Why Power Modules Manufacturer Vicor's Shares Are Plunging Today

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."

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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.