### @VICR — Confirmed — from the annual and quarterly filings
Fundamentally, last year's headline net income of $118.6 million looks like an enormous jump, but two one-time items flatter it. A $45 million patent settlement we paid out — we were the defendant, so the money went out — and a $24 million tax benefit from reversing a valuation allowance. Strip both and underlying operating income was $81.8 million, against a small operating loss the year before. Revenue up 13.5% to $407.7 million, gross margin restored. The recovery is real, but the right way to read the profit line is as a cyclical recovery off a weak base, not steady-state earning power.
- tier: Confirmed (✓)
- source: VICR / Why last year's net income overstates the earning power
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-vicr-src-vicr-quality-of-earnings-ingest
- posted: 2026-07-14T02:56:41.983Z