InTest Corporation (INTT) came out with quarterly earnings of $0.10 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.16, delivering a surprise of 23.08%.Over the last four quarters, the company ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) Q1 2024 saw tempered semiconductor market conditions impacting sales and margins, with revenue at $29.8 million and net earnings of $0.7 million, while backlog reached a record $55.5 million [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Nick Grant noted Q1 results were impacted by a tempered semiconductor market, leading to sales decline and margin compression, despite a record backlog - First quarter results reflect **tempered semiconductor market conditions** from late 2023[3](index=3&type=chunk) - A sudden shift in order trends late in the quarter led to **delayed or reduced opportunities**, especially in front-end semiconductor projects[3](index=3&type=chunk) - The company holds a **record backlog of $55.5 million**, significantly boosted by **$22.8 million from the Alfamation acquisition**[3](index=3&type=chunk) - The **full-year outlook is moderated** due to an unexpected lower rate of orders in the quarter[3](index=3&type=chunk) [First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) inTEST reported Q1 2024 revenue of $29.8 million, a 6.6% decrease year-over-year but a 7.0% increase sequentially, with gross margin contracting to 43.8% and net earnings falling to $0.7 million Q1 2024 Financial Performance Summary | ($ in 000s, except per share data) | 3/31/2024 | 3/31/2023 | % Change (YoY) | 12/31/2023 | % Change (QoQ) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $29,824 | $31,919 | -6.6% | $27,884 | 7.0% | | **Gross profit** | $13,076 | $15,052 | -13.1% | $12,449 | 5.0% | | **Gross margin** | 43.8% | 47.2% | -340 bps | 44.6% | -80 bps | | **Operating income** | $492 | $3,518 | -86.0% | $1,109 | -55.6% | | **Net earnings** | **$662** | **$2,817** | -76.5% | $1,455 | -54.5% | | **Earnings per diluted share ("EPS")** | $0.05 | $0.25 | -80.0% | $0.12 | -58.3% | | **Adjusted EPS (Non-GAAP)** | $0.10 | $0.29 | -65.5% | $0.16 | -37.5% | | **Adjusted EBITDA (Non-GAAP)** | $1,811 | $4,826 | -62.5% | $2,418 | -25.1% | - The year-over-year revenue decline was driven by a **$2.7 million decrease in semiconductor market sales**, partially offset by a **$1.4 million contribution from Alfamation acquisition** and growth in industrial and defense/aerospace markets[5](index=5&type=chunk) - Gross margin contracted by **340 basis points YoY to 43.8%**, with the Alfamation acquisition being **dilutive by 100 basis points** due to the stub period of ownership[6](index=6&type=chunk) [Orders and Backlog](index=3&type=section&id=Orders%20and%20Backlog) First-quarter orders decreased 26% year-over-year to $22.8 million, primarily due to a 44% decline in semiconductor market orders, while backlog reached a record $55.5 million Q1 2024 Orders and Backlog Summary | ($ in 000s) | 3/31/2024 | 3/31/2023 | % Change (YoY) | 12/31/2023 | % Change (QoQ) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Orders** | $22,799 | $30,824 | -26.0% | $27,523 | -17.2% | | **Backlog (at quarter end)** | $55,481 | $45,705 | 21.4% | $40,130 | 38.3% | - The decline in Q1 orders reflects an **$8.1 million (44%) decrease in semiconductor market orders**, with approximately **$5 million in expected orders delayed or reduced** by customers[12](index=12&type=chunk) - Backlog at March 31, 2024, was **$55.5 million**, including **$22.8 million from the Alfamation acquisition**, with approximately 45% expected to ship beyond Q2 2024[13](index=13&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) The company ended Q1 with $27.3 million in cash, down from $45.3 million due to the Alfamation acquisition, while generating $2.1 million in cash from operations and holding $20.4 million in total debt - Cash and cash equivalents were **$27.3 million** at the end of Q1 2024, down from **$45.3 million** at the end of 2023, primarily due to **$19 million in cash used for the Alfamation acquisition**[8](index=8&type=chunk) - The company generated **$2.1 million in cash from operations** during the first quarter[8](index=8&type=chunk) - Total debt was **$20.4 million** at quarter-end, including approximately **$9.4 million assumed with the acquisition**, with **$30 million available** under its delayed draw term loan facility[9](index=9&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) The company has moderated its full-year 2024 outlook, with Q2 revenue projected between $34 million and $36 million, and full-year revenue now expected to be $140 million to $150 million [Second Quarter 2024 Guidance](index=3&type=section&id=Second%20Quarter%202024%20Guidance) For Q2 2024, inTEST projects revenue between $34 million and $36 million, with gross margin of 44% to 45%, and GAAP EPS ranging from $0.00 to $0.06 Q2 2024 Guidance | Metric | Expected Range | | :--- | :--- | | **Revenue** | $34 million to $36 million | | **Gross Margin** | 44% to 45% | | **Operating Expenses** | $14.5 million to $15 million | | **EPS (GAAP)** | $0.00 to $0.06 | | **Adjusted EPS (Non-GAAP)** | $0.10 to $0.16 | [Full Year 2024 Guidance](index=3&type=section&id=Full%20Year%202024%20Guidance) The company has moderated its full-year 2024 revenue guidance to $140 million to $150 million, down from previous estimates, with a slightly lowered gross margin forecast of 44% to 46% Full Year 2024 Guidance Comparison | Metric | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | **Revenue** | $140M to $150M | $145M to $155M | | **Gross margin** | 44% to 46% | 45% to 46% | | **Operating expenses** | $56M to $58M | $57M to $59M | | **Effective tax rate** | 17% to 19% | 18% to 20% | [Detailed Financial Statements](index=7&type=section&id=Detailed%20Financial%20Statements) This section provides detailed financial statements, including the Consolidated Statements of Operations, Balance Sheets, and Cash Flows for Q1 2024 [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) The Consolidated Statement of Operations for Q1 2024 shows revenue of $29.8 million and net earnings of $662,000, resulting in a diluted EPS of $0.05, a significant decrease from Q1 2023 Consolidated Statements of Operations (In thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | **Revenue** | $29,824 | $31,919 | | Gross profit | 13,076 | 15,052 | | Operating income | 492 | 3,518 | | **Net earnings** | **$662** | **$2,817** | | Earnings per common share – diluted | $0.05 | $0.25 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $159.5 million and total liabilities were $60.2 million, reflecting significant increases in inventories, goodwill, and intangible assets due to the Alfamation acquisition Consolidated Balance Sheets Highlights (In thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Current assets** | | | | Cash and cash equivalents | $27,331 | $45,260 | | Inventories | 31,331 | 20,089 | | **Total current assets** | **$85,389** | **$85,778** | | Goodwill | 33,278 | 21,728 | | Intangible assets, net | 28,819 | 16,596 | | **Total assets** | **$159,527** | **$134,829** | | **Total current liabilities** | $39,653 | $24,299 | | **Total liabilities** | **$60,210** | **$38,548** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, net cash provided by operating activities was $2.1 million, while net cash used in investing activities was $19.2 million, primarily due to the Alfamation acquisition payment Consolidated Statements of Cash Flows (In thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | **Net cash provided by operating activities** | **$2,075** | **$2,484** | | Net cash used in investing activities | (19,244) | (334) | | Net cash used in financing activities | (874) | (853) | | **Net cash provided by (used in) all activities** | **(17,929)** | **1,368** | | Cash at beginning of period | 45,260 | 14,576 | | **Cash at end of period** | **$27,331** | **$15,944** | [Supplemental Data](index=11&type=section&id=Supplemental%20Data) This section provides supplemental data, including revenue and orders by market, segment data, and reconciliations of non-GAAP financial measures [Revenue and Orders by Market](index=11&type=section&id=Revenue%20and%20Orders%20by%20Market) In Q1 2024, the Semiconductor market contributed 50.2% of revenue but saw a 15.4% YoY decline, while Auto/EV experienced significant growth in both revenue (52.4%) and orders (97.7%) Q1 2024 Revenue by Market (In thousands) | Market | Revenue | % of Total | YoY % Change | | :--- | :--- | :--- | :--- | | Semi | $14,967 | 50.2% | -15.4% | | Industrial | $4,187 | 14.0% | 33.5% | | Auto/EV | $3,958 | 13.3% | 52.4% | | Defense/Aerospace | $3,239 | 10.9% | 14.1% | | Life Sciences | $653 | 2.2% | -56.8% | | Security | $541 | 1.8% | -44.0% | | Other | $2,279 | 7.6% | -28.4% | Q1 2024 Orders by Market (In thousands) | Market | Orders | % of Total | YoY % Change | | :--- | :--- | :--- | :--- | | Semi | $10,253 | 45.0% | -44.1% | | Auto/EV | $4,041 | 17.7% | 97.7% | | Industrial | $3,093 | 13.5% | -25.3% | | Defense/Aerospace | $2,684 | 11.8% | 35.8% | | Life Sciences | $698 | 3.1% | -63.9% | | Security | $40 | 0.2% | -81.1% | | Other | $1,990 | 8.7% | -8.2% | [Segment Data](index=12&type=section&id=Segment%20Data) In Q1 2024, Process Technologies was the largest revenue contributor at $11.9 million, followed by Electronic Test at $11.1 million, with all three segments experiencing a decline in division operating income year-over-year Q1 2024 Segment Data (In thousands) | Segment | Revenue 2024 | Revenue 2023 | Division Operating Income 2024 | Division Operating Income 2023 | | :--- | :--- | :--- | :--- | :--- | | Electronic Test | $11,116 | $10,371 | $1,813 | $2,578 | | Environmental Technologies | $6,828 | $8,042 | $15 | $1,013 | | Process Technologies | $11,880 | $13,506 | $1,961 | $2,676 | [Reconciliation of Non-GAAP Financial Measures](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations for non-GAAP financial measures, showing adjusted net earnings of $1.2 million and adjusted EBITDA of $1.8 million for Q1 2024 Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) (In thousands) | | 3/31/2024 | 3/31/2023 | | :--- | :--- | :--- | | Net earnings | $662 | $2,817 | | Acquired intangible amortization | 595 | 544 | | Tax adjustments | (95) | (92) | | **Adjusted net earnings (Non-GAAP)** | **$1,162** | **$3,269** | Reconciliation of Net Earnings to Adjusted EBITDA (Non-GAAP) (In thousands) | | 3/31/2024 | 3/31/2023 | | :--- | :--- | :--- | | Net earnings | $662 | $2,817 | | Acquired intangible amortization | 595 | 544 | | Net interest expense (income) | (193) | 169 | | Income tax expense | 125 | 577 | | Depreciation | 273 | 245 | | Non-cash stock-based compensation | 349 | 474 | | **Adjusted EBITDA (Non-GAAP)** | **$1,811** | **$4,826** |

Financial Data and Key Metrics Changes - Revenue for the full year reached a record $123.3 million, up 6% or $6.5 million compared to the previous year, driven by increases in defense/aerospace and industrial markets [39][54] - Gross profit for the year increased 7% to $57 million, with a gross margin expansion of 50 basis points to 46.2% [5] - Fourth quarter revenue was down $4.5 million year-over-year and $3.1 million sequentially, primarily due to softness in the semi market [39][60] - Net income for the year was $9.3 million, the highest level in over a decade, with adjusted earnings per diluted share at $0.94 compared to $0.99 in 2022 [54][59] Business Line Data and Key Metrics Changes - Fourth quarter sales in the defense/aero market increased by 11%, with orders improving by 70% compared to the third quarter [2] - The industrial market saw sales growth of $3.7 million in the fourth quarter, driven by strong demand for innovative products [55] - The auto/EV market experienced a $1.2 million increase in sales, supported by the Environmental Technologies division [36] Market Data and Key Metrics Changes - Combined semi orders were down 10% year-over-year but improved sequentially by 3% to $13.3 million [41] - The backlog at year-end was $40.1 million, 14% lower than the prior year [41] - Non-semi markets combined share of revenue increased from around 35% in 2021 to 47% in 2023 [56] Company Strategy and Development Direction - The company is focused on diversifying its revenue streams and strengthening its presence in key target markets outside of semiconductors [56] - The acquisition of Alfamation is seen as a strategic fit to deepen the company's presence in auto/EV and life sciences markets [43] - The company aims to achieve a revenue goal of $200 million to $250 million by 2025 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand in defense/aero and industrial markets, indicating a positive outlook for 2024 [2][10] - The company expects 2024 revenue to range from $145 million to $155 million, with a gross margin of approximately 45% to 46% [61] - Management acknowledged the challenges in the semi market but highlighted the resilience and stabilization in orders [66] Other Important Information - The company ended 2023 with $85 million in liquidity, including $45.3 million in cash [31] - Operating expenses for 2023 were up $3.8 million over 2022, driven primarily by higher corporate development expenses [30] - The effective tax rate is expected to be between 16% and 17% for the first quarter of 2024 [32] Q&A Session Summary Question: What have you seen from an order pattern perspective in Q1? - Management noted that orders were up sequentially in Q4 and anticipated that this trend would continue into Q1 [11][66] Question: Are there particular industrial markets that are more important than others? - Management highlighted the green initiative and induction heating solutions as key drivers in the industrial market [17][50] Question: What is the outlook for the security business given the drop in orders? - Management indicated that the drop was due to timing of orders and not a fundamental issue with demand [51][74] Question: Can you provide a timeline for the deferred revenue on the balance sheet? - Management estimated that about 40% of the deferred revenue would be recognized within 12 months, with the remainder beyond that [70]

Exhibit 99.1 for immediate release inTEST Reports Record $123.3 Million in Revenue and Net Income of $9.3 Million for Full Year 2023 MT. LAUREL, NJ - March 27, 2024 -- 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 automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor ("semi"), today announced financial results for the fourth quarter and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-36117 inTEST Corporation (Exact name of registrant as specified in its charter) Delaware 22-2370659 (I.R.S. Employer Identification Numbe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-36117 inTEST Corporation (Exact Name of Registrant as Specified in its Charter) Delaware 22-2370659 (I.R.S. Employer Identific ...

Third Quarter 2023 Financial Results Conference Call November 3, 2023 Non-GAAP Financial Measures and Forward-Looking Non-GAAP Financial Measures In addition to 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. Orde ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-36117 inTEST Corporation (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporat ...

Financial Data and Key Metrics Changes - The company achieved record revenue of $32.6 million for Q2 2023, reflecting a 10.1% increase compared to the same period last year [9][18] - Gross margin improved to 46.2%, up 40 basis points year-over-year, driven by better product mix and improved pricing [19] - Net earnings increased by 32% to $2.8 million, or $0.24 per diluted share, compared to $2.1 million, or $0.20 per diluted share in Q2 2022 [22] Business Line Data and Key Metrics Changes - The thermal test solutions segment saw strong performance in the defense aerospace market, contributing to overall revenue growth [9] - The Electronic Test division reported robust sales due to new product wins, maintaining strong sales in the back-end semi space [12] - The Process Technologies division secured new customers, particularly in the utility industry, enhancing growth opportunities [13] Market Data and Key Metrics Changes - Orders for Q2 2023 totaled $31 million, up 2% sequentially, with strong demand in defense/aerospace, industrial, and security markets [15][27] - The backlog at the end of Q2 was approximately $45 million, reflecting a slight decline year-over-year and quarter-over-quarter due to normalizing supply chain trends [15][28] Company Strategy and Development Direction - The company is focused on executing a five-point strategy for growth, which includes diversifying into new markets and enhancing global presence [8][10] - The goal is to achieve revenue of $200 million to $250 million by 2025, with a combination of organic growth and strategic acquisitions [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the remainder of 2023, expecting high single-digit to low double-digit organic growth [29] - The company anticipates continued strong demand across its technology offerings and is actively pursuing strategic acquisitions [31] Other Important Information - The company raised $19.2 million in net proceeds from an equity offering, enhancing its balance sheet and providing capital for growth [24][26] - Capital expenditures for 2023 are expected to be between 1% to 2% of sales, with a focus on organic and acquired growth [33] Q&A Session Summary Question: Supply chain pressures and demand - Management indicated no major impact from supply chain issues in the quarter and expects pressures to continue to normalize [44][47] Question: Momentum in the security market - The momentum is driven by new products, improved supply, and expanded distribution channels [48] Question: Pricing environment and potential increases - The company is constantly evaluating pricing in relation to input costs and is not limited to annual price increases [49] Question: Utility scale induction heating opportunity - The opportunity is significant, with sales ranging from $25,000 to $300,000 depending on the system [58] Question: Service side of the business - Service revenue is currently around 9% to 10% of sales, with a goal to increase it to 15% to 20% [60] Question: Acquisition strategy and capital flexibility - The company has sufficient capital raised to achieve acquisition goals without requiring dilutive capital in the near term [62][66] Question: Wage inflation and margin impacts - Wage costs are a significant line item, and the company is focused on maintaining fair compensation while managing margins [85]

Q2 2023 Financial Results Conference Call Forward-Looking Statements Non-GAAP Financial Measures and Forward-Looking Non-GAAP Financial Measures In addition to non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company's financial performance and results of operations: orders and backlog. 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 comp ...