Data Center
Vertiv Q1: Inflection Point Muted by APAC, AI Factories Catalyst for 2026
Vertiv posted a double-beat in Q1 with organic revenue up 25% YoY. The primary key metric of backlog was up $1.6 billion YoY and up 10% since Q4. Perhaps most importantly, backlog of $7.9 billion up from $7.2 billion last quarter hints toward Vertiv reaching an inflection point as Q4 backlog had declined QoQ. The trailing twelve month (TTM) organic orders growth was up 20% YoY and up 21% sequentially from Q4. This is down from 30% YoY growth last quarter, yet the QoQ growth seems to also hint Vertiv could be ramping from here on supplying thermal management for AI systems. Book-to-bill ratio of 1.4X is another key metric that hints Vertiv is resuming AI orders as it indicates the company’s backlog is growing with more orders coming in.
Sign in to read the full article
Sign in with your I/O Fund account to check your plan access.
