
Denominator for basic net income (loss) per share-weighted average shares	[1]	45,117	44,433	44,829	44,275
Effect of dilutive securities:
Employee stock options	[2]	57	754		725
Denominator for diluted net income (loss) per share - adjusted weighted-average shares and assumed conversions		45,174	45,187	44,829	45,000
Basic net income (loss) per share		$ 0.26	$ 0.37	$ (0.09)	$ 1.01
Diluted net income (loss) per share		$ 0.26	$ 0.37	$ (0.09)	$ 1
[1] Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. Options to purchase 2,875,975 and 2,971,033 shares of Common Stock for the three and nine months ended September 30, 2024, respectively, were not included in the calculation of net income (loss) per share as the effect would have been antidilutive. Options to purchase 1,012,045 and 1,473,749 shares of Common Stock for the three and nine months ended September 30, 2023 , respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	2,875,975	1,012,045	2,971,033	1,473,749

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended				9 Months Ended	24 Months Ended
	May 20, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2022	Sep. 30, 2024	Jun. 30, 2024	Apr. 24, 2024
Loss Contingencies [Line Items]
Capital expenditure commitments		$ 14,073,000				$ 14,073,000
Litigation related accrual amount			$ 2,300,000	$ 17,200,000	$ 6,500,000		$ 26,000,000
Selling, General and Administrative [Member]
Loss Contingencies [Line Items]
Litigation related accrual amount		$ 338,000				550,000
Infringement of SynQor Patent [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value						$ 6,500,000
Increase in loss contingency damages awarded value	$ 4,500,000
Post-judgment interest accrue	1,351							$ 2,323
Awarded cost amount	87,000
Loss Contingency, Damages Sought, Value	26,000,000
Litigation related accrual amount	5,400,000
Loss Contingency Accrual, Provision	$ 9,500,000