inTEST (US:INTT)2025-05-02 10:25Financial 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]