InTest Reports Record Quarterly Orders of $49.4 Million and EPS of $0.15 on 34% Revenue Growth and 47.7% Gross Margin
- Revenue of $35.1 million, up 34% year-over-year
- Net earnings of $1.9 million, or $0.15 per diluted share, vs. net loss of $0.9 million, or $(0.08) per diluted share, in the prior-year period
- Adjusted EPS (Non-GAAP)1 of $0.18 vs. $(0.02); Adjusted EBITDA (Non-GAAP)1 of $4.4 million vs. $0.4 million
- Orders2 up 31% to a record $49.4 million, led by record back-end Semi orders
- Backlog2 of $59.7 million, up 21% year-over-year
MT. LAUREL, N.J.–(BUSINESS WIRE)–
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 third quarter of 2026 ended September 30, 2026.
“The third quarter demonstrated the earnings power of our business model when demand, mix, and execution line up,” stated Richard Rogoff, president and CEO. “Demand for back-end semiconductor testing picked up in the quarter, as we expected, driven by customers adding capacity for power, analog, and mixed-signal devices, with new products capturing a meaningful portion of our new orders. At the same time, continued electronification is expanding our opportunities for our test equipment. As advanced processors and electronics run hotter and grow more complex, we believe customer interest in our high-powered chillers and other advanced test products is increasing. Together, we believe these secular trends are enlarging all the markets we serve, and our portfolio is aligned with where demand is heading.
“Orders2 reached a record $49.4 million in the quarter, well ahead of revenue and lifting backlog to $59.7 million, as lead times for test equipment lengthened and customers placed orders earlier,” continued Mr. Rogoff. “Auto/EV orders more than doubled sequentially and Defense/Aerospace orders rose more than 40%, providing us with powerful new opportunities to tap.”
Third Quarter 2026 Review (see revenue by market and by segments in accompanying tables)
|
|
Three Months Ended |
|||||||||||||||||||||||
|
($ in thousands except percentages and per share data) |
September 30, |
|
September 30, |
|
Change |
|
June 30, |
|
Change |
|||||||||||||||
|
2026 |
|
2025 |
|
$ |
|
% |
|
2026 |
|
$ |
|
% |
||||||||||||
|
Revenue |
$ |
35,069 |
|
|
$ |
26,236 |
|
|
$ |
8,833 |
|
33.7 |
% |
|
$ |
35,313 |
|
|
$ |
(244 |
) |
|
(0.7 |
%) |
|
Gross profit |
$ |
16,721 |
|
|
$ |
10,992 |
|
|
$ |
5,729 |
|
52.1 |
% |
|
$ |
14,298 |
|
|
$ |
2,423 |
|
|
16.9 |
% |
|
Gross margin |
|
47.7 |
% |
|
|
41.9 |
% |
|
|
|
|
|
|
40.5 |
% |
|
|
|
|
|||||
|
Operating expenses (including intangible amortization & restructuring) |
$ |
13,994 |
|
|
$ |
12,185 |
|
|
$ |
1,809 |
|
14.8 |
% |
|
$ |
13,935 |
|
|
$ |
59 |
|
|
0.4 |
% |
|
Operating income (loss) |
$ |
2,727 |
|
|
$ |
(1,193 |
) |
|
$ |
3,920 |
|
328.6 |
% |
|
$ |
363 |
|
|
$ |
2,364 |
|
|
651.2 |
% |
|
Operating margin |
|
7.8 |
% |
|
|
(4.5 |
%) |
|
|
|
|
|
|
1.0 |
% |
|
|
|
|
|||||
|
Net earnings (loss) |
$ |
1,856 |
|
|
$ |
(938 |
) |
|
$ |
2,794 |
|
297.9 |
% |
|
$ |
474 |
|
|
$ |
1,382 |
|
|
291.6 |
% |
|
Net margin |
|
5.3 |
% |
|
|
(3.6 |
%) |
|
|
|
|
|
|
1.3 |
% |
|
|
|
|
|||||
|
Earnings (loss) per diluted share (“EPS”) |
$ |
0.15 |
|
|
$ |
(0.08 |
) |
|
$ |
0.23 |
|
287.5 |
% |
|
$ |
0.04 |
|
|
$ |
0.11 |
|
|
275.0 |
% |
|
Adjusted net earnings (Non-GAAP)1 |
$ |
2,290 |
|
|
$ |
(198 |
) |
|
$ |
2,488 |
|
1256.6 |
% |
|
$ |
1,091 |
|
|
$ |
1,199 |
|
|
109.9 |
% |
|
Adjusted EPS (Non-GAAP)1 |
$ |
0.18 |
|
|
$ |
(0.02 |
) |
|
$ |
0.20 |
|
1000.0 |
% |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
100.0 |
% |
|
Adjusted EBITDA (Non-GAAP)1 |
$ |
4,420 |
|
|
$ |
383 |
|
|
$ |
4,037 |
|
1054.0 |
% |
|
$ |
2,192 |
|
|
$ |
2,228 |
|
|
101.6 |
% |
|
Adjusted EBITDA margin (Non-GAAP)1 |
|
12.6 |
% |
|
|
1.5 |
% |
|
|
|
|
|
|
6.2 |
% |
|
|
|
|
|||||
Revenue for the third quarter was essentially flat sequentially, down $0.2 million, or 0.7%. Higher Defense/Aerospace, Semi and Industrial revenue largely offset a $6.8 million decline in Auto/EV. Compared to the prior-year period, third quarter revenue increased $8.8 million, or 33.7%. Defense/Aerospace, Semi, Auto/EV and Industrial accounted for $9.9 million of the increase. Life Sciences was the primary offset, down $0.7 million.
Gross margin increased by 720 basis points sequentially to 47.7%, reflecting a shift in product mix toward higher-margin Semi revenue. Compared to the prior-year period, gross margin increased 580 basis points reflecting improvement across all three operating segments.
Operating expenses increased $0.1 million sequentially, primarily reflecting higher general and administrative expenses, partially offset by lower amortization of intangibles. Compared with the prior-year period, operating expenses increased $1.8 million, or 14.8%. The increase reflected higher selling, general and administrative and engineering expenses, primarily in the form of higher payroll, payroll-related costs and higher commissions associated with higher volume. This was partially offset by lower amortization and restructuring costs.
Net earnings for the third quarter were $1.9 million, or $0.15 per diluted share. Adjusted net earnings (Non-GAAP)1 were $2.3 million, or $0.18 adjusted EPS (Non-GAAP)1.
Balance Sheet and Cash Flow Review
Cash and cash equivalents at the end of the third quarter of 2026 totaled $20.9 million, down $1.2 million from the end of the second quarter. During the quarter, we reduced our term debt by $1.0 million from June 30, 2026, and used $0.3 million in operating activities. Capital expenditures were $0.4 million in the third quarter of 2026.
At September 30, 2026, the Company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On August 14, 2026, we further amended the facility to extend our ability to draw on the Term Note through August 28, 2028. At September 30, 2026, we were in compliance with all of the covenants included in the Loan Agreement.
Third Quarter 2026 Orders2 and Backlog2 (see Orders by Market in accompanying tables)
|
|
Three Months Ended |
|||||||||||||||||||
|
|
September 30, |
|
September 30, |
|
Change |
|
June 30, |
|
Change |
|||||||||||
|
($ in thousands except percentages) |
2026 |
|
2025 |
|
$ |
|
% |
|
2026 |
|
$ |
|
% |
|||||||
|
Orders |
$ |
49,432 |
|
$ |
37,642 |
|
$ |
11,790 |
|
31.3 |
% |
|
$ |
28,871 |
|
$ |
20,561 |
|
71.2 |
% |
|
Backlog (at quarter end) |
$ |
59,736 |
|
$ |
49,267 |
|
$ |
10,469 |
|
21.2 |
% |
|
$ |
45,373 |
|
$ |
14,363 |
|
31.7 |
% |
Third quarter orders increased both sequentially and year-over-year, led by Semi, where orders of $25.1 million (including record back-end orders) more than doubled from the second quarter and more than tripled from the prior-year period. Semi represented 51% of total orders received in the third quarter. Sequentially, Auto/EV orders rebounded by $5.8 million and Defense/Aerospace orders rose $1.8 million, partially offset by lower Life Sciences orders. Year-over-year, the $17.1 million increase in Semi orders more than offset declines in Auto/EV (down $5.2 million) and Life Sciences (down $0.7 million).
Backlog increased both sequentially and year-over-year, as orders exceeded revenue in the third quarter. Approximately 60% of the backlog is expected to ship beyond the fourth quarter of 2026.
Fourth Quarter 2026 Outlook
For the fourth quarter of 2026, InTest projects revenue to be $34.0 million to $36.0 million, with gross margin of approximately 45%, and operating expenses of $14.2 million to $14.7 million. Amortization expense is expected to be $0.5 million.
Mr. Rogoff concluded, “We expect much of our third-quarter semiconductor order intake to convert to revenue in the first half of 2027, giving us greater revenue visibility into next year. We are also continuing the operational review we began earlier this year, focusing on our cost structure and overhead to enhance the profitability of the business. We approach 2027 with momentum, and our focus is on turning this demand into sustained, profitable growth.”
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 Friday, November 20, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 13762890. 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”), Auto/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 principles 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 Financial 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,” “strategy,” “target,” “focus,” “project,” 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 impact of a material weakness in the Company’s internal controls over financial reporting; 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 |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
(In thousands, except share and per share data) |
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
|
Revenue |
$ |
35,069 |
|
|
$ |
26,236 |
|
|
$ |
104,268 |
|
|
$ |
81,003 |
|
|
Cost of revenue |
|
18,348 |
|
|
|
15,244 |
|
|
|
58,591 |
|
|
|
46,982 |
|
|
Gross profit |
|
16,721 |
|
|
|
10,992 |
|
|
|
45,677 |
|
|
|
34,021 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Selling expense |
|
4,485 |
|
|
|
3,765 |
|
|
|
13,202 |
|
|
|
12,141 |
|
|
Engineering and product development expense |
|
2,541 |
|
|
|
2,335 |
|
|
|
7,630 |
|
|
|
7,028 |
|
|
General and administrative expense |
|
6,369 |
|
|
|
5,128 |
|
|
|
18,701 |
|
|
|
16,704 |
|
|
Amortization of acquired intangible assets |
|
548 |
|
|
|
841 |
|
|
|
2,025 |
|
|
|
2,504 |
|
|
Restructuring costs |
|
51 |
|
|
|
116 |
|
|
|
825 |
|
|
|
645 |
|
|
Total operating expenses |
|
13,994 |
|
|
|
12,185 |
|
|
|
42,383 |
|
|
|
39,022 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating income (loss) |
|
2,727 |
|
|
|
(1,193 |
) |
|
|
3,294 |
|
|
|
(5,001 |
) |
|
Interest expense |
|
(116 |
) |
|
|
(95 |
) |
|
|
(259 |
) |
|
|
(366 |
) |
|
Other income |
|
55 |
|
|
|
61 |
|
|
|
107 |
|
|
|
768 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings (loss) before income tax expense (benefit) |
|
2,666 |
|
|
|
(1,227 |
) |
|
|
3,142 |
|
|
|
(4,599 |
) |
|
Income tax expense (benefit) |
|
810 |
|
|
|
(289 |
) |
|
|
629 |
|
|
|
(829 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Net earnings (loss) |
$ |
1,856 |
|
|
$ |
(938 |
) |
|
$ |
2,513 |
|
|
$ |
(3,770 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.15 |
|
|
$ |
(0.08 |
) |
|
$ |
0.20 |
|
|
$ |
(0.31 |
) |
|
Diluted |
$ |
0.15 |
|
|
$ |
(0.08 |
) |
|
$ |
0.20 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
12,477,978 |
|
|
|
12,208,586 |
|
|
|
12,348,882 |
|
|
|
12,201,087 |
|
|
Diluted |
|
12,611,568 |
|
|
|
12,208,586 |
|
|
|
12,538,378 |
|
|
|
12,201,087 |
|
|
InTest Corporation Consolidated Balance Sheets |
|||||||
|
|
September 30, |
|
December 31, |
||||
|
(In thousands, except share and per share data) |
(Unaudited) |
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
20,874 |
|
|
$ |
14,216 |
|
|
Restricted cash |
|
— |
|
|
|
3,842 |
|
|
Trade accounts receivable, net of allowance for credit losses of $338 and $375, respectively |
|
30,459 |
|
|
|
25,891 |
|
|
Inventories |
|
28,244 |
|
|
|
31,580 |
|
|
Prepaid expenses and other current assets |
|
3,203 |
|
|
|
3,109 |
|
|
Total current assets |
|
82,780 |
|
|
|
78,638 |
|
|
Property and equipment, net of accumulated depreciation of $10,892 and $10,083, respectively |
|
4,858 |
|
|
|
4,778 |
|
|
Right-of-use assets, net |
|
7,619 |
|
|
|
9,098 |
|
|
Goodwill |
|
31,873 |
|
|
|
32,359 |
|
|
Intangible assets, net |
|
22,343 |
|
|
|
24,876 |
|
|
Deferred tax assets |
|
490 |
|
|
|
775 |
|
|
Other assets |
|
457 |
|
|
|
789 |
|
|
Total assets |
$ |
150,420 |
|
|
$ |
151,313 |
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Current portion of long-term debt |
$ |
4,837 |
|
|
$ |
6,062 |
|
|
Current portion of operating lease liabilities |
|
2,074 |
|
|
|
2,098 |
|
|
Accounts payable |
|
8,255 |
|
|
|
11,205 |
|
|
Customer deposits and deferred revenue |
|
4,410 |
|
|
|
6,388 |
|
|
Domestic and foreign income taxes payable |
|
451 |
|
|
|
— |
|
|
Accrued expenses and other current liabilities |
|
11,492 |
|
|
|
10,002 |
|
|
Total current liabilities |
|
31,519 |
|
|
|
35,755 |
|
|
Operating lease liabilities, net of current portion |
|
5,932 |
|
|
|
7,402 |
|
|
Long-term debt, net of current portion |
|
679 |
|
|
|
1,406 |
|
|
Contingent consideration, net of current portion |
|
— |
|
|
|
356 |
|
|
Deferred revenue, net of current portion |
|
468 |
|
|
|
1,055 |
|
|
Other liabilities |
|
1,491 |
|
|
|
1,716 |
|
|
Total liabilities |
|
40,089 |
|
|
|
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; 12,921,433 and 12,570,865 shares issued, respectively; 12,835,148 and 12,488,788 shares outstanding, respectively |
|
129 |
|
|
|
125 |
|
|
Additional paid-in capital |
|
64,883 |
|
|
|
59,436 |
|
|
Retained earnings |
|
45,073 |
|
|
|
42,560 |
|
|
Accumulated other comprehensive earnings |
|
1,268 |
|
|
|
2,461 |
|
|
Treasury stock, at cost; 86,285 and 82,077 shares, respectively |
|
(1,022 |
) |
|
|
(959 |
) |
|
Total stockholders’ equity |
|
110,331 |
|
|
|
103,623 |
|
|
Total liabilities and stockholders’ equity |
$ |
150,420 |
|
|
$ |
151,313 |
|
|
InTest Corporation Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
|
Nine Months Ended September 30, |
||||||
|
(In thousands) |
2026 |
|
2025 |
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
|
Net earnings (loss) |
$ |
2,513 |
|
|
$ |
(3,770 |
) |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
4,678 |
|
|
|
5,009 |
|
|
Provision for excess and obsolete inventory |
|
413 |
|
|
|
583 |
|
|
Amortization of deferred compensation related to stock-based awards |
|
1,891 |
|
|
|
1,212 |
|
|
Deferred income tax expense |
|
333 |
|
|
|
546 |
|
|
Other non-cash reconciling items |
|
190 |
|
|
|
(400 |
) |
|
Changes in assets and liabilities: |
|
|
|
||||
|
Trade accounts receivable |
|
(4,942 |
) |
|
|
9,393 |
|
|
Inventories |
|
2,488 |
|
|
|
(515 |
) |
|
Prepaid expenses and other current assets |
|
298 |
|
|
|
(405 |
) |
|
Other assets |
|
(283 |
) |
|
|
(177 |
) |
|
Operating lease liabilities |
|
(1,587 |
) |
|
|
(1,536 |
) |
|
Accounts payable |
|
(3,044 |
) |
|
|
(510 |
) |
|
Customer deposits and deferred revenue |
|
(1,874 |
) |
|
|
1,206 |
|
|
Domestic and foreign income taxes payable |
|
574 |
|
|
|
(1,579 |
) |
|
Deferred revenue, net of current portion |
|
(587 |
) |
|
|
(326 |
) |
|
Accrued expenses and other liabilities |
|
1,669 |
|
|
|
(394 |
) |
|
Net cash provided by operating activities |
|
2,730 |
|
|
|
8,337 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
|
Purchases of property and equipment |
|
(1,412 |
) |
|
|
(1,098 |
) |
|
Net cash used in investing activities |
|
(1,412 |
) |
|
|
(1,098 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
|
Short-term borrowings, net of repayments |
|
1,284 |
|
|
|
(3,852 |
) |
|
Repayments of long-term debt |
|
(3,075 |
) |
|
|
(3,075 |
) |
|
Proceeds from stock options exercised |
|
3,465 |
|
|
|
18 |
|
|
Proceeds from shares sold under Employee Stock Purchase Plan |
|
106 |
|
|
|
90 |
|
|
Settlement of employee tax liabilities in connection with treasury stock transactions |
|
(88 |
) |
|
|
(17 |
) |
|
Net cash provided by (used in) financing activities |
|
1,692 |
|
|
|
(6,836 |
) |
|
Effects of exchange rates on cash |
|
(194 |
) |
|
|
864 |
|
|
Net cash provided by all activities |
|
2,816 |
|
|
|
1,267 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
18,058 |
|
|
|
19,830 |
|
|
Cash and cash equivalents at end of period |
$ |
20,874 |
|
|
$ |
21,097 |
|
|
|
|
|
|
||||
|
Cash and cash equivalents |
$ |
20,874 |
|
|
$ |
16,230 |
|
|
Restricted cash |
|
— |
|
|
|
4,867 |
|
|
Total cash, cash equivalents and restricted cash at end of period |
$ |
20,874 |
|
|
$ |
21,097 |
|
|
|
|
|
|
||||
|
Cash (receipts) payments for: |
|
|
|
||||
|
Domestic and foreign income taxes, net of receipts |
$ |
(424 |
) |
|
$ |
98 |
|
|
Interest |
|
273 |
|
|
|
368 |
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
||||
|
Issuance of unvested shares of restricted stock awards |
|
1,775 |
|
|
|
1,039 |
|
|
Forfeiture of shares of unvested restricted stock awards |
|
(1,473 |
) |
|
|
(557 |
) |
|
InTest Corporation Revenue by Market (Unaudited) |
|||||||||||||||||||||||||||||||
|
($ in thousands) |
Three Months Ended |
||||||||||||||||||||||||||||||
|
|
September 30, |
|
September 30, |
|
Change |
|
June 30, |
|
Change |
||||||||||||||||||||||
|
|
2026 |
|
2025 |
|
$ |
|
% |
|
2026 |
|
$ |
|
% |
||||||||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Semi |
$ |
11,528 |
|
32.9 |
% |
|
$ |
9,842 |
|
37.5 |
% |
|
$ |
1,686 |
|
|
17.1 |
% |
|
$ |
9,058 |
|
25.7 |
% |
|
$ |
2,470 |
|
|
27.3 |
% |
|
Auto/EV |
|
6,669 |
|
19.0 |
% |
|
|
4,964 |
|
18.9 |
% |
|
|
1,705 |
|
|
34.3 |
% |
|
|
13,440 |
|
38.1 |
% |
|
|
(6,771 |
) |
|
(50.4 |
%) |
|
Defense/Aerospace |
|
7,375 |
|
21.0 |
% |
|
|
2,313 |
|
8.8 |
% |
|
|
5,062 |
|
|
218.8 |
% |
|
|
3,765 |
|
10.7 |
% |
|
|
3,610 |
|
|
95.9 |
% |
|
Industrial |
|
5,129 |
|
14.6 |
% |
|
|
3,658 |
|
13.9 |
% |
|
|
1,471 |
|
|
40.2 |
% |
|
|
4,356 |
|
12.3 |
% |
|
|
773 |
|
|
17.7 |
% |
|
Life Sciences |
|
1,181 |
|
3.4 |
% |
|
|
1,930 |
|
7.4 |
% |
|
|
(749 |
) |
|
(38.8 |
%) |
|
|
2,002 |
|
5.7 |
% |
|
|
(821 |
) |
|
(41.0 |
%) |
|
Safety/Security |
|
598 |
|
1.7 |
% |
|
|
927 |
|
3.5 |
% |
|
|
(329 |
) |
|
(35.5 |
%) |
|
|
770 |
|
2.2 |
% |
|
|
(172 |
) |
|
(22.3 |
%) |
|
Other |
|
2,589 |
|
7.4 |
% |
|
|
2,602 |
|
9.9 |
% |
|
|
(13 |
) |
|
(0.5 |
%) |
|
|
1,922 |
|
5.4 |
% |
|
|
667 |
|
|
34.7 |
% |
|
|
$ |
35,069 |
|
100.0 |
% |
|
$ |
26,236 |
|
100.0 |
% |
|
$ |
8,833 |
|
|
33.7 |
% |
|
$ |
35,313 |
|
100.0 |
% |
|
$ |
(244 |
) |
|
(0.7 |
%) |
| * Components may not add up to total due to rounding | |||||||||||||||||||||||||||||||
|
Orders by Market (Unaudited) |
|||||||||||||||||||||||||||||||
|
($ in thousands) |
Three Months Ended |
||||||||||||||||||||||||||||||
|
|
September 30, |
|
September 30, |
|
Change |
|
June 30, |
|
Change |
||||||||||||||||||||||
|
|
2026 |
|
2025 |
|
$ |
|
% |
|
2026 |
|
$ |
|
% |
||||||||||||||||||
|
Orders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Semi |
$ |
25,117 |
|
50.8 |
% |
|
$ |
8,031 |
|
21.3 |
% |
|
$ |
17,086 |
|
|
212.8 |
% |
|
$ |
11,955 |
|
41.4 |
% |
|
$ |
13,162 |
|
|
110.1 |
% |
|
Auto/EV |
|
9,363 |
|
18.9 |
% |
|
|
14,580 |
|
38.7 |
% |
|
|
(5,217 |
) |
|
(35.8 |
%) |
|
|
3,549 |
|
12.3 |
% |
|
|
5,814 |
|
|
163.8 |
% |
|
Defense/Aerospace |
|
6,063 |
|
12.3 |
% |
|
|
6,403 |
|
17.0 |
% |
|
|
(340 |
) |
|
(5.3 |
%) |
|
|
4,237 |
|
14.7 |
% |
|
|
1,826 |
|
|
43.1 |
% |
|
Industrial |
|
5,050 |
|
10.2 |
% |
|
|
4,670 |
|
12.4 |
% |
|
|
380 |
|
|
8.1 |
% |
|
|
4,630 |
|
16.0 |
% |
|
|
420 |
|
|
9.1 |
% |
|
Life Sciences |
|
708 |
|
1.4 |
% |
|
|
1,450 |
|
3.9 |
% |
|
|
(742 |
) |
|
(51.2 |
%) |
|
|
1,512 |
|
5.2 |
% |
|
|
(804 |
) |
|
(53.2 |
%) |
|
Safety/Security |
|
932 |
|
1.9 |
% |
|
|
267 |
|
0.7 |
% |
|
|
665 |
|
|
249.1 |
% |
|
|
333 |
|
1.2 |
% |
|
|
599 |
|
|
179.9 |
% |
|
Other |
|
2,199 |
|
4.4 |
% |
|
|
2,241 |
|
6.0 |
% |
|
|
(42 |
) |
|
(1.9 |
%) |
|
|
2,655 |
|
9.2 |
% |
|
|
(456 |
) |
|
(17.2 |
%) |
|
|
$ |
49,432 |
|
100.0 |
% |
|
$ |
37,642 |
|
100.0 |
% |
|
$ |
11,790 |
|
|
31.3 |
% |
|
$ |
28,871 |
|
100.0 |
% |
|
$ |
20,561 |
|
|
71.2 |
% |
| * Components may not add up to total due to rounding | |||||||||||||||||||||||||||||||
|
InTest Corporation Segment Data (Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, 2026 |
|||||||||||||||
|
($ in thousands) |
Electronic Test |
|
Environmental Technologies |
|
Process Technologies |
|
Corporate & Other |
|
Consolidated |
|||||||
|
Revenue |
$ |
16,886 |
|
$ |
10,024 |
|
$ |
8,159 |
|
$ |
— |
|
|
$ |
35,069 |
|
|
Cost of revenue |
|
8,250 |
|
|
5,911 |
|
|
4,187 |
|
|
— |
|
|
|
18,348 |
|
|
Other divisional costs |
|
5,218 |
|
|
2,339 |
|
|
3,008 |
|
|
— |
|
|
|
10,565 |
|
|
Division operating income (loss) |
|
3,418 |
|
|
1,774 |
|
|
964 |
|
|
— |
|
|
|
6,156 |
|
|
Acquired intangible amortization |
|
|
|
|
|
|
|
548 |
|
|
|
548 |
|
|||
|
Restructuring costs |
|
|
|
|
|
|
|
51 |
|
|
|
51 |
|
|||
|
Corporate expenses |
|
|
|
|
|
|
|
2,830 |
|
|
|
2,830 |
|
|||
|
Operating income (loss) |
|
3,418 |
|
|
1,774 |
|
|
964 |
|
|
(3,429 |
) |
|
|
2,727 |
|
|
Interest expense |
|
|
|
|
|
|
|
(116 |
) |
|
|
(116 |
) |
|||
|
Other income |
|
|
|
|
|
|
|
55 |
|
|
|
55 |
|
|||
|
Earnings (loss) before income tax expense |
$ |
3,418 |
|
$ |
1,774 |
|
$ |
964 |
|
$ |
(3,490 |
) |
|
$ |
2,666 |
|
|
|
Three Months Ended September 30, 2025 |
||||||||||||||||
|
($ in thousands) |
Electronic Test |
|
Environmental Technologies |
|
Process Technologies |
|
Corporate & Other |
|
Consolidated |
||||||||
|
Revenue |
$ |
12,099 |
|
$ |
7,490 |
|
$ |
6,647 |
|
|
$ |
— |
|
|
$ |
26,236 |
|
|
Cost of revenue |
|
6,498 |
|
|
4,566 |
|
|
4,180 |
|
|
|
— |
|
|
|
15,244 |
|
|
Other divisional costs |
|
4,455 |
|
|
2,144 |
|
|
2,565 |
|
|
|
— |
|
|
|
9,164 |
|
|
Division operating income |
|
1,146 |
|
|
780 |
|
|
(98 |
) |
|
|
— |
|
|
|
1,828 |
|
|
Acquired intangible amortization |
|
|
|
|
|
|
|
841 |
|
|
|
841 |
|
||||
|
Restructuring costs |
|
|
|
|
|
|
|
116 |
|
|
|
116 |
|
||||
|
Corporate expenses |
|
|
|
|
|
|
|
2,064 |
|
|
|
2,064 |
|
||||
|
Operating (loss) income |
|
1,146 |
|
|
780 |
|
|
(98 |
) |
|
|
(3,021 |
) |
|
|
(1,193 |
) |
|
Interest expense |
|
|
|
|
|
|
|
(95 |
) |
|
|
(95 |
) |
||||
|
Other income |
|
|
|
|
|
|
|
61 |
|
|
|
61 |
|
||||
|
(Loss) earnings before income tax (benefit) expense |
$ |
1,146 |
|
$ |
780 |
|
$ |
(98 |
) |
|
$ |
(3,055 |
) |
|
$ |
(1,227 |
) |
|
|
Nine Months Ended September 30, 2026 |
|||||||||||||||
|
(in thousands) |
Electronic Test |
|
Environmental Technologies |
|
Process Technologies |
|
Corporate & Other |
|
Consolidated |
|||||||
|
Revenue |
$ |
55,631 |
|
$ |
24,194 |
|
$ |
24,443 |
|
$ |
— |
|
|
$ |
104,268 |
|
|
Cost of revenue |
|
30,392 |
|
|
14,832 |
|
|
13,367 |
|
|
— |
|
|
|
58,591 |
|
|
Other divisional costs |
|
15,993 |
|
|
6,937 |
|
|
9,038 |
|
|
— |
|
|
|
31,968 |
|
|
Division operating income |
|
9,246 |
|
|
2,425 |
|
|
2,038 |
|
|
— |
|
|
|
13,709 |
|
|
Acquired intangible amortization |
|
|
|
|
|
|
|
2,025 |
|
|
|
2,025 |
|
|||
|
Restructuring costs |
|
|
|
|
|
|
|
825 |
|
|
|
825 |
|
|||
|
Corporate expenses |
|
|
|
|
|
|
|
7,565 |
|
|
|
7,565 |
|
|||
|
Operating income (loss) |
|
9,246 |
|
|
2,425 |
|
|
2,038 |
|
|
(10,415 |
) |
|
|
3,294 |
|
|
Interest expense |
|
|
|
|
|
|
|
(259 |
) |
|
|
(259 |
) |
|||
|
Other income |
|
|
|
|
|
|
|
107 |
|
|
|
107 |
|
|||
|
Earnings (loss) before income tax expense |
$ |
9,246 |
|
$ |
2,425 |
|
$ |
2,038 |
|
$ |
(10,567 |
) |
|
$ |
3,142 |
|
|
|
Nine Months Ended September 30, 2025 |
|||||||||||||||
|
(in thousands) |
Electronic Test |
|
Environmental Technologies |
|
Process Technologies |
|
Corporate & Other |
|
Consolidated |
|||||||
|
Revenue |
$ |
39,091 |
|
$ |
20,973 |
|
$ |
20,939 |
|
$ |
— |
|
|
$ |
81,003 |
|
|
Cost of revenue |
|
21,229 |
|
|
13,263 |
|
|
12,490 |
|
|
— |
|
|
|
46,982 |
|
|
Other divisional costs |
|
14,475 |
|
|
6,574 |
|
|
7,941 |
|
|
— |
|
|
|
28,990 |
|
|
Division operating income |
|
3,387 |
|
|
1,136 |
|
|
508 |
|
|
— |
|
|
|
5,031 |
|
|
Acquired intangible amortization |
|
|
|
|
|
|
|
2,504 |
|
|
|
2,504 |
|
|||
|
Restructuring costs |
|
|
|
|
|
|
|
645 |
|
|
|
645 |
|
|||
|
Corporate expenses |
|
|
|
|
|
|
|
6,883 |
|
|
|
6,883 |
|
|||
|
Operating (loss) income |
|
3,387 |
|
|
1,136 |
|
|
508 |
|
|
(10,032 |
) |
|
|
(5,001 |
) |
|
Interest expense |
|
|
|
|
|
|
|
(366 |
) |
|
|
(366 |
) |
|||
|
Other income |
|
|
|
|
|
|
|
768 |
|
|
|
768 |
|
|||
|
(Loss) earnings before income tax (benefit) expense |
$ |
3,387 |
|
$ |
1,136 |
|
$ |
508 |
|
$ |
(9,630 |
) |
|
$ |
(4,599 |
) |
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 |
||||||||||
|
|
September 30, |
|
September 30, |
|
June 30, |
||||||
|
(in thousands except per share amounts) |
2026 |
|
2025 |
|
2026 |
||||||
|
Net earnings (loss) |
$ |
1,856 |
|
|
$ |
(938 |
) |
|
$ |
474 |
|
|
Acquired intangible amortization |
|
548 |
|
|
|
841 |
|
|
|
699 |
|
|
Restructuring costs |
|
51 |
|
|
|
116 |
|
|
|
30 |
|
|
Tax effect of adjusting items |
|
(165 |
) |
|
|
(217 |
) |
|
|
(112 |
) |
|
Adjusted net earnings (loss) (Non-GAAP) |
$ |
2,290 |
|
|
$ |
(198 |
) |
|
$ |
1,091 |
|
|
Diluted weighted average shares outstanding |
|
12,612 |
|
|
|
12,209 |
|
|
|
12,582 |
|
|
Adjusted net earnings (loss) per diluted share: |
|
|
|
|
|
||||||
|
Net earnings (loss) |
$ |
0.15 |
|
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
Acquired intangible amortization |
|
0.04 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
Restructuring costs |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
Tax effect of adjusting items |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
Adjusted EPS (Non-GAAP) |
$ |
0.18 |
|
|
$ |
(0.02 |
) |
|
$ |
0.09 |
|
| * 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 |
||||||||||
|
|
September 30, |
|
September 30, |
|
June 30, |
||||||
|
(in thousands except percentage data) |
2026 |
|
2025 |
|
2026 |
||||||
|
Net earnings (loss) |
$ |
1,856 |
|
|
$ |
(938 |
) |
|
$ |
474 |
|
|
Acquired intangible amortization |
|
548 |
|
|
|
841 |
|
|
|
699 |
|
|
Net interest expense (income) |
|
3 |
|
|
|
(18 |
) |
|
|
(15 |
) |
|
Income tax expense (benefit) |
|
810 |
|
|
|
(289 |
) |
|
|
(225 |
) |
|
Depreciation |
|
395 |
|
|
|
317 |
|
|
|
386 |
|
|
Restructuring costs |
|
51 |
|
|
|
116 |
|
|
|
30 |
|
|
Stock-based compensation |
|
757 |
|
|
|
354 |
|
|
|
843 |
|
|
Adjusted EBITDA (Non-GAAP) |
$ |
4,420 |
|
|
$ |
383 |
|
|
$ |
2,192 |
|
|
Revenue |
$ |
35,069 |
|
|
$ |
26,236 |
|
|
$ |
35,313 |
|
|
Net margin |
|
5.3 |
% |
|
|
(3.6 |
%) |
|
|
1.3 |
% |
|
Adjusted EBITDA margin (Non-GAAP) |
|
12.6 |
% |
|
|
1.5 |
% |
|
|
6.2 |
% |
1 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.
2 Orders and Backlog are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261106537581/en/
InTest Corporation
Duncan Gilmour
Chief Financial Officer and Treasurer
Tel: (856) 505-8999
Investors:
Jody Burfening / Sanjay M. Hurry
Alliance Advisors IR
[email protected]
Tel: (212) 838-3777
KEYWORDS: United States North America New Jersey
INDUSTRY KEYWORDS: Other Manufacturing Technology Other Defense Contracts Semiconductor Automotive Manufacturing Telecommunications Aerospace Manufacturing Defense
MEDIA:
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