InTest Reports Strong First Quarter 2026 Revenue of $33.9 Million, EPS of $0.06 and Adjusted EPS (Non-GAAP) of $0.16

May 5, 2026 at 6:15 AM EDT
  • 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

MT. LAUREL, N.J.--(BUSINESS WIRE)--May 5, 2026-- 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.

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

Investors:
Jody Burfening / Sanjay M. Hurry
Alliance Advisors IR
INTTIR@allianceadvisors.com
Tel: (212) 838-3777 

Source: InTest Corporation