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inTest Corp

InTest Reports Orders Improved 10% and Gross Margin Expanded 110 basis points Sequentially to 42.6% for Second Quarter 2025

  • Orders1 improved 6%, or $1.6 million, year-over-year reflecting strength in auto/EV and life sciences, driven by Alfamation; sequentially orders grew $2.4 million as demand increased across all markets, except the semiconductor market
  • Revenue increased 6% sequentially to $28.1 million
  • Further reduced total debt by $1.7 million from March 31, 2025
  • Narrowed operating loss for the quarter to $0.9 million and net loss to $0.5 million; Adjusted EBITDA2 was $1.3 million
  • Continuing to hold strong market position and control costs while customers remain cautious

MT. LAUREL, N.J.--(BUSINESS WIRE)--Aug. 6, 2025-- 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”), automotive/EV, defense/aerospace, industrial, life sciences, and safety/security, today announced financial results for the second quarter of 2025 ended June 30, 2025.

Nick Grant, President and CEO, commented, “Against a backdrop of ongoing global economic and tariff uncertainties with customers remaining hesitant to commit to capital projects, we stayed focused on executing our VISION 2030 Growth Strategy, driving innovation, market diversification and geographic expansion to strengthen our position when market conditions improve. During the second quarter, recently introduced products continued to gain traction; we added new customers; and further expanded our channel network. In addition, orders of $27.8 million improved over both the prior year and trailing quarters reflecting renewed purchasing among automotive customers. Alfamation achieved its highest level of orders since joining InTest. Through the actions we’ve taken to protect our gross margin, diligently control discretionary spending and reduce non-strategic expenses, we significantly narrowed the operating and net loss from the first quarter.”

Mr. Grant continued, “InTest’s funnel of opportunities increased to a new all-time high as our customers recognize our innovative solutions are integral to their long-term capital plans, which reinforces our confidence that fundamentals in our target markets remain intact. To preserve our strong market positions and emerge from this downturn even stronger, we continue to invest in new products with a focus on moving up the value chain for our customers and advancing our ‘in-the-region for-the-region’ manufacturing strategy.”

Second Quarter 2025 Review (see revenue by market and by segments in accompanying tables)

 

Three Months Ended

($ in thousands except percentages and per share data)

 

 

 

 

Change

 

 

 

Change

June 30,

 

June 30,

 

 

 

 

 

March 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

$

 

%

 

 

2025

 

 

$

 

%

Revenue

$

28,130

 

 

$

33,991

 

 

$

(5,861

)

 

(17.2

)%

 

$

26,637

 

 

$

1,493

 

 

5.6

%

Gross profit

$

11,973

 

 

$

13,797

 

 

$

(1,824

)

 

(13.2

)%

 

$

11,056

 

 

$

917

 

 

8.3

%

Gross margin

 

42.6

%

 

 

40.6

%

 

 

 

 

 

 

41.5

%

 

 

 

 

Operating expenses (including intangible amortization & restructuring)

$

12,900

 

 

$

13,461

 

 

$

(561

)

 

(4.2

)%

 

$

13,937

 

 

$

(1,037

)

 

(7.4

)%

Operating (loss) income

$

(927

)

 

$

336

 

 

$

(1,263

)

 

n/m

 

 

$

(2,881

)

 

$

1,954

 

 

n/m

 

Operating margin

 

(3.3

%)

 

 

1.0

%

 

 

 

 

 

 

(10.8

%)

 

 

 

 

Net (loss) earnings

$

(503

)

 

$

230

 

 

$

(733

)

 

n/m

 

 

$

(2,329

)

 

$

1,826

 

 

n/m

 

Net margin

 

(1.8

%)

 

 

0.7

%

 

 

 

 

 

 

(8.7

%)

 

 

 

 

(Loss) earnings per diluted share (“EPS”)

$

(0.04

)

 

$

0.02

 

 

$

(0.06

)

 

(300.0

)%

 

$

(0.19

)

 

$

0.15

 

 

78.9

%

Adjusted net (loss) earnings (Non-GAAP)3

$

417

 

 

$

959

 

 

$

(542

)

 

(56.5

)%

 

$

(1,389

)

 

$

1,806

 

 

n/m

 

Adjusted EPS (Non-GAAP)3

$

0.03

 

 

$

0.08

 

 

$

(0.05

)

 

(62.5

)%

 

$

(0.11

)

 

$

0.14

 

 

n/m

 

Adjusted EBITDA (Non-GAAP)3

$

1,262

 

 

$

2,154

 

 

$

(892

)

 

(41.4

)%

 

$

(887

)

 

$

2,149

 

 

n/m

 

Adjusted EBITDA margin (Non-GAAP)3

 

4.5

%

 

 

6.3

%

 

 

 

 

 

 

(3.3

%)

 

 

 

 

n/m - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

Sequentially, revenue for the second quarter was up $1.5 million over the first quarter as sales in semi increased $1.2 million, industrial and defense/aerospace grew $0.8 million each, and safety/security rose $0.3 million. This growth more than outpaced the combined decline of $1.6 million across life sciences, auto/EV and other markets.

Compared with the prior-year period, second quarter revenue was down $5.9 million, primarily due to a $4.9 million decline in auto/EV sales, and slight declines in life sciences, defense/aerospace and other markets. This was partially offset by increases in industrial, safety/security and semi, where the increase in back-end sales outpaced the decline in front-end.

Sequentially, gross margin increased 110 basis points based on higher volume and ongoing cost reductions.

Gross margin was 42.6% in the second quarter, a 200-basis point improvement compared with the prior-year period, primarily due to favorable product mix and cost reduction efforts.

Sequentially, operating expenses decreased $1.0 million due to ongoing cost reduction efforts, including the recently announced leadership transition. Operating expenses decreased $0.6 million from the prior-year period primarily as a result of cost reduction efforts and reduced corporate development costs.

Net loss for the quarter was $0.5 million, or $(0.04) per diluted share. Adjusted net earnings (Non-GAAP)3 were $0.4 million, or $0.03 adjusted EPS (Non-GAAP)3.

Balance Sheet and Cash Flow Review

Cash and cash equivalents at the end of the second quarter of 2025 were $19.2 million, down $2.8 million from the end of the first quarter. During the quarter, the Company reduced total debt by $1.7 million from March 31, 2025 to $10.1 million and used $0.7 million in operations primarily for working capital investments. Capital expenditures were $0.5 million in the second quarter of 2025.

At June 30, 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 2026 in exchange for pledging cash equal to U.S. debt outstanding. At June 30, 2025, the Company held $5.9 million of U.S. based debt.

Second Quarter 2025 Orders 1 and Backlog 4 (see orders by market in accompanying tables)

 

Three Months Ended

 

 

 

 

 

Change

 

 

 

Change

 

June 30,

 

June 30,

 

 

 

 

 

March 31,

 

 

($ in thousands except percentages)

2025

 

2024

 

$

 

%

 

2025

 

$

 

%

Orders

$

27,759

 

$

26,182

 

$

1,577

 

 

6.0

%

 

$

25,349

 

$

2,410

 

 

9.5

%

Backlog (at quarter end)

$

37,861

 

$

47,672

 

$

(9,811

)

 

(20.6

)%

 

$

38,232

 

$

(371

)

 

(1.0

)%

Second quarter orders of $27.8 million grew $1.6 million, or 6.0%, versus the prior-year period, and $2.4 million, or 9.5%, compared with the first quarter. The year-over-year increase reflects strength in auto/EV, life sciences, industrial and safety/security markets while orders slowed in semi and defense/aerospace markets.

Sequentially, the 9.5% increase in orders was primarily driven by auto/EV and life sciences, as well as safety/security, defense/aerospace, industrial and other markets. These increases outpaced the decline is semi where the market remains slow.

Backlog at June 30, 2025, was $37.9 million, slightly below the March 31, 2025 level. Approximately 50% of the backlog is expected to ship beyond the third quarter of 2025.

Focusing Outlook on Forward Quarter

Mr. Grant concluded, "We continue to make progress on our VISION 2030 Growth Strategy by adding new customers, expanding our market reach and innovating to drive our value proposition. We are especially encouraged with wins we have seen in auto/EV, life sciences and defense/aerospace. While visibility remains limited amid persistently weak market conditions for capital investment, most notably in the digital/analog semi industry, we still expect to deliver growth quarter over quarter in 2025, albeit at a slower pace than we had originally anticipated at the start of the year.”

Third quarter 2025 revenue is forecasted to be $28 million to $30 million with gross margin similar to the second quarter and operating expenses of $12.6 million to $13.1 million, which excludes approximately $0.1 million in Videology and other restructuring expenses.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. It also assumes macroeconomic conditions remain unchanged through the third quarter. 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.

____________________

1 Orders is a key performance metric. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.

2 Adjusted EBITDA is a non-GAAP financial measure. 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.

3 Adjusted net earnings, 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.

4 Backlog is a key performance metric. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.

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 (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 Wednesday, August 20, 2025. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13754235. 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, adjusted earnings per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin.

The Company defines these non-GAAP measures as follows:

  • Adjusted net earnings is derived by adding acquired intangible amortization, acquired inventory step-up expense, and restructuring costs adjusted for the related income tax expense (benefit), to net earnings.
  • Adjusted earnings per diluted share is derived by dividing adjusted net earnings 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 and adjusted earnings 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 and earnings per diluted share (EPS) to adjusted net earnings and adjusted earnings per diluted share (adjusted EPS) and from net earnings 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,” “opportunities,” “will,” “plan,” “forecasts,” “strategy,” “target,” 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 Growth 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 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. 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

 

Six Months Ended

 

June 30,

 

June 30,

(In thousands, except share and per share data)

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Revenue

$

28,130

 

 

$

33,991

 

 

$

54,767

 

 

$

63,815

 

Cost of revenue

 

16,157

 

 

 

20,194

 

 

 

31,738

 

 

 

36,942

 

Gross profit

 

11,973

 

 

 

13,797

 

 

 

23,029

 

 

 

26,873

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling expense

 

3,829

 

 

 

4,105

 

 

 

8,376

 

 

 

8,695

 

Engineering and product development expense

 

2,245

 

 

 

2,218

 

 

 

4,693

 

 

 

4,200

 

General and administrative expense

 

5,760

 

 

 

6,241

 

 

 

11,576

 

 

 

11,658

 

Amortization of acquired intangible assets

 

850

 

 

 

897

 

 

 

1,663

 

 

 

1,492

 

Restructuring costs

 

216

 

 

 

—

 

 

 

529

 

 

 

—

 

Total operating expenses

 

12,900

 

 

 

13,461

 

 

 

26,837

 

 

 

26,045

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

(927

)

 

 

336

 

 

 

(3,808

)

 

 

828

 

Interest expense

 

(119

)

 

 

(253

)

 

 

(271

)

 

 

(393

)

Other income

 

463

 

 

 

213

 

 

 

707

 

 

 

648

 

 

 

 

 

 

 

 

 

(Loss) earnings before income tax (benefit) expense

 

(583

)

 

 

296

 

 

 

(3,372

)

 

 

1,083

 

Income tax (benefit) expense

 

(80

)

 

 

66

 

 

 

(540

)

 

 

191

 

 

 

 

 

 

 

 

 

Net (loss) earnings

$

(503

)

 

$

230

 

 

$

(2,832

)

 

$

892

 

 

 

 

 

 

 

 

 

(Loss) earnings per common share:

 

 

 

 

 

 

 

Basic

$

(0.04

)

 

$

0.02

 

 

$

(0.23

)

 

$

0.07

 

Diluted

$

(0.04

)

 

$

0.02

 

 

$

(0.23

)

 

 

0.07

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

12,215,258

 

 

 

12,234,599

 

 

 

12,197,338

 

 

 

12,130,480

 

Diluted

 

12,215,258

 

 

 

12,330,280

 

 

 

12,197,338

 

 

 

12,244,289

 

InTest Corporation

Consolidated Balance Sheets

 

 

June 30,

2025

 

December 31,

2024

(In thousands, except share and per share data)

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

19,248

 

 

$

19,830

 

Trade accounts receivable, net of allowance for credit losses of $464 and $423, respectively

 

23,349

 

 

 

29,495

 

Inventories

 

27,610

 

 

 

26,837

 

Prepaid expenses and other current assets

 

4,640

 

 

 

2,650

 

Total current assets

 

74,847

 

 

 

78,812

 

Property and equipment, net of accumulated depreciation of $9,513 and $8,830, respectively

 

4,677

 

 

 

4,457

 

Right-of-use assets, net

 

10,071

 

 

 

10,767

 

Goodwill

 

32,437

 

 

 

30,744

 

Intangible assets, net

 

26,647

 

 

 

26,376

 

Deferred tax assets

 

—

 

 

 

67

 

Other assets

 

974

 

 

 

1,065

 

Total assets

$

149,653

 

 

$

152,288

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

6,426

 

 

$

7,494

 

Current portion of operating lease liabilities

 

2,100

 

 

 

1,989

 

Accounts payable

 

6,981

 

 

 

7,991

 

Customer deposits and deferred revenue

 

5,598

 

 

 

4,989

 

Accrued expenses and other current liabilities

 

9,853

 

 

 

9,485

 

Total current liabilities

 

30,958

 

 

 

31,948

 

Operating lease liabilities, net of current portion

 

8,316

 

 

 

9,021

 

Long-term debt, net of current portion

 

3,667

 

 

 

7,538

 

Contingent consideration, net of current portion

 

441

 

 

 

825

 

Deferred revenue, net of current portion

 

1,367

 

 

 

1,432

 

Deferred tax liabilities

 

525

 

 

 

—

 

Other liabilities

 

1,787

 

 

 

1,734

 

Total liabilities

 

47,061

 

 

 

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; 12,559,753 and 12,457,658 shares issued, respectively; 12,477,676 and 12,378,276 shares outstanding, respectively

 

125

 

 

 

124

 

Additional paid-in capital

 

58,604

 

 

 

57,658

 

Retained earnings

 

42,255

 

 

 

45,087

 

Accumulated other comprehensive earnings (loss)

 

2,567

 

 

 

(2,137

)

Treasury stock, at cost; 82,077 and 79,382 shares, respectively

 

(959

)

 

 

(942

)

Total stockholders’ equity

 

102,592

 

 

 

99,790

 

Total liabilities and stockholders’ equity

$

149,653

 

 

$

152,288

 

InTest Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Six Months Ended

June 30,

(In thousands)

 

2025

 

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net (loss) earnings

$

(2,832

)

 

$

892

 

Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

3,306

 

 

 

2,806

 

Provision for excess and obsolete inventory

 

304

 

 

 

306

 

Amortization of deferred compensation related to stock-based awards

 

858

 

 

 

913

 

Deferred income tax expense

 

205

 

 

 

347

 

Other non-cash reconciling items

 

(383

)

 

 

47

 

Changes in assets and liabilities:

 

 

 

Trade accounts receivable

 

6,865

 

 

 

(5,693

)

Inventories

 

203

 

 

 

1,966

 

Prepaid expenses and other current assets

 

(438

)

 

 

1,296

 

Other assets

 

(36

)

 

 

(118

)

Operating lease liabilities

 

(966

)

 

 

(765

)

Accounts payable

 

(898

)

 

 

(1,899

)

Customer deposits and deferred revenue

 

272

 

 

 

(861

)

Domestic and foreign income taxes payable

 

(883

)

 

 

(851

)

Deferred revenue, net of current portion

 

(65

)

 

 

(75

)

Accrued expenses and other liabilities

 

(665

)

 

 

(1,326

)

Net cash provided by (used in) operating activities

 

4,847

 

 

 

(3,015

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Acquisition of business, net of cash acquired

 

—

 

 

 

(18,727

)

Purchases of property and equipment

 

(691

)

 

 

(656

)

Net cash used in investing activities

 

(691

)

 

 

(19,383

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

(Repayments of short-term borrowings, net of proceeds) proceeds from short-term borrowings

 

(3,613

)

 

 

1,120

 

Repayments of long-term debt

 

(2,050

)

 

 

(3,129

)

Proceeds from stock options exercised

 

18

 

 

 

116

 

Proceeds from shares sold under Employee Stock Purchase Plan

 

60

 

 

 

84

 

Settlement of employee tax liabilities in connection with treasury stock transaction

 

(17

)

 

 

(41

)

Net cash used in by financing activities

 

(5,602

)

 

 

(1,850

)

Effects of exchange rates on cash

 

864

 

 

 

(642

)

Net cash used in all activities

 

(582

)

 

 

(24,890

)

Cash, cash equivalents and restricted cash at beginning of period

 

19,830

 

 

 

45,260

 

Cash and cash equivalents at end of period

$

19,248

 

 

$

20,370

 

Cash payments for:

 

 

 

Domestic and foreign income taxes

$

145

 

 

$

1,153

 

Interest

 

266

 

 

 

406

 

 

 

 

 

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

)

 

 

(138

)

InTest Corporation

Revenue by Market

(Unaudited)

 

($ in thousands)

Three Months Ended

 

 

 

 

 

 

 

 

 

Change

 

 

 

 

 

Change

 

June 30,

 

June 30,

 

 

 

 

 

March 31,

 

 

 

 

 

2025

 

2024

 

$

 

%

 

2025

 

$

 

%

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semi

$

10,192

 

36.2

%

 

$

10,124

 

29.8

%

 

$

68

 

 

0.7

%

 

$

8,995

 

33.8

%

 

$

1,197

 

 

13.3

%

Auto/EV

 

5,862

 

20.8

%

 

 

10,735

 

31.6

%

 

 

(4,873

)

 

(45.4

)%

 

 

5,959

 

22.4

%

 

 

(97

)

 

(1.6

)%

Defense/Aerospace

 

3,578

 

12.7

%

 

 

3,682

 

10.8

%

 

 

(104

)

 

(2.8

)%

 

 

2,828

 

10.6

%

 

 

750

 

 

26.5

%

Industrial

 

3,786

 

13.5

%

 

 

3,415

 

10.0

%

 

 

371

 

 

10.9

%

 

 

3,021

 

11.3

%

 

 

765

 

 

25.3

%

Life Sciences

 

1,386

 

4.9

%

 

 

2,194

 

6.5

%

 

 

(808

)

 

(36.8

)%

 

 

1,688

 

6.3

%

 

 

(302

)

 

(17.9

)%

Safety/Security

 

898

 

3.2

%

 

 

792

 

2.3

%

 

 

106

 

 

13.4

%

 

 

564

 

2.1

%

 

 

334

 

 

59.2

%

Other

 

2,428

 

8.6

%

 

 

3,049

 

9.0

%

 

 

(621

)

 

(20.4

)%

 

 

3,582

 

13.4

%

 

 

(1,154

)

 

(32.2

)%

 

$

28,130

 

100.0

%

 

$

33,991

 

100.0

%

 

$

(5,861

)

 

(17.2

)%

 

$

26,637

 

100.0

%

 

$

1,493

 

 

5.6

%

 

* Components may not add up to total due to rounding

Orders by Market

(Unaudited)

 

($ in thousands)

Three Months Ended

 

 

 

 

 

 

 

 

 

Change

 

 

 

 

 

Change

 

June 30,

 

June 30,

 

 

 

 

 

March 31,

 

 

 

 

 

2025

 

2024

 

$

 

%

 

2025

 

$

 

%

Orders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semi

$

7,292

 

26.3

%

 

$

11,026

 

42.1

%

 

$

(3,734

)

 

(33.9

)%

 

$

9,640

 

38.0

%

 

$

(2,348

)

 

(24.4

)%

Auto/EV

 

7,066

 

25.5

%

 

 

4,721

 

18.0

%

 

 

2,345

 

 

49.7

%

 

 

5,061

 

20.0

%

 

 

2,005

 

 

39.6

%

Defense/Aerospace

 

2,499

 

9.0

%

 

 

2,665

 

10.2

%

 

 

(166

)

 

(6.2

)%

 

 

2,083

 

8.2

%

 

 

416

 

 

20.0

%

Industrial

 

4,680

 

16.9

%

 

 

3,485

 

13.4

%

 

 

1,195

 

 

34.3

%

 

 

4,551

 

18.0

%

 

 

129

 

 

2.8

%

Life Sciences

 

2,863

 

10.3

%

 

 

1,025

 

3.9

%

 

 

1,838

 

 

179.3

%

 

 

1,232

 

4.9

%

 

 

1,631

 

 

132.4

%

Safety/Security

 

1,173

 

4.2

%

 

 

81

 

0.3

%

 

 

1,092

 

 

1348.1

%

 

 

675

 

2.7

%

 

 

498

 

 

73.8

%

Other

 

2,186

 

7.9

%

 

 

3,179

 

12.1

%

 

 

(993

)

 

(31.2

)%

 

 

2,107

 

8.3

%

 

 

79

 

 

3.7

%

 

$

27,759

 

100.0

%

 

$

26,182

 

100.0

%

 

$

1,577

 

 

6.0

%

 

$

25,349

 

100.0

%

 

$

2,410

 

 

9.5

%

 

* Components may not add up to total due to rounding

InTest Corporation

Segment Data

(Unaudited)

 

 

Three Months Ended June 30, 2025

($ in thousands)

Electronic Test

 

Environmental Technologies

 

Process

Technologies

 

Corporate &

Other

 

Consolidated

Revenue

$

13,733

 

$

7,215

 

$

7,182

 

$

—

 

 

$

28,130

 

Cost of revenue

 

7,418

 

 

4,534

 

 

4,205

 

 

—

 

 

 

16,157

 

Other divisional costs

 

4,755

 

 

2,070

 

 

2,578

 

 

—

 

 

 

9,403

 

Division operating income

 

1,560

 

 

611

 

 

399

 

 

—

 

 

 

2,570

 

Acquired intangible amortization

 

 

 

 

 

 

 

850

 

 

 

850

 

Restructuring costs

 

 

 

 

 

 

 

216

 

 

 

216

 

Corporate expenses

 

 

 

 

 

 

 

2,431

 

 

 

2,431

 

Operating (loss) income

 

1,560

 

 

611

 

 

399

 

 

(3,497

)

 

 

(927

)

Interest expense

 

 

 

 

 

 

 

(119

)

 

 

(119

)

Other income

 

 

 

 

 

 

 

463

 

 

 

463

 

(Loss) earnings before income tax expense

$

1,560

 

$

611

 

$

399

 

$

(3,153

)

 

$

(583

)

 

Three Months Ended June 30, 2024

($ in thousands)

Electronic Test

 

Environmental Technologies

 

Process

Technologies

 

Corporate &

Other

 

Consolidated

Revenue

$

16,159

 

$

8,273

 

$

9,559

 

$

—

 

 

$

33,991

 

Cost of revenue

 

9,462

 

 

5,016

 

 

5,716

 

 

—

 

 

 

20,194

 

Other divisional costs

 

4,954

 

 

2,264

 

 

2,873

 

 

—

 

 

 

10,091

 

Division operating income

 

1,743

 

 

993

 

 

970

 

 

—

 

 

 

3,706

 

Acquired intangible amortization

 

 

 

 

 

 

 

897

 

 

 

897

 

Corporate expenses

 

 

 

 

 

 

 

2,473

 

 

 

2,473

 

Operating income (loss)

 

1,743

 

 

993

 

 

970

 

 

(3,370

)

 

 

336

 

Interest expense

 

 

 

 

 

 

 

(253

)

 

 

(253

)

Other income

 

 

 

 

 

 

 

213

 

 

 

213

 

Earnings (loss) before income tax expense

$

1,743

 

$

993

 

$

970

 

$

(3,410

)

 

$

296

 

InTest Corporation

Segment Data

(Unaudited)

 

 

Six Months Ended June 30, 2025

($ in thousands)

Electronic Test

 

Environmental Technologies

 

Process

Technologies

 

Corporate &

Other

 

Consolidated

Revenue

$

26,992

 

$

13,483

 

$

14,292

 

$

—

 

 

$

54,767

 

Cost of revenue

 

14,731

 

 

8,697

 

 

8,310

 

 

—

 

 

 

31,738

 

Other divisional costs

 

10,020

 

 

4,430

 

 

5,376

 

 

—

 

 

 

19,826

 

Division operating income

 

2,241

 

 

356

 

 

606

 

 

—

 

 

 

3,203

 

Acquired intangible amortization

 

 

 

 

 

 

 

1,663

 

 

 

1,663

 

Restructuring costs

 

 

 

 

 

 

 

529

 

 

 

529

 

Corporate expenses

 

 

 

 

 

 

 

4,819

 

 

 

4,819

 

Operating (loss) income

 

2,241

 

 

356

 

 

606

 

 

(7,011

)

 

 

(3,808

)

Interest expense

 

 

 

 

 

 

 

(271

)

 

 

(271

)

Other income

 

 

 

 

 

 

 

707

 

 

 

707

 

(Loss) earnings before income tax expense

$

2,241

 

$

356

 

$

606

 

$

(6,575

)

 

$

(3,372

)

 

Six Months Ended June 30, 2024

($ in thousands)

Electronic Test

 

Environmental Technologies

 

Process

Technologies

 

Corporate &

Other

 

Consolidated

Revenue

$

27,275

 

$

15,101

 

$

21,439

 

$

—

 

 

$

63,815

 

Cost of revenue

 

15,008

 

 

9,549

 

 

12,385

 

 

—

 

 

 

36,942

 

Other divisional costs

 

8,711

 

 

4,544

 

 

6,123

 

 

—

 

 

 

19,378

 

Division operating income

 

3,556

 

 

1,008

 

 

2,931

 

 

—

 

 

 

7,495

 

Acquired intangible amortization

 

 

 

 

 

 

 

1,492

 

 

 

1,492

 

Corporate expenses

 

 

 

 

 

 

 

5,175

 

 

 

5,175

 

Operating income (loss)

 

3,556

 

 

1,008

 

 

2,931

 

 

(6,667

)

 

 

828

 

Interest expense

 

 

 

 

 

 

 

(393

)

 

 

(393

)

Other income

 

 

 

 

 

 

 

648

 

 

 

648

 

Earnings (loss) before income tax expense

$

3,556

 

$

1,008

 

$

2,931

 

$

(6,412

)

 

$

1,083

 

InTest Corporation
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) and Earnings Per Diluted Share to Adjusted EPS (Non-GAAP):

 

Three Months Ended

 

June 30,

 

June 30,

 

March 31,

(in thousands except per share amounts)

 

2025

 

 

 

2024

 

 

 

2025

 

Net (loss) earnings

$

(503

)

 

$

230

 

 

$

(2,329

)

Acquired intangible amortization

 

850

 

 

 

897

 

 

 

813

 

Restructuring costs

 

216

 

 

 

—

 

 

 

313

 

Tax effect of adjusting items

 

(146

)

 

 

(168

)

 

 

(186

)

Adjusted net earnings (loss) (Non-GAAP)

$

417

 

 

$

959

 

 

$

(1,389

)

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

12,246

 

 

 

12,330

 

 

 

12,179

 

(Loss) earnings per diluted share:

 

 

 

 

 

Net (loss) earnings

$

(0.04

)

 

$

0.02

 

 

$

(0.19

)

Acquired intangible amortization

 

0.07

 

 

 

0.07

 

 

 

0.07

 

Restructuring costs

 

0.02

 

 

 

—

 

 

 

0.03

 

Tax effect of adjusting items

 

(0.01

)

 

 

(0.01

)

 

 

(0.02

)

Adjusted EPS (Non-GAAP) *

$

0.03

 

 

$

0.08

 

 

$

(0.11

)

 

* Components may not add up to total due to rounding

Reconciliation of Net Earnings and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP):

 

Three Months Ended

 

June 30,

 

June 30,

 

March 31,

(in thousands except percentage data)

 

2025

 

 

 

2024

 

 

 

2025

 

Net (loss) earnings

$

(503

)

 

$

230

 

 

$

(2,329

)

Acquired intangible amortization

 

850

 

 

 

897

 

 

 

813

 

Net interest expense

 

30

 

 

 

41

 

 

 

37

 

Income tax (benefit) expense

 

(80

)

 

 

66

 

 

 

(460

)

Depreciation

 

314

 

 

 

356

 

 

 

316

 

Restructuring costs

 

216

 

 

 

—

 

 

 

313

 

Stock-based compensation

 

435

 

 

 

564

 

 

 

423

 

Adjusted EBITDA (Non-GAAP)

$

1,262

 

 

$

2,154

 

 

$

(887

)

Revenue

$

28,130

 

 

$

33,991

 

 

$

26,637

 

Net margin

 

(1.8

%)

 

 

0.7

%

 

 

(8.7

%)

Adjusted EBITDA margin (Non-GAAP)

 

4.5

%

 

 

6.3

%

 

 

(3.3

%)

 

InTest Corporation
Duncan Gilmour
Chief Financial Officer and Treasurer
Tel: (856) 505-8999

Investors:
Jody Burfening / Alex Villalta
Alliance Advisors IR
avillalta@allianceadvisors.com
Tel: (212) 838-3777

Source: InTest Corporation