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Summary of inTEST Corporation FY Conference Call Company Overview - **Company**: inTEST Corporation (NYSEAM: INTT) - **CEO**: Nick Grant - **CFO**: Duncan Gilmour - **Current Revenue**: Approximately $130 million, up from under $55 million five years ago [2][3] Industry Insights - **Market Focus**: Primarily serves the semiconductor testing market, with diversification into automotive, aerospace defense, and industrial markets [3][4] - **Key Technologies**: - Electronic tests for back-end semiconductor applications - Environmental technologies for thermal control and testing - Process technologies including induction heating and image capture systems [5][6][8] Financial Performance - **Q3 Orders**: Strong performance with orders reaching $37.6 million, particularly in automotive/EV and defense/aerospace sectors [17][18] - **Backlog**: Ended Q3 with a backlog of just under $50 million, indicating recovery from previous declines [18] - **Q3 Revenue**: Reported revenue of $26 million, slightly below expectations due to delays in shipments [19][20] - **Gross Margin**: Q3 gross margin at 41.9%, consistent with previous quarters [20] - **Operating Cash Flow**: Generated $3.1 million in operating cash flow for Q3, with a total of $7 million for the first nine months of 2025 [22] Growth Strategy - **Vision 2030**: Aiming for revenue growth to $235 million-$285 million by 2030 through both organic and inorganic means [10] - **New Product Revenue**: Currently at 17%, with a target of over 25% [26] - **Acquisition Strategy**: Targeting companies in the $20 million-$40 million range to enhance existing technologies and expand geographic presence [14][15] Market Trends and Challenges - **Automotive Sector**: Experienced a slump in EV orders as OEMs shifted focus back to hybrids and combustion engines, but new projects for 2027 model years are expected to drive future growth [31][32] - **Technological Challenges**: Delays in new product shipments due to technical challenges, particularly in the AlphaMation and AstroLogics divisions [27][28] Key Takeaways - **Diversification**: Successful diversification into multiple markets has reduced reliance on the semiconductor sector, which now constitutes just over a third of total business [3][19] - **Innovation Focus**: Continuous investment in innovation and new product development is crucial for maintaining competitive advantage [10][11] - **Financial Health**: Strong balance sheet with $20 million in cash and a plan to be close to debt-free by the end of 2026 [24][23] Conclusion - inTEST Corporation is well-positioned for future growth with a diversified portfolio, strong order backlog, and a clear strategic vision. The company is navigating current market challenges while focusing on innovation and operational excellence to drive long-term success.

InTest Corporation 17th Annual Southwest Ideas Conference November 19, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT | Forward-looking Statements and Key Performance Metrics Forward-Looking Statements This presentation 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 ...

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Financial Performance - Total revenue for the three months ended September 30, 2025, was $26.236 million, a decrease of $4.036 million or 13.3% compared to $30.272 million in the same period of 2024[211]. - Revenue from the Electronic Test segment decreased by 21.8% to $12.099 million, while Environmental Technologies increased by 11.2% to $7.490 million[211]. - Total revenue for the nine months ended September 30, 2025, was $81,003,000, a decrease of $13,084,000 or 13.9% compared to $94,087,000 in the same period of 2024[224]. - Revenue from the Semi market decreased by 20.5% to $29,029,000, while Auto/EV revenue fell by 19.9% to $16,785,000[225]. - Gross profit for the three months ended September 30, 2025, was $10.992 million, resulting in a gross margin of 41.9%, down from 46.3% in the prior year[217]. - Gross profit for the nine months ended September 30, 2025, was $34,021,000, down 16.8% from $40,885,000 in 2024, with a gross margin of 42.0%[228]. Orders and Backlog - Orders for the third quarter of 2025 increased by 34.2% to $37.642 million compared to $28.054 million in the same period of 2024, driven primarily by Auto/EV and Defense/Aerospace segments[213]. - Backlog of unfilled orders as of September 30, 2025, was $49.3 million, up from $45.5 million a year earlier[216]. - Orders received for the nine months ended September 30, 2025, increased by 17.7% to $90,689,000, driven by strong performance in Auto/EV and Life Sciences[227]. Expenses and Costs - Selling expenses decreased by 12.1% to $3.765 million, representing 14.4% of revenue[218]. - General and administrative expenses decreased by 16.2% to $5.128 million, accounting for 19.5% of revenue[220]. - Engineering and product development expenses increased by 7.0% to $2.335 million, representing 8.9% of revenue[219]. - Restructuring costs recognized in the third quarter of 2025 amounted to $116,000, representing 0.4% of revenue[222]. - Amortization of acquired intangible assets decreased by 10.9% to $841,000, accounting for 3.2% of revenue[221]. - Selling expenses decreased by 6.4% to $12,141,000, representing 15.0% of total revenue[229]. - Engineering and product development expenses increased by 10.1% to $7,028,000, accounting for 8.7% of revenue[230]. - General and administrative expenses decreased by 6.0% to $16,704,000, representing 20.6% of revenue[231]. - Restructuring costs of $645,000 were recognized for the consolidation of operations, representing 0.8% of revenue[233]. Debt and Financing - The company reported a total debt of $4.9 million with M&T Bank as of September 30, 2025, and projects to reduce this to less than $2.0 million by June 30, 2026[199]. - The company has a Credit Facility with a $50.5 million non-revolving delayed draw term note and a $10.0 million revolving credit facility, with available drawing capacity of $30.0 million as of September 30, 2025[238]. - The company drew $12 million under the Term Note at a fixed annual interest rate of approximately 3.2% for the acquisition of Videology, and $8.5 million at a variable rate of 6.4% for Acculogic[240]. - Alfamation's debt as of September 30, 2025, was $4.0 million, with a weighted average interest rate of 3.2% for bank-issued term loans[241]. Cash Flow and Working Capital - Cash and cash equivalents decreased from $19.83 million on December 31, 2024, to $16.23 million on September 30, 2025[242]. - The company estimates short-term working capital requirements between $8.0 million and $10.0 million, supported by cash and borrowing capacity[243]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $8.3 million, an increase of $7.1 million compared to the prior year[245]. - Net cash used in investing activities decreased by $18.8 million to $1.1 million for the nine months ended September 30, 2025, with no acquisitions in the current year[245]. - Net cash used in financing activities was $6.8 million, a decrease of $1.3 million compared to the prior year, with no stock repurchases in the current year[245]. Market and Strategic Focus - The company is focused on diversifying its markets, including Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security, to reduce dependence on the semiconductor market[192]. - The semiconductor market remains the largest market for the company, characterized by cyclical demand and significant fluctuations in orders and revenue[194]. - The company has qualified a new supplier for materials previously sourced from a sole-source supplier in Belarus, with the first system incorporating these new materials shipped at the end of Q2 2025[203]. - The company maintains a two-to-three month safety stock of capacitors from its sole-source supplier in Israel, which is currently believed to have redundancies in place[201]. - The company continues to monitor global trade policies and tariffs, which may negatively impact demand, pricing, and costs for its products[200]. - The company has increased prices charged to customers where appropriate to mitigate supply chain and logistics challenges[206]. - The company is experiencing increased prices and logistics delays, which may impact future earnings[206]. - The company is committed to adjusting strategies and operations in response to shifts in market practices and customer demands[196]. - The company is pursuing acquisition opportunities for complementary businesses and technologies, with funding expected from cash, Term Note availability, or equity issuance[244].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $26.2 million, a decrease from $28.1 million in Q2 2025, reflecting a decline of $1.9 million [9] - Year-over-year revenue declined by $4 million compared to Q3 2024, primarily due to lower sales in semi, AutoEV, and defense aerospace [9] - Gross profit decreased by $1 million to $11 million, with gross margin declining 70 basis points to 41.9% due to lower volume [10] - Net loss for the quarter was $0.9 million, or a loss of $0.08 per share, with adjusted net loss at $0.02 per share [11] Business Line Data and Key Metrics Changes - Orders for AutoEV increased significantly, accounting for approximately three-quarters of the sequential growth, doubling to $14.6 million [6] - Defense aerospace orders more than doubled sequentially to $6.4 million, driven by increased demand for next-generation weapons systems [7] - Year-over-year orders were up 34.2%, with notable increases in AutoEV, industrial, defense aerospace, life sciences, and semi markets [7] Market Data and Key Metrics Changes - The backlog at the end of Q3 was $49.3 million, significantly higher than at the end of Q2, positioning the company well for upcoming quarters [8] - The semi market remained sluggish, particularly in the analog mixed signal business, despite some pickup in orders [8] Company Strategy and Development Direction - The company is executing its Vision 2030 strategy, focusing on market diversification and innovation to capture new opportunities [6][15] - Continued efforts to penetrate target accounts and drive adoption of new products are seen as critical for future growth [6][15] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are signs of a market recovery, many customers remain hesitant to commit to new capital projects [12] - The company expects Q4 revenue to rebound to a range of $30 million to $32 million, with a gross margin forecast of approximately 43% [12] Other Important Information - The company reduced debt by $6.2 million in the first nine months of 2025, ending Q3 with total debt outstanding of $8.9 million [11] - Cash and cash equivalents at the end of Q3 were $21.1 million, indicating strong liquidity [11] Q&A Session Summary Question: Breakdown of the $2 million shipment delay - Approximately $1.5 million was tied to life sciences markets, with delays in systems at Alphamation, and the remainder was related to the semi industry at Ackylogic [19] Question: Duration of strong automotive orders - The strong demand for automotive orders is expected to continue for the foreseeable future, driven by new technologies and model year programs [21] Question: Nature of challenges faced in the quarter - The challenges were different from those in the first quarter, primarily related to new technologies at Alphamation and Ackylogic [25] Question: Insights on the semi market - The front end of the semi market remains anemic, with some signs of life, while the back end is softer due to tariff issues and investment hesitancy [28] Question: Changes in economic environment affecting guidance - The guidance reflects a cautious approach, with a focus on minimizing risks and ensuring that the company can deliver on expected shipments [33][41] Question: Performance in the industrial segment - The industrial segment has been stable, with ongoing projects but some delays due to customer hesitance on capital expenditures [42]

Third Quarter 2025 Financial Results Conference Call November 5, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT | Forward-looking Statements and Key Performance Metrics Forward-Looking Statements This presentation 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 f ...

Core Insights - inTest Corporation (INTT) reported a quarterly loss of $0.02 per share, missing the Zacks Consensus Estimate of $0.04, and a decline from earnings of $0.10 per share a year ago, resulting in an earnings surprise of -150.00% [1] - The company posted revenues of $26.24 million for the quarter ended September 2025, which was 10.34% below the Zacks Consensus Estimate and down from $30.27 million year-over-year [2] - The stock has underperformed the market, gaining about 0.7% year-to-date compared to the S&P 500's gain of 15.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $31.74 million, and for the current fiscal year, it is $0.08 on revenues of $115.76 million [7] - The estimate revisions trend for inTest was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Electronics - Measuring Instruments industry, to which inTest belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Another company in the same industry, Camtek (CAMT), is expected to report quarterly earnings of $0.80 per share, reflecting a year-over-year increase of 6.7%, with revenues projected at $125.05 million, up 11.3% from the previous year [9][10]

Financial Performance - Revenue for the quarter was $26.2 million, reflecting a 13.3% decrease year-over-year due to late-quarter shipment delays [4]. - Revenue for Q3 2025 was $26,236, a decrease of 13.4% compared to $30,272 in Q3 2024 [33]. - Total revenue for the three months ended September 30, 2025, was $26,236,000, a decrease of 13.3% from $30,272,000 in the same period of 2024 [39]. - Revenue for the nine months ended September 30, 2025, was $81,003,000, a decrease of 13.9% compared to $94,087,000 for the same period in 2024 [45]. - The Auto/EV segment saw a revenue decline of 20.6% to $4,964,000 compared to $6,250,000 in the prior year [39]. - The Life Sciences segment experienced a significant revenue increase of 46.0% to $1,930,000 compared to $1,322,000 in the previous year [39]. Orders and Backlog - Orders for Q3 2025 surged to $37.6 million, a 34.2% increase year-over-year, driven by strong demand in automotive/EV, industrial, defense/aerospace, and life sciences [14]. - Backlog increased by $11.4 million to $49.3 million, a 30.1% increase from June 30, 2025 [4]. - Approximately 55.0% of the backlog is expected to ship beyond Q4 2025 [15]. - Orders in the Auto/EV market surged by 104.2% to $14,580,000 from $7,141,000 year-over-year, indicating strong demand [41]. Profitability and Loss - Operating loss for the quarter was $1.2 million, with a net loss of $0.9 million or $(0.08) per diluted share [4]. - Adjusted net loss for Q3 2025 was $(938), compared to net earnings of $495 in Q3 2024 [33]. - The company reported a consolidated operating loss of $1,193,000 for the three months ended September 30, 2025, compared to an operating income of $487,000 in the same period of 2024 [43]. - Consolidated operating loss for the nine months ended September 30, 2025, was $(5,001,000), compared to an operating income of $1,315,000 for the same period in 2024 [45]. - Adjusted net loss for the three months ended September 30, 2025, was $(198,000), compared to adjusted net earnings of $1,311,000 for the same period in 2024 [47]. Cash Flow and Assets - Cash generated from operations in Q3 was $3.5 million, with total debt reduced by $6.2 million from December 31, 2024 [4]. - Operating cash flow increased significantly to $8,337,000 from $1,234,000 year-over-year, indicating improved operational efficiency [37]. - Total current assets decreased to $75,092 in Q3 2025 from $78,812 in Q4 2024 [35]. - Cash and cash equivalents decreased to $16,230 in Q3 2025 from $19,830 in Q4 2024 [35]. - The company’s cash and cash equivalents at the end of the period increased to $16,230,000 from $17,972,000 year-over-year [37]. Future Outlook - The company expects Q4 2025 revenue to be between $30 million and $32 million, with a gross margin of approximately 43% [16]. - Operating expenses for Q4 2025 are projected to be between $12.3 million and $12.7 million, excluding restructuring expenses [16]. - Forward-looking statements indicate potential risks including supply chain challenges and market demand fluctuations [30]. Operational Metrics - Adjusted EBITDA for the quarter was $0.4 million, with an adjusted EPS of $(0.02) per diluted share [4]. - Adjusted EBITDA for the three months ended September 30, 2025, was $383,000, significantly lower than $2,441,000 for the same period in 2024 [47]. - The net margin for the three months ended September 30, 2025, was (3.6%), compared to a net margin of 1.6% for the same period in 2024 [47]. - Management emphasizes the importance of non-GAAP measures for evaluating performance and making operational decisions [25]. Restructuring and Expenses - The company incurred restructuring costs of $116,000 during the three months ended September 30, 2025 [43]. - The company incurred restructuring costs of $645,000 for the nine months ended September 30, 2025, compared to no restructuring costs reported for the same period in 2024 [45]. - Corporate expenses for the nine months ended September 30, 2025, totaled $6,883,000, an increase from $7,551,000 in the same period of 2024 [45].

Core Insights - InTest Corporation reported its financial results for Q3 2025, highlighting its role as a global supplier of innovative test and process technology solutions across various key markets [1] Financial Performance - The financial results for the third quarter ended September 30, 2025, were announced, indicating the company's ongoing performance amidst global economic challenges [1] Market Focus - The company operates in several key target markets, including semiconductor, automotive/EV, defense/aerospace, industrial, life sciences, and safety/security [1]