Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $26.6 million, down $3.2 million compared to Q1 2024, primarily due to a $6 million reduction in semiconductor sales and a $1.2 million decline in the industrial market [7][22] - Gross profit for Q1 2025 was $11.1 million, a decrease of $2 million year-over-year, with a gross margin of 41.5%, tightening by 230 basis points compared to the prior year [22][23] - The net loss for the quarter was $2.3 million, or a loss of $0.19 per diluted share, while adjusted net loss was $1.4 million, or a loss of $0.11 per diluted share [25] Business Line Data and Key Metrics Changes - Sales to the auto EV sector increased by $2 million, life sciences by $1 million, and other markets by $1.3 million, partially offsetting declines in semiconductor and industrial sales [10][22] - Industrial orders grew 47% year-over-year to $4.6 million, driven by a significant order from a returning customer [18] - Semiconductor orders declined by $6 million, reflecting tempered demand in the electronic test division [19] Market Data and Key Metrics Changes - Backlog as of March 31 was $38.2 million, including $5.8 million from affirmation, down $17.2 million from the prior year [21] - Over half of the company's sales are associated with products made in the U.S. and sold to U.S. customers, or products sold to global customers from international sites not currently impacted by tariffs [15] Company Strategy and Development Direction - The company is focusing on market diversification, innovation, and investment in regional manufacturing facilities to navigate geopolitical tensions and trade policy volatility [31][33] - Plans to begin manufacturing in Malaysia during the second half of 2025 are on schedule, which is expected to enhance competitiveness and reduce costs [32][33] - The Vision 02/1930 growth strategy aims to increase the proportion of new products in total sales from 17% to 25% in the coming years [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter was marked by shifting tariff policies and macroeconomic turmoil, creating a challenging environment for global companies [7][31] - The company remains optimistic about its customer pipeline, which is at an all-time high, and anticipates sequential improvement in top-line and profitability through the year [29][31] - Visibility into the timing of orders and shipments remains limited due to ongoing tariff uncertainties [28][29] Other Important Information - The company generated $5.5 million in cash from operations during the quarter and reduced total debt by $3.2 million [26][27] - Operating expenses for Q1 2025 were $13.9 million, up $1.3 million year-over-year, including restructuring costs and incremental expenses related to the acquisition of Alphamation [23][24] Q&A Session Summary Question: When did visibility get cloudier in the second half? - Management noted that customer slowdown in order bookings began mid-quarter, which affected guidance [36][37] Question: What are the potential swing factors for revenue? - Management identified semiconductor and auto sectors as the biggest potential swing factors, with a healthy pipeline for both industries [38][39] Question: What is the breakeven quarterly revenue level now? - Management indicated that the breakeven point is being adjusted downwards, with a typical range around $30 million [40][41] Question: Can you quantify the customer pipeline? - Management refrained from providing specific numbers but confirmed that the opportunity funnel is at a historic peak [53][54]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $26.6 million, down $3.2 million compared to Q1 2024, primarily due to a $6 million reduction in semiconductor sales and a $1.2 million decline in the industrial market [20][21] - Gross profit for Q1 2025 was $11.1 million, a decrease of $2 million year-over-year, with a gross margin of 41.5%, tightening by 230 basis points compared to the prior year [21][24] - The net loss for the quarter was $2.3 million, or a loss of $0.19 per diluted share, with an adjusted net loss of $1.4 million [23][24] Business Line Data and Key Metrics Changes - Sales to the auto EV market increased by $2 million, life sciences by $1 million, and other markets by $1.3 million, partially offsetting declines in semiconductor and industrial sales [7][20] - Industrial orders grew 47% year-over-year to $4.6 million, driven by a significant order from a returning customer [15][16] - Semiconductor orders declined by $6 million, reflecting tempered demand in the electronic test division [16][20] Market Data and Key Metrics Changes - Backlog as of March 31 was $38.2 million, down $17.2 million from the prior year, with a sequential decrease of $1.3 million [19] - The opportunity funnel is at an all-time high, indicating strong future demand once market conditions stabilize [18][29] Company Strategy and Development Direction - The company is focusing on market diversification, innovation, and regional manufacturing to mitigate the impacts of tariff volatility and global trade uncertainties [10][28] - Plans to begin manufacturing in Malaysia in the second half of 2025 are on track, which is expected to enhance competitiveness and reduce costs [29][30] - The Vision 02/1930 growth strategy aims to increase the share of new products in total sales from 17% to 25% in the coming years [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the current geopolitical tensions and trade policy volatility have created a challenging environment, impacting customer spending and order timing [28][30] - The company remains optimistic about long-term fundamentals and expects sequential improvement in revenue and profitability throughout the year, despite limited visibility in the short term [26][30] Other Important Information - The company generated $5.5 million in cash from operations during the quarter and reduced total debt by approximately $3.2 million [24] - Operating expenses for Q1 2025 were $13.9 million, up $1.3 million year-over-year, influenced by restructuring costs and increased expenses related to the Alphamation acquisition [21][22] Q&A Session Summary Question: When did visibility get cloudier for the second half? - Management noted that customer order slowdowns began mid-quarter, impacting guidance and leading to engineering challenges that delayed shipments [32][33] Question: What are the potential swing factors for revenue? - The semiconductor and auto markets are identified as the biggest potential swing factors, with a healthy pipeline of projects in both sectors [34][35] Question: What is the breakeven quarterly revenue level now? - The breakeven point is estimated to be around $30 million, with ongoing cost-cutting initiatives expected to bring this down slightly [36][37] Question: Can you quantify the customer pipeline? - While specific numbers were not provided, management indicated that the opportunity funnel is at a record high, reflecting robust quote activity and opportunities [49][50]

分组1 - InTest Corporation reported a quarterly loss of $0.11 per share, missing the Zacks Consensus Estimate of a loss of $0.08, and compared to earnings of $0.10 per share a year ago, representing an earnings surprise of -37.50% [1] - The company posted revenues of $26.64 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 6.11%, and down from $29.82 million year-over-year [2] - InTest shares have declined approximately 27.6% since the beginning of the year, contrasting with the S&P 500's decline of -4.7% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $31.91 million, and for the current fiscal year, it is $0.39 on revenues of $130.15 million [7] - The Zacks Industry Rank for Electronics - Measuring Instruments is currently in the bottom 18% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

First Quarter 2025 Financial Results Conference Call Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer May 2, 2025 | NYSE American: INTT | 1 Forward-looking Statements and Key Performance Metrics NYSE American: INTT | 2 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 e ...

Financial Performance - InTest reported $26.6 million in revenue for Q1 2025, a decrease of 10.7% year-over-year[6] - The net loss for Q1 2025 was $2.3 million, or $(0.19) per diluted share, compared to a net income of $0.7 million in Q1 2024[10] - Revenue for Q1 2025 was $26,637 thousand, down 10.3% from $29,824 thousand in Q1 2024[35] - Total revenue for the three months ended March 31, 2025, was $26,637,000, a decrease of 10.7% compared to $29,824,000 for the same period in 2024[41] - The Semiconductor segment generated $8,995,000 in revenue, down 39.9% from $14,967,000 in the prior year[41] - Life Sciences revenue increased significantly by 158.5% to $1,688,000 from $653,000 year-over-year[41] - Adjusted net loss for the three months ended March 31, 2025, was $1,389,000 compared to adjusted net earnings of $1,162,000 in the same period last year[47] - The company reported a net loss of $2,329,000 for the three months ended March 31, 2025, compared to net earnings of $662,000 in the prior year[47] - Adjusted EBITDA for the three months ended March 31, 2025, was $(887,000), a decrease from $1,811,000 in the same period last year[47] - The net margin for the three months ended March 31, 2025, was (8.7%), compared to a positive margin of 2.2% in the prior year[47] Orders and Backlog - Orders for the quarter totaled $25.3 million, reflecting an 11.2% increase year-over-year but a 17.3% decline sequentially[14] - The backlog at the end of Q1 2025 was $38.2 million, down 31.1% from the previous year[14] - Total orders for the three months ended March 31, 2025, were $25,349,000, an increase of 11.2% compared to $22,799,000 in the same period last year[43] - The Auto/EV segment saw orders rise by 25.2% to $5,061,000 from $4,041,000 year-over-year[43] Margins and Expenses - Gross margin for the quarter was 41.5%, down 230 basis points compared to the prior year[8] - Operating expenses for Q1 2025 were $13.9 million, an increase of 10.8% year-over-year[9] - Total operating expenses increased to $13,937 thousand in Q1 2025, up 10.8% from $12,584 thousand in Q1 2024[35] - The company incurred restructuring costs of $313,000 during the three months ended March 31, 2025[45] Cash Flow and Debt - Cash generated from operations was $5.5 million, with total debt reduced by $3.2 million to $11.8 million[11] - Cash and cash equivalents at the end of Q1 2025 were $22,048 thousand, an increase from $19,830 thousand at the end of 2024[37] - The company reported a net cash provided by operating activities of $5,535 thousand in Q1 2025, compared to $2,075 thousand in Q1 2024, showing improved operational cash flow[39] - Current liabilities decreased slightly to $31,327 thousand in Q1 2025 from $31,948 thousand at the end of 2024[37] Future Outlook and Strategy - The company expects Q2 2025 revenue to be between $27 million and $29 million, with a gross margin of approximately 42%[18] - The company is focused on cost management and plans to begin manufacturing in Malaysia in the second half of 2025[3] - The company is focusing on its VISION 2030 Growth Strategy, which includes market expansion and potential acquisitions[32] - Management emphasizes the importance of tracking orders and backlog as leading indicators of future performance, although specific figures were not provided[28]

Financial Performance - As of December 31, 2024, the backlog of unfilled orders was $39.5 million, a slight decrease from $40.1 million at the same date in 2023[118] - The company spent approximately $8.5 million on engineering and product development in 2024, compared to $7.6 million in 2023, reflecting a 11.8% increase[106] Workforce and Employment - The company employed around 100 engineers in engineering and product development as of December 31, 2024[105] - The company has a total of 425 employees, with 393 being full-time, as of December 31, 2024[120] Intellectual Property - At December 31, 2024, the company held 21 active U.S. patents, with 9 patents expiring during 2024[112] - The company is committed to protecting its intellectual property through patents and other proprietary rights[107] Quality Assurance - The company has ISO 9001:2015 certification for its Massachusetts, New York, and Canada facilities, ensuring compliance with quality standards[103] - The company utilizes sophisticated measurement equipment for inspections to ensure product quality[102] Manufacturing Operations - The company’s manufacturing operations are located in the U.S., Italy, Canada, Germany, and the Netherlands, focusing on high-quality raw materials and components[101] Competition - The company’s principal competitors include Advantest Corporation and Teradyne, Inc., among others, in various product segments[115][116]

Financial Data and Key Metrics Changes - Record fourth quarter revenue of $36.6 million and full-year revenue of $130.7 million, marking the third consecutive year of record revenue [9][10] - Full-year sales growth of 6% driven by a $25 million contribution from the AlfaMation acquisition, offsetting a 26% decline in the semiconductor sector [10][11] - Gross profit for Q4 was $14.5 million, with a gross margin of 39.7%, reflecting a 430 basis point contraction sequentially and 490 basis points year over year [22][23] Business Line Data and Key Metrics Changes - Revenue growth in auto EV driven by advanced testing technologies from AlfaMation, with a notable increase in demand for battery pack testing [11][19] - Life sciences orders more than doubled to a record $2.3 million, reflecting strong demand for induction heating solutions [16][19] - Industrial sales decreased by $3.7 million due to market softness and project timing [20] Market Data and Key Metrics Changes - Fourth quarter orders increased by 11% year over year, with significant growth in life sciences and auto EV markets [15][16] - Backlog at the end of 2024 was $39.5 million, down $600,000 from the prior year period and down $6 million sequentially [17] Company Strategy and Development Direction - The company is focused on diversifying its market and customer base, with a strategy to evolve into a more diversified test and process technology solutions business [10][39] - Plans to consolidate the Videology Netherlands facility into the Mansfield, Massachusetts location to streamline operations and reduce costs [37] - The company aims to achieve long-term goals outlined in Vision 2030, with a target of reaching over $200 million in revenue by 2027 [78] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for 2025, expecting full-year revenue between $125 million to $135 million, with gradual profitability improvements [29][31] - The uncertainty related to tariffs and customer spending is being closely monitored, with expectations of passing cost increases onto customers if necessary [34][36] - The front-end semiconductor market is expected to remain paused throughout the year, while back-end applications are anticipated to improve [39] Other Important Information - The company generated $2.6 million of operating cash during the quarter, with total debt of $15 million and cash and equivalents of $19.8 million at the end of Q4 [27][28] - A renewed stock repurchase plan was announced, reflecting confidence in long-term value creation [41] Q&A Session Summary Question: Are there any cancellations in the pipeline? - Management indicated that there are no cancellations, only timing issues with some customers changing products [46] Question: Was the strong performance in life sciences driven by a few customers or broad-based? - The strong orders were driven by broad-based demand for induction heating solutions [48] Question: What is the outlook for revenue guidance? - The higher end of the revenue guidance is expected to be driven by backlog deliveries in the second half of the year, with gradual improvements anticipated [50][51] Question: Can you provide more detail on the cadence of revenue by end market for 2025? - Management expects stronger performance in the second half of 2025, particularly in back-end markets, while the auto sector remains uncertain [56][58] Question: What is the status of the M&A pipeline? - The company remains active in the M&A market, looking for strategic opportunities while being cautious about valuations [61][62] Question: Will the aspirational 2027 revenue target be discussed in the upcoming investor day? - Management confirmed that they will discuss the 2027 target and their belief in achieving it during the investor day [78]

Financial Data and Key Metrics Changes - The company reported record fourth quarter revenue of $36.6 million and full-year revenue of $130.7 million, marking the third consecutive year of record revenue [9][10] - Full-year sales growth was 6%, driven by a $25 million contribution from the AlfaMation acquisition and strong demand in various markets, despite a 26% decline in the semiconductor sector [10][11] - Gross profit for the fourth quarter was $14.5 million, with a gross margin of 39.7%, reflecting a sequential contraction of 660 basis points and a year-over-year contraction of 490 basis points [22][23] Business Line Data and Key Metrics Changes - Revenue growth in the auto EV sector was driven by advanced testing technologies acquired from AlfaMation, contributing $7.9 million in growth [19][11] - Defense aerospace revenue increased by $2.7 million, while semi revenue improved by $1.5 million, offsetting a $3.7 million decline in industrial sales [19][20] - Life sciences orders more than doubled to a record $2.3 million, reflecting strong demand for induction heating solutions [16][19] Market Data and Key Metrics Changes - Orders for the fourth quarter increased by 11% year-over-year, with significant growth in life sciences and a $2.4 million increase in overall semi orders [15][16] - Backlog at the end of 2024 was $39.5 million, down $600,000 from the prior year and $6 million sequentially, influenced by the timing of AlfaMation shipments [17][18] - Demand in the auto EV market showed signs of slowing, reflecting continued softness in the end market [16] Company Strategy and Development Direction - The company aims to evolve into a more diversified test and process technology solutions business, focusing on innovation and market diversification [10][11] - Plans to consolidate the Videology Netherlands facility into the Mansfield, Massachusetts location to streamline operations and reduce costs [37] - The company is actively exploring M&A opportunities while maintaining a cautious approach due to market uncertainties [61][62] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for 2025, expecting full-year revenue between $125 million and $135 million, with gradual profitability improvements [29][30] - The uncertainty related to tariffs and customer investment delays is impacting the business environment, particularly in the semiconductor sector [33][34] - The company remains confident in its competitive position and innovation strategy, aiming to achieve long-term growth targets [78][80] Other Important Information - The company generated $2.6 million in operating cash during the quarter, with total debt of $15 million and cash and equivalents of $19.8 million at the end of the quarter [27][28] - A stock repurchase plan was renewed, reflecting confidence in long-term value creation [41] Q&A Session Summary Question: Are there any cancellations in the pipeline? - Management indicated that there are no cancellations, only timing issues with some customers changing product types [46] Question: Was the strong life sciences business driven by a few customers or broad-based? - The strong orders were driven by broad demand for induction heating solutions across multiple customers [48] Question: What is the outlook for revenue guidance? - The high end of the revenue guidance is expected to be driven by backlog deliveries in the second half of the year, with gradual improvements anticipated [50][51] Question: Can you provide more detail on the revenue cadence for 2025? - Management expects stronger performance in the second half of 2025, particularly in the back end market, while other markets remain uncertain [56][58] Question: What is the status of the M&A pipeline? - The company remains active in the M&A market, looking for strategic opportunities while being cautious about valuations [61][62] Question: Will the 2027 growth targets be discussed in the upcoming investor day? - Management confirmed that the 2027 targets will be discussed, and they remain committed to achieving those goals despite current market challenges [78]

Group 1: Earnings Performance - InTest Corporation (INTT) reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.14 per share, and up from $0.16 per share a year ago, representing an earnings surprise of 64.29% [1] - The company posted revenues of $36.6 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.70%, compared to year-ago revenues of $27.88 million [2] Group 2: Stock Performance and Outlook - InTest shares have declined approximately 5.5% since the beginning of the year, while the S&P 500 has decreased by 2.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.02 on revenues of $31.1 million, and for the current fiscal year, it is $0.40 on revenues of $134.91 million [7] Group 3: Industry Context - The Electronics - Measuring Instruments industry, to which InTest belongs, is currently ranked in the top 17% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Fourth quarter 2024 revenue reached $36.6 million, a 31.3% increase year-over-year[4] - Operating income for the fourth quarter grew 87.5% to $2.1 million, representing 5.7% of sales[4] - Net earnings increased 3.4% to $1.5 million, with adjusted net earnings rising 45.7% to $2.8 million[4] - Gross margin for the fourth quarter was 39.7%, impacted by a 430 basis point reduction due to a one-time inventory step-up expense[4] - Total revenue for 2024 was $130.7 million, a 6.0% increase from 2023, with Alfamation contributing $25.0 million[13] - Revenue for the fourth quarter of 2024 increased by 31% year-over-year, reaching $36,603,000 compared to $27,884,000 in the fourth quarter of 2023[50] - Adjusted net earnings for the fourth quarter of 2024 were $2,782,000, up from $1,910,000 in the fourth quarter of 2023[55] - Earnings per diluted share for the fourth quarter of 2024 were $0.23, compared to $0.16 in the same quarter of the previous year[55] - Total revenue for the year ended December 31, 2024, was $130,690 million, compared to $123,302 million in 2023[56] Orders and Backlog - Orders improved 11% year-over-year to $30.7 million, with backend semi orders up 18% year-over-year[4] - Fourth quarter 2024 orders reached $30.7 million, an increase of 11% year-over-year and 9% sequentially[17] - Backlog at December 31, 2024, was $39.5 million, with approximately 50% expected to ship beyond Q1 2025[18] - Total orders for the year ended December 31, 2024, were $107,704,000, a decrease of 7.7% from $116,632,000 in 2023[49] - The Semiconductor segment saw orders of $44,574,000 for the year, representing a 24.8% decline from $59,297,000 in 2023[49] - The Auto/EV segment experienced significant growth, with orders increasing by 90.2% to $19,390,000 from $10,193,000 year-over-year[49] Cash Flow and Debt - The company generated $3.8 million in cash from operations in 2024 and paid down $7.8 million in debt[4] - Cash and cash equivalents at the end of Q4 2024 were $19.8 million, with total debt reduced to $15.0 million[15] - The company’s cash and cash equivalents decreased to $19.8 million at the end of 2024, down from $45.3 million at the end of 2023[41] - The company reported a net cash provided by operating activities of $3.8 million for 2024, a decrease from $16.2 million in 2023[44] Market Segments - Alfamation contributed $8.5 million in revenue during the fourth quarter, primarily from the automotive/EV market[10] - inTEST's revenue from the Auto/EV market skyrocketed by 199.6% year-over-year, reaching $11.9 million in Q4 2024[47] - The Defense/Aerospace segment also saw significant growth, with revenue increasing by 113.5% to $5.2 million in Q4 2024[47] - The Environmental Technologies segment generated revenue of $7,063,000 in Q4 2024, slightly up from $7,623,000 in Q4 2023[51] Strategic Initiatives - The company plans to consolidate operations in the Netherlands, expecting $0.6 million in restructuring costs and $0.5 million in annualized savings starting in 2026[5] - Capital expenditures for 2025 are planned to be approximately 1% to 2% of revenue[19] - The effective tax rate for 2025 is expected to be around 18%[19] - The company made a strategic acquisition in 2024, resulting in a net cash payment of $18.7 million[44] Financial Ratios and Metrics - Adjusted EBITDA for Q4 2024 was $4,412 million, with an adjusted EBITDA margin of 12.1%[56] - Net earnings for the year ended December 31, 2024, were $2,891 million, with a net margin of 2.2%[56] - Adjusted EBITDA for the year ended December 31, 2024, was $10,818 million, down from $15,807 million in 2023[56] - Income tax expense for Q4 2024 was $298 million, compared to $111 million in Q4 2023[56] - Stock-based compensation for the year ended December 31, 2024, was $1,857 million, down from $2,047 million in 2023[56] - Net interest expense for Q4 2024 was $109 million, compared to a net interest income of $(340) million in Q3 2024[56]