US Market News
2月前
InTest Reports Strong First Quarter 2026 Revenue of $33.9 Million, EPS of $0.06 and Adjusted EPS (Non-GAAP) of $0.16May 5, 2026 6:15 AM
Business Wire Revenue grew 27.2% year-over-year driven by continued diversity and strength from all end markets Gross margin of 45.5%, reflecting higher volume and favorable product mix Orders1 of $31.8 million grew 25.4% year-over-year but declined sequentially following two consecutive quarters of record orders Net earnings of $0.8 million; Adjusted EBITDA (Non-GAAP)2 of $3.2 million Raises 2026 Revenue Guidance to $130 million to $135 million on improving market conditions InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor (“Semi”), Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security, today announced financial results for the first quarter of 2026 ended March 31, 2026. “InTest delivered a good start to 2026, with first quarter results slightly ahead of guidance, reflecting our strong execution,” stated Rich Rogoff, President and CEO. “With 69% of revenue generated from non-semiconductor end markets, we saw strong year-over-year growth across Defense/Aerospace, Life Sciences, and Auto/EV. Our Semi business improved, benefitting from shipments from our backlog1 rather than first quarter orders. These results demonstrate the adoption of new products developed by our engineering teams and the deepening of customer relationships driven by our sales teams. “Beyond the quarter's financial results, we continue to advance the operational priorities that will define 2026 and beyond,” continued Mr. Rogoff. “Having led our M&A strategy, I have seen firsthand how our portfolio companies create value individually and, more importantly, how they are creating greater value together. My top priority is to deepen those connections by removing operational friction and accelerating cross-business product development and selling to unlock the full value of our platform. Central to this is expanding gross margin and Adjusted EBITDA (Non-GAAP)2 over time, through disciplined cost management and supply-chain efficiency initiatives, while deploying capital with rigor across organic innovation, global customer expansion, and targeted M&A. Together, these actions are intended to generate stronger free cash flow and enhance shareholder returns.” First Quarter 2026 Review (see revenue by market and by segments in accompanying tables) Three Months Ended ($ in thousands except percentages and per share data) March 31, March 31, Change December 31, Change 2026 2025 $ % 2025 $ % Revenue $ 33,886 $ 26,637 $ 7,249 27.2 % $ 32,822 $ 1,064 3.2 % Gross profit $ 15,408 $ 11,056 $ 4,352 39.4 % $ 14,899 $ 509 3.4 % Gross margin 45.5 % 41.5 % 45.4 % Operating expenses (including intangible amortization & restructuring) $ 14,454 $ 13,937 $ 517 3.7 % $ 13,623 $ 831 6.1 % Operating income (loss) $ 954 $ (2,881 ) $ 3,835 (133.1 %) $ 1,276 $ (322 ) 25.2 % Operating margin 2.8 % (10.8 %) 3.9 % Net earnings (loss) $ 789 $ (2,329 ) $ 3,118 (133.9 %) $ 1,243 $ (454 ) 36.5 % Net margin 2.3 % (8.7 %) 3.8 % Earnings (loss) per diluted share (“EPS”) $ 0.06 $ (0.19 ) $ 0.25 (131.6 %) $ 0.10 $ (0.04 ) 40.0 % Adjusted net earnings (loss) (Non-GAAP)2 $ 2,018 $ (1,389 ) $ 3,407 (245.3 %) $ 1,953 $ 65 (3.3 %) Adjusted EPS (Non-GAAP)2 $ 0.16 $ (0.11 ) $ 0.27 (245.5 %) $ 0.16 $ — — % Adjusted EBITDA (Non-GAAP)2 $ 3,165 $ (887 ) $ 4,052 (456.8 %) $ 3,192 $ (27 ) (0.8 %) Adjusted EBITDA margin (Non-GAAP)2 9.3 % (3.3 %) 9.7 % Revenue for the first quarter increased $1.1 million over the fourth quarter of 2025, reflecting higher Semi and Auto/EV shipments, partially offset by lower Industrial following a stronger than normal fourth quarter. Compared to the prior-year period, first quarter revenue increased $7.2 million with growth in Defense/Aerospace, Life Sciences, Auto/EV and Semi, partially offset by a decrease in Other. Gross margin expanded by 10 basis points sequentially to 45.5%, reflecting higher volume and a favorable product mix. Compared to the prior-year period, gross margin expanded 400 basis points reflecting higher volume, favorable product mix, and manufacturing efficiency initiatives. Operating expenses increased $0.8 million sequentially and $0.5 million year-over-year, due primarily to $0.7 million in restructuring costs associated with our CEO transition. Net earnings for the first quarter was $0.8 million, or $0.06 per diluted share. Adjusted net earnings (Non-GAAP)2 was $2.0 million, or $0.16 adjusted EPS (Non-GAAP)2. Balance Sheet and Cash Flow Review Cash, cash equivalents and restricted cash at the end of the first quarter of 2026 was $15.7 million, down $2.4 million from the end of the fourth quarter. During the quarter, we reduced our term debt by $1.0 million from December 31, 2025, and used $3.3 million in operating activities to invest in working capital. Capital expenditures were $0.6 million in the first quarter of 2026. At March 31, 2026, the Company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On August 5, 2025, the Company entered into a covenant waiver agreement with its U.S.-based lender through the first quarter of 2026 in exchange for pledging cash equal to U.S. debt outstanding. At March 31, 2026, there was $2.8 million U.S.-based debt outstanding. On May 4, 2026, we amended the facility, effective as of April 30, 2026, to extend our ability to draw on the Term Note through August 28, 2026. At March 31, 2026, we were in compliance with all of the other covenants included in the Loan Agreement. First Quarter 2026 Orders1 and Backlog1 (see orders by market in accompanying tables) Three Months Ended March 31, March 31, Change December 31, Change ($ in thousands except percentages) 2026 2025 $ % 2025 $ % Orders $ 31,785 $ 25,349 $ 6,436 25.4 % $ 37,471 $ (5,686 ) (15.2 %) Backlog (at quarter end) $ 51,815 $ 38,232 $ 13,583 35.5 % $ 53,916 $ (2,101 ) (3.9 %) First quarter orders of $31.8 million decreased sequentially with lower Life Sciences, Semi, Other and Safety/Security orders partially offset by increases in Auto/EV, Industrial and Defense/Aerospace. The year-over-year increase of $6.4 million reflects strength primarily in Auto/EV and Defense/Aerospace partially offset by the decline in Semi. Backlog at March 31, 2026, was $51.8 million, a decrease of 3.9% from December 31, 2025, and an increase of 35.5% compared to March 31, 2025. Approximately 50% of the backlog is expected to ship beyond the second quarter of 2026. Second Quarter 2026 and Raised Full Year 2026 Outlook Mr. Rogoff concluded, “Based on our first quarter outperformance, and improving market conditions, we are raising our full year 2026 revenue outlook to $130 million to $135 million, reflecting our confidence in the continued execution of our growth plans for the year. We remain encouraged by the underlying demand trends across our non-semiconductor markets and by early signs of improvement in our back-end Semi funnel. The strength of our backlog, the breadth of our end market exposure, and the discipline of our team give us confidence in our ability to continue to execute similarly.” For Q2 26, InTest projects revenue to be $32 million to $34 million, with gross margin of approximately 45%, and operating expenses of $13.8 million to $14.2 million, reflecting typically higher levels in the second quarter. Amortization expense is expected to be $0.7 million. Based on full-year 2026 revenue projections between $130 million to $135 million, the Company expects gross margin of approximately 45% and operating expenses of $55 million to $57 million for the year. Amortization expense is expected to be $2.6 million and interest expense of $0.3 million. The effective tax rate for the year is expected to be approximately 18%. Capital expenditures are estimated to be approximately 1% to 2% of revenue. The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under “Forward-Looking Statements” below. Conference Call and Webcast The Company will host a conference call and webcast today at 8:30 a.m. ET. During the conference call, management will review the financial and operating results and discuss InTest’s corporate strategy and outlook. A question-and-answer session will follow. To listen to the live call, dial (877) 407-0792 or (201) 689-8263. In addition, the webcast and slide presentation may be found at https://www.intest.com/investor-relations. A telephonic replay will be available from 12:30 p.m. ET on the day of the call through Tuesday, May 19, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 13759517. The webcast replay can be accessed via the investor relations section of https://www.intest.com/, where a transcript will also be posted once available. About InTest Corporation InTest Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including both the front-end and back-end of the semiconductor manufacturing industry (“Semi”), Automotive/EV, Defense/Aerospace, Industrial, Life Sciences and Safety/Security. Backed by decades of engineering expertise and a culture of operational excellence, InTest solves difficult thermal, mechanical, and electronic challenges for customers worldwide. InTest’s growth strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, customer penetration and market expansion. For more information, visit https://www.intest.com/. Non-GAAP Financial Measures In addition to disclosing results that are determined in accordance with generally accepted accounting practices in the United States (“GAAP”), we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of adjusted net earnings (loss), adjusted earnings (loss) per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin. The Company defines these non-GAAP measures as follows: Adjusted net earnings (loss) is derived by adding acquired intangible amortization, restructuring costs, and the tax effect of the adjusting items, to net earnings (loss). Adjusted earnings (loss) per diluted share is derived by dividing adjusted net earnings (loss) by diluted weighted average shares outstanding. Adjusted EBITDA is derived by adding acquired intangible amortization, restructuring costs, net interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings. Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue. These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization, and restructuring costs as management believes these expenses may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of restructuring costs, interest income or expense and income tax expense or benefit, as management believes these expenses may not be indicative of our underlying operating performance. Management’s Use of Non-GAAP Measures The non-GAAP financial measures presented in this press release are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from net earnings (loss) and earnings (loss) per diluted share (“EPS”) to adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) and from net earnings (loss) and net margin to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below. Management believes these Non-GAAP financial measures are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Non-GAAP measures as presented in this press release may differ from and may not be comparable to similarly titled measures used by other companies. Key Performance Indicators In addition to the foregoing non-GAAP measures, management uses orders and backlog as key performance metrics to analyze and measure the Company’s financial performance and results of operations. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is calculated based on firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they are often leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer. Given that each of orders and backlog are operational measures and that the Company’s methodology for calculating orders and backlog does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believe,” “continue,” “expects,” “guidance,” “intended,” “may,” “outlook,” “will,” “plan,” “potential,” “strategy,” “target,” “estimated,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its VISION 2030 Strategy; realize the potential benefits of acquisitions and successfully integrate any acquired operations; grow the Company’s presence in its key target and international markets; manage supply chain challenges; convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including changes in U.S. and/or foreign trade policy, rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law. – FINANCIAL TABLES FOLLOW – InTest Corporation
Consolidated Statements of Operations
(Unaudited) Three Months Ended March 31, (In thousands, except share and per share data) 2026 2025 Revenue $ 33,886 $ 26,637 Cost of revenue 18,478 15,581 Gross profit 15,408 11,056 Operating expenses: Selling expense 4,220 4,547 Engineering and product development expense 2,588 2,448 General and administrative expense 6,124 5,816 Amortization of acquired intangible assets 778 813 Restructuring costs 744 313 Total operating expenses 14,454 13,937 Operating income (loss) 954 (2,881 ) Interest expense (80 ) (152 ) Other income 103 244 Earnings (loss) before income tax expense (benefit) 977 (2,789 ) Income tax expense (benefit) 188 (460 ) Net earnings (loss) $ 789 $ (2,329 ) Earnings (loss) per common share: Basic $ 0.06 $ (0.19 ) Diluted $ 0.06 $ (0.19 ) Weighted average common shares outstanding: Basic 12,254,035 12,179,418 Diluted 12,421,345 12,179,418 InTest Corporation
Consolidated Balance Sheets March 31,
2026 December 31,
2025 (In thousands, except share and per share data) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 12,867 $ 14,216 Restricted cash 2,817 3,842 Trade accounts receivable, net of allowance for credit losses of $341 and $375, respectively 30,154 25,891 Inventories 30,451 31,580 Prepaid expenses and other current assets 3,336 3,109 Total current assets 79,625 78,638 Property and equipment, net of accumulated depreciation of $10,219 and $10,083, respectively 4,965 4,778 Right-of-use assets, net 8,588 9,098 Goodwill 32,141 32,359 Intangible assets, net 23,861 24,876 Deferred tax assets 930 775 Other assets 657 789 Total assets $ 150,767 $ 151,313 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 7,417 $ 6,062 Current portion of operating lease liabilities 2,123 2,098 Accounts payable 8,901 11,205 Customer deposits and deferred revenue 6,785 6,388 Domestic and foreign income taxes payable 734 — Accrued expenses and other current liabilities 9,872 10,002 Total current liabilities 35,832 35,755 Operating lease liabilities, net of current portion 6,861 7,402 Long-term debt, net of current portion 1,120 1,406 Contingent consideration, net of current portion — 356 Deferred revenue, net of current portion 823 1,055 Other liabilities 1,662 1,716 Total liabilities 46,298 47,690 Commitments and Contingencies Stockholders’ equity: Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding — — Common stock, $0.01 par value; 20,000,000 shares authorized; 12,633,051 and 12,570,865 shares issued, respectively; 12,548,292 and 12,488,788 shares outstanding, respectively 126 125 Additional paid-in capital 60,268 59,436 Retained earnings 43,349 42,560 Accumulated other comprehensive earnings 1,722 2,461 Treasury stock, at cost; 84,759 and 82,077 shares, respectively (996 ) (959 ) Total stockholders’ equity 104,469 103,623 Total liabilities and stockholders’ equity $ 150,767 $ 151,313 InTest Corporation
Consolidated Statements of Cash Flows
(Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net earnings (loss) $ 789 $ (2,329 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 1,641 1,741 Provision for excess and obsolete inventory 271 206 Amortization of deferred compensation related to stock-based awards 291 423 Deferred income tax (expense) benefit (157 ) 199 Other non-cash reconciling items 132 (193 ) Changes in assets and liabilities: Trade accounts receivable (3,834 ) 8,493 Inventories 621 (590 ) Prepaid expenses and other current assets (714 ) (377 ) Other assets (120 ) (21 ) Operating lease liabilities (519 ) (523 ) Accounts payable (2,339 ) 15 Customer deposits and deferred revenue 456 (153 ) Domestic and foreign income taxes payable 858 (716 ) Deferred revenue, net of current portion (232 ) (27 ) Accrued expenses and other liabilities (459 ) (613 ) Net cash (used in) provided by operating activities (3,315 ) 5,535 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment (644 ) (229 ) Net cash used in investing activities (644 ) (229 ) CASH FLOWS FROM FINANCING ACTIVITIES Short-term borrowings, net of repayments 2,189 (2,426 ) Repayments of long-term debt (1,025 ) (1,025 ) Proceeds from stock options exercised 534 18 Proceeds from shares sold under Employee Stock Purchase Plan 31 32 Settlement of employee tax liabilities in connection with treasury stock transaction (62 ) (5 ) Net cash provided by (used in) financing activities 1,667 (3,406 ) Effects of exchange rates on cash (82 ) 318 Net cash (used in) provided by all activities (2,374 ) 2,218 Cash, cash equivalents and restricted cash at beginning of period 18,058 19,830 Cash, cash equivalents and restricted cash at end of period $ 15,684 $ 22,048 Cash and cash equivalents $ 12,867 $ 19,830 Restricted cash 2,817 — Total cash, cash equivalents and restricted cash at end of period $ 15,684 $ 19,830 Cash (receipts) payments for: Domestic and foreign income taxes, net of receipts $ (572 ) $ 32 Interest 86 142 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Issuance of unvested shares of restricted stock awards 1,455 1,039 Forfeiture of shares of unvested restricted stock awards (1,386 ) (282 ) InTest Corporation
Revenue by Market
(Unaudited) ($ in thousands) Three Months Ended March 31, March 31, Change December 31, Change 2026 2025 $ % 2025 $ % Revenue Semi $ 10,507 31.0 % $ 8,995 33.8 % $ 1,512 16.8 % $ 6,941 21.1 % $ 3,566 51.4 % Auto/EV 7,487 22.1 % 5,959 22.4 % 1,528 25.6 % 5,933 18.1 % 1,554 26.2 % Defense/Aerospace 5,822 17.2 % 2,828 10.6 % 2,994 105.9 % 5,537 16.9 % 285 5.1 % Industrial 3,242 9.6 % 3,021 11.3 % 221 7.3 % 6,937 21.1 % (3,695 ) (53.3 %) Life Sciences 3,572 10.5 % 1,688 6.3 % 1,884 111.6 % 4,043 12.3 % (471 ) (11.6 %) Safety/Security 1,112 3.3 % 564 2.1 % 548 97.2 % 503 1.5 % 609 121.1 % Other 2,144 6.3 % 3,582 13.4 % (1,438 ) (40.1 %) 2,928 8.9 % (784 ) (26.8 %) $ 33,886 100.0 % $ 26,637 100.0 % $ 7,249 27.2 % $ 32,822 100.0 % $ 1,064 3.2 % * Components may not add up to total due to rounding Orders by Market
(Unaudited) ($ in thousands) Three Months Ended March 31, March 31, Change December 31, Change 2026 2025 $ % 2025 $ % Orders Semi $ 7,677 24.2 % $ 9,640 38.0 % $ (1,963 ) (20.4 %) $ 9,446 25.2 % $ (1,769 ) (18.7 %) Auto/EV 10,744 33.8 % 5,061 20.0 % 5,683 112.3 % 9,857 26.3 % 887 9.0 % Defense/Aerospace 5,918 18.6 % 2,083 8.2 % 3,835 184.1 % 5,232 14.0 % 686 13.1 % Industrial 4,123 13.0 % 4,551 18.0 % (428 ) (9.4 %) 3,305 8.8 % 818 24.8 % Life Sciences 1,587 5.0 % 1,232 4.9 % 355 28.8 % 5,379 14.4 % (3,792 ) (70.5 %) Safety/Security 260 0.8 % 675 2.7 % (415 ) (61.5 %) 1,087 2.9 % (827 ) (76.1 %) Other 1,476 4.6 % 2,107 8.3 % (631 ) (29.9 %) 3,165 8.4 % (1,689 ) (53.4 %) $ 31,785 100.0 % $ 25,349 100.0 % $ 6,436 25.4 % $ 37,471 100.0 % $ (5,686 ) (15.2 %) * Components may not add up to total due to rounding InTest Corporation
Segment Data
(Unaudited) Three Months Ended March 31, 2026 ($ in thousands) Electronic Test Environmental
Technologies Process
Technologies Corporate &
Other Consolidated Revenue $ 17,341 $ 8,351 $ 8,194 $ — $ 33,886 Cost of revenue 8,923 4,867 4,688 — 18,478 Other divisional costs 5,621 2,265 2,813 — 10,699 Division operating income 2,797 1,219 693 — 4,709 Acquired intangible amortization 778 778 Restructuring costs 744 744 Corporate expenses 2,233 2,233 Operating income (loss) 2,797 1,219 693 (3,755 ) 954 Interest expense (80 ) (80 ) Other income 103 103 Earnings (loss) before income tax expense $ 2,797 $ 1,219 $ 693 $ (3,732 ) $ 977 Three Months Ended March 31, 2025 ($ in thousands) Electronic Test Environmental
Technologies Process
Technologies Corporate &
Other Consolidated Revenue $ 13,259 $ 6,268 $ 7,110 $ — $ 26,637 Cost of revenue 7,313 4,163 4,105 — 15,581 Other divisional costs 5,265 2,360 2,798 — 10,423 Division operating income (loss) 681 (255 ) 207 — 633 Acquired intangible amortization 813 813 Restructuring costs 313 313 Corporate expenses 2,388 2,388 Operating income (loss) 681 (255 ) 207 (3,514 ) (2,881 ) Interest expense (152 ) (152 ) Other income 244 244 Earnings (loss) before income tax expense $ 681 $ (255 ) $ 207 $ (3,422 ) $ (2,789 ) InTest Corporation
Reconciliation of Non-GAAP Financial Measures
(Unaudited) Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (Loss) (Non-GAAP) and Earnings (Loss) Per Diluted Share to Adjusted EPS (Non-GAAP): Three Months Ended March 31, March 31, December 31, (in thousands except per share amounts) 2026 2025 2025 Net earnings (loss) $ 789 $ (2,329 ) $ 1,243 Acquired intangible amortization 778 813 842 Restructuring costs 744 313 205 Tax effect of adjusting items (293 ) (186 ) (337 ) Adjusted net earnings (loss) (Non-GAAP) $ 2,018 $ (1,389 ) $ 1,953 Diluted weighted average shares outstanding 12,421 12,179 12,277 Earnings (loss) per diluted share: Net earnings (loss) $ 0.06 $ (0.19 ) $ 0.10 Acquired intangible amortization 0.06 0.07 0.07 Restructuring costs 0.06 0.03 0.02 Tax effect of adjusting items (0.02 ) (0.02 ) (0.03 ) Adjusted EPS (Non-GAAP) $ 0.16 $ (0.11 ) $ 0.16 Reconciliation of Net Earnings (Loss) and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP): Three Months Ended March 31, March 31, December 31, (in thousands except percentage data) 2026 2025 2025 Net earnings (loss) $ 789 $ (2,329 ) $ 1,243 Acquired intangible amortization 778 813 842 Net interest (income) expense — 37 (8 ) Income tax expense (benefit) 188 (460 ) 134 Depreciation 375 316 378 Restructuring costs 744 313 205 Stock-based compensation 291 423 398 Adjusted EBITDA (Non-GAAP) $ 3,165 $ (887 ) $ 3,192 Revenue $ 33,886 $ 26,637 $ 32,822 Net margin 2.3 % (8.7 %) 3.8 % Adjusted EBITDA margin (Non-GAAP) 9.3 % (3.3 %) 9.7 % 1 Orders and Backlog are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.
2 Adjusted net earnings (loss), adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505949765/en/ InTest Corporation
Duncan Gilmour
Chief Financial Officer and Treasurer
Tel: (856) 505-8999 Investors:
Jody Burfening / Sanjay M. Hurry
Alliance Advisors IR
INTTIR @ Original: InTest Reports Strong First Quarter 2026 Revenue of $33.9 Million, EPS of $0.06 and Adjusted EPS (Non-GAAP) of $0.16
US Market News
4月前
InTest Reports Q4 2025 EPS of $0.10 with Revenue of $32.8 Million Amidst Improving MomentumFebruary 27, 2026 6:15 AM
Business Wire
Orders1 of $37.5 million driven by continued strength in Auto/EV and Life Sciences; Backlog1 up 9.4% sequentially
Gross margin expanded 350 basis points sequentially to 45.4%
Nearly 80% of revenue derived from non-semiconductor end markets
Maintained balance sheet strength; reduced total debt by $7.6 million from December 31, 2024
InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor (“Semi”), Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security, today announced financial results for the fourth quarter of 2025 ended December 31, 2025.
“Orders remained strong at $37.5 million for the fourth quarter as Auto/EV customers moved forward with new model year programs coupled with the success we are seeing with the diversification in Life Sciences. We continue to see improved customer spending sentiment across our increasingly diversified markets. As a result, our 2025 year-end backlog was a healthy $53.9 million, an increase of 36% from December 31, 2024,” said Nick Grant, President and CEO.
“Revenue exceeded our guidance range and rebounded in the fourth quarter, reflecting the gradual recovery in customer capital spending we saw taking shape in the middle of the year, particularly in the Industrial and Defense/Aerospace end markets. We also benefited from the continued growing acceptance of new products and approximately $2 million in shipments which slipped out of the third quarter. Gross margin reached 45.4%, driven by manufacturing efficiency initiatives undertaken over the course of 2025 and a lift from sales of new products at Alfamation and Acculogic. Notably, we achieved this quarter’s gross margin level despite the sluggishness of our historically significant Semi business,” added Mr. Grant.
“Operationally, we continued to execute on our Vision 2030 Strategy that centers on driving long-term value through innovation, customer diversity and a broader global presence. We believe the success of our market diversification strategy, which has delivered approximately 20% compound average growth rate over the last five years, and our growing momentum with new products position InTest for sustainable profitable growth across multiple end markets.”
Fourth Quarter 2025 Review (see revenue by market and by segments in accompanying tables)
Three Months Ended
($ in thousands except percentages and per share data)
December 31,
December 31,
Change
September 30,
Change
2025
2024
$
%
2025
$
%
Revenue
$
32,822
$
36,603
$
(3,781
)
(10.3
%)
$
26,236
$
6,586
25.1
%
Gross profit
$
14,899
$
14,539
$
360
2.5
%
$
10,992
$
3,907
35.5
%
Gross margin
45.4
%
39.7
%
41.9
%
Operating expenses (including intangible amortization & restructuring)
$
13,623
$
12,460
$
1,163
9.3
%
$
12,185
$
1,438
11.8
%
Operating income (loss)
$
1,276
$
2,079
$
(803
)
(38.6
%)
$
(1,193
)
$
2,469
207.0
%
Operating margin
3.9
%
5.7
%
(4.5
%)
Net earnings (loss)
$
1,243
$
1,504
$
(261
)
(17.4
%)
$
(938
)
$
2,181
232.5
%
Net margin
3.8
%
4.1
%
(3.6
%)
Earnings (loss) per diluted share (“EPS”)
$
0.10
$
0.12
$
(0.02
)
(16.7
%)
$
(0.08
)
$
0.18
225.0
%
Adjusted net earnings (loss) (Non-GAAP)2
$
1,953
$
2,782
$
(829
)
(29.8
%)
$
(198
)
$
2,151
1,086.4
%
Adjusted EPS (Non-GAAP)2
$
0.16
$
0.23
$
(0.07
)
(30.4
%)
$
(0.02
)
$
0.18
900.0
%
Adjusted EBITDA (Non-GAAP)2
$
3,192
$
4,412
$
(1,220
)
(27.7
%)
$
383
$
2,809
733.4
%
Adjusted EBITDA margin (Non-GAAP)2
9.7
%
12.1
%
1.5
%
Revenue for the fourth quarter increased $6.6 million over the third quarter, driven by a gradually improving customer capital spending environment across most end-markets and approximately $2.0 million in shipments which slipped out of the third quarter. The net increase was due primarily to gains in Industrial, Defense/Aerospace and Life Sciences offset by continued weakness in Semi.
Compared with the prior-year period, fourth quarter revenue declined $3.8 million. The main drivers were decreases in Semi and Auto/EV sales that were partially mitigated by increases in Industrial and Life Sciences.
Sequentially, gross margin expanded by 350 basis points to 45.4%, driven by volume and favorable contributions from new Alfamation products. The 570-basis point increase compared with the prior-year reflects the negative 430 basis point impact from the acquisition inventory step-up in the prior year period, along with a favorable product mix from Alfamation and the benefits of cost-reduction actions taken throughout the year to improve manufacturing efficiencies.
Sequentially, operating expenses increased $1.4 million primarily due to higher sales commissions and marketing activity. Operating expenses increased $1.2 million from the prior-year period primarily from the impact of the $0.8 million amortization credit related to the finalization of acquisition accounting recognized in the prior year period, along with $0.2 million of current period restructuring costs.
Net income for the fourth quarter was $1.2 million, or $0.10 per diluted share. Adjusted net income (Non-GAAP)2 was $2.0 million, or $0.16 adjusted EPS (Non-GAAP)2.
Fiscal 2025 Review (see revenue by market and by segments in accompanying tables)
Year Ended
($ in thousands except percentages and per share data)
December 31,
December 31,
Change
2025
2024
$
%
Revenue
$
113,825
$
130,690
$
(16,865
)
(12.9
%)
Gross profit
$
48,920
$
55,424
$
(6,504
)
(11.7
%)
Gross margin
43.0
%
42.4
%
Operating expenses (including intangible amortization & restructuring)
$
52,645
$
52,030
$
615
1.2
%
Operating (loss) income
$
(3,725
)
$
3,394
$
(7,119
)
(209.8
%)
Operating margin
(3.3
%)
2.6
%
Net (loss) earnings
$
(2,527
)
$
2,891
$
(5,418
)
(187.4
%)
Net margin
(2.2
%)
2.2
%
(Loss) earnings per diluted share (“EPS”)
$
(0.21
)
$
0.24
$
(0.45
)
(187.5
%)
Adjusted net earnings (loss) (Non-GAAP)2
$
764
$
6,214
$
(5,450
)
(87.7
%)
Adjusted EPS (Non-GAAP)2
$
0.06
$
0.51
$
(0.45
)
(88.2
%)
Adjusted EBITDA (Non-GAAP)2
$
3,950
$
10,818
$
(6,868
)
(63.5
%)
Adjusted EBITDA margin (Non-GAAP)2
3.5
%
8.3
%
Compared with the prior year, 2025 revenue declined $16.9 million as a result of global economic and tariff uncertainties contributing to customer hesitancy in committing to capital projects against a backdrop of a prolonged analog/mixed-signal semiconductor market weakness. Decreases in Semi and Auto/EV revenue were offset partially by increases in Industrial and Life Sciences.
Full year 2025 gross margin increased 60 basis points to 43.0%. The full year 2024 gross margin included the negative 120 basis point impact from the acquisition inventory step-up as reported in the prior year period. Excluding the inventory step-up, gross margin decreased 60 basis points driven by lower volume.
Operating expenses increased $0.6 million from 2024 due to the full-year impact of Alfamation, and increases in restructuring and amortization of intangible assets that were offset partially by decreases from cost actions taken throughout the year.
Net loss for 2025 was $2.5 million, or $(0.21) per diluted share. Adjusted net income (Non-GAAP)2 was $0.8 million, or $0.06 adjusted EPS (Non-GAAP)2.
Balance Sheet and Cash Flow Review
Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2025 was $18.1 million, down $3.0 million from the end of the third quarter. During the quarter, the Company reduced total debt by $1.4 million from September 30, 2025, to $7.5 million and used $1.0 million in operations. During 2025, we reduced total debt by $7.6 million and generated $7.3 million cash from operations. Capital expenditures were $0.5 million in the fourth quarter of 2025.
At December 31, 2025, the Company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On August 5, 2025, the Company entered into a covenant waiver agreement with its U.S.-based lender through the first quarter of 2026 in exchange for pledging cash equal to U.S. debt outstanding. At December 31, 2025, there was $3.8 million U.S.-based debt outstanding.
Fourth Quarter 2025 Orders1 and Backlog1 (see orders by market in accompanying tables)
Three Months Ended
December 31,
December 31,
Change
September 30,
Change
($ in thousands except percentages)
2025
2024
$
%
2025
$
%
Orders
$
37,471
$
30,669
$
6,802
22.2
%
$
37,642
$
(171
)
(0.5
%)
Backlog (at quarter end)
$
53,916
$
39,520
$
14,396
36.4
%
$
49,267
$
4,649
9.4
%
Fourth quarter orders of $37.5 million were essentially flat sequentially and increased $6.8 million, or 22.2%, versus the prior-year period. Sequentially, lower Auto/EV, Industrial and Defense/Aerospace orders were offset by increases in Life Sciences and Semi. The year-over-year increase reflects strength in Auto/EV, Life Sciences, Defense/Aerospace and Safety/Security partially offset by the decline in Semi.
Backlog at December 31, 2025, was $53.9 million, an increase of 9.4% from the September 30, 2025, level, and increased 36.4% compared to December 31, 2024. Approximately 60% of the backlog is expected to ship beyond the first quarter of 2026.
Focusing Outlook on Forward Quarter and Fiscal 2026
Mr. Grant concluded, “For 2026, we project year-over-year growth supported by a healthy backlog, recovering customer capital spending trends, and contributions from our growing portfolio of highly valued engineered solutions. From discussions with customers, we anticipate a modest pick-up in demand from Semi customers in the second half of the year. Combined with a leaner cost structure, we believe InTest is well-positioned to sustain profitability throughout the year as we continue to execute our VISION 2030 Strategy of increased diversification as we scale the business.”
For Q1 26, InTest projects revenue to be $31 million to $33 million, with gross margin of approximately 44%, and operating expenses of $13.3 million to $13.7 million, reflecting typically higher levels in the first quarter. Amortization expense is expected to be $0.8 million.
For full year 2026, InTest expects revenue to be between $125 million to $130 million, with gross margin of approximately 45%, and operating expenses of $53 million to $55 million. Amortization expense is expected to be $2.6 million and interest expense of $0.3 million. The effective tax rate for the year is expected to be approximately 18%. Capital expenditures are estimated to be approximately 1% to 2% of revenue.
The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under “Forward-Looking Statements” below.
Conference Call and Webcast
The Company will host a conference call and webcast today at 8:30 a.m. ET. During the conference call, management will review the financial and operating results and discuss InTest’s corporate strategy and outlook. A question-and-answer session will follow. To listen to the live call, dial (877) 407-0792 or (201) 689-8263. In addition, the webcast and slide presentation may be found at intest.com/investor-relations.
A telephonic replay will be available from 12:30 p.m. ET on the day of the call through Friday, March 13, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 13758476. The webcast replay can be accessed via the investor relations section of intest.com, where a transcript will also be posted once available.
About InTest Corporation
InTest Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including both the front-end and back-end of the semiconductor manufacturing industry (“Semi”), Automotive/EV, Defense/Aerospace, Industrial, Life Sciences and Safety/Security. Backed by decades of engineering expertise and a culture of operational excellence, InTest solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. InTest’s growth strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, customer penetration and market expansion. For more information, visit https://www.intest.com/.
Non-GAAP Financial Measures
In addition to disclosing results that are determined in accordance with generally accepted accounting practices in the United States (“GAAP”), we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of adjusted net earnings (loss), adjusted earnings (loss) per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin.
The Company defines these non-GAAP measures as follows:
Adjusted net earnings (loss) is derived by adding acquired intangible amortization, acquired inventory step-up expense, restructuring costs, and the tax effect of the adjusting items, to net earnings (loss).
Adjusted earnings (loss) per diluted share is derived by dividing adjusted net earnings (loss) by diluted weighted average shares outstanding.
Adjusted EBITDA is derived by adding acquired intangible amortization, acquired inventory step-up expense, restructuring costs, net interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings.
Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue.
These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization, restructuring costs and inventory step-up charges as management believes these expenses may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, acquired inventory step-up, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of restructuring costs, interest income or expense and income tax expense or benefit, as management believes these expenses may not be indicative of our underlying operating performance.
Management’s Use of Non-GAAP Measures
The non-GAAP financial measures presented in this press release are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from net earnings (loss) and earnings (loss) per diluted share (“EPS”) to adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) and from net earnings (loss) and net margin to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below.
Management believes these Non-GAAP financial measures are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Non-GAAP measures as presented in this press release may differ from and may not be comparable to similarly titled measures used by other companies.
Key Performance Indicators
In addition to the foregoing non-GAAP measures, management uses orders and backlog as key performance metrics to analyze and measure the Company’s financial performance and results of operations. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is calculated based on firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they are often leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
Given that each of orders and backlog are operational measures and that the Company’s methodology for calculating orders and backlog does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believe,” “continue,” “expects,” “guidance,” “may,” “outlook,” “will,” “plan,” “potential,” “forecasts,” “strategy,” “target,” “estimated,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its VISION 2030 Strategy; realize the potential benefits of acquisitions and successfully integrate any acquired operations; grow the Company’s presence in its key target and international markets; manage supply chain challenges; convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including changes in U.S. and/or foreign trade policy, rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.
_______________________________________
1 Orders and Backlog are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.
2 Adjusted net earnings (loss), adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.
– FINANCIAL TABLES FOLLOW –
InTest Corporation
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(In thousands, except share and per share data)
2025
2024
2025
2024
Revenue
$
32,822
$
36,603
$
113,825
$
130,690
Cost of revenue
17,923
22,064
64,905
75,266
Gross profit
14,899
14,539
48,920
55,424
Operating expenses:
Selling expense
4,643
4,402
16,784
17,378
Engineering and product development expense
2,412
2,166
9,440
8,548
General and administrative expense
5,521
5,783
22,225
23,559
Amortization of acquired intangible assets
842
109
3,346
2,545
Restructuring costs
205
—
850
—
Total operating expenses
13,623
12,460
52,645
52,030
Operating income (loss)
1,276
2,079
(3,725
)
3,394
Interest expense
(84
)
(234
)
(450
)
(846
)
Other income (loss)
185
(43
)
953
906
Earnings (loss) before income tax expense (benefit)
1,377
1,802
(3,222
)
3,454
Income tax expense (benefit)
134
298
(695
)
563
Net earnings (loss)
$
1,243
$
1,504
$
(2,527
)
$
2,891
Earnings (loss) per common share:
Basic
$
0.10
$
0.12
$
(0.21
)
$
0.24
Diluted
$
0.10
$
0.12
$
(0.21
)
$
0.24
Weighted average common shares outstanding:
Basic
12,214,031
12,156,931
12,204,323
12,151,913
Diluted
12,277,491
12,216,344
12,204,323
12,239,158
InTest Corporation
Consolidated Balance Sheets
December 31,
2025
December 31,
2024
(In thousands, except share and per share data)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
14,216
$
19,830
Restricted cash
3,842
—
Trade accounts receivable, net of allowance for credit losses of $375 and $423, respectively
25,891
29,495
Inventories
31,580
26,837
Prepaid expenses and other current assets
3,109
2,650
Total current assets
78,638
78,812
Property and equipment, net of accumulated depreciation of $10,083 and $8,830, respectively
4,778
4,457
Right-of-use assets, net
9,098
10,767
Goodwill
32,359
30,744
Intangible assets, net
24,876
26,376
Deferred tax assets
775
67
Other assets
789
1,065
Total assets
$
151,313
$
152,288
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
6,062
$
7,494
Current portion of operating lease liabilities
2,098
1,989
Accounts payable
11,205
7,991
Customer deposits and deferred revenue
6,388
4,989
Accrued expenses and other current liabilities
10,002
9,485
Total current liabilities
35,755
31,948
Operating lease liabilities, net of current portion
7,402
9,021
Long-term debt, net of current portion
1,406
7,538
Contingent consideration, net of current portion
356
825
Deferred revenue, net of current portion
1,055
1,432
Other liabilities
1,716
1,734
Total liabilities
47,690
52,498
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding
—
—
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,570,865 and 12,457,658 shares issued, respectively; 12,488,788 and 12,378,276 shares outstanding, respectively
125
124
Additional paid-in capital
59,436
57,658
Retained earnings
42,560
45,087
Accumulated other comprehensive earnings (loss)
2,461
(2,137
)
Treasury stock, at cost; 82,077 and 79,382 shares, respectively
(959
)
(942
)
Total stockholders’ equity
103,623
99,790
Total liabilities and stockholders’ equity
$
151,313
$
152,288
InTest Corporation
Consolidated Statements of Cash Flows
(Unaudited)
Twelve Months Ended December 31,
(In thousands)
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings
$
(2,527
)
$
2,891
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization
6,796
5,392
Provision for excess and obsolete inventory
818
703
Amortization of deferred compensation related to stock-based awards
1,610
1,857
Deferred income tax expense
(1,032
)
(1,508
)
Other non-cash reconciling items
(344
)
295
Changes in assets and liabilities:
Trade accounts receivable
4,530
(5,505
)
Inventories
(4,167
)
4,903
Prepaid expenses and other current assets
331
903
Other assets
(197
)
(30
)
Operating lease liabilities
(2,077
)
(1,649
)
Accounts payable
3,154
(2,306
)
Customer deposits and deferred revenue
975
(1,389
)
Domestic and foreign income taxes payable
119
(1,369
)
Deferred revenue, net of current portion
(377
)
(16
)
Accrued expenses and other liabilities
(297
)
649
Net cash provided by operating activities
7,315
3,821
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired
—
(18,727
)
Purchases of property and equipment
(1,632
)
(1,324
)
Net cash used in investing activities
(1,632
)
(20,051
)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock
—
(1,042
)
Repayments of short-term borrowings, net of proceeds
(4,254
)
(152
)
Repayments of long-term debt
(4,100
)
(7,689
)
Proceeds from stock options exercised
22
145
Proceeds from shares sold under Employee Stock Purchase Plan
124
138
Settlement of employee tax liabilities in connection with treasury stock transaction
(17
)
(41
)
Net cash used in financing activities
(8,225
)
(8,641
)
Effects of exchange rates on cash
770
(559
)
Net cash used in all activities
(1,772
)
(25,430
)
Cash, cash equivalents and restricted cash at beginning of period
19,830
45,260
Cash, cash equivalents and restricted cash at end of period
$
18,058
$
19,830
Cash and cash equivalents
$
14,216
$
19,830
Restricted cash
3,842
—
Total cash, cash equivalents and restricted cash at end of period
$
18,058
$
19,830
Cash payments for:
Domestic and foreign income taxes, net of receipts
$
193
$
3,072
Interest
456
881
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Equity issued in conjunction with acquisition of business
$
—
$
2,086
Issuance of unvested shares of restricted stock awards
1,039
1,580
Forfeiture of shares of unvested restricted stock awards
(557
)
(200
)
InTest Corporation
Revenue by Market
(Unaudited)
($ in thousands)
Three Months Ended
December 31,
December 31,
Change
September 30,
Change
2025
2024
$
%
2025
$
%
Revenue
Semi
$
6,941
21.1
%
$
12,207
33.3
%
$
(5,266
)
(43.1
%)
$
9,842
37.5
%
$
(2,901
)
(29.5
%)
Auto/EV
5,933
18.1
%
11,928
32.6
%
(5,995
)
(50.3
%)
4,964
18.9
%
969
19.5
%
Defense/Aerospace
5,537
16.9
%
5,157
14.1
%
380
7.4
%
2,313
8.8
%
3,224
139.4
%
Industrial
6,937
21.1
%
2,246
6.1
%
4,691
208.9
%
3,658
13.9
%
3,279
89.6
%
Life Sciences
4,043
12.3
%
1,231
3.4
%
2,812
228.4
%
1,930
7.4
%
2,113
109.5
%
Safety/Security
503
1.5
%
947
2.6
%
(444
)
(46.9
%)
927
3.5
%
(424
)
(45.7
%)
Other
2,928
8.9
%
2,887
7.9
%
41
1.4
%
2,602
9.9
%
326
12.5
%
$
32,822
100.0
%
$
36,603
100.0
%
$
(3,781
)
(10.3
%)
$
26,236
100.0
%
$
6,586
25.1
%
* Components may not add up to total due to rounding
($ in thousands)
Twelve Months Ended
December 31,
December 31,
Change
2025
2024
$
%
Revenue
Semi
$
35,970
31.6
%
$
48,708
37.3
%
$
(12,738
)
(26.2
%)
Auto/EV
22,718
20.0
%
32,871
25.2
%
(10,153
)
(30.9
%)
Defense/Aerospace
14,256
12.5
%
15,317
11.7
%
(1,061
)
(6.9
%)
Industrial
17,402
15.3
%
13,382
10.2
%
4,020
30.0
%
Life Sciences
9,047
7.9
%
5,400
4.1
%
3,647
67.5
%
Safety/Security
2,892
2.5
%
2,946
2.3
%
(54
)
(1.8
%)
Other
11,540
10.1
%
12,066
9.2
%
(526
)
(4.4
%)
$
113,825
100.0
%
$
130,690
100.0
%
$
(16,865
)
(12.9
%)
* Components may not add up to total due to rounding
Orders by Market
(Unaudited)
($ in thousands)
Three Months Ended
December 31,
December 31,
Change
September 30,
Change
2025
2024
$
%
2025
$
%
Orders
Semi
$
9,446
25.2
%
$
15,647
51.0
%
$
(6,201
)
(39.6
%)
$
8,031
21.3
%
$
1,415
17.6
%
Auto/EV
9,857
26.3
%
3,487
11.4
%
6,370
182.7
%
14,580
38.7
%
(4,723
)
(32.4
%)
Defense/Aerospace
5,232
14.0
%
3,896
12.7
%
1,336
34.3
%
6,403
17.0
%
(1,171
)
(18.3
%)
Industrial
3,305
8.8
%
2,450
8.0
%
855
34.9
%
4,670
12.4
%
(1,365
)
(29.2
%)
Life Sciences
5,379
14.4
%
2,346
7.6
%
3,033
129.3
%
1,450
3.9
%
3,929
271.0
%
Safety/Security
1,087
2.9
%
54
0.2
%
1,033
1,913.0
%
267
0.7
%
820
307.1
%
Other
3,165
8.4
%
2,789
9.1
%
376
13.5
%
2,241
6.0
%
924
41.2
%
$
37,471
100.0
%
$
30,669
100.0
%
$
6,802
22.2
%
$
37,642
100.0
%
$
(171
)
(0.5
%)
* Components may not add up to total due to rounding
($ in thousands)
Twelve Months Ended
December 31,
December 31,
Change
2025
2024
$
%
Orders
Semi
$
34,409
26.8
%
$
44,574
41.4
%
$
(10,165
)
(22.8
%)
Auto/EV
36,564
28.5
%
19,390
18.0
%
17,174
88.6
%
Defense/Aerospace
16,217
12.6
%
13,715
12.7
%
2,502
18.2
%
Industrial
17,206
13.4
%
11,265
10.5
%
5,941
52.7
%
Life Sciences
10,924
8.5
%
4,603
4.3
%
6,321
137.3
%
Safety/Security
3,202
2.5
%
1,237
1.1
%
1,965
158.9
%
Other
9,699
7.6
%
12,920
12.0
%
(3,221
)
(24.9
%)
$
128,221
100.0
%
$
107,704
100.0
%
$
20,517
19.0
%
* Components may not add up to total due to rounding
InTest Corporation
Segment Data
(Unaudited)
Three Months Ended December 31, 2025
($ in thousands)
Electronic Test
Environmental Technologies
Process
Technologies
Corporate &
Other
Consolidated
Revenue
$
17,103
$
8,321
$
7,398
$
—
$
32,822
Cost of revenue
8,537
5,041
4,345
—
17,923
Other divisional costs
4,983
2,461
3,130
—
10,574
Division operating income (loss)
3,583
819
(77
)
—
4,325
Acquired intangible amortization
842
842
Restructuring costs
205
205
Corporate expenses
2,002
2,002
Operating income (loss)
3,583
819
(77
)
(3,049
)
1,276
Interest expense
(84
)
(84
)
Other income
185
185
Earnings (loss) before income tax expense
$
3,583
$
819
$
(77
)
$
(2,948
)
$
1,377
Three Months Ended December 31, 2024
($ in thousands)
Electronic Test
Environmental Technologies
Process
Technologies
Corporate &
Other
Consolidated
Revenue
$
21,122
$
7,063
$
8,418
$
—
$
36,603
Cost of revenue
12,974
4,196
4,894
—
22,064
Other divisional costs
5,283
2,185
2,553
—
10,021
Division operating income
2,865
682
971
—
4,518
Acquired intangible amortization
109
109
Corporate expenses
2,330
2,330
Operating income (loss)
2,865
682
971
(2,439
)
2,079
Interest expense
(234
)
(234
)
Other expense
(43
)
(43
)
Earnings (loss) before income tax expense
$
2,865
$
682
$
971
$
(2,716
)
$
1,802
InTest Corporation
Segment Data
(Unaudited)
Twelve Months Ended December 31, 2025
($ in thousands)
Electronic Test
Environmental Technologies
Process
Technologies
Corporate &
Other
Consolidated
Revenue
$
56,194
$
29,294
$
28,337
$
—
$
113,825
Cost of revenue
29,766
18,304
16,835
—
64,905
Other divisional costs
19,458
9,035
11,071
—
39,564
Division operating income
6,970
1,955
431
—
9,356
Acquired intangible amortization
3,346
3,346
Restructuring costs
850
850
Corporate expenses
8,885
8,885
Operating (loss) income
6,970
1,955
431
(13,081
)
(3,725
)
Interest expense
(450
)
(450
)
Other income
953
953
(Loss) earnings before income tax expense
$
6,970
$
1,955
$
431
$
(12,578
)
$
(3,222
)
Twelve Months Ended December 31, 2024
($ in thousands)
Electronic Test
Environmental Technologies
Process
Technologies
Corporate &
Other
Consolidated
Revenue
$
63,878
$
28,898
$
37,914
$
—
$
130,690
Cost of revenue
35,843
17,780
21,643
—
75,266
Other divisional costs
19,303
9,002
11,299
—
39,604
Division operating income
8,732
2,116
4,972
—
15,820
Acquired intangible amortization
2,545
2,545
Corporate expenses
9,881
9,881
Operating income (loss)
8,732
2,116
4,972
(12,426
)
3,394
Interest expense
(846
)
(846
)
Other income
906
906
Earnings (loss) before income tax expense
$
8,732
$
2,116
$
4,972
$
(12,366
)
$
3,454
InTest Corporation
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (Loss) (Non-GAAP) and Earnings (Loss) Per Diluted Share to Adjusted EPS (Non-GAAP):
Three Months Ended
December 31,
December 31,
September 30,
(in thousands except per share amounts)
2025
2024
2025
Net earnings (loss)
$
1,243
$
1,504
$
(938
)
Acquired intangible amortization
842
109
841
Acquired inventory step-up
—
1,570
—
Restructuring costs
205
—
116
Tax effect of adjusting items
(337
)
(401
)
(217
)
Adjusted net earnings (loss) (Non-GAAP)
$
1,953
$
2,782
$
(198
)
Diluted weighted average shares outstanding
12,277
12,216
12,209
Earnings (loss) per diluted share:
Net earnings (loss)
$
0.10
$
0.12
$
(0.08
)
Acquired intangible amortization
0.07
0.01
0.07
Acquired inventory step-up
—
0.13
—
Restructuring costs
0.02
—
0.01
Tax effect of adjusting items
(0.03
)
(0.03
)
(0.02
)
Adjusted EPS (Non-GAAP) *
$
0.16
$
0.23
$
(0.02
)
* Components may not add up to total due to rounding
Twelve Months Ended
December 31,
(in thousands except per share amounts)
2025
2024
Net (loss) earnings
$
(2,527
)
$
2,891
Acquired intangible amortization
3,346
2,545
Acquired inventory step-up
—
1,570
Restructuring costs
850
—
Tax effect of adjusting items
(905
)
(792
)
Adjusted net earnings (Non-GAAP)
$
764
$
6,214
Diluted weighted average shares outstanding
12,256
12,239
(Loss) earnings per diluted share:
Net (loss) earnings
$
(0.21
)
$
0.24
Acquired intangible amortization
0.27
0.21
Acquired inventory step-up
—
0.13
Restructuring costs
0.07
—
Tax effect of adjusting items
(0.07
)
(0.07
)
Adjusted EPS (Non-GAAP) *
$
0.06
$
0.51
* Components may not add up to total due to rounding
Reconciliation of Net Earnings (Loss) and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP):
Three Months Ended
December 31,
December 31,
September 30,
(in thousands except percentage data)
2025
2024
2025
Net earnings (loss)
$
1,243
$
1,504
$
(938
)
Acquired intangible amortization
842
109
841
Acquired inventory step-up
—
1,570
—
Net interest (income) expense
(8
)
109
(18
)
Income tax expense (benefit)
134
298
(289
)
Depreciation
378
415
317
Restructuring costs
205
—
116
Stock-based compensation
398
407
354
Adjusted EBITDA (Non-GAAP)
$
3,192
$
4,412
$
383
Revenue
$
32,822
$
36,603
$
26,236
Net margin
3.8
%
4.1
%
(3.6
%)
Adjusted EBITDA margin (Non-GAAP)
9.7
%
12.1
%
1.5
%
Twelve Months Ended
December 31,
December 31,
(in thousands except percentage data)
2025
2024
Net (loss) earnings
$
(2,527
)
$
2,891
Acquired intangible amortization
3,346
2,545
Acquired inventory step-up
—
1,570
Net interest expense (income)
41
(7
)
Income tax (benefit) expense
(695
)
563
Depreciation
1,325
1,399
Restructuring costs
850
—
Stock-based compensation
1,610
1,857
Adjusted EBITDA (Non-GAAP)
$
3,950
$
10,818
Revenue
$
113,825
$
130,690
Net margin
(2.2
%)
2.2
%
Adjusted EBITDA margin (Non-GAAP)
3.5
%
8.3
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260227740507/en/
InTest Corporation
Duncan Gilmour
Chief Financial Officer and Treasurer
Tel: (856) 505-8999
Investors:
Jody Burfening / Sanjay Hurry
Alliance Advisors IR
INTTIR@allianceadvisors.com
Tel: (212) 838-3777
Original: InTest Reports Q4 2025 EPS of $0.10 with Revenue of $32.8 Million Amidst Improving Momentum
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