$VICR can get paid on power modules somebody else manufactures. A licensed customer can source covered technology from outside suppliers. Vicor earns from its patents while those suppliers handle the manufacturing. September’s first non-exclusive Vertical Power Delivery license already had a substantial impact. Vicor raised Q3 revenue growth guidance to more than 30% QoQ, citing increased royalties. On Q2 revenue of $143.4M, that implies more than roughly $186.4M in Q3. Now think about additional licensees, broader use of the technology and renewals over time. Vicor could participate in a much larger manufacturing network than it operates itself. Earnings are tomorrow morning! Shall be exciting either way. I would really like to hear more about the repeatable royalty contribution. A growing stream of licensing income could let profits scale with far less factory investment than an equivalent increase in product sales. @joedab12 is the man to follow if you are interested in this company. Let's see what tomorrow brings and how much of the recent positive news the market is pricing in