- VICR addresses AI’s “last-inch” power bottleneck with proprietary architecture that improves efficiency and density as racks approach 100,000 watts.
- Q3 revenue rose 78.5% to $197m, backlog 166% to $406m, and royalty revenue 119.1% to $66.6m; net income reached $63m and FCF $54m.
- The author expects over 20% annual revenue growth and FCF margins above 30%, supported by fivefold planned capacity and more than $500m net cash.
- At roughly $200, VICR trades near 28x estimated next-year earnings. Selling the $170 December 18 put for $11–$12 offers an effective sub-$160 entry at roughly 22x earnings, or 6.5% in 52 trading days if it expires worthless.
Investment pitches
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