Vicor Corp (NASDAQ: VICR) shares are trading lower by around 15% after the company reported Q3 FY23 results.
Revenues rose 4.6% Y/Y to $107.8 million, beating the consensus of $106.6 million.
Backlog totaled $174.7 million, a decrease of 53.0% Y/Y.
CEO Patrizio Vinciarelli stated: “While Q3 bookings remained weak, I am pleased with progress made with our ChiP foundry and our 5G product line.”
Gross margin increased to $55.9 million from $47.0 million a year ago, with margins expanding to 51.8% from 45.5% the prior year.
Operating cash flow stood at $23.8 million in Q3 vs $6.6 million a year ago.
EPS of $0.37 exceeded the consensus of $0.31.
As of September 30, 2023, cash and cash equivalents came in at approximately $227.8 million.
Price Action: VICR shares are down 15.5% at $44.94 premarket on the last check Wednesday.
